OT

Opera Trading Capital

Diversified strategySector-focusedMomentum follower

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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Personality snowflake

Concentration
11.04
Portfolio Stability
84.62
Momentum/Contrarian
100
Sector conviction
100
Diversification
100
Sizing Uniformity
88.1

Recent moves

  • 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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1AMD 2.125 09-01-26Advanced Micro DevicesStock-Tech7.03%-0.67%+15.53%
2MCHP 1.625 02-15-25Microchip Technology INCStock-Tech5.82%+0.10%-13.74%
3CLF 1.5 01-15-25Cleveland-cliffs INCStock-Materials4.27%—+52.38%
4WDAY 0.25 10-01-22Workday INCStock-Tech3.79%+3.79%NEW
5ZD 3.25 06-15-29J2 Global CommunicationsStock-Other3.77%+1.59%+56.18%
6PODD 1.25 09-15-21Insulet CorporationStock-Healthcare2.94%—+44.37%
7FTV 5 07-01-21 AFortive CorporationStock-Tech2.81%+2.81%NEW
8DXCM 0.75 05-15-22Dexcom INCStock-Healthcare2.81%+2.09%+248.42%
9HUBS 0.25 06-01-22Hubspot INCStock-Tech2.73%+1.95%+220.00%
10SRE 6 01-15-21 ASempra EnergyStock-Utilities2.63%-0.13%-20.69%
11SLAB 1.375 03-01-22Silicon Laboratories INCStock-Tech2.60%+1.74%+157.93%
12COHR 0.25 09-01-22Ii-vi INCStock-Tech2.60%+2.60%NEW
13XYZ 0.375 03-01-22Block INCStock-Financials2.53%-2.19%-25.60%
14NOW 0 06-01-22Servicenow INCStock-Tech2.46%+2.46%NEW
15WDAY 1.5 07-15-20Workday INCStock-Tech2.35%——
16EXAS 1 01-15-25Exact Sciences CORPStock-Other2.33%+2.33%NEW
17DTE 6.5 10-01-19Dte Energy CoStock-Utilities2.30%-0.99%-44.60%
18TER 1.25 12-15-23Teradyne INCStock-Tech2.26%—+18.26%
19RP 1.5 11-15-22Realpage INCStock-Other2.16%—+40.21%
20SJI 7.25 04-15-21South Jersey IndustriesStock-Other2.16%—+44.44%
21ATI 4.75 07-01-22Allegheny TechnologiesStock-Industrials2.04%-0.04%—
22✓ Sodastream Intl FStock-Other2.04%+1.64%+295.38%
23CCI 6.875 08-01-20 ACrown Castle Intl CORPStock-Real Estate2.01%+1.50%+220.00%
24✓ Barclays Bk PLCStock-Other1.90%—+69.38%
25VNQVanguard Real Estate ETFETF-Other1.86%-0.30%-26.26%
26CNP 7 09-01-21 BCenterpoint Energy INCStock-Utilities1.79%+1.79%NEW
27IFXGR 4.5 01-15-22Cypress Semiconductor CoStock-Other1.77%——
28GDXVaneck Gold Miners ETFETF-Commodities1.69%—+13.51%
29IWMIshares Russell 2000 ETFETF-Small Cap1.66%-1.54%-48.50%
30AAWW 1.875 06-01-24Atlas Air Worldwide HldgStock-Other1.59%-2.39%-60.11%
31VIAV 1 03-01-24Viavi Solutions INCStock-Tech1.53%+1.53%NEW
32IONS 1 11-15-21Ionis Pharmaceuticals InStock-Healthcare1.41%+1.41%NEW
33VAL 3 01-31-24Ensco Jersey Finance LTDStock-Energy1.38%-0.51%-13.05%
34ON 1 12-01-20On Semiconductor CORPStock-Tech1.32%-2.30%-69.76%
35JAZZ 1.5 08-15-24Jazz Investments I LTDStock-Healthcare1.17%-0.35%-31.25%
36W 0.375 09-01-22Wayfair INCStock-Consumer Disc1.10%+0.73%+231.09%
37TISI 5 08-01-23Team INCStock-Other0.95%——
38TREE 0.625 06-01-22Lendingtree INCStock-Other0.89%+0.89%NEW
39SFL 4.875 05-01-23Sfl CORP LTDStock-Other0.75%—-30.00%
40CZR 5 10-01-24Caesars Holdings INCStock-Consumer Disc0.75%+0.75%NEW
41✓ Mosaic AcquisitiStock-Other0.67%——
42✓ Nabors Industries LTDStock-Other0.64%—+81.82%
43✓ Nebula Acquisition CORPStock-Other0.61%—+0.00%
44✓ Gs Acquisition Hldgs CORPStock-Other0.50%——
45TPGTPG Inc.Stock-Financials0.50%——
46GBX 2.875 02-01-24Greenbrier Cos INCStock-Other0.47%——
47✓ Shire PLCStock-Other0.44%——
48MDCO 2.5 01-15-22Medicines CompanyStock-Other0.41%——
49✓ Government Pptys Income TrStock-Other0.39%—+19.33%
50EZPW 2.875 07-01-24Ezcorp INCStock-Other0.36%——
1–50 of 87

Holding changes this quarter

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).

