M&
Messner & Smith Theme Value Investment Management LTD /ca/ Historical SEC 13F Holdings & Archive (Q1 2018)
Messner & Smith Theme Value Investment Management LTD /ca/CIK: 0000883487
Diversified strategySector-focusedMomentum follower
Total reported value
$60.3M
Reporting period: 2018-03-31 · Number of holdings: 115
MESSNER & SMITH THEME VALUE INVESTMENT MANAGEMENT LTD /CA/ disclosed 115 holdings in its latest 13F filing for the period ending 2018-03-31, with total reported value of $60.3M and a quarterly turnover rate of 46.7%.
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Personality snowflake
- Concentration
- 10.5
- Portfolio Stability
- 46.75
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 85.73
Messner & Smith Theme Value Investment Management LTD /ca/'s disclosed holdings carry a Herfindahl concentration index of 0.026 — mathematically equivalent to about 38 equally-sized positions, well below its 115 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.43), with a handful of outsized bets alongside many smaller positions.
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 21% 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 AEP
-88.3% -$1.9M
Add AMAT
+83.9% $995.0K
Add NTNX
-3.4% $917.0K
Add TROX
+105.9% $761.0K
Add OLN
+92.8% $686.0K
Add GTT1USD
-2.8% $577.0K
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 | GTT1USD | Gtt Communications Inc | Stock-Other | 6.46% | +1.17% | -2.78% | |
| 2 | NTNX | Nutanix Inc - A | Stock-Tech | 5.94% | +1.69% | -3.43% | |
| 3 | 7SU | Summit Materials Inc -cl A | Stock-Other | 3.48% | +0.27% | +8.34% | |
| 4 | GNTX | Gentex CORP | Stock-Consumer Disc | 3.47% | +0.38% | -1.62% | |
| 5 | AMAT | Applied Materials Inc | Stock-Tech | 3.30% | +1.71% | +83.90% | |
| 6 | STAYUSD | Extended Stay America Inc | Stock-Other | 3.18% | — | -3.29% | |
| 7 | AMBA | Ambarella, Inc. | Stock-Tech | 3.16% | +3.16% | NEW | |
| 8 | AZTA | Azenta Inc | Stock-Other | 2.96% | +0.42% | -1.03% | |
| 9 | MU | Micron Technology Inc | Stock-Tech | 2.93% | +0.69% | -0.66% | |
| 10 | OLN | Olin CORP | Stock-Materials | 2.90% | +1.21% | +92.75% | |
| 11 | ✓ | Delphi Technologies PLC | Stock-Other | 2.84% | +2.84% | NEW | |
| 12 | HTZ-WEUR | Hertz Global Holdings Inc | Stock-Other | 2.80% | -0.37% | -5.51% | |
| 13 | TROX | Tronox Holdings plc | Stock-Other | 2.74% | +1.31% | +105.87% | |
| 14 | FEYECHF | Mandiant Inc | Stock-Other | 2.67% | +2.67% | NEW | |
| 15 | ANATUSD | American National Insurance | Stock-Other | 2.66% | -0.20% | -1.80% | |
| 16 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 2.49% | +0.97% | +19.59% | |
| 17 | ✓ | Luxoft Holding Inc | Stock-Other | 2.44% | -0.76% | -0.06% | |
| 18 | ABMDEUR | Abiomed Inc | Stock-Other | 2.25% | +0.29% | -28.95% | |
| 19 | NRG | NRG Energy, Inc. | Stock-Utilities | 2.06% | -0.19% | -2.62% | |
| 20 | MTOR | Meritor Inc | Stock-Other | 2.04% | -0.16% | +1.60% | |
| 21 | WDC | Western Digital CORP | Stock-Tech | 2.03% | -0.12% | -21.95% | |
| 22 | ERIE | Erie Indemnity Company-cl A | Stock-Financials | 1.81% | -0.04% | -2.26% | |
| 23 | TEAM | Atlassian Corporation | Stock-Tech | 1.80% | +1.80% | NEW | |
| 24 | VAL | Valaris Limited | Stock-Energy | 1.80% | -0.30% | +10.89% | |
| 25 | CVX | Chevron CORP | Stock-Energy | 1.51% | -0.05% | +2.20% | |
| 26 | BA | Boeing Co/the | Stock-Industrials | 1.51% | +0.13% | -5.13% | |
| 27 | CELG | Celgene CORP | Stock-Other | 1.46% | -0.29% | -6.37% | |
| 28 | ✓ | Mazor Robotics Ltd-spon Adr | Stock-Other | 1.45% | -0.01% | -19.94% | |
| 29 | LSAK | Lesaka Technologies Inc | Stock-Other | 1.40% | +1.40% | NEW | |
| 30 | MCF1EUR | Contango Oil & Gas | Stock-Other | 1.24% | -0.29% | +3.11% | |
| 31 | MMM | 3m Co | Stock-Industrials | 1.09% | -0.03% | +0.67% | |
