Grace Brothers Management LLC

Sector-focusedContrarianQuality / disciplined sizing

Total reported value

$24.4M

Reporting period: 2015-09-30 · Number of holdings: 22

GRACE BROTHERS MANAGEMENT LLC disclosed 22 holdings in its latest 13F filing for the period ending 2015-09-30, with total reported value of $24.4M and a quarterly turnover rate of 78.0%.

Personality snowflake

Concentration: 24.43
Portfolio Stability: 78.04
Momentum/Contrarian: 0
Sector conviction: 100
Diversification: 44
Sizing Uniformity: 94

Recent moves

Add INTC 3.25 08-01-39
0.0%　-$25.0K
Add PFPT 1.25 12-15-18
0.0%　-$67.0K
Add CKH 2.5 12-15-27
0.0%　-$117.0K
Add NVDA 1 12-01-18
0.0%　$166.0K
Add VIPS 1.5 03-15-19
0.0%　-$280.0K
Add AIMC 2.75 03-01-31
0.0%　-$163.0K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	INTC 3.25 08-01-39	Intel CORP	Stock-Tech	12.36%	+6.01%	—
2	VIPS 1.5 03-15-19	Vipshop Holding LTD	Stock-Consumer Disc	7.18%	+2.93%	—
3	CKH 2.5 12-15-27	Seacor Holdings INC	Stock-Other	6.86%	+3.12%	—
4	PFPT 1.25 12-15-18	Proofpoint INC	Stock-Other	6.67%	+3.13%	—
5	AIMC 2.75 03-01-31	Altra Industrial Motion	Stock-Other	6.37%	+2.78%	—
6	TRN 3.875 06-01-36	Trinity Industries INC	Stock-Other	6.04%	+0.09%	-44.44%
7	✓	Allergan PLC	Stock-Other	5.80%	+2.52%	—
8	TSRO 3 10-01-21	Tesaro INC	Stock-Other	5.69%	+1.86%	—
9	NVDA 1 12-01-18	Nvidia CORP	Stock-Tech	5.40%	+3.00%	—
10	SNDK 1.5 08-15-17	Sandisk CORP	Stock-Tech	5.08%	+5.08%	NEW
11	QDEL 3.25 12-15-20	Quidel CORP	Stock-Other	4.76%	+2.15%	—
12	AAWW 2.25 06-01-22	Atlas Air Worldwide Hldg	Stock-Other	4.48%	-0.34%	-42.55%
13	ELV 5.25 05-01-18	Anthem INC	Stock-Healthcare	3.96%	+1.76%	—
14	LNG 4.25 03-15-45	Cheniere Energy INC	Stock-Energy	3.84%	+1.48%	—
15	ACOR 1.75 06-15-21	Acorda Therapeutics INC	Stock-Other	3.73%	-0.50%	-50.00%
16	✓		Stock-Other	3.13%	+0.87%	-25.74%
17	APC3EUR	Anadarko Petroleum CORP	Stock-Other	3.05%	+3.05%	NEW
18	WPX 6.25 07-31-18 A	Wpx Energy INC	Stock-Other	2.93%	+0.82%	—
19	AAPL	Apple INC	Stock-Tech	1.04%	+0.40%	-6.12%
20	CSCO	Cisco Systems INC	Stock-Tech	0.75%	+0.35%	—
21	GM	General Motors Co	Stock-Consumer Disc	0.58%	+0.58%	NEW
22	SUNE 2 10-01-18	Sunedison INC	Stock-Other	0.29%	+0.29%	NEW

