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Baltimore Capital Management, Inc Historical SEC 13F Holdings & Archive (Q1 2019)
Baltimore Capital Management, IncCIK: 0001351363
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$61.9M
Reporting period: 2019-03-31 · Number of holdings: 78
BALTIMORE CAPITAL MANAGEMENT, INC disclosed 78 holdings in its latest 13F filing for the period ending 2019-03-31, with total reported value of $61.9M and a quarterly turnover rate of 30.3%.
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Personality snowflake
- Concentration
- 9.79
- Portfolio Stability
- 30.28
- Momentum
- 100
- Sector conviction
- 53.37
- Diversification
- 100
- Sizing Uniformity
- 90.41
Baltimore Capital Management, Inc's disclosed holdings carry a Herfindahl concentration index of 0.024 — mathematically equivalent to about 41 equally-sized positions, well below its 78 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.96), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 44% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim 05501u106
-87.6% -$1.4M
Trim 026874156
-39.7% -$751.0K
Trim p31076105
-73.6% -$608.0K
Add LVS
+107.7% $503.0K
Trim PSX
-2.9% -$470.0K
Add 25278x109
+174.3% $362.0K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 6.01% | -0.26% | +1.41% | |
| 2 | ✓ | Stock-Other | 4.85% | — | -5.82% | ||
| 3 | AAPL | Apple Inc | Stock-Tech | 4.58% | +0.15% | +22.14% | |
| 4 | CVX | Chevron CORP | Stock-Energy | 4.27% | — | -1.33% | |
| 5 | ✓ | Stock-Other | 3.97% | -0.32% | +0.24% | ||
| 6 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.49% | -0.22% | -7.56% | |
| 7 | PSX | Phillips 66 | Stock-Energy | 3.47% | -0.74% | -2.86% | |
| 8 | USB | US Bancorp | Stock-Financials | 3.23% | — | +9.80% | |
| 9 | ALK | Alaska Air Group Inc | Stock-Industrials | 2.91% | — | +20.34% | |
| 10 | MDC1USD | Mdc Holdings Inc | Stock-Other | 2.79% | +0.49% | +22.76% | |
| 11 | ✓ | Stock-Other | 2.72% | -0.24% | -3.78% | ||
| 12 | SAVEEUR | Spirit Airlines Inc | Stock-Other | 2.70% | +2.70% | NEW | |
| 13 | BMO | Bank Of Montreal | Stock-Financials | 2.39% | -0.42% | -6.72% | |
| 14 | BNS | Bank Of Nova Scotia | Stock-Financials | 2.36% | -0.47% | -7.19% | |
| 15 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 2.36% | -0.18% | +20.36% | |
| 16 | SBUX | Starbucks CORP | Stock-Consumer Disc | 2.34% | — | -20.64% | |
| 17 | CINF | Cincinnati Financial CORP | Stock-Financials | 1.66% | — | -16.23% | |
| 18 | HON | Honeywell International Inc | Stock-Industrials | 1.54% | — | — | |
| 19 | LVS | Las Vegas Sands CORP | Stock-Consumer Disc | 1.53% | +0.82% | +107.69% | |
| 20 | ✓ | Stock-Other | 1.52% | — | -5.69% | ||
| 21 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.46% | — | — | |
| 22 | SF9 | Sanderson Farms Inc | Stock-Other | 1.44% | -0.21% | -32.14% | |
| 23 | S76 | Store Capital CORP | Stock-Other | 1.40% | +0.16% | -6.29% | |
| 24 | FMX | Fomento Economico Mex-sp Adr | Stock-Other | 1.35% | +0.54% | +77.94% | |
| 25 | AEFC | Aegon Funding Company LLC 5.10% | Stock-Other | 1.16% | -0.50% | -6.82% | |
| 26 | ✓ | Stock-Other | 1.15% | — | +15.67% | ||
| 27 | ✓ | Stock-Other | 1.14% | +0.59% | +174.26% | ||
