Zelman Capital LLC

High-turnover traderContrarianQuality / disciplined sizing

Total reported value

$81.9M

Reporting period: 2016-12-31 · Number of holdings: 14

Zelman Capital LLC disclosed 14 holdings in its latest 13F filing for the period ending 2016-12-31, with total reported value of $81.9M and a quarterly turnover rate of 100.0%.

Personality snowflake

Concentration: 38.83
Portfolio Stability: 100
Momentum/Contrarian: 0
Sector conviction: 0
Diversification: 28
Sizing Uniformity: 93.78

Recent moves

Add BLDR
-3.5%　-$1.3M
Add PRMWUSD
-26.9%　-$3.0M
Add DOORUSD
-10.2%　-$417.0K
Add TGLS
-1.4%　$25.0K
Add CCS
-4.2%　-$499.0K
Add 7SU
-39.2%　-$1.5M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	BLDR	Builders Firstsource INC	Stock-Industrials	18.36%	+15.18%	-3.52%
2	PRMWUSD	Primo Water CORP	Stock-Other	10.51%	+8.25%	-26.92%
3	DOORUSD	Masonite International CORP	Stock-Other	9.76%	+8.12%	-10.20%
4	CCS	Century Communities INC	Stock-Other	8.86%	+7.35%	-4.16%
5	TGLS	Tecnoglass Inc.	Stock-Other	8.82%	+7.42%	-1.37%
6	TWNKEUR	Hostess Brands INC	Stock-Other	8.47%	+8.47%	NEW
7	NCNO	nCino, Inc.	Stock-Other	7.59%	+4.85%	-53.75%
8	USCR	US Concrete INC	Stock-Other	6.83%	+3.96%	-73.36%
9	7SU	Summit Materials INC -cl A	Stock-Other	6.55%	+5.21%	-39.18%
10	ATKR	Atkore INC	Stock-Other	4.96%	+4.96%	NEW
11	CBPXEUR	Continental Building Product	Stock-Other	4.26%	+3.28%	-36.80%
12	✓	Reis INC Com	Stock-Other	2.39%	+2.03%	-3.19%
13	ICHR	Ichor Holdings, Ltd.	Stock-Other	1.98%	+1.98%	NEW
14	✓	Conyers Pk Acquisition	Stock-Other	0.66%	+0.56%	—

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2016-12-31	14	$81.9M	100	1BLDR 2PRMWUSD 3DOORUSD Top holdings2016-12-31 1.BLDR 2.PRMWUSD 3.DOORUSD 4.CCS 5.TGLS 6.TWNKEUR 7.NCNO 8.USCR 9.7SU 10.ATKR
2016-09-30	21	$513.7M	39	1IWM 2BLDR 3USCR Top holdings2016-09-30 1.IWM 2.BLDR 3.USCR 4.42210P 5.NCNO 6.PRMWUSD 7.PGTIUSD 8.DOORUSD 9.CCS 10.TGLS
2016-06-30	23	$562.7M	57	1IWM 2SPY342210P Top holdings2016-06-30 1.IWM 2.SPY 3.42210P 4.BLDR 5.USCR 6.PRMWUSD 7.WMS 8.DOORUSD 9.CBPXEUR 10.7SU
2016-03-31	23	$342.0M	39	1IWM242210P3USCR Top holdings2016-03-31 1.IWM 2.42210P 3.USCR 4.PRMWUSD 5.BLDR 6.DOORUSD 7.7SU 8.CBPXEUR 9.LPX 10.NCNO
2015-12-31	28	$402.8M	54	1IWM242210P3USCR Top holdings2015-12-31 1.IWM 2.42210P 3.USCR 4.PRMWUSD 5.CBPXEUR 6.7SU 7.DOORUSD 8.PGTIUSD 9.WMS 10.NCNO
2015-09-30	24	$285.4M	59	1IWM242210P3USCR Top holdings2015-09-30 1.IWM 2.42210P 3.USCR 4.PGTIUSD 5.PRMWUSD 6.WMS 7.CBPXEUR 8.7SU 9.PPG 10.CCS
2015-06-30	33	$401.3M	53	1IWM242210P3DOORUSD Top holdings2015-06-30 1.IWM 2.42210P 3.DOORUSD 4.PGTIUSD 5.USCR 6.CBPXEUR 7.PRMWUSD 8.LPX 9.WMS 10.FIX
2015-03-31	31	$317.0M	99	1IWM242210P3USCR Top holdings2015-03-31 1.IWM 2.42210P 3.USCR 4.WMS 5.66705Y 6.CBPXEUR 7.66704R 8.PRMWUSD 9.PGTIUSD 10.EXP
2014-12-31	28	$153.3M	0	142210P266705Y3USCR Top holdings2014-12-31 1.42210P 2.66705Y 3.USCR 4.66704R 5.PRMWUSD 6.LADR 7.PGTIUSD 8.BJRI 9.WMS 10.PMT