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2015-09-30	22	$24.4M	78	1INTC 3.25 08-01-39 2VIPS 1.5 03-15-19 3CKH 2.5 12-15-27 Top holdings2015-09-30 1.INTC 3.25 08-01-39 2.VIPS 1.5 03-15-19 3.CKH 2.5 12-15-27 4.PFPT 1.25 12-15-18 5.AIMC 2.75 03-01-31 6.TRN 3.875 06-01-36 7.G0177J 8.TSRO 3 10-01-21 9.NVDA 1 12-01-18 10.SNDK 1.5 08-15-17
2015-06-30	29	$47.9M	100	1AMAG 2.5 02-15-19 2INTC 3.25 08-01-39 3TRN 3.875 06-01-36 Top holdings2015-06-30 1.AMAG 2.5 02-15-19 2.INTC 3.25 08-01-39 3.TRN 3.875 06-01-36 4.VRSN 3.25 08-15-37 5.AAWW 2.25 06-01-22 6.VIPS 1.5 03-15-19 7.ACOR 1.75 06-15-21 8.EXE 6.25 01-15-18 B 9.ECHO 2.5 05-01-20 10.TSRO 3 10-01-21
2015-03-31	38	$84.3M	72	1VTRS 3.75 09-15-15 2SNDK 1.5 08-15-17 3AMAG 2.5 02-15-19 Top holdings2015-03-31 1.VTRS 3.75 09-15-15 2.SNDK 1.5 08-15-17 3.AMAG 2.5 02-15-19 4.ELV 2.75 10-15-42 5.LRCX 2.625 05-15-41 6.SUNE 2 10-01-18 7.TRAK 1.5 03-15-17 8.TSLA 1.5 06-01-18 9.INTC 3.25 08-01-39 10.VRSN 3.25 08-15-37
2014-12-31	44	$104.4M	40	1VTRS 3.75 09-15-15 2GILD 1.625 05-01-16 D 3SNDK 1.5 08-15-17 Top holdings2014-12-31 1.VTRS 3.75 09-15-15 2.GILD 1.625 05-01-16 D 3.SNDK 1.5 08-15-17 4.LRCX 2.625 05-15-41 5.SLXP 1.5 03-15-19 6.UTHR 1 09-15-16 7.8464PA 8.TSLA 1.5 06-01-18 9.TRAK 1.5 03-15-17 10.ELV 2.75 10-15-42
2014-09-30	44	$106.5M	43	1GILD 1.625 05-01-16 D 2SNDK 1.5 08-15-17 3VTRS 3.75 09-15-15 Top holdings2014-09-30 1.GILD 1.625 05-01-16 D 2.SNDK 1.5 08-15-17 3.VTRS 3.75 09-15-15 4.SLXP 1.5 03-15-19 5.MU 2.375 05-01-32 C 6.GBX 3.5 04-01-18 7.UTHR 1 09-15-16 8.TSLA 1.5 06-01-18 9.LRCX 2.625 05-15-41 10.TRAK 1.5 03-15-17
2014-06-30	46	$113.6M	70	1GILD 1.625 05-01-16 D 2SNDK 1.5 08-15-17 3VTRS 3.75 09-15-15 Top holdings2014-06-30 1.GILD 1.625 05-01-16 D 2.SNDK 1.5 08-15-17 3.VTRS 3.75 09-15-15 4.TSLA 1.5 06-01-18 5.MU 2.375 05-01-32 C 6.SLXP 1.5 03-15-19 7.RDN 2.25 03-01-19 8.TRAK 1.5 03-15-17 9.GTAT 3 12-15-20 10.HA 5 03-15-16
2014-03-31	46	$107.2M	55	1GILD 1.625 05-01-16 D 2MU 2.375 05-01-32 C 3VTRS 3.75 09-15-15 Top holdings2014-03-31 1.GILD 1.625 05-01-16 D 2.MU 2.375 05-01-32 C 3.VTRS 3.75 09-15-15 4.SNDK 1.5 08-15-17 5.TSLA 1.5 06-01-18 6.GTLS 2 08-01-18 7.RDN 2.25 03-01-19 8.CAA 1.625 05-15-18 9.SLXP 1.5 03-15-19 10.TRAK 1.5 03-15-17
2013-12-31	49	$119.7M	70	1GILD 1.625 05-01-16 D 2MU 2.375 05-01-32 C 3GTLS 2 08-01-18 Top holdings2013-12-31 1.GILD 1.625 05-01-16 D 2.MU 2.375 05-01-32 C 3.GTLS 2 08-01-18 4.ENDP 1.75 04-15-15 5.CAA 1.625 05-15-18 6.RDN 2.25 03-01-19 7.CDNS 2.625 06-01-15 8.SNDK 1.5 08-15-17 9.NPO 3.9375 10-15-15 10.UTHR 1 09-15-16
2013-09-30	46	$117.6M	50	1GILD 1.625 05-01-16 D 2GTLS 2 08-01-18 3VPHM 2 03-15-17 Top holdings2013-09-30 1.GILD 1.625 05-01-16 D 2.GTLS 2 08-01-18 3.VPHM 2 03-15-17 4.MU 1.875 08-01-31 B 5.CAA 1.625 05-15-18 6.RDN 2.25 03-01-19 7.NPO 3.9375 10-15-15 8.CDNS 2.625 06-01-15 9.UAL 4.5 01-15-15 10.AKRX 3.5 06-01-16
2013-06-30	44	$116.1M	0	1GILD 1.625 05-01-16 D 2CDNS 2.625 06-01-15 3GTLS 2 08-01-18 Top holdings2013-06-30 1.GILD 1.625 05-01-16 D 2.CDNS 2.625 06-01-15 3.GTLS 2 08-01-18 4.URI 4 11-15-15 5.CBST 2.5 11-01-17 6.WNR 5.75 06-15-14 7.CAA 1.625 05-15-18 8.VPHM 2 03-15-17 9.MU 1.875 08-01-31 B 10.RDN 2.25 03-01-19

Holding changes this quarter

Grace Brothers Management LLC's most significant position changes for 2015-09-30: Sold out: Amag Pharmaceuticals INC (AMAG 2.5 02-15-19); Sold out: Verisign INC (VRSN 3.25 08-15-37); Sold out: Southwestern Energy Co (EXE 6.25 01-15-18 B); Sold out: Echo Global Logistics (ECHO 2.5 05-01-20); Sold out: Iconix Brand Group INC (ICON 1.5 03-15-18).

