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White Elm Capital, LLC Historical SEC 13F Holdings & Archive (Q4 2019)
White Elm Capital, LLCCIK: 0001425294
High-turnover traderSector-focusedMomentum follower
Total reported value
$117.9M
Reporting period: 2019-12-31 · Number of holdings: 24
White Elm Capital, LLC disclosed 24 holdings in its latest 13F filing for the period ending 2019-12-31, with total reported value of $117.9M and a quarterly turnover rate of 109.2%.
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Personality snowflake
- Concentration
- 20.46
- Portfolio Stability
- 100
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 48
- Sizing Uniformity
- 95.12
White Elm Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.051 — mathematically equivalent to about 20 equally-sized positions, close to its 24 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 0.49), 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 51% 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.govAdd FICO
+10.4% $1.4M
Add TW
-27.1% -$554.0K
Add MA
-62.4% -$12.3M
Add WMS
-61.1% -$7.2M
Add CSGP
+125.3% $1.2M
Add TPLUSD
-66.1% -$10.4M
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 | TDG | Transdigm Group Inc | Stock-Industrials | 7.56% | +0.81% | -68.30% | |
| 2 | MA | Mastercard Inc - A | Stock-Financials | 7.35% | +1.94% | -62.37% | |
| 3 | V | Visa Inc-class A Shares | Stock-Financials | 6.84% | +1.15% | -66.48% | |
| 4 | TPLUSD | Texas Pacific Land Trust | Stock-Other | 6.10% | +1.55% | -66.05% | |
| 5 | PYPL | Paypal Holdings Inc | Stock-Financials | 5.76% | +1.27% | -62.55% | |
| 6 | NOW | Servicenow Inc | Stock-Tech | 5.75% | +1.30% | -64.65% | |
| 7 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 5.49% | +1.05% | -64.65% | |
| 8 | WMS | Advanced Drainage Systems In | Stock-Industrials | 5.37% | +1.88% | -61.13% | |
| 9 | ADSK | Autodesk Inc | Stock-Tech | 5.36% | +0.41% | -73.46% | |
| 10 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 4.97% | +3.31% | -27.11% | |
| 11 | TRU | Transunion | Stock-Financials | 4.76% | +0.51% | -67.67% | |
| 12 | TEAM | Atlassian Corporation | Stock-Tech | 4.54% | +0.81% | -61.29% | |
| 13 | FICO | Fair Isaac CORP | Stock-Tech | 4.39% | +3.41% | +10.40% | |
| 14 | ADBE | Adobe Inc | Stock-Tech | 4.09% | +0.42% | -71.60% | |
| 15 | MTN | Vail Resorts Inc | Stock-Consumer Disc | 3.78% | -0.76% | -75.93% | |
| 16 | GWRE | Guidewire Software Inc | Stock-Tech | 3.46% | -0.05% | -71.19% | |
| 17 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 3.04% | +1.08% | -60.29% | |
| 18 | BKIEUR | Black Knight Inc | Stock-Other | 2.94% | -0.70% | -76.71% | |
| 19 | MSCI | Msci Inc | Stock-Financials | 2.39% | +1.07% | -53.42% | |
| 20 | CSGP | Costar Group Inc | Stock-Real Estate | 1.88% | +1.63% | +125.33% | |
| 21 | FLT1EUR | Fleetcor Technologies Inc | Stock-Other | 1.81% | -0.11% | -71.50% | |
| 22 | WIX | Wix.com Ltd. | Stock-Tech | 0.97% | -1.00% | -85.78% | |
| 23 | YUM | Yum! Brands Inc | Stock-Consumer Disc | 0.96% | +0.24% | -54.29% | |
| 24 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.47% | +0.47% | NEW |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2019 Q4 | 24 | $117.9M | 100 | ||
| 2019 Q3 | 31 | $387.1M | 21 | ||
| 2019 Q2 | 27 | $407.0M | 17 | ||
| 2019 Q1 | 28 | $379.8M | 28 | ||
| 2018 Q4 | 31 | $359.2M | 38 | ||
| 2018 Q3 | 30 | $420.4M | 20 | ||
| 2018 Q2 | 60 | $418.6M | 40 | ||
| 2018 Q1 | 60 | $455.8M | 25 | ||
| 2017 Q4 | 58 | $473.6M | 23 | ||
| 2017 Q3 | 56 | $505.3M | 28 | ||
| 2017 Q2 | 54 | $526.1M | 25 | ||
| 2017 Q1 | 50 | $537.3M | 49 | ||
| 2016 Q4 | 50 | $648.5M | 39 | ||
| 2016 Q3 | 58 | $789.9M | 26 | ||
| 2016 Q2 | 54 | $865.0M | 25 | ||
| 2016 Q1 | 52 | $908.8M | 12 | ||
| 2015 Q4 | 56 | $960.3M | 20 | ||
| 2015 Q3 | 60 | $965.5M | 27 | ||
| 2015 Q2 | 52 | $985.3M | 18 | ||
| 2015 Q1 | 50 | $930.6M | 27 | ||
| 2014 Q4 | 52 | $1.0B | 36 | ||
| 2014 Q3 | 58 | $1.1B | 31 | ||
| 2014 Q2 | 58 | $1.2B | 22 | ||
| 2014 Q1 | 56 | $1.2B | 40 | ||
| 2013 Q4 | 54 | $1.1B | 38 | ||
| 2013 Q3 | 60 | $1.0B | 39 | ||