Position changes disclosed by Opera Trading Capital for the quarter ending 2018-12-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1DXCM 0.75 05-15-22Dexcom INC+2.1%+248.42%Add
2HUBS 0.25 06-01-22Hubspot INC+2%+220.00%Add
3SLAB 1.375 03-01-22Silicon Laboratories INC+1.7%+157.93%Add
4✓ Sodastream Intl F+1.6%+295.38%Add
5ZD 3.25 06-15-29J2 Global Communications+1.6%+56.18%Add
6CCI 6.875 08-01-20 ACrown Castle Intl CORP+1.5%+220.00%Add
7W 0.375 09-01-22Wayfair INC+0.7%+231.09%Add
8MCHP 1.625 02-15-25Microchip Technology INC+0.1%-13.74%Trim
9ATI 4.75 07-01-22Allegheny Technologies0%—Unchanged
10SRE 6 01-15-21 ASempra Energy-0.1%-20.69%Trim
11VNQVanguard Real Estate ETF-0.3%-26.26%Trim
12JAZZ 1.5 08-15-24Jazz Investments I LTD-0.4%-31.25%Trim
13VAL 3 01-31-24Ensco Jersey Finance LTD-0.5%-13.05%Trim
14UNGUSDUS Natural Gas Fund LP-0.6%-76.55%Trim
15AMD 2.125 09-01-26Advanced Micro Devices-0.7%+15.53%Add
16URNMSprott Uranium Miners ETF-0.8%-83.99%Trim
17DTE 6.5 10-01-19Dte Energy Co-1%-44.60%Trim
18IWMIshares Russell 2000 ETF-1.5%-48.50%Trim
19XYZ 0.375 03-01-22Block INC-2.2%-25.60%Trim
20ON 1 12-01-20On Semiconductor CORP-2.3%-69.76%Trim
21AAWW 1.875 06-01-24Atlas Air Worldwide Hldg-2.4%-60.11%Trim
22WDAY 0.25 10-01-22Workday INC—NEWNew buy
23CTXS 0.5 04-15-19Citrix Systems INC—EXITSold out
24FTV 5 07-01-21 AFortive Corporation—NEWNew buy
25COHR 0.25 09-01-22Ii-vi INC—NEWNew buy
26NOW 0 06-01-22Servicenow INC—NEWNew buy
27EXAS 1 01-15-25Exact Sciences CORP—NEWNew buy
28HES 8 02-01-19Hess CORP—EXITSold out
29IFF 6 09-15-21Intl Flavor & Fragrances—EXITSold out
30✓ Envision Healthcare Corp—EXITSold out
31CNP 7 09-01-21 BCenterpoint Energy INC—NEWNew buy
32GLDSpdr Gold Shares—EXITSold out
33VIAV 1 03-01-24Viavi Solutions INC—NEWNew buy
34✓ Forest City Realty Trust- A—EXITSold out
35IDTI 0.875 11-15-22Integrated Device Tech—EXITSold out
36RIG 0.5 01-30-23Transocean INC—EXITSold out
37IONS 1 11-15-21Ionis Pharmaceuticals In—NEWNew buy
38INFN 2.125 09-01-24Infinera CORP—EXITSold out
39TLTIshares 20+ Year Treasury Bd—EXITSold out
40✓ —EXITSold out
41IDCC 1.5 03-01-20Interdigital INC—EXITSold out
42GPRE 4.125 09-01-22Green Plains INC—EXITSold out
43HLX 4.125 09-15-23Helix Energy Solutions—EXITSold out
44INVH 3.5 01-15-22Ih Merger Sub LLC—EXITSold out
45TREE 0.625 06-01-22Lendingtree INC—NEWNew buy
46QQQInvesco Qqq Trust Series 1—EXITSold out
47DERM 3 05-15-22Dermira INC—EXITSold out
48INVA 2.125 01-15-23Innoviva INC—EXITSold out
49CZR 5 10-01-24Caesars Holdings INC—NEWNew buy
50PRAA 3.5 06-01-23Pra Group INC—EXITSold out

FAQ

What is Opera Trading Capital and what type of investor is it?
Opera Trading Capital 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 (2018-12-31), the firm manages a tracked equity portfolio valued at approximately $419.0M, spread across 87 disclosed positions.
What are Opera Trading Capital's largest equity positions?
Based on the latest 13F filing, Opera Trading Capital's top holdings by market value are: 1. Advanced Micro Devices (AMD 2.125 09-01-26) — $29.5M (7.0%) 2. Microchip Technology INC (MCHP 1.625 02-15-25) — $24.4M (5.8%) 3. Cleveland-cliffs INC (CLF 1.5 01-15-25) — $17.9M (4.3%) 4. Workday INC (WDAY 0.25 10-01-22) — $15.9M (3.8%) 5. J2 Global Communications (ZD 3.25 06-15-29) — $15.8M (3.8%)
What changes did Opera Trading Capital make in its most recent portfolio filing?
In the latest reported quarter, Opera Trading Capital made 49 notable position adjustments: 10 new positions were initiated, 8 existing holdings were added to, 12 positions were partially reduced, and 19 were completely exited. The largest of these moves: 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)
What sectors does Opera Trading Capital focus on?
Opera Trading Capital is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 53.1% • Industrials: 35.5% • Communication Services: 11.3%

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