CIK: 0001662237
Total reported value
$77.6M
Reporting period: 2018-09-30 · Number of holdings: 18
Unterberg Capital LLC disclosed 18 holdings in its latest 13F filing for the period ending 2018-09-30, with total reported value of $77.6M and a quarterly turnover rate of 39.4%.
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Sector classification currently covers about 12% 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.
Add M15332121
-14.3% $3.2M
Add RCMEUR
+10.0% $1.2M
Add EFII
+5.3% $630.0K
Add QUOTUSD
0.0% $780.0K
Add ALLT
+9.0% $756.0K
Add RETAEUR
-20.0% $761.0K
Unterberg Capital is forcefully rotating from generic FX cross-rates into a single Euro conviction, while also adding a software new buy. The simultaneous exits of four positions (KRNT, FEYECHF, RMBLGBP, LKFT) and the addition to RCMEUR and MITK frame a regime bet with a clear winner and loser label—this is not hedging, it's conviction sizing.
The firm is pricing in a macro regime where the Euro strengthens against the Swiss Franc and Sterling, likely anticipating ECB policy tightening or a political de-escalation in the Eurozone. The opposing thesis: if the US dollar strengthens on interest rate differentials or trade war resolution, the entire currency basket will repress against all major pairs, and Unterberg's long Euro preference will underperform the very trades it just exited—making this a classic 'picking the right horse' scenario.
The portfolio's coefficient of variation of 0.54 coupled with only 18 holdings and a high position-sizing discipline score suggests a strict risk parity framework, but that framework assumes independently drawn volatility estimates. Here, RCMEUR, ASUR, and MITK may share a hidden dependency: both ASUR and MITK are technology-focused SMEs that would be equally penalized by a Eurozone recession that rattles the Euro. This unhedged cross-asset correlation is an invisible lever in the risk model.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ✓ | Attunity Ltd | Stock-Other | 14.60% | +4.97% | -14.29% | |
| 2 | EFII | Electronics For Imaging | Stock-Other | 8.78% | +1.45% | +5.26% | |
| 3 | RCMEUR | R1 Rcm INC | Stock-Other | 7.20% | +2.06% | +10.00% | |
| 4 | CHGG | Chegg INC | Stock-Consumer Staples | 6.59% | +0.33% | -5.26% | |
| 5 | QUOTUSD | Quotient Technology INC | Stock-Other | 6.49% | +1.44% | — | |
| 6 | CARBUSD | Carbonite INC | Stock-Other | 5.97% | +0.80% | +4.00% | |
| 7 | GAIA | Gaia INC | Stock-Other | 5.95% | -0.05% | +20.00% | |
| 8 | MITK | Mitek Systems INC | Stock-Other | 5.90% | -0.80% | +2.36% | |
| 9 | VRNS | Varonis Systems INC | Stock-Tech | 5.66% | +0.36% | — | |
| 10 | ASUR | Asure Software INC | Stock-Other | 5.44% | +5.44% | NEW | |
| 11 | VRTUUSD | Virtusa CORP | Stock-Other | 5.39% | +0.89% | — | |
| 12 | IOTSEUR | Adesto Technologies CORP | Stock-Other | 4.98% | +0.43% | +42.08% | |
| 13 | ALLT | Allot Ltd. | Stock-Other | 4.78% | +1.28% | +8.95% | |
| 14 | ASPU | Aspen Group INC | Stock-Other | 3.96% | -0.04% | — | |
| 15 | APPS | Digital Turbine INC | Stock-Other | 2.95% | -0.81% | -11.90% | |
| 16 | MCHX | Marchex Inc-class B | Stock-Other | 2.86% | -0.66% | -17.57% | |
| 17 | RETAEUR | Reata Pharmaceuticals Inc-a | Stock-Other | 2.11% | +1.07% | -20.00% | |
| 18 | PIRSEUR | Pieris Pharmaceuticals INC | Stock-Other | 0.40% | +0.40% | NEW |
Not enough priced holdings yet to compute performance
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2018-09-30 | 18 | $77.6M | 39 | |
| 2018-06-30 | 24 | $84.4M | 43 | |
| 2018-03-31 | 28 | $85.6M | 42 | |
| 2017-12-31 | 30 | $81.8M | 46 | |
| 2017-09-30 | 24 | $80.6M | 44 | |
| 2017-06-30 | 24 | $77.9M | 83 | 1M26895236113B394733A |
| 2017-03-31 | 18 | $70.7M | 50 | |
| 2016-12-31 | 17 | $78.7M | 0 |
Unterberg Capital LLC's most significant position changes for 2018-09-30: Sold out: Kornit Digital Ltd. (KRNT); Sold out: Mandiant INC (FEYECHF); New buy: Asure Software INC (ASUR); Sold out: Rumbleon Inc-b (RMBLGBP); Sold out: Lakefront Biotherapeutic-adr (LKFT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | Attunity Ltd | +5% | -14.29% | Trim |
| 2 | RCMEUR | R1 Rcm INC | +2.1% | +10.00% | Add |
| 3 | EFII | Electronics For Imaging | +1.5% | +5.26% | Add |
| 4 | QUOTUSD | Quotient Technology INC | +1.4% | — | Unchanged |
| 5 | ALLT | Allot Ltd. | +1.3% | +8.95% | Add |
| 6 | RETAEUR | Reata Pharmaceuticals Inc-a | +1.1% | -20.00% | Trim |
| 7 | VRTUUSD | Virtusa CORP | +0.9% | — | Unchanged |
| 8 | CARBUSD | Carbonite INC | +0.8% | +4.00% | Add |
| 9 | IOTSEUR | Adesto Technologies CORP | +0.4% | +42.08% | Add |
| 10 | VRNS | Varonis Systems INC | +0.4% | — | Unchanged |
| 11 | CHGG | Chegg INC | +0.3% | -5.26% | Trim |
| 12 | ASPU | Aspen Group INC | 0% | — | Unchanged |
| 13 | GAIA | Gaia INC | -0.1% | +20.00% | Add |
| 14 | MCHX | Marchex Inc-class B | -0.7% | -17.57% | Trim |
| 15 | MITK | Mitek Systems INC | -0.8% | +2.36% | Add |
| 16 | APPS | Digital Turbine INC | -0.8% | -11.90% | Trim |
| 17 | KRNT | Kornit Digital Ltd. | — | EXIT | Sold out |
| 18 | FEYECHF | Mandiant INC | — | EXIT | Sold out |
| 19 | ASUR | Asure Software INC | — | NEW | New buy |
| 20 | RMBLGBP | Rumbleon Inc-b | — | EXIT | Sold out |
| 21 | LKFT | Lakefront Biotherapeutic-adr | — | EXIT | Sold out |
| 22 | CLDNEUR | Eiger Biopharmaceuticals INC | — | EXIT | Sold out |
| 23 | CCXIEUR | Chemocentryx INC | — | EXIT | Sold out |
| 24 | ✓ | Galmed Pharmaceuticals LTD | — | EXIT | Sold out |
| 25 | LEAF | Leaf Group LTD | — | EXIT | Sold out |
| 26 | PIRSEUR | Pieris Pharmaceuticals INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2018-09-30 | 2018-10-24 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-24 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-01 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-01 | 13F-HR | View on EDGAR |
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