Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$145M in Q2 2013 → $126M now. Hover for any quarter.
As reported for the quarter ended December 31, 2015. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SF Ship Finance International L | 5.8% | Trimmed 1.7% | 441,545 | $7.32M |
| AC Apollo Coml Real Est Fin Inc | 5.3% | Trimmed 3.2% | 388,448 | $6.69M |
| SP Starwood Ppty Tr Inc | 5.0% | Trimmed 2.9% | 307,418 | $6.32M |
| ET Energy Transfer Prtnrs L P | 4.5% | New | 166,355 | $5.61M |
| NP Nuveen Pfd Income Opprtny Fd | 4.3% | Trimmed 1.8% | 591,042 | $5.41M |
| FT First Tr Inter Dur Pfd & In | 4.2% | Added 76% | 250,299 | $5.32M |
| NQ Nuveen Quality Pfd Income Fd | 4.1% | New | 572,988 | $5.22M |
| HP Hospitality Pptys Tr | 4.1% | Trimmed 7.1% | 199,567 | $5.22M |
| NP Nuveen Pfd & Income Term Fd | 4.1% | New | 229,199 | $5.22M |
| EP Enterprise Prods Partners L | 4.0% | New | 195,677 | $5.01M |
| FC Frontier Communications Corp | 3.8% | Added 39% | 1,032,664 | $4.82M |
| TN Terra Nitrogen Co L P | 3.7% | Trimmed 1.4% | 46,086 | $4.68M |
| EP Epr Pptys | 3.6% | Trimmed 2.1% | 77,030 | $4.5M |
| Cedar Fair L P | 3.5% | Added 53% | 78,677 | $4.39M |
| AC Ares Cap Corp | 3.3% | Trimmed 33% | 292,960 | $4.18M |
| KM Kinder Morgan Inc Del | 3.3% | New | 103,238 | $4.16M |
| SP Stonemor Partners L P | 3.2% | Trimmed 2.1% | 152,276 | $4.07M |
| NR New Residential Invt Corp | 2.7% | Trimmed 4.2% | 284,473 | $3.46M |
| AC American Cap Mtg Invt Corp | 2.4% | Unchanged | 189,493 | $3.03M |
| V Vereit Inc | 2.3% | Trimmed 4.5% | 372,334 | $2.95M |
| Prospect Capital Corporation | 2.3% | Added 1.3% | 416,550 | $2.91M |
| ID Invesco Dynamic Cr Opp Fd | 2.3% | Added 87% | 268,800 | $2.84M |
| MM Martin Midstream Prtnrs L P | 2.2% | Trimmed 34% | 128,868 | $2.8M |
| K& Kkr & Co L P Del | 1.9% | Trimmed 52% | 156,654 | $2.44M |
| FI Fs Invt Corp | 1.9% | Trimmed 2.6% | 263,009 | $2.36M |
| AG Apollo Global Mgmt LLC | 1.9% | Trimmed 1.6% | 155,115 | $2.36M |
| CS Calumet Specialty Prods Ptnr | 1.9% | Trimmed 56% | 118,274 | $2.36M |
| Cvr Partners LP | 1.3% | Trimmed 1.8% | 209,220 | $1.68M |
| Invesco Mortgage Capital Inc | 1.2% | Trimmed 39% | 123,992 | $1.54M |
| MC Medley Cap Corp | 1.1% | Trimmed 1.6% | 178,684 | $1.34M |
| CM Capstead Mtg Corp | 0.9% | Trimmed 50% | 134,573 | $1.18M |
| CR Cvr Refng LP | 0.9% | Trimmed 63% | 61,647 | $1.17M |
| WA Western Asset Glb Hi Income | 0.6% | Trimmed 67% | 88,059 | $768K |
| FS Fifth Street Finance Corp | 0.6% | Trimmed 63% | 119,126 | $760K |
| BC Blackrock Corpor Hi Yld Fd I | 0.6% | Trimmed 66% | 77,287 | $756K |
| IM Invesco Muni Income Opp Trst | 0.4% | Trimmed 7.8% | 69,538 | $507K |
| ST Student Transn Inc | 0.3% | Trimmed 66% | 89,919 | $334K |
| PM Putnam Managed Mun Incom Tr | 0.2% | Trimmed 11% | 34,970 | $257K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2015 · filed February 10, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ET Energy Transfer Prtnrs L P | New | +166,355 | +$5.61M | 4.5% |
| NQ Nuveen Quality Pfd Income Fd | New | +572,988 | +$5.22M | 4.1% |
| NP Nuveen Pfd & Income Term Fd | New | +229,199 | +$5.22M | 4.1% |
| EP Enterprise Prods Partners L | New | +195,677 | +$5.01M | 4.0% |
| KM Kinder Morgan Inc Del | New | +103,238 | +$4.16M | 3.3% |
| CS Calumet Specialty Prods Ptnr | Trimmed | −153,495 | −$3.06M | 1.9% |
| NT Northern Tier Energy LP | Exited | −134,027 | −$3.06M | — |
| K& Kkr & Co L P Del | Trimmed | −167,246 | −$2.61M | 1.9% |
| NR Northstar Rlty Fin Corp | Exited | −201,833 | −$2.49M | — |
| FT First Tr Inter Dur Pfd & In | Added | +107,828 | +$2.29M | 4.2% |
Showing the 10 largest of 45 changes.
