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Trust & Fiduciary Management Services Inc Historical SEC 13F Holdings & Archive (Q4 2015)
Trust & Fiduciary Management Services IncCIK: 0001141800
Sector-focusedContrarianQuality / disciplined sizing
Total reported value
$125.9M
Reporting period: 2015-12-31 · Number of holdings: 38
TRUST & FIDUCIARY MANAGEMENT SERVICES INC disclosed 38 holdings in its latest 13F filing for the period ending 2015-12-31, with total reported value of $125.9M and a quarterly turnover rate of 55.3%.
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Personality snowflake
- Concentration
- 14.1
- Portfolio Stability
- 55.28
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 76
- Sizing Uniformity
- 94.1
Trust & Fiduciary Management Services Inc's disclosed holdings carry a Herfindahl concentration index of 0.035 — mathematically equivalent to about 28 equally-sized positions, close to its 38 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.59), 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 4% 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 CLMTUSD
-56.5% -$4.2M
Trim KKR
-51.6% -$3.0M
Add FPF
+75.7% $2.3M
Trim ARCC
-33.3% -$2.2M
Trim CVI
-62.7% -$2.0M
Add FUN
+53.0% $1.7M
Holdings Map
New buyAddUnchangedTrim
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ✓ | SFL Corporation Ltd. | Stock-Other | 5.81% | +0.28% | -1.69% | |
| 2 | ARI | Apollo Commercial Real Estat | Stock-Other | 5.32% | +0.54% | -3.22% | |
| 3 | STWD | Starwood Property Trust Inc | Stock-Real Estate | 5.02% | +0.10% | -2.90% | |
| 4 | ET | Energy Transfer LP | Stock-Energy | 4.46% | +4.46% | NEW | |
| 5 | JPC | Nuveen Prefered & Income Opp | Stock-Other | 4.30% | +0.20% | -1.81% | |
| 6 | FPF | First Tr Interm Dur & Inc | Stock-Other | 4.23% | +1.91% | +75.68% | |
| 7 | NAD | Nuveen Quality Municipal Income Fund | Stock-Other | 4.15% | +4.15% | NEW | |
| 8 | HPTUSD | Hospitality Properties Trust | Stock-Other | 4.14% | -0.03% | -7.10% | |
| 9 | XJPIX | Nuveen Preferred Securities | Stock-Other | 4.14% | +4.14% | NEW | |
| 10 | EPD | Enterprise Products Partners | Stock-Energy | 3.97% | +3.97% | NEW | |
| 11 | ULCC | Frontier Group Holdings, Inc. | Stock-Other | 3.83% | +1.16% | +39.22% | |
| 12 | TNHUSD | Terra Nitrogen Company LP | Stock-Other | 3.72% | -0.10% | -1.44% | |
| 13 | EPR | Epr Properties | Stock-Real Estate | 3.58% | +0.51% | -2.05% | |
| 14 | FUN | Six Flags Entertainment Corporation | Stock-Other | 3.49% | +1.44% | +53.04% | |
| 15 | ARCC | Ares Capital CORP | Stock-Financials | 3.32% | -1.50% | -33.32% | |
| 16 | KMI 9.75 10-26-18 ABond | Kinder Morgan Inc/delawa | Bond | 3.30% | +3.30% | NEW | |
| 17 | ✓ | Stonemor Partners LP | Stock-Other | 3.23% | +0.01% | -2.11% | |
| 18 | RITM | Rithm Capital CORP | Stock-Real Estate | 2.75% | -0.20% | -4.19% | |
| 19 | ✓ | American Cap Mtg Invt CORP | Stock-Other | 2.41% | +0.11% | — | |
| 20 | ARCPEUR | Vereit Inc | Stock-Other | 2.34% | +0.06% | -4.51% | |
| 21 | PSEC | Prospect Capital CORP | Stock-Other | 2.31% | +0.09% | +1.25% | |
| 22 | SMHC | VanEck China Semiconductor ETF | ETF-Emerging Markets | 2.25% | +1.10% | +86.59% | |
| 23 | MMLP | Martin Midstream Partners LP | Stock-Other | 2.22% | -1.39% | -33.90% | |