| 32 | VFIIX | Vanguard Gnma Fund-inv | Stock-Other | 1.09% | — | +0.71% | |
| 33 | ABT | Abbott Laboratories | Stock-Healthcare | 1.02% | +0.14% | +6.62% | |
| 34 | UNIT | Uniti Group Inc. | Stock-Other | 1.01% | -0.13% | -6.69% | |
| 35 | T | At&t Inc | Stock-Comm Services | 0.87% | -0.04% | — | |
| 36 | KCLI | Kansas City Life Ins Co | Stock-Other | 0.86% | — | -2.95% | |
| 37 | XOM | Exxon Mobil CORP | Stock-Energy | 0.82% | -0.07% | — | |
| 38 | CDE | Coeur Mining Inc | Stock-Materials | 0.82% | — | -2.38% | |
| 39 | MSFT | Microsoft CORP | Stock-Tech | 0.79% | +0.11% | +4.80% | |
| 40 | CRK 7.75 04-01-19 *Bond | Comstock Resources Inc | Bond | 0.78% | — | -1.73% | |
| 41 | DE | Deere & Co | Stock-Industrials | 0.77% | — | — | |
| 42 | WY | Weyerhaeuser Co | Stock-Real Estate | 0.76% | — | +1.79% | |
| 43 | YUSD | Alleghany CORP | Stock-Other | 0.71% | — | — | |
| 44 | PFE | Pfizer Inc | Stock-Healthcare | 0.70% | — | +1.44% | |
| 45 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.70% | — | — | |
| 46 | UNP | Union Pacific CORP | Stock-Industrials | 0.69% | — | — | |
| 47 | HTO | H2o America | Stock-Other | 0.67% | -0.12% | -1.03% | |
| 48 | QCOM | Qualcomm Inc | Stock-Tech | 0.66% | -0.07% | — | |
| 49 | VFIDX | Vanguard I/t Invest Grd-adm | Stock-Other | 0.65% | — | +0.61% | |
| 50 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.57% | — | — |
1–50 of 115
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2018 Q1 | 115 | $60.3M | 47 | ||
| 2017 Q4 | 84 | $62.8M | 47 | ||
| 2017 Q3 | 86 | $64.0M | 44 | ||
| 2017 Q2 | 87 | $57.4M | 43 | ||
| 2017 Q1 | 85 | $61.7M | 33 | ||
| 2016 Q4 | 87 | $61.2M | 64 | ||
| 2016 Q3 | 90 | $62.2M | 35 | ||
| 2016 Q2 | 83 | $54.2M | 22 | ||
| 2016 Q1 | 83 | $50.7M | 41 | ||
| 2015 Q4 | 81 | $62.5M | 35 | ||
| 2015 Q3 | 77 | $50.6M | 50 | ||
| 2015 Q2 | 81 | $72.7M | 28 | ||
| 2015 Q1 | 80 | $70.2M | 62 | ||
| 2014 Q4 | 70 | $58.9M | 30 | ||
| 2014 Q3 | 70 | $57.3M | 20 | ||
| 2014 Q2 | 74 | $63.3M | 18 | ||
| 2014 Q1 | 77 | $66.4M | 47 | ||
| 2013 Q4 | 57 | $45.9M | 22 | ||
| 2013 Q3 | 58 | $42.3M | 23 | ||
| 2013 Q2 | 59 | $43.2M | 0 |
Holding changes this quarter
Messner & Smith Theme Value Investment Management LTD /ca/'s most significant position changes for 2018-03-31: Sold out: Mts Systems CORP (MTSC); New buy: Ambarella, Inc. (AMBA); New buy: Delphi Technologies PLC; Sold out: Apache CORP (9990302D); New buy: Mandiant Inc (FEYECHF).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMAT | Applied Materials Inc | +1.7% | +83.90% | Add |
| 2 | NTNX | Nutanix Inc - A | +1.7% | -3.43% | Trim |
| 3 | TROX | Tronox Holdings plc | +1.3% | +105.87% | Add |
| 4 | OLN | Olin CORP | +1.2% | +92.75% | Add |
| 5 | GTT1USD | Gtt Communications Inc | +1.2% | -2.78% | Trim |
| 6 | VEEV | Veeva Systems Inc-class A | +1% | +19.59% | Add |
| 7 | MU | Micron Technology Inc | +0.7% | -0.66% | Trim |
| 8 | AZTA | Azenta Inc | +0.4% | -1.03% | Trim |
| 9 | GNTX | Gentex CORP | +0.4% | -1.62% | Trim |
| 10 | ABMDEUR | Abiomed Inc | +0.3% | -28.95% | Trim |
| 11 | 7SU | Summit Materials Inc -cl A | +0.3% | +8.34% | Add |
| 12 | ABT | Abbott Laboratories | +0.1% | +6.62% | Add |
| 13 | BA | Boeing Co/the | +0.1% | -5.13% | Trim |
| 14 | MSFT | Microsoft CORP | +0.1% | +4.80% | Add |
| 15 | ✓ | Mazor Robotics Ltd-spon Adr | 0% | -19.94% | Trim |
| 16 | MMM | 3m Co | 0% | +0.67% | Add |
| 17 | ERIE | Erie Indemnity Company-cl A | 0% | -2.26% | Trim |
| 18 | T | At&t Inc | 0% | — | Unchanged |
| 19 | DD | DuPont de Nemours, Inc. | 0% | — | Unchanged |
| 20 | CVX | Chevron CORP | -0.1% | +2.20% | Add |
| 21 | SNA | Snap-on Inc | -0.1% | — | Unchanged |
| 22 | QCOM | Qualcomm Inc | -0.1% | — | Unchanged |