Position changes disclosed by Grace Brothers Management LLC for the quarter ending 2015-09-30, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	INTC 3.25 08-01-39	Intel CORP	+6%	—	Unchanged
2	PFPT 1.25 12-15-18	Proofpoint INC	+3.1%	—	Unchanged
3	CKH 2.5 12-15-27	Seacor Holdings INC	+3.1%	—	Unchanged
4	NVDA 1 12-01-18	Nvidia CORP	+3%	—	Unchanged
5	VIPS 1.5 03-15-19	Vipshop Holding LTD	+2.9%	—	Unchanged
6	AIMC 2.75 03-01-31	Altra Industrial Motion	+2.8%	—	Unchanged
7	✓	Allergan PLC	+2.5%	—	Unchanged
8	QDEL 3.25 12-15-20	Quidel CORP	+2.2%	—	Unchanged
9	TSRO 3 10-01-21	Tesaro INC	+1.9%	—	Unchanged
10	ELV 5.25 05-01-18	Anthem INC	+1.8%	—	Unchanged
11	LNG 4.25 03-15-45	Cheniere Energy INC	+1.5%	—	Unchanged
12	✓		+0.9%	-25.74%	Trim
13	WPX 6.25 07-31-18 A	Wpx Energy INC	+0.8%	—	Unchanged
14	AAPL	Apple INC	+0.4%	-6.12%	Trim
15	CSCO	Cisco Systems INC	+0.4%	—	Unchanged
16	TRN 3.875 06-01-36	Trinity Industries INC	+0.1%	-44.44%	Trim
17	AAWW 2.25 06-01-22	Atlas Air Worldwide Hldg	-0.3%	-42.55%	Trim
18	ACOR 1.75 06-15-21	Acorda Therapeutics INC	-0.5%	-50.00%	Trim
19	AMAG 2.5 02-15-19	Amag Pharmaceuticals INC	—	EXIT	Sold out
20	VRSN 3.25 08-15-37	Verisign INC	—	EXIT	Sold out
21	EXE 6.25 01-15-18 B	Southwestern Energy Co	—	EXIT	Sold out
22	ECHO 2.5 05-01-20	Echo Global Logistics	—	EXIT	Sold out
23	ICON 1.5 03-15-18	Iconix Brand Group INC	—	EXIT	Sold out
24	FTR 11.125 06-29-18 A	Frontier Communications	—	EXIT	Sold out
25	SNDK 1.5 08-15-17	Sandisk CORP	—	NEW	New buy
26	ON 2.625 12-15-26 B	On Semiconductor CORP	—	EXIT	Sold out
27	EPAY 1.5 12-01-17	Bottomline Technologies	—	EXIT	Sold out
28	CORR 7 06-15-20	Corenergy Infrastructure	—	EXIT	Sold out
29	MU 3 11-15-43 G	Micron Technology INC	—	EXIT	Sold out
30	APC3EUR	Anadarko Petroleum CORP	—	NEW	New buy
31	✓	Yahoo INC	—	EXIT	Sold out
32	GM	General Motors Co	—	NEW	New buy
33	SUNE 2 10-01-18	Sunedison INC	—	NEW	New buy

FAQ

What is Grace Brothers Management LLC and what type of investor is it?

Grace Brothers Management 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 (2015-09-30), the firm manages a tracked equity portfolio valued at approximately $24.4M, spread across 22 disclosed positions.

What are Grace Brothers Management LLC's largest equity positions?

Based on the latest 13F filing, Grace Brothers Management LLC's top holdings by market value are: 1. Intel CORP (INTC 3.25 08-01-39) — $3.0M (12.4%) 2. Vipshop Holding LTD (VIPS 1.5 03-15-19) — $1.8M (7.2%) 3. Seacor Holdings INC (CKH 2.5 12-15-27) — $1.7M (6.9%) 4. Proofpoint INC (PFPT 1.25 12-15-18) — $1.6M (6.7%) 5. Altra Industrial Motion (AIMC 2.75 03-01-31) — $1.6M (6.4%)

What changes did Grace Brothers Management LLC make in its most recent portfolio filing?

In the latest reported quarter, Grace Brothers Management LLC made 20 notable position adjustments: 4 new positions were initiated, 0 existing holdings were added to, 5 positions were partially reduced, and 11 were completely exited. The largest of these moves: Sold out: Amag Pharmaceuticals INC (AMAG 2.5 02-15-19); Sold out: Verisign INC (VRSN 3.25 08-15-37); Sold out: Southwestern Energy Co (EXE 6.25 01-15-18 B); Sold out: Echo Global Logistics (ECHO 2.5 05-01-20); Sold out: Iconix Brand Group INC (ICON 1.5 03-15-18)

What sectors does Grace Brothers Management LLC focus on?

Grace Brothers Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 75.7% • Consumer Discretionary: 24.4%