| 24 | KKR | KKR & Co. Inc. | Stock-Financials | 1.94% | -2.18% | -51.64% | |
| 25 | FSICUSD | Fs Kkr Capital CORP | Stock-Other | 1.88% | -0.03% | -2.62% | |
| 26 | APO | Apollo Global Management, Inc. | Stock-Financials | 1.87% | -0.18% | -1.59% | |
| 27 | CLMTUSD | Calumet Specialty Products | Stock-Other | 1.87% | -3.13% | -56.48% | |
| 28 | UANEUR | Cvr Partners LP | Stock-Other | 1.33% | -0.18% | -1.75% | |
| 29 | IVREUR | Invesco Mortgage Capital | Stock-Other | 1.22% | -0.67% | -39.24% | |
| 30 | MCCUSD | Medley Capital CORP | Stock-Other | 1.07% | +0.05% | -1.60% | |
| 31 | CMO | Capstead Mortgage CORP | Stock-Other | 0.93% | -1.08% | -49.74% | |
| 32 | CVI | CVR Energy, Inc. | Stock-Other | 0.93% | -1.46% | -62.68% | |
| 33 | EHI | Western Asset Global High In | Stock-Other | 0.61% | -1.19% | -66.74% | |
| 34 | FITB | Fifth Third Bancorp | Stock-Financials | 0.60% | -0.91% | -63.18% | |
| 35 | HYT | Blackrock CORP Hi Yld | Stock-Other | 0.60% | -1.11% | -66.22% | |
| 36 | OIA | Invesco Municipal Income Opp | Stock-Other | 0.40% | +0.01% | -7.79% | |
| 37 | ✓ | Student Transportation Inc | Stock-Other | 0.27% | -0.55% | -66.19% | |
| 38 | PMM | Putnam Mgd Muni Inc Tr | Stock-Other | 0.20% | -0.01% | -11.40% |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Trust & Fiduciary Management Services Inc's most significant position changes for 2015-12-31: New buy: Energy Transfer LP (ET); New buy: Nuveen Quality Municipal Income Fund (NAD); New buy: Nuveen Preferred Securities (XJPIX); New buy: Enterprise Products Partners (EPD); New buy: Kinder Morgan Inc/delawa (KMI 9.75 10-26-18 A).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FPF | First Tr Interm Dur & Inc | +1.9% | +75.68% | Add |
| 2 | FUN | Six Flags Entertainment Corporation | +1.4% | +53.04% | Add |
| 3 | ULCC | Frontier Group Holdings, Inc. | +1.2% | +39.22% | Add |
| 4 | SMHC | VanEck China Semiconductor ETF | +1.1% | +86.59% | Add |
| 5 | ARI | Apollo Commercial Real Estat | +0.5% | -3.22% | Trim |
| 6 | EPR | Epr Properties | +0.5% | -2.05% | Trim |
| 7 | ✓ | SFL Corporation Ltd. | +0.3% | -1.69% | Trim |
| 8 | JPC | Nuveen Prefered & Income Opp | +0.2% | -1.81% | Trim |
| 9 | ✓ | American Cap Mtg Invt CORP | +0.1% | — | Unchanged |
| 10 | STWD | Starwood Property Trust Inc | +0.1% | -2.90% | Trim |
| 11 | PSEC | Prospect Capital CORP | +0.1% | +1.25% | Add |
| 12 | ARCPEUR | Vereit Inc | +0.1% | -4.51% | Trim |
| 13 | MCCUSD | Medley Capital CORP | +0.1% | -1.60% | Trim |
| 14 | ✓ | Stonemor Partners LP | 0% | -2.11% | Trim |
| 15 | OIA | Invesco Municipal Income Opp | 0% | -7.79% | Trim |
| 16 | PMM | Putnam Mgd Muni Inc Tr | 0% | -11.40% | Trim |
| 17 | HPTUSD | Hospitality Properties Trust | 0% | -7.10% | Trim |
| 18 | FSICUSD | Fs Kkr Capital CORP | 0% | -2.62% | Trim |
| 19 | TNHUSD | Terra Nitrogen Company LP | -0.1% | -1.44% | Trim |
| 20 | APO | Apollo Global Management, Inc. | -0.2% | -1.59% | Trim |
| 21 | UANEUR | Cvr Partners LP | -0.2% | -1.75% | Trim |
| 22 | RITM | Rithm Capital CORP | -0.2% | -4.19% | Trim |
| 23 | ✓ | Student Transportation Inc | -0.6% | -66.19% | Trim |
| 24 | IVREUR | Invesco Mortgage Capital | -0.7% | -39.24% | Trim |
| 25 | FITB | Fifth Third Bancorp | -0.9% | -63.18% | Trim |