Holding changes this quarter

Zelman Capital LLC's most significant position changes for 2016-12-31: Sold out: Ishares Russell 2000 ETF (IWM); Sold out: Headwaters INC; Sold out: Pgt Innovations INC (PGTIUSD); New buy: Hostess Brands INC (TWNKEUR); Sold out: Lendingtree INC (TREE).

Position changes disclosed by Zelman Capital LLC for the quarter ending 2016-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	BLDR	Builders Firstsource INC	+15.2%	-3.52%	Trim
2	PRMWUSD	Primo Water CORP	+8.3%	-26.92%	Trim
3	DOORUSD	Masonite International CORP	+8.1%	-10.20%	Trim
4	TGLS	Tecnoglass Inc.	+7.4%	-1.37%	Trim
5	CCS	Century Communities INC	+7.4%	-4.16%	Trim
6	7SU	Summit Materials INC -cl A	+5.2%	-39.18%	Trim
7	NCNO	nCino, Inc.	+4.9%	-53.75%	Trim
8	USCR	US Concrete INC	+4%	-73.36%	Trim
9	CBPXEUR	Continental Building Product	+3.3%	-36.80%	Trim
10	✓	Reis INC Com	+2%	-3.19%	Trim
11	✓	Conyers Pk Acquisition	+0.6%	—	Unchanged
12	IWM	Ishares Russell 2000 ETF	—	EXIT	Sold out
13	✓	Headwaters INC	—	EXIT	Sold out
14	PGTIUSD	Pgt Innovations INC	—	EXIT	Sold out
15	TWNKEUR	Hostess Brands INC	—	NEW	New buy
16	TREE	Lendingtree INC	—	EXIT	Sold out
17	✓	Gores Holdings Inc-a	—	EXIT	Sold out
18	ATKR	Atkore INC	—	NEW	New buy
19	WMS	Advanced Drainage Systems In	—	EXIT	Sold out
20	✓	Cenveo INC Com New	—	EXIT	Sold out
21	✓	Medequities Realty Trust INC	—	EXIT	Sold out
22	ICHR	Ichor Holdings, Ltd.	—	NEW	New buy
23	DXYN	Dixie Group INC	—	EXIT	Sold out

FAQ

What is Zelman Capital LLC and what type of investor is it?

Zelman Capital LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2016-12-31), the firm manages a tracked equity portfolio valued at approximately $81.9M, spread across 14 disclosed positions.

What are Zelman Capital LLC's largest equity positions?

Based on the latest 13F filing, Zelman Capital LLC's top holdings by market value are: 1. Builders Firstsource INC (BLDR) — $15.0M (18.4%) 2. Primo Water CORP (PRMWUSD) — $8.6M (10.5%) 3. Masonite International CORP (DOORUSD) — $8.0M (9.8%) 4. Century Communities INC (CCS) — $7.3M (8.9%) 5. Tecnoglass Inc. (TGLS) — $7.2M (8.8%)

What changes did Zelman Capital LLC make in its most recent portfolio filing?

In the latest reported quarter, Zelman Capital LLC made 22 notable position adjustments: 3 new positions were initiated, 0 existing holdings were added to, 10 positions were partially reduced, and 9 were completely exited. The largest of these moves: Sold out: Ishares Russell 2000 ETF (IWM); Sold out: Headwaters INC; Sold out: Pgt Innovations INC (PGTIUSD); New buy: Hostess Brands INC (TWNKEUR); Sold out: Lendingtree INC (TREE)

What sectors does Zelman Capital LLC focus on?

Zelman Capital LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Industrials: 100.0%