Vilas Fund, LP

Sector-focusedQuality / disciplined sizingContrarian

Total reported value

$74.3M

Reporting period: 2019-09-30 · Number of holdings: 24

Vilas Fund, LP disclosed 24 holdings in its latest 13F filing for the period ending 2019-09-30, with total reported value of $74.3M and a quarterly turnover rate of 44.4%.

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Personality snowflake

Concentration: 35.43
Portfolio Stability: 44.37
Momentum/Contrarian: 28.86
Sector conviction: 100
Diversification: 48
Sizing Uniformity: 89.16

Recent moves

Trim NMIH
-68.7%　-$6.7M
Add VIAB
+121.6%　$4.8M
Trim WFC
-50.0%　-$1.8M
Add LNC
+27.2%　$659.0K
Trim AL
-30.6%　-$885.0K
Add FDX
+200.0%　$545.0K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	CVS	Cvs Health CORP	Stock-Healthcare	19.24%	-0.67%	-23.95%
2	VIAB	Viacom Inc-class B	Stock-Other	14.62%	+7.15%	+121.57%
3	WBA	Walgreens Boots Alliance INC	Stock-Other	9.38%	-0.54%	-14.86%
4	CI	THE Cigna Group	Stock-Healthcare	6.54%	+6.54%	NEW
5	HMC	Honda Motor Co Ltd-spons Adr	Stock-Consumer Disc	5.90%	-0.69%	-19.23%
6	LNC	Lincoln National CORP	Stock-Financials	5.54%	+1.30%	+27.24%
7	C	Citigroup INC	Stock-Financials	4.65%	+0.36%	—
8	NMIH	Nmi Holdings INC	Stock-Financials	3.68%	-7.89%	-68.72%
9	STT	State Street CORP	Stock-Financials	3.06%	+0.04%	-12.73%
10	MTG	Mgic Investment CORP	Stock-Financials	3.05%	-0.40%	-15.89%
11	MS	Morgan Stanley	Stock-Financials	2.87%	+0.18%	—
12	AL	Air Lease CORP	Stock-Other	2.81%	-0.84%	-30.56%
13	WFC	Wells Fargo & Co	Stock-Financials	2.72%	-1.92%	-50.00%
14	UBS	UBS Group AG	Stock-Financials	2.44%	-0.01%	-4.99%
15	ABBV	Abbvie INC	Stock-Healthcare	2.24%	+2.24%	NEW
16	GS	Goldman Sachs Group INC	Stock-Financials	2.23%	-0.28%	-20.00%
17	BCS	Barclays Plc-spons Adr	Stock-Financials	2.06%	+0.19%	+4.00%
18	MET	Metlife INC	Stock-Financials	1.52%	-0.19%	-14.29%
19	BAC	Bank Of America CORP	Stock-Financials	1.26%	-0.16%	-20.00%
20	PRU	Prudential Financial INC	Stock-Financials	1.21%	+1.21%	NEW
21	FDX	Fedex CORP	Stock-Industrials	1.18%	+0.78%	+200.00%
22	RCL	Royal Caribbean Cruises Ltd.	Stock-Consumer Disc	1.10%	+0.13%	+14.29%
23	BHC	Bausch Health Cos INC	Stock-Healthcare	0.41%	+0.04%	+16.67%
24	✓	Clearbridge	Stock-Other	0.31%	+0.31%	NEW

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2019-09-30	24	$74.3M	44	1CVS 2VIAB 3WBA Top holdings2019-09-30 1.CVS 2.VIAB 3.WBA 4.CI 5.HMC 6.LNC 7.C 8.NMIH 9.STT 10.MTG
2019-06-30	28	$81.6M	20	1CVS 2NMIH 3WBA Top holdings2019-06-30 1.CVS 2.NMIH 3.WBA 4.VIAB 5.HMC 6.WFC 7.C 8.LNC 9.AL 10.MTG
2019-03-31	24	$71.8M	51	1CVS 2NMIH 3WBA Top holdings2019-03-31 1.CVS 2.NMIH 3.WBA 4.VIAB 5.HMC 6.WFC 7.MTG 8.C 9.LNC 10.AL
2018-12-31	24	$44.1M	0	1NMIH 2HMC 3VIAB Top holdings2018-12-31 1.NMIH 2.HMC 3.VIAB 4.MTG 5.LNC 6.C 7.WFC 8.UBS 9.MS 10.WBA

Holding changes this quarter

Vilas Fund, LP's most significant position changes for 2019-09-30: New buy: THE Cigna Group (CI); New buy: Abbvie INC (ABBV); Sold out: Mckesson CORP (MCK); Sold out: Alphabet Inc-cl C (GOOG); Sold out: Kraft Heinz Co/the (KHC).