| 23 | XOM | Exxon Mobil CORP | -0.1% | — | Unchanged |
| 24 | WDC | Western Digital CORP | -0.1% | -21.95% | Trim |
| 25 | HTO | H2o America | -0.1% | -1.03% | Trim |
| 26 | UNIT | Uniti Group Inc. | -0.1% | -6.69% | Trim |
| 27 | MTOR | Meritor Inc | -0.2% | +1.60% | Add |
| 28 | NRG | NRG Energy, Inc. | -0.2% | -2.62% | Trim |
| 29 | ANATUSD | American National Insurance | -0.2% | -1.80% | Trim |
| 30 | CELG | Celgene CORP | -0.3% | -6.37% | Trim |
| 31 | MCF1EUR | Contango Oil & Gas | -0.3% | +3.11% | Add |
| 32 | VAL | Valaris Limited | -0.3% | +10.89% | Add |
| 33 | HTZ-WEUR | Hertz Global Holdings Inc | -0.4% | -5.51% | Trim |
| 34 | ✓ | Luxoft Holding Inc | -0.8% | -0.06% | Trim |
| 35 | AEP | American Electric Power Company, Inc. | -3% | -88.29% | Trim |
| 36 | MTSC | Mts Systems CORP | — | EXIT | Sold out |
| 37 | AMBA | Ambarella, Inc. | — | NEW | New buy |
| 38 | ✓ | Delphi Technologies PLC | — | NEW | New buy |
| 39 | 9990302D | Apache CORP | — | EXIT | Sold out |
| 40 | FEYECHF | Mandiant Inc | — | NEW | New buy |
| 41 | HFCUSD | Hollyfrontier CORP | — | EXIT | Sold out |
| 42 | KTOS | Kratos Defense & Security | — | EXIT | Sold out |
| 43 | IWS | Ishares Russell Mid-cap Valu | — | EXIT | Sold out |
| 44 | TEAM | Atlassian Corporation | — | NEW | New buy |
| 45 | PSEC | Prospect Capital CORP | — | EXIT | Sold out |
| 46 | SCOR1EUR | Comscore Inc | — | EXIT | Sold out |
| 47 | LSAK | Lesaka Technologies Inc | — | NEW | New buy |
| 48 | ✓ | Oclaro Inc | — | EXIT | Sold out |
| 49 | WELL | Welltower Inc | — | EXIT | Sold out |
| 50 | SHV | Ishares 0-1 Year Treasury Bo | — | NEW | New buy |
Filing History
FAQ
What is Messner & Smith Theme Value Investment Management LTD /ca/ and what type of investor is it?
Messner & Smith Theme Value Investment Management LTD /ca/ 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 (2018-03-31), the firm manages a tracked equity portfolio valued at approximately $60.3M, spread across 115 disclosed positions.
What are Messner & Smith Theme Value Investment Management LTD /ca/'s largest equity positions?
Based on the latest 13F filing, Messner & Smith Theme Value Investment Management LTD /ca/'s top holdings by market value are:
1. Gtt Communications Inc (GTT1USD) — $3.9M (6.5%)
2. Nutanix Inc - A (NTNX) — $3.6M (5.9%)
3. Summit Materials Inc -cl A (7SU) — $2.1M (3.5%)
4. Gentex CORP (GNTX) — $2.1M (3.5%)
5. Applied Materials Inc (AMAT) — $2.0M (3.3%)
What changes did Messner & Smith Theme Value Investment Management LTD /ca/ make in its most recent portfolio filing?
In the latest reported quarter, Messner & Smith Theme Value Investment Management LTD /ca/ made 45 notable position adjustments: 6 new positions were initiated, 12 existing holdings were added to, 18 positions were partially reduced, and 9 were completely exited. The largest of these moves: Sold out: Mts Systems CORP (MTSC); New buy: Ambarella, Inc. (AMBA); New buy: Delphi Technologies PLC; Sold out: Apache CORP (9990302D); New buy: Mandiant Inc (FEYECHF)
What sectors does Messner & Smith Theme Value Investment Management LTD /ca/ focus on?
Messner & Smith Theme Value Investment Management LTD /ca/ is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 54.0%
• Industrials: 13.9%
• Health Care: 13.3%
• Energy: 10.9%
• Communication Services: 4.1%
• Consumer Staples: 2.0%
Investment Profile
Messner & Smith Theme Value Investment Management LTD /ca/'s portfolio is broadly diversified and moderately active, with 54.0% of the portfolio concentrated in Information Technology.
It has added to its NTNX position over the past two quarters (+$1.7M, now $3.6M), while trimming VAL over the same stretch (-$1.3M, still holding $1.1M).
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