Sage Capital Management, LLC — 13F Filing Insights

CIK: 0001324360

Quality / disciplined sizingContrarianDiversified strategy

Total reported value

$68.7M

Reporting period: 2015-09-30 · Number of holdings: 37

Sage Capital Management, LLC disclosed 37 holdings in its latest 13F filing for the period ending 2015-09-30, with total reported value of $68.7M and a quarterly turnover rate of 71.2%.

Browse other institutions with under $100M AUM Browse other institutions starting with "S"

Personality snowflake

Concentration: 12.54
Portfolio Stability: 71.23
Momentum/Contrarian: 15.38
Sector conviction: 0
Diversification: 74
Sizing Uniformity: 95.94

Sector classification currently covers about 24% 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.

Recent moves

Add ZD 3.25 06-15-29
+27.8%　$645.0K
Trim ZINC 3.8 07-01-17
-17.6%　-$931.0K
Add CKH 2.5 12-15-27
+38.2%　$521.0K
Add ASRT 2.5 09-01-21
+21.4%　$376.0K
Add ACOR 1.75 06-15-21
+45.8%　$487.0K
Trim PMT 5.375 05-01-20
-35.7%　-$600.0K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	CWB	Ss Spdr Bb Conv Sec ETF	ETF-Other	5.74%	-0.32%	-10.18%
2	ASRT 2.5 09-01-21	Assertio Therapeutics In	Stock-Other	4.92%	+1.02%	+21.37%
3	ALJ 3 09-15-18	Alon USA Energy INC	Stock-Other	4.25%	+0.34%	—
4	ZD 3.25 06-15-29	J2 Global Communications	Stock-Other	3.99%	+1.27%	+27.78%
5	TTWO 1 07-01-18	Take-two Interactive Sof	Stock-Comm Services	3.94%	+0.09%	-11.63%
6	JAH 1.5 06-15-19	Jarden CORP	Stock-Other	3.92%	+3.92%	NEW
7	LGND 0.75 08-15-19	Ligand Pharmaceuticals I	Stock-Healthcare	3.77%	+3.77%	NEW
8	JAH 1.875 09-15-18	Jarden CORP	Stock-Other	3.46%	+0.24%	—
9	✓	Allergan PLC	Stock-Other	3.44%	+3.44%	NEW
10	BMRN 0.75 10-15-18	Biomarin Pharmaceutical	Stock-Healthcare	3.42%	+0.40%	+20.00%
11	CKH 2.5 12-15-27	Seacor Holdings INC	Stock-Other	3.29%	+1.04%	+38.24%
12	AMRI 2.25 11-15-18	Albany Molecular Researc	Stock-Other	3.11%	-0.39%	-10.36%
13	ACOR 1.75 06-15-21	Acorda Therapeutics INC	Stock-Other	2.95%	+0.95%	+45.75%
14	MOH 1.625 08-15-44	Molina Healthcare INC	Stock-Healthcare	2.95%	+2.95%	NEW
15	X 2.75 04-01-19	United States Steel CORP	Stock-Other	2.89%	+2.89%	NEW
16	TTMI 1.75 12-15-20	Ttm Technologies INC	Stock-Tech	2.88%	+0.28%	+30.81%
17	INFN 1.75 06-01-18	Infinera CORP	Stock-Other	2.85%	-0.40%	-17.30%
18	COWN 3 03-15-19	Cowen INC	Stock-Other	2.73%	-0.27%	—
19	PDLI 4 02-01-18	Pdl Biopharma INC	Stock-Other	2.62%	+0.11%	—
20	CSV 2.75 03-15-21	Carriage Services INC	Stock-Other	2.61%	+0.12%	—
21	IART 1.625 12-15-16	Integra Lifesciences Hld	Stock-Other	2.59%	-0.17%	-14.29%
22	MOH 1.125 01-15-20	Molina Healthcare INC	Stock-Healthcare	2.54%	+2.54%	NEW
23	AAWW 2.25 06-01-22	Atlas Air Worldwide Hldg	Stock-Other	2.44%	-0.06%	+5.08%
24	CLVS 2.5 09-15-21	Clovis Oncology INC	Stock-Other	2.42%	+2.42%	NEW
25	RDN 2.25 03-01-19	Radian Group INC	Stock-Financials	2.23%	-0.10%	—
26	SPNC 2.625 06-01-34	Spectranetics LLC	Stock-Other	2.20%	+2.20%	NEW
27	NMFC 5 06-15-19	New Mountain Finance Cor	Stock-Other	1.87%	+0.50%	+23.81%
28	ECPG 3 11-27-17	Encore Capital Group INC	Stock-Other	1.70%	—	—
29	ARAY 3.5 02-01-18	Accuray INC	Stock-Other	1.60%	-0.14%	—
30	NEE 6.371 09-01-18	Nextera Energy INC	Stock-Utilities	1.50%	+1.50%	NEW
31	PMT 5.375 05-01-20	Pennymac CORP	Stock-Other	1.42%	-0.62%	-35.71%
32	QIHU 2.5 09-15-18	Qihoo 360 Tech Co LTD	Stock-Other	1.40%	+1.40%	NEW
33	ASCMA 4 07-15-20	Ascent Capital Group INC	Stock-Other	1.37%	-0.55%	-27.78%
34	SRC 2.875 05-15-19	Spirit Realty Capital In	Stock-Other	1.36%	+1.36%	NEW
35	EXE 2.25 12-15-38	Chesapeake Energy CORP	Stock-Energy	1.25%	-0.12%	—
36	ECPG 2.875 03-15-21	Encore Capital Group INC	Stock-Other	1.24%	+0.02%	—
37	ZINC 3.8 07-01-17	Metals Recovery Hldg LLC	Stock-Other	1.17%	-1.08%	-17.65%