Position changes disclosed by Vilas Fund, LP for the quarter ending 2019-09-30, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	VIAB	Viacom Inc-class B	+7.2%	+121.57%	Add
2	LNC	Lincoln National CORP	+1.3%	+27.24%	Add
3	FDX	Fedex CORP	+0.8%	+200.00%	Add
4	C	Citigroup INC	+0.4%	—	Unchanged
5	BCS	Barclays Plc-spons Adr	+0.2%	+4.00%	Add
6	MS	Morgan Stanley	+0.2%	—	Unchanged
7	RCL	Royal Caribbean Cruises Ltd.	+0.1%	+14.29%	Add
8	STT	State Street CORP	0%	-12.73%	Trim
9	BHC	Bausch Health Cos INC	0%	+16.67%	Add
10	UBS	UBS Group AG	0%	-4.99%	Trim
11	BAC	Bank Of America CORP	-0.2%	-20.00%	Trim
12	MET	Metlife INC	-0.2%	-14.29%	Trim
13	GS	Goldman Sachs Group INC	-0.3%	-20.00%	Trim
14	MTG	Mgic Investment CORP	-0.4%	-15.89%	Trim
15	WBA	Walgreens Boots Alliance INC	-0.5%	-14.86%	Trim
16	CVS	Cvs Health CORP	-0.7%	-23.95%	Trim
17	HMC	Honda Motor Co Ltd-spons Adr	-0.7%	-19.23%	Trim
18	AL	Air Lease CORP	-0.8%	-30.56%	Trim
19	WFC	Wells Fargo & Co	-1.9%	-50.00%	Trim
20	NMIH	Nmi Holdings INC	-7.9%	-68.72%	Trim
21	CI	THE Cigna Group	—	NEW	New buy
22	ABBV	Abbvie INC	—	NEW	New buy
23	MCK	Mckesson CORP	—	EXIT	Sold out
24	GOOG	Alphabet Inc-cl C	—	EXIT	Sold out
25	KHC	Kraft Heinz Co/the	—	EXIT	Sold out
26	PRU	Prudential Financial INC	—	NEW	New buy
27	MUFG	Mitsubishi Ufj Finl-spon Adr	—	EXIT	Sold out
28	CAH	Cardinal Health INC	—	EXIT	Sold out
29	RIG	Transocean Ltd.	—	EXIT	Sold out
30	STLA	Stellantis N.V.	—	EXIT	Sold out
31	GNW	Genworth Financial INC	—	EXIT	Sold out
32	✓	Clearbridge	—	NEW	New buy

FAQ

What is Vilas Fund, LP and what type of investor is it?

Vilas Fund, LP 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 (2019-09-30), the firm manages a tracked equity portfolio valued at approximately $74.3M, spread across 24 disclosed positions.

What are Vilas Fund, LP's largest equity positions?

Based on the latest 13F filing, Vilas Fund, LP's top holdings by market value are: 1. Cvs Health CORP (CVS) — $14.3M (19.2%) 2. Viacom Inc-class B (VIAB) — $10.9M (14.6%) 3. Walgreens Boots Alliance INC (WBA) — $7.0M (9.4%) 4. THE Cigna Group (CI) — $4.9M (6.5%) 5. Honda Motor Co Ltd-spons Adr (HMC) — $4.4M (5.9%)

What changes did Vilas Fund, LP make in its most recent portfolio filing?

In the latest reported quarter, Vilas Fund, LP made 30 notable position adjustments: 4 new positions were initiated, 6 existing holdings were added to, 12 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: THE Cigna Group (CI); New buy: Abbvie INC (ABBV); Sold out: Mckesson CORP (MCK); Sold out: Alphabet Inc-cl C (GOOG); Sold out: Kraft Heinz Co/the (KHC)

What sectors does Vilas Fund, LP focus on?

Vilas Fund, LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Health Care: 65.3% • Financials: 32.0% • Industrials: 2.7%