| 2013 Q2 | 54 | $804.8M | 0 |
Holding changes this quarter
White Elm Capital, LLC's most significant position changes for 2019-12-31: Sold out: Palo Alto Networks Inc (PANW); Sold out: Citigroup Inc (C); Sold out: US Foods Holding CORP (USFD); Sold out: Huntington Bancshares Inc (HBAN); Sold out: Godaddy Inc - Class A (GDDY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FICO | Fair Isaac CORP | +3.4% | +10.40% | Add |
| 2 | TW | Tradeweb Markets Inc-class A | +3.3% | -27.11% | Trim |
| 3 | MA | Mastercard Inc - A | +1.9% | -62.37% | Trim |
| 4 | WMS | Advanced Drainage Systems In | +1.9% | -61.13% | Trim |
| 5 | CSGP | Costar Group Inc | +1.6% | +125.33% | Add |
| 6 | TPLUSD | Texas Pacific Land Trust | +1.6% | -66.05% | Trim |
| 7 | NOW | Servicenow Inc | +1.3% | -64.65% | Trim |
| 8 | PYPL | Paypal Holdings Inc | +1.3% | -62.55% | Trim |
| 9 | V | Visa Inc-class A Shares | +1.2% | -66.48% | Trim |
| 10 | HLT | Hilton Worldwide Holdings In | +1.1% | -60.29% | Trim |
| 11 | MSCI | Msci Inc | +1.1% | -53.42% | Trim |
| 12 | AMZN | Amazon.com Inc | +1.1% | -64.65% | Trim |
| 13 | TDG | Transdigm Group Inc | +0.8% | -68.30% | Trim |
| 14 | TEAM | Atlassian Corporation | +0.8% | -61.29% | Trim |
| 15 | TRU | Transunion | +0.5% | -67.67% | Trim |
| 16 | ADBE | Adobe Inc | +0.4% | -71.60% | Trim |
| 17 | ADSK | Autodesk Inc | +0.4% | -73.46% | Trim |
| 18 | YUM | Yum! Brands Inc | +0.2% | -54.29% | Trim |
| 19 | GWRE | Guidewire Software Inc | -0.1% | -71.19% | Trim |
| 20 | FLT1EUR | Fleetcor Technologies Inc | -0.1% | -71.50% | Trim |
| 21 | BKIEUR | Black Knight Inc | -0.7% | -76.71% | Trim |
| 22 | MTN | Vail Resorts Inc | -0.8% | -75.93% | Trim |
| 23 | WIX | Wix.com Ltd. | -1% | -85.78% | Trim |
| 24 | PANW | Palo Alto Networks Inc | — | EXIT | Sold out |
| 25 | C | Citigroup Inc | — | EXIT | Sold out |
| 26 | USFD | US Foods Holding CORP | — | EXIT | Sold out |
| 27 | HBAN | Huntington Bancshares Inc | — | EXIT | Sold out |
| 28 | GDDY | Godaddy Inc - Class A | — | EXIT | Sold out |
| 29 | TIFEUR | Tiffany & Co | — | EXIT | Sold out |
| 30 | AMD | Advanced Micro Devices | — | EXIT | Sold out |
| 31 | TMO | Thermo Fisher Scientific Inc | — | EXIT | Sold out |
| 32 | COST | Costco Wholesale CORP | — | NEW | New buy |
Filing History
FAQ
What is White Elm Capital, LLC and what type of investor is it?
White Elm Capital, LLC 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 (2019-12-31), the firm manages a tracked equity portfolio valued at approximately $117.9M, spread across 24 disclosed positions.
What are White Elm Capital, LLC's largest equity positions?
Based on the latest 13F filing, White Elm Capital, LLC's top holdings by market value are:
1. Transdigm Group Inc (TDG) — $8.9M (7.6%)
2. Mastercard Inc - A (MA) — $8.7M (7.3%)
3. Visa Inc-class A Shares (V) — $8.1M (6.8%)
4. Texas Pacific Land Trust (TPLUSD) — $7.2M (6.1%)
5. Paypal Holdings Inc (PYPL) — $6.8M (5.8%)
What changes did White Elm Capital, LLC make in its most recent portfolio filing?
In the latest reported quarter, White Elm Capital, LLC made 32 notable position adjustments: 1 new positions were initiated, 2 existing holdings were added to, 21 positions were partially reduced, and 8 were completely exited. The largest of these moves: Sold out: Palo Alto Networks Inc (PANW); Sold out: Citigroup Inc (C); Sold out: US Foods Holding CORP (USFD); Sold out: Huntington Bancshares Inc (HBAN); Sold out: Godaddy Inc - Class A (GDDY)
What sectors does White Elm Capital, LLC focus on?
White Elm Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 39.5%
• Information Technology: 39.0%
• Consumer Discretionary: 16.9%
• Real Estate: 3.7%
• Consumer Staples: 0.9%
Investment Profile
White Elm Capital, LLC's portfolio is broadly diversified and fast-trading, with 39.5% of the portfolio concentrated in Financials.
Its turnover score has risen from 38 to 100 over the past 4 quarters — a shift toward more active trading.
It has trimmed its V position for two straight quarters, cutting it by $15.9M while still holding $8.1M.
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