Portfolio Performance

Not enough priced holdings yet to compute performance

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2015-09-30	37	$68.7M	71	1CWB 2ASRT 2.5 09-01-21 3ALJ 3 09-15-18 Top holdings2015-09-30 1.CWB 2.ASRT 2.5 09-01-21 3.ALJ 3 09-15-18 4.ZD 3.25 06-15-29 5.TTWO 1 07-01-18 6.JAH 1.5 06-15-19 7.LGND 0.75 08-15-19 8.JAH 1.875 09-15-18 9.G0177J 10.BMRN 0.75 10-15-18
2015-06-30	37	$77.1M	76	1CWB 2OCR 3.75 12-15-25 3ALJ 3 09-15-18 Top holdings2015-06-30 1.CWB 2.OCR 3.75 12-15-25 3.ALJ 3 09-15-18 4.ASRT 2.5 09-01-21 5.TTWO 1 07-01-18 6.TSRO 3 10-01-21 7.AMRI 2.25 11-15-18 8.BKD 2.75 06-15-18 9.INFN 1.75 06-01-18 10.JAH 1.875 09-15-18
2015-03-31	38	$98.3M	82	1OCR 3.75 12-15-25 2CWB 3TFX 3.875 08-01-17 Top holdings2015-03-31 1.OCR 3.75 12-15-25 2.CWB 3.TFX 3.875 08-01-17 4.ECPG 3 11-27-17 5.SUNE 2 10-01-18 6.JAH 1.875 09-15-18 7.ASRT 2.5 09-01-21 8.CEMEX 3.75 03-15-18 9.BKD 2.75 06-15-18 10.Y0020Q
2014-12-31	39	$92.8M	68	1OCR 3.75 12-15-25 2CWB 3TFX 3.875 08-01-17 Top holdings2014-12-31 1.OCR 3.75 12-15-25 2.CWB 3.TFX 3.875 08-01-17 4.ECPG 3 11-27-17 5.JAH 1.875 09-15-18 6.ICON 2.5 06-01-16 7.CKH 2.5 12-15-27 8.FCE 3.625 08-15-20 9.STAR 3 11-15-16 10.TTWO 1.75 12-01-16
2014-09-30	39	$104.6M	51	1CWB 2OCR 3.75 12-15-25 3FNF 4.25 08-15-18 Top holdings2014-09-30 1.CWB 2.OCR 3.75 12-15-25 3.FNF 4.25 08-15-18 4.CEMEX 3.75 03-15-18 5.ECPG 3 11-27-17 6.IFXGR 2 09-01-20 7.TFX 3.875 08-01-17 8.SLXP 1.5 03-15-19 9.CBST 2.5 11-01-17 10.BKNG 1 03-15-18
2014-06-30	35	$98.8M	47	1OCR 3.75 12-15-25 2FNF 4.25 08-15-18 3CWB Top holdings2014-06-30 1.OCR 3.75 12-15-25 2.FNF 4.25 08-15-18 3.CWB 4.ICON 2.5 06-01-16 5.TFX 3.875 08-01-17 6.STAR 3 11-15-16 7.ZINC 3.8 07-01-17 8.JAH 1.875 09-15-18 9.ECPG 3 11-27-17 10.CEMEX 3.75 03-15-18