| 28 | CCL1EUR | Carnival CORP LTD | Stock-Consumer Disc | 1.13% | +0.42% | +99.28% | |
| 29 | PEP | Pepsico Inc | Stock-Consumer Staples | 1.07% | — | -2.69% | |
| 30 | CI | THE Cigna Group | Stock-Healthcare | 1.04% | +1.04% | NEW | |
| 31 | HP | Helmerich & Payne | Stock-Energy | 1.02% | +1.02% | NEW | |
| 32 | TIFEUR | Tiffany & Co | Stock-Other | 0.99% | -0.22% | -0.57% | |
| 33 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.94% | -0.24% | -22.11% | |
| 34 | DAL | Delta Air Lines Inc | Stock-Industrials | 0.93% | +0.93% | NEW | |
| 35 | ✓ | At&t CORP | Stock-Other | 0.87% | -0.34% | -23.41% | |
| 36 | IBB | Ishares Biotechnology ETF | ETF-Tech | 0.86% | — | +0.63% | |
| 37 | ✓ | Stock-Other | 0.79% | — | -15.40% | ||
| 38 | ✓ | Stock-Other | 0.76% | — | +31.70% | ||
| 39 | ✓ | Stock-Other | 0.76% | — | -13.33% | ||
| 40 | HD | Home Depot Inc | Stock-Consumer Disc | 0.72% | — | +9.41% | |
| 41 | MSFT | Microsoft CORP | Stock-Tech | 0.72% | — | — | |
| 42 | ✓ | Covanta Holding Corp. | Stock-Other | 0.69% | — | -12.32% | |
| 43 | TCF 5.7 PERP CBond | Tcf Financial Co | Bond | 0.68% | +0.15% | +25.36% | |
| 44 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.64% | — | — | |
| 45 | PFF | Ishares Preferred & Income S | ETF-Other | 0.64% | — | — | |
| 46 | ✓ | Stock-Other | 0.63% | — | -2.08% | ||
| 47 | ✓ | Stock-Other | 0.61% | — | -3.79% | ||
| 48 | PFE | Pfizer Inc | Stock-Healthcare | 0.59% | — | — | |
| 49 | PNC | Pnc Financial Services Group | Stock-Financials | 0.59% | — | — | |
| 50 | KMB | Kimberly-clark CORP | Stock-Consumer Staples | 0.58% | — | -1.69% |
1–50 of 78
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Baltimore Capital Management, Inc's most significant position changes for 2019-03-31: New buy: Spirit Airlines Inc (SAVEEUR); Sold out: The Hartford Insurance Group, Inc. (HIG); Sold out: The Cigna Group (CI); New buy: THE Cigna Group (CI); New buy: Helmerich & Payne (HP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LVS | Las Vegas Sands CORP | +0.8% | +107.69% | Add |
| 2 | ✓ | +0.6% | +174.26% | Add | |
| 3 | FMX | Fomento Economico Mex-sp Adr | +0.5% | +77.94% | Add |
| 4 | MDC1USD | Mdc Holdings Inc | +0.5% | +22.76% | Add |
| 5 | CCL1EUR | Carnival CORP LTD | +0.4% | +99.28% | Add |
| 6 | S76 | Store Capital CORP | +0.2% | -6.29% | Trim |
| 7 | TCF 5.7 PERP CBond | Tcf Financial Co | +0.2% | +25.36% | Add |
| 8 | AAPL | Apple Inc | +0.2% | +22.14% | Add |
| 9 | ✓ | +0.1% | +49.38% | Add | |
| 10 | ✓ | Nuveen Maryland Premium Income | -0.1% | -30.04% | Trim |
| 11 | ✓ | Alps Group Inc | -0.1% | -19.81% | Trim |
| 12 | BMY | Bristol-myers Squibb Co | -0.2% | +20.36% | Add |
| 13 | SF9 | Sanderson Farms Inc | -0.2% | -32.14% | Trim |
| 14 | JNJ | Johnson & Johnson | -0.2% | -7.56% | Trim |
| 15 | TIFEUR | Tiffany & Co | -0.2% | -0.57% | Trim |
| 16 | ✓ | -0.2% | -3.78% | Trim | |
| 17 | KO | Coca-cola Co/the | -0.2% | -22.11% | Trim |
| 18 | BRK-B | Berkshire Hathaway Inc-cl B | -0.3% | +1.41% | Add |
| 19 | ✓ | -0.3% | +0.24% | Add | |
| 20 | ✓ | At&t CORP | -0.3% | -23.41% | Trim |
| 21 | ✓ | Cbs CORP New | -0.4% | -31.69% | Trim |
| 22 | BMO | Bank Of Montreal | -0.4% | -6.72% | Trim |
| 23 | BNS | Bank Of Nova Scotia | -0.5% | -7.19% | Trim |