| 26 | CMO | Capstead Mortgage CORP | -1.1% | -49.74% | Trim |
| 27 | HYT | Blackrock CORP Hi Yld | -1.1% | -66.22% | Trim |
| 28 | EHI | Western Asset Global High In | -1.2% | -66.74% | Trim |
| 29 | MMLP | Martin Midstream Partners LP | -1.4% | -33.90% | Trim |
| 30 | CVI | CVR Energy, Inc. | -1.5% | -62.68% | Trim |
| 31 | ARCC | Ares Capital CORP | -1.5% | -33.32% | Trim |
| 32 | KKR | KKR & Co. Inc. | -2.2% | -51.64% | Trim |
| 33 | CLMTUSD | Calumet Specialty Products | -3.1% | -56.48% | Trim |
| 34 | ET | Energy Transfer LP | — | NEW | New buy |
| 35 | NAD | Nuveen Quality Municipal Income Fund | — | NEW | New buy |
| 36 | XJPIX | Nuveen Preferred Securities | — | NEW | New buy |
| 37 | EPD | Enterprise Products Partners | — | NEW | New buy |
| 38 | KMI 9.75 10-26-18 ABond | Kinder Morgan Inc/delawa | — | NEW | New buy |
| 39 | NOG | Northern Oil and Gas, Inc. | — | EXIT | Sold out |
| 40 | ✓ | NorthStar Realty Finance Corp | — | EXIT | Sold out |
| 41 | NMM | Navios Maritime Partners L.P. | — | EXIT | Sold out |
| 42 | ✓ | Nexpoint Cr Strategies Fd | — | EXIT | Sold out |
| 43 | ✓ | Avenue Income Cr Strategies | — | EXIT | Sold out |
| 44 | SNH1EUR | Senior Housing Prop Trust | — | EXIT | Sold out |
| 45 | STAG | Stag Industrial Inc | — | EXIT | Sold out |
| 46 | ✓ | Western Asset Emrg Mkt Incm | — | EXIT | Sold out |
Filing History
FAQ
What is Trust & Fiduciary Management Services Inc and what type of investor is it?
Trust & Fiduciary Management Services 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 (2015-12-31), the firm manages a tracked equity portfolio valued at approximately $125.9M, spread across 38 disclosed positions.
What are Trust & Fiduciary Management Services Inc's largest equity positions?
Based on the latest 13F filing, Trust & Fiduciary Management Services Inc's top holdings by market value are:
1. SFL Corporation Ltd. — $7.3M (5.8%)
2. Apollo Commercial Real Estat (ARI) — $6.7M (5.3%)
3. Starwood Property Trust Inc (STWD) — $6.3M (5.0%)
4. Energy Transfer LP (ET) — $5.6M (4.5%)
5. Nuveen Prefered & Income Opp (JPC) — $5.4M (4.3%)
What changes did Trust & Fiduciary Management Services Inc make in its most recent portfolio filing?
In the latest reported quarter, Trust & Fiduciary Management Services Inc made 45 notable position adjustments: 5 new positions were initiated, 5 existing holdings were added to, 27 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: Energy Transfer LP (ET); New buy: Nuveen Quality Municipal Income Fund (NAD); New buy: Nuveen Preferred Securities (XJPIX); New buy: Enterprise Products Partners (EPD); New buy: Kinder Morgan Inc/delawa (KMI 9.75 10-26-18 A)
What sectors does Trust & Fiduciary Management Services Inc focus on?
Trust & Fiduciary Management Services Inc is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 100.0%
Investment Profile
Trust & Fiduciary Management Services Inc's portfolio is broadly diversified and fast-trading, with 100.0% of the portfolio concentrated in Financials.
It has added to its FPF position over the past two quarters (+$3.1M, now $5.3M), while trimming KKR over the same stretch (-$7.8M, still holding $2.4M).
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Developer Access
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