2014-03-31	32	$83.4M	93	1SNDK 1.5 08-15-17 2OCR 3.75 12-15-25 3TFX 3.875 08-01-17 Top holdings2014-03-31 1.SNDK 1.5 08-15-17 2.OCR 3.75 12-15-25 3.TFX 3.875 08-01-17 4.JAH 1.875 09-15-18 5.ICON 2.5 06-01-16 6.ECPG 3 11-27-17 7.WMGI 2 08-15-17 8.FNF 4.25 08-15-18 9.CWB 10.CBST 2.5 11-01-17
2013-12-31	37	$93.5M	83	1UTHR 1 09-15-16 2VPHM 2 03-15-17 3NPO 3.9375 10-15-15 Top holdings2013-12-31 1.UTHR 1 09-15-16 2.VPHM 2 03-15-17 3.NPO 3.9375 10-15-15 4.OCR 3.75 12-15-25 5.SLXP 1.5 03-15-19 6.SNDK 1.5 08-15-17 7.CWB 8.RDN 2.25 03-01-19 9.ICON 2.5 06-01-16 10.TFX 3.875 08-01-17
2013-09-30	40	$104.8M	97	1VPHM 2 03-15-17 2VTRS 3.75 09-15-15 3NPO 3.9375 10-15-15 Top holdings2013-09-30 1.VPHM 2 03-15-17 2.VTRS 3.75 09-15-15 3.NPO 3.9375 10-15-15 4.OCR 3.75 12-15-25 5.UTHR 1 09-15-16 6.MU 1.875 06-01-27 7.ENDP 1.75 04-15-15 8.CWB 9.TFX 3.875 08-01-17 10.292554
2013-06-30	44	$95.8M	0	1VTRS 3.75 09-15-15 2CBST 2.5 11-01-17 3NPO 3.9375 10-15-15 Top holdings2013-06-30 1.VTRS 3.75 09-15-15 2.CBST 2.5 11-01-17 3.NPO 3.9375 10-15-15 4.SBAC 4 10-01-14 5.CEMEX 3.25 03-15-16 6.CWB 7.VPHM 2 03-15-17 8.HTH 7.5 08-15-25 9.PDLI 3.75 05-01-15 10.HRI 5.25 06-01-14

Holding changes this quarter

Sage Capital Management, LLC's most significant position changes for 2015-09-30: Sold out: Omnicare INC (OCR 3.75 12-15-25); Sold out: Tesaro INC (TSRO 3 10-01-21); New buy: Jarden CORP (JAH 1.5 06-15-19); Sold out: Brookdale Senior Living (BKD 2.75 06-15-18); New buy: Ligand Pharmaceuticals I (LGND 0.75 08-15-19).