quarter ended September 30, 2015 · filed November 12, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VN Vanguard Nat Res LLC | Exited | −312,803 | −$4.67M | — |
| AR American Rlty Cap Pptys Inc | Exited | −537,563 | −$4.37M | — |
| NR Northstar Rlty Fin Corp | Trimmed | −344,744 | −$4.26M | 1.9% |
| MP Memorial Prodtn Partners LP | Exited | −276,144 | −$4.1M | — |
| BP Bp Prudhoe Bay Rty Tr | Exited | −57,072 | −$3.52M | — |
| V Vereit Inc | New | +389,928 | +$3.01M | 2.3% |
| Cedar Fair L P | New | +51,408 | +$2.71M | 2.1% |
| SF Ship Finance International L | Trimmed | −155,333 | −$2.52M | 5.5% |
| FI Fs Invt Corp | New | +270,096 | +$2.52M | 1.9% |
| SP Starwood Ppty Tr Inc | Trimmed | −121,640 | −$2.5M | 4.9% |
Showing the 10 largest of 47 changes.
quarter ended June 30, 2015 · filed August 13, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Apollo Coml Real Est Fin Inc | Added | +265,043 | +$4.35M | 4.4% |
| SI Stag Indl Inc | New | +209,120 | +$4.18M | 2.0% |
| AG Apollo Global Mgmt LLC | Trimmed | −185,431 | −$4.11M | 2.3% |
| MP Memorial Prodtn Partners LP | New | +276,144 | +$4.1M | 2.0% |
| AC American Cap Mtg Invt Corp | Trimmed | −181,252 | −$2.9M | 2.1% |
| CR Cvr Refng LP | Trimmed | −157,606 | −$2.88M | 2.1% |
| Prospect Capital Corporation | Trimmed | −379,141 | −$2.79M | 2.0% |
| HP Hospitality Pptys Tr | Added | +22,114 | +$637K | 4.0% |
| SF Ship Finance International L | Added | +36,613 | +$598K | 4.8% |
| IM Invesco Muni Income Opp Trst | Exited | −75,415 | −$535K | — |
Showing the 10 largest of 44 changes.
quarter ended March 31, 2015 · filed May 12, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Corp | Trimmed | −897,881 | −$6.33M | 1.8% |
| EP Epr Pptys | Trimmed | −75,886 | −$4.56M | 2.0% |
| SF Ship Finance International L | Added | +296,537 | +$4.39M | 3.8% |
| TN Terra Nitrogen Co L P | Added | +28,536 | +$4.16M | 3.8% |
| FT First Tr Inter Dur Pfd & In | New | +97,648 | +$2.19M | 1.0% |
| MC Medley Cap Corp | New | +231,530 | +$2.12M | 1.0% |
| CS Calumet Specialty Prods Ptnr | Added | +8,744 | +$210K | 4.0% |
| AC Ares Cap Corp | Trimmed | −4,559 | −$78.3K | 4.6% |
| SP Starwood Ppty Tr Inc | Trimmed | −3,131 | −$76.1K | 4.7% |
| NR Northstar Rlty Fin Corp | Trimmed | −4,080 | −$73.9K | 4.4% |
Showing the 10 largest of 41 changes.