| 24 | AEFC | Aegon Funding Company LLC 5.10% | -0.5% | -6.82% | Trim |
| 25 | PSX | Phillips 66 | -0.7% | -2.86% | Trim |
| 26 | ✓ | -1% | -73.56% | Trim | |
| 27 | ✓ | -1.2% | -39.67% | Trim | |
| 28 | ✓ | Azul SA | -2.2% | -87.61% | Trim |
| 29 | SAVEEUR | Spirit Airlines Inc | — | NEW | New buy |
| 30 | HIG | The Hartford Insurance Group, Inc. | — | EXIT | Sold out |
| 31 | CI | The Cigna Group | — | EXIT | Sold out |
| 32 | CI | THE Cigna Group | — | NEW | New buy |
| 33 | HP | Helmerich & Payne | — | NEW | New buy |
| 34 | DAL | Delta Air Lines Inc | — | NEW | New buy |
| 35 | ✓ | Controladora Vuela Cia Spon Ad | — | EXIT | Sold out |
| 36 | AAWWUSD | Atlas Air Worldwide Holdings | — | EXIT | Sold out |
| 37 | SLB | Slb LTD | — | NEW | New buy |
| 38 | ✓ | Callon Petroleum Co | — | NEW | New buy |
| 39 | MRO* | Marathon Oil CORP | — | NEW | New buy |
| 40 | ✓ | — | NEW | New buy | |
| 41 | ✓ | — | NEW | New buy | |
| 42 | BNY | Bank Of New York Mellon CORP | — | NEW | New buy |
| 43 | IBKC 6.625 PERP BBond | Iberiabank CORP | — | NEW | New buy |
| 44 | USB 5.5 PERP KBond | US Bancorp | — | NEW | New buy |
| 45 | CELG | Celgene CORP | — | NEW | New buy |
| 46 | BA | Boeing Co/the | — | EXIT | Sold out |
| 47 | BALL | Ball CORP | — | NEW | New buy |
| 48 | AWK | American Water Works Co Inc | — | NEW | New buy |
| 49 | BBD | Banco Bradesco-adr | — | EXIT | Sold out |
| 50 | ✓ | — | EXIT | Sold out |
Filing History
FAQ
What is Baltimore Capital Management, Inc and what type of investor is it?
Baltimore Capital Management, Inc is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2019-03-31), the firm manages a tracked equity portfolio valued at approximately $61.9M, spread across 78 disclosed positions.
What are Baltimore Capital Management, Inc's largest equity positions?
Based on the latest 13F filing, Baltimore Capital Management, Inc's top holdings by market value are:
1. Berkshire Hathaway Inc-cl B (BRK-B) — $3.7M (6.0%)
2. — $3.0M (4.8%)
3. Apple Inc (AAPL) — $2.8M (4.6%)
4. Chevron CORP (CVX) — $2.6M (4.3%)
5. — $2.5M (4.0%)
What changes did Baltimore Capital Management, Inc make in its most recent portfolio filing?
In the latest reported quarter, Baltimore Capital Management, Inc made 50 notable position adjustments: 15 new positions were initiated, 11 existing holdings were added to, 17 positions were partially reduced, and 7 were completely exited. The largest of these moves: New buy: Spirit Airlines Inc (SAVEEUR); Sold out: The Hartford Insurance Group, Inc. (HIG); Sold out: The Cigna Group (CI); New buy: THE Cigna Group (CI); New buy: Helmerich & Payne (HP)
What sectors does Baltimore Capital Management, Inc focus on?
Baltimore Capital Management, Inc is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 25.4%
• Health Care: 24.7%
• Financials: 13.6%
• Information Technology: 12.0%
• Consumer Discretionary: 11.8%
• Consumer Staples: 5.5%
Investment Profile
Baltimore Capital Management, Inc's portfolio is broadly diversified and moderately active.
It has added to its AAPL position over the past two quarters (+$499.0K, now $2.8M), while trimming PSX over the same stretch (-$902.0K, still holding $2.1M).
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