Position changes disclosed by Sage Capital 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	ZD 3.25 06-15-29	J2 Global Communications	+1.3%	+27.78%	Add
2	CKH 2.5 12-15-27	Seacor Holdings INC	+1%	+38.24%	Add
3	ASRT 2.5 09-01-21	Assertio Therapeutics In	+1%	+21.37%	Add
4	ACOR 1.75 06-15-21	Acorda Therapeutics INC	+1%	+45.75%	Add
5	NMFC 5 06-15-19	New Mountain Finance Cor	+0.5%	+23.81%	Add
6	BMRN 0.75 10-15-18	Biomarin Pharmaceutical	+0.4%	+20.00%	Add
7	ALJ 3 09-15-18	Alon USA Energy INC	+0.3%	—	Unchanged
8	TTMI 1.75 12-15-20	Ttm Technologies INC	+0.3%	+30.81%	Add
9	JAH 1.875 09-15-18	Jarden CORP	+0.2%	—	Unchanged
10	CSV 2.75 03-15-21	Carriage Services INC	+0.1%	—	Unchanged
11	PDLI 4 02-01-18	Pdl Biopharma INC	+0.1%	—	Unchanged
12	TTWO 1 07-01-18	Take-two Interactive Sof	+0.1%	-11.63%	Trim
13	ECPG 2.875 03-15-21	Encore Capital Group INC	0%	—	Unchanged
14	ECPG 3 11-27-17	Encore Capital Group INC	—	—	Unchanged
15	AAWW 2.25 06-01-22	Atlas Air Worldwide Hldg	-0.1%	+5.08%	Add
16	RDN 2.25 03-01-19	Radian Group INC	-0.1%	—	Unchanged
17	EXE 2.25 12-15-38	Chesapeake Energy CORP	-0.1%	—	Unchanged
18	ARAY 3.5 02-01-18	Accuray INC	-0.1%	—	Unchanged
19	IART 1.625 12-15-16	Integra Lifesciences Hld	-0.2%	-14.29%	Trim
20	COWN 3 03-15-19	Cowen INC	-0.3%	—	Unchanged
21	CWB	Ss Spdr Bb Conv Sec ETF	-0.3%	-10.18%	Trim
22	AMRI 2.25 11-15-18	Albany Molecular Researc	-0.4%	-10.36%	Trim
23	INFN 1.75 06-01-18	Infinera CORP	-0.4%	-17.30%	Trim
24	ASCMA 4 07-15-20	Ascent Capital Group INC	-0.6%	-27.78%	Trim
25	PMT 5.375 05-01-20	Pennymac CORP	-0.6%	-35.71%	Trim
26	ZINC 3.8 07-01-17	Metals Recovery Hldg LLC	-1.1%	-17.65%	Trim
27	OCR 3.75 12-15-25	Omnicare INC	—	EXIT	Sold out
28	TSRO 3 10-01-21	Tesaro INC	—	EXIT	Sold out
29	JAH 1.5 06-15-19	Jarden CORP	—	NEW	New buy
30	BKD 2.75 06-15-18	Brookdale Senior Living	—	EXIT	Sold out
31	LGND 0.75 08-15-19	Ligand Pharmaceuticals I	—	NEW	New buy
32	ON 2.625 12-15-26 B	On Semiconductor CORP	—	EXIT	Sold out
33	VIPS 1.5 03-15-19	Vipshop Holding LTD	—	EXIT	Sold out
34	✓	Allergan PLC	—	NEW	New buy
35	MOH 1.625 08-15-44	Molina Healthcare INC	—	NEW	New buy
36	ICON 1.5 03-15-18	Iconix Brand Group INC	—	EXIT	Sold out
37	X 2.75 04-01-19	United States Steel CORP	—	NEW	New buy
38	SNDK 1.5 08-15-17	Sandisk CORP	—	EXIT	Sold out
39	WNC 3.375 05-01-18	Wabash National CORP	—	EXIT	Sold out
40	GPRE 3.25 10-01-18	Green Plains INC	—	EXIT	Sold out
41	MOH 1.125 01-15-20	Molina Healthcare INC	—	NEW	New buy
42	CLVS 2.5 09-15-21	Clovis Oncology INC	—	NEW	New buy
43	SPNC 2.625 06-01-34	Spectranetics LLC	—	NEW	New buy
44	✓	Aegean Marine Pete Network I	—	EXIT	Sold out
45	NEE 6.371 09-01-18	Nextera Energy INC	—	NEW	New buy
46	QDEL 3.25 12-15-20	Quidel CORP	—	EXIT	Sold out
47	QIHU 2.5 09-15-18	Qihoo 360 Tech Co LTD	—	NEW	New buy
48	SRC 2.875 05-15-19	Spirit Realty Capital In	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2015-09-30	2015-10-21	13F-HR	View on EDGAR
2015-06-30	2015-07-22	13F-HR	View on EDGAR
2015-03-31	2015-04-24	13F-HR	View on EDGAR
2014-12-31	2015-01-26	13F-HR	View on EDGAR
2014-09-30	2014-11-05	13F-HR	View on EDGAR
2014-06-30	2014-07-28	13F-HR	View on EDGAR
2014-03-31	2014-05-06	13F-HR	View on EDGAR
2013-12-31	2014-01-23	13F-HR	View on EDGAR
2013-09-30	2013-10-24	13F-HR	View on EDGAR
2013-06-30	2013-07-23	13F-HR	View on EDGAR

FAQ

What is Sage Capital Management, LLC and what type of investor is it?

Sage Capital 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 $68.7M, spread across 37 disclosed positions.

What are Sage Capital Management, LLC's largest equity positions?

Based on the latest 13F filing, Sage Capital Management, LLC's top holdings by market value are: 1. Ss Spdr Bb Conv Sec ETF (CWB) — $3.9M (5.7%) 2. Assertio Therapeutics In (ASRT 2.5 09-01-21) — $3.4M (4.9%) 3. Alon USA Energy INC (ALJ 3 09-15-18) — $2.9M (4.3%) 4. J2 Global Communications (ZD 3.25 06-15-29) — $2.7M (4.0%) 5. Take-two Interactive Sof (TTWO 1 07-01-18) — $2.7M (3.9%)

What changes did Sage Capital Management, LLC make in its most recent portfolio filing?

In the latest reported quarter, Sage Capital Management, LLC made 38 notable position adjustments: 11 new positions were initiated, 8 existing holdings were added to, 8 positions were partially reduced, and 11 were completely exited. The largest of these moves: Sold out: Omnicare INC (OCR 3.75 12-15-25); Sold out: Tesaro INC (TSRO 3 10-01-21); New buy: Jarden CORP (JAH 1.5 06-15-19); Sold out: Brookdale Senior Living (BKD 2.75 06-15-18); New buy: Ligand Pharmaceuticals I (LGND 0.75 08-15-19)

What sectors does Sage Capital Management, LLC focus on?

Sage Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Health Care: 51.8% • Communication Services: 16.1% • Information Technology: 11.8% • Financials: 9.1% • Utilities: 6.1% • Energy: 5.1%

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Sage Capital Management, LLC — 13F Filing Insights

CIK: 0001324360

Quality / disciplined sizingContrarianDiversified strategy

Total reported value

$68.7M

Reporting period: 2015-09-30 · Number of holdings: 37

Sage Capital Management, LLC disclosed 37 holdings in its latest 13F filing for the period ending 2015-09-30, with total reported value of $68.7M and a quarterly turnover rate of 71.2%.

Browse other institutions with under $100M AUM Browse other institutions starting with "S"

Personality snowflake

Concentration: 12.54
Portfolio Stability: 71.23
Momentum/Contrarian: 15.38
Sector conviction: 0
Diversