CIK: 0001661163
Total reported value
$419.0M
Reporting period: 2018-12-31 · Number of holdings: 87
Opera Trading Capital disclosed 87 holdings in its latest 13F filing for the period ending 2018-12-31, with total reported value of $419.0M and a quarterly turnover rate of 84.6%.
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Opera Trading Capital's disclosed holdings carry a Herfindahl concentration index of 0.028 — mathematically equivalent to about 36 equally-sized positions, well below its 87 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 1.19), 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 0% 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.
Trim AAWW 1.875 06-01-24
-60.1% -$14.4M
Trim ON 1 12-01-20
-69.8% -$13.7M
Trim XYZ 0.375 03-01-22
-25.6% -$14.4M
Add DXCM 0.75 05-15-22
+248.4% $7.9M
Add HUBS 0.25 06-01-22
+220.0% $7.3M
Add SLAB 1.375 03-01-22
+157.9% $6.3M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AMD 2.125 09-01-26 | Advanced Micro Devices | Stock-Tech | 7.03% | -0.67% | +15.53% | |
| 2 | MCHP 1.625 02-15-25 | Microchip Technology INC | Stock-Tech | 5.82% | +0.10% | -13.74% | |
| 3 | CLF 1.5 01-15-25 | Cleveland-cliffs INC | Stock-Materials | 4.27% | — | +52.38% | |
| 4 | WDAY 0.25 10-01-22 | Workday INC | Stock-Tech | 3.79% | +3.79% | NEW | |
| 5 | ZD 3.25 06-15-29 | J2 Global Communications | Stock-Other | 3.77% | +1.59% | +56.18% | |
| 6 | PODD 1.25 09-15-21 | Insulet Corporation | Stock-Healthcare | 2.94% | — | +44.37% | |
| 7 | FTV 5 07-01-21 A | Fortive Corporation | Stock-Tech | 2.81% | +2.81% | NEW | |
| 8 | DXCM 0.75 05-15-22 | Dexcom INC | Stock-Healthcare | 2.81% | +2.09% | +248.42% | |
| 9 | HUBS 0.25 06-01-22 | Hubspot INC | Stock-Tech | 2.73% | +1.95% | +220.00% | |
| 10 | SRE 6 01-15-21 A | Sempra Energy | Stock-Utilities | 2.63% | -0.13% | -20.69% | |
| 11 | SLAB 1.375 03-01-22 | Silicon Laboratories INC | Stock-Tech | 2.60% | +1.74% | +157.93% | |
| 12 | COHR 0.25 09-01-22 | Ii-vi INC | Stock-Tech | 2.60% | +2.60% | NEW | |
| 13 | XYZ 0.375 03-01-22 | Block INC | Stock-Financials | 2.53% | -2.19% | -25.60% | |
| 14 | NOW 0 06-01-22 | Servicenow INC | Stock-Tech | 2.46% | +2.46% | NEW | |
| 15 | WDAY 1.5 07-15-20 | Workday INC | Stock-Tech | 2.35% | — | — | |
| 16 | EXAS 1 01-15-25 | Exact Sciences CORP | Stock-Other | 2.33% | +2.33% | NEW | |
| 17 | DTE 6.5 10-01-19 | Dte Energy Co | Stock-Utilities | 2.30% | -0.99% | -44.60% | |
| 18 | TER 1.25 12-15-23 | Teradyne INC | Stock-Tech | 2.26% | — | +18.26% | |
| 19 | RP 1.5 11-15-22 | Realpage INC | Stock-Other | 2.16% | — | +40.21% | |
| 20 | SJI 7.25 04-15-21 | South Jersey Industries | Stock-Other | 2.16% | — | +44.44% | |
| 21 | ATI 4.75 07-01-22 | Allegheny Technologies | Stock-Industrials | 2.04% | -0.04% | — | |
| 22 | ✓ | Sodastream Intl F | Stock-Other | 2.04% | +1.64% | +295.38% | |
| 23 | CCI 6.875 08-01-20 A | Crown Castle Intl CORP | Stock-Real Estate | 2.01% | +1.50% | +220.00% | |
| 24 | ✓ | Barclays Bk PLC | Stock-Other | 1.90% | — | +69.38% | |
| 25 | VNQ | Vanguard Real Estate ETF | ETF-Other | 1.86% | -0.30% | -26.26% | |
| 26 | CNP 7 09-01-21 B | Centerpoint Energy INC | Stock-Utilities | 1.79% | +1.79% | NEW | |
| 27 | IFXGR 4.5 01-15-22 | Cypress Semiconductor Co | Stock-Other | 1.77% | — | — | |
| 28 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 1.69% | — | +13.51% | |
| 29 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 1.66% | -1.54% | -48.50% | |
| 30 | AAWW 1.875 06-01-24 | Atlas Air Worldwide Hldg | Stock-Other | 1.59% | -2.39% | -60.11% | |
| 31 | VIAV 1 03-01-24 | Viavi Solutions INC | Stock-Tech | 1.53% | +1.53% | NEW | |
| 32 | IONS 1 11-15-21 | Ionis Pharmaceuticals In | Stock-Healthcare | 1.41% | +1.41% | NEW | |
| 33 | VAL 3 01-31-24 | Ensco Jersey Finance LTD | Stock-Energy | 1.38% | -0.51% | -13.05% | |
| 34 | ON 1 12-01-20 | On Semiconductor CORP | Stock-Tech | 1.32% | -2.30% | -69.76% | |
| 35 | JAZZ 1.5 08-15-24 | Jazz Investments I LTD | Stock-Healthcare | 1.17% | -0.35% | -31.25% | |
| 36 | W 0.375 09-01-22 | Wayfair INC | Stock-Consumer Disc | 1.10% | +0.73% | +231.09% | |
| 37 | TISI 5 08-01-23 | Team INC | Stock-Other | 0.95% | — | — | |
| 38 | TREE 0.625 06-01-22 | Lendingtree INC | Stock-Other | 0.89% | +0.89% | NEW | |
| 39 | SFL 4.875 05-01-23 | Sfl CORP LTD | Stock-Other | 0.75% | — | -30.00% | |
| 40 | CZR 5 10-01-24 | Caesars Holdings INC | Stock-Consumer Disc | 0.75% | +0.75% | NEW | |
| 41 | ✓ | Mosaic Acquisiti | Stock-Other | 0.67% | — | — | |
| 42 | ✓ | Nabors Industries LTD | Stock-Other | 0.64% | — | +81.82% | |
| 43 | ✓ | Nebula Acquisition CORP | Stock-Other | 0.61% | — | +0.00% | |
| 44 | ✓ | Gs Acquisition Hldgs CORP | Stock-Other | 0.50% | — | — | |
| 45 | TPG | TPG Inc. | Stock-Financials | 0.50% | — | — | |
| 46 | GBX 2.875 02-01-24 | Greenbrier Cos INC | Stock-Other | 0.47% | — | — | |
| 47 | ✓ | Shire PLC | Stock-Other | 0.44% | — | — | |
| 48 | MDCO 2.5 01-15-22 | Medicines Company | Stock-Other | 0.41% | — | — | |
| 49 | ✓ | Government Pptys Income Tr | Stock-Other | 0.39% | — | +19.33% | |
| 50 | EZPW 2.875 07-01-24 | Ezcorp INC | Stock-Other | 0.36% | — | — |
Not enough priced holdings yet to compute performance
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2018-12-31 | 87 | $419.0M | 85 | |
| 2018-09-30 | 181 | $529.9M | 66 | |
| 2018-06-30 | 168 | $627.2M | 100 | |
| 2018-03-31 | 159 | $1.3B | 100 | |
| 2017-12-31 | 138 | $489.0M | 93 | |
| 2017-09-30 | 153 | $737.0M | 91 | |
| 2017-06-30 | 148 | $572.5M | 100 | |
| 2017-03-31 | 96 | $356.8M | 100 | |
| 2016-12-31 | 128 | $331.9M | 91 | |
| 2016-09-30 | 112 | $474.2M | 94 | |
| 2016-06-30 | 119 | $460.0M | 100 | |
| 2016-03-31 | 126 | $381.3M | 100 | |
| 2015-12-31 | 115 | $476.6M | 0 |
Opera Trading Capital's most significant position changes for 2018-12-31: New buy: Workday INC (WDAY 0.25 10-01-22); Sold out: Citrix Systems INC (CTXS 0.5 04-15-19); New buy: Fortive Corporation (FTV 5 07-01-21 A); New buy: Ii-vi INC (COHR 0.25 09-01-22); New buy: Servicenow INC (NOW 0 06-01-22).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | DXCM 0.75 05-15-22 | Dexcom INC | +2.1% | +248.42% | Add |
| 2 | HUBS 0.25 06-01-22 | Hubspot INC | +2% | +220.00% | Add |
| 3 | SLAB 1.375 03-01-22 | Silicon Laboratories INC | +1.7% | +157.93% | Add |
| 4 | ✓ | Sodastream Intl F | +1.6% | +295.38% | Add |
| 5 | ZD 3.25 06-15-29 | J2 Global Communications | +1.6% | +56.18% | Add |
| 6 | CCI 6.875 08-01-20 A | Crown Castle Intl CORP | +1.5% | +220.00% | Add |
| 7 | W 0.375 09-01-22 | Wayfair INC | +0.7% | +231.09% | Add |
| 8 | MCHP 1.625 02-15-25 | Microchip Technology INC | +0.1% | -13.74% | Trim |
| 9 | ATI 4.75 07-01-22 | Allegheny Technologies | 0% | — | Unchanged |
| 10 | SRE 6 01-15-21 A | Sempra Energy | -0.1% | -20.69% | Trim |
| 11 | VNQ | Vanguard Real Estate ETF | -0.3% | -26.26% | Trim |
| 12 | JAZZ 1.5 08-15-24 | Jazz Investments I LTD | -0.4% | -31.25% | Trim |
| 13 | VAL 3 01-31-24 | Ensco Jersey Finance LTD | -0.5% | -13.05% | Trim |
| 14 | UNGUSD | US Natural Gas Fund LP | -0.6% | -76.55% | Trim |
| 15 | AMD 2.125 09-01-26 | Advanced Micro Devices | -0.7% | +15.53% | Add |
| 16 | URNM | Sprott Uranium Miners ETF | -0.8% | -83.99% | Trim |
| 17 | DTE 6.5 10-01-19 | Dte Energy Co | -1% | -44.60% | Trim |
| 18 | IWM | Ishares Russell 2000 ETF | -1.5% | -48.50% | Trim |
| 19 | XYZ 0.375 03-01-22 | Block INC | -2.2% | -25.60% | Trim |
| 20 | ON 1 12-01-20 | On Semiconductor CORP | -2.3% | -69.76% | Trim |
| 21 | AAWW 1.875 06-01-24 | Atlas Air Worldwide Hldg | -2.4% | -60.11% | Trim |
| 22 | WDAY 0.25 10-01-22 | Workday INC | — | NEW | New buy |
| 23 | CTXS 0.5 04-15-19 | Citrix Systems INC | — | EXIT | Sold out |
| 24 | FTV 5 07-01-21 A | Fortive Corporation | — | NEW | New buy |
| 25 | COHR 0.25 09-01-22 | Ii-vi INC | — | NEW | New buy |
| 26 | NOW 0 06-01-22 | Servicenow INC | — | NEW | New buy |
| 27 | EXAS 1 01-15-25 | Exact Sciences CORP | — | NEW | New buy |
| 28 | HES 8 02-01-19 | Hess CORP | — | EXIT | Sold out |
| 29 | IFF 6 09-15-21 | Intl Flavor & Fragrances | — | EXIT | Sold out |
| 30 | ✓ | Envision Healthcare Corp | — | EXIT | Sold out |
| 31 | CNP 7 09-01-21 B | Centerpoint Energy INC | — | NEW | New buy |
| 32 | GLD | Spdr Gold Shares | — | EXIT | Sold out |
| 33 | VIAV 1 03-01-24 | Viavi Solutions INC | — | NEW | New buy |
| 34 | ✓ | Forest City Realty Trust- A | — | EXIT | Sold out |
| 35 | IDTI 0.875 11-15-22 | Integrated Device Tech | — | EXIT | Sold out |
| 36 | RIG 0.5 01-30-23 | Transocean INC | — | EXIT | Sold out |
| 37 | IONS 1 11-15-21 | Ionis Pharmaceuticals In | — | NEW | New buy |
| 38 | INFN 2.125 09-01-24 | Infinera CORP | — | EXIT | Sold out |
| 39 | TLT | Ishares 20+ Year Treasury Bd | — | EXIT | Sold out |
| 40 | ✓ | — | EXIT | Sold out | |
| 41 | IDCC 1.5 03-01-20 | Interdigital INC | — | EXIT | Sold out |
| 42 | GPRE 4.125 09-01-22 | Green Plains INC | — | EXIT | Sold out |
| 43 | HLX 4.125 09-15-23 | Helix Energy Solutions | — | EXIT | Sold out |
| 44 | INVH 3.5 01-15-22 | Ih Merger Sub LLC | — | EXIT | Sold out |
| 45 | TREE 0.625 06-01-22 | Lendingtree INC | — | NEW | New buy |
| 46 | QQQ | Invesco Qqq Trust Series 1 | — | EXIT | Sold out |
| 47 | DERM 3 05-15-22 | Dermira INC | — | EXIT | Sold out |
| 48 | INVA 2.125 01-15-23 | Innoviva INC | — | EXIT | Sold out |
| 49 | CZR 5 10-01-24 | Caesars Holdings INC | — | NEW | New buy |
| 50 | PRAA 3.5 06-01-23 | Pra Group INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2018-12-31 | 2019-01-22 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-26 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-31 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-06 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-20 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-03 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
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