quarter ended December 31, 2014 · filed February 10, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SP Starwood Ppty Tr Inc | New | +428,273 | +$9.95M | 4.8% |
| Banco Santander Sa | Exited | −1,034,976 | −$9.83M | — |
| AG Apollo Global Mgmt LLC | New | +400,099 | +$9.43M | 4.6% |
| NR Northstar Rlty Fin Corp | New | +536,029 | +$9.42M | 4.5% |
| MS Morgan Stanley Em Mkts Dm De | Exited | −552,159 | −$6.52M | — |
| NR New Residential Invt Corp | New | +386,229 | +$4.93M | 2.4% |
| Seadrill Limited | Exited | −177,639 | −$4.75M | — |
| NG Niska Gas Storage Partners L | Exited | −359,235 | −$4.48M | — |
| CS Calumet Specialty Prods Ptnr | Added | +179,199 | +$4.02M | 3.9% |
| FC Frontier Communications Corp | Trimmed | −594,870 | −$3.97M | 4.6% |
Showing the 10 largest of 45 changes.
quarter ended September 30, 2014 · filed November 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RE Regency Energy Partners L P | Exited | −174,919 | −$5.63M | — |
| Banco Santander Sa | Added | +581,708 | +$5.53M | 4.2% |
| P Petrologistics LP | Exited | −362,416 | −$5.2M | — |
| CS Calumet Specialty Prods Ptnr | New | +176,919 | +$4.86M | 2.1% |
| NC Nexpoint Cr Strategies Fd | New | +435,474 | +$4.63M | 2.0% |
| MM Martin Midstream Prtnrs L P | New | +123,799 | +$4.62M | 2.0% |
| H Hollyfrontier Corp | Exited | −90,734 | −$3.96M | — |
| Prospect Capital Corporation | Added | +264,207 | +$2.62M | 4.1% |
| VP Voya Prime Rate Tr | New | +461,792 | +$2.54M | 1.1% |
| ID Invesco Dynamic Cr Opp Fd | New | +198,593 | +$2.45M | 1.1% |
Showing the 10 largest of 44 changes.
quarter ended June 30, 2014 · filed August 08, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR American Rlty Cap Pptys Inc | Added | +438,085 | +$5.49M | 3.9% |
| NE Nustar Energy LP | Exited | −59,431 | −$3.27M | — |
| FC Frontier Communications Corp | Added | +302,242 | +$1.77M | 5.0% |
| K& Kkr & Co L P Del | Added | +67,912 | +$1.65M | 4.4% |
| EP Epr Pptys | Added | +28,512 | +$1.59M | 4.3% |
| I Ishares | Exited | −14,860 | −$1.59M | — |
| MV Market Vectors ETF Tr | Exited | −53,860 | −$1.59M | — |
| BP Bp Prudhoe Bay Rty Tr | Added | +16,029 | +$1.59M | 4.3% |
| VN Vanguard Nat Res LLC | Added | +46,159 | +$1.49M | 4.1% |
| HP Hospitality Pptys Tr | Added | +48,686 | +$1.48M | 4.0% |
Showing the 10 largest of 119 changes.
quarter ended March 31, 2014 · filed May 15, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RE Regency Energy Partners L P | New | +144,731 | +$3.94M | 2.2% |
| P Petrologistics LP | New | +302,200 | +$3.76M | 2.1% |
| TL Teekay Lng Partners L P | Trimmed | −71,152 | −$3.56M | — |
| Banco Santander Sa | New | +364,683 | +$3.5M | 2.0% |
| PP Pvr Partners L P | Exited | −125,109 | −$3.36M | — |
| AR American Rlty Cap Pptys Inc | New | +234,610 | +$3.29M | 1.8% |
| TN Terra Nitrogen Co L P | New | +21,080 | +$3.21M | 1.8% |
| ND Nuveen Diver Currency Oppor | Trimmed | −296,810 | −$3.11M | — |
| FT First Tr Aberdeen Glbl Opp F | Trimmed | −173,939 | −$2.44M | — |
| ST Student Transn Inc | New | +274,011 | +$1.7M | 0.9% |
Showing the 10 largest of 123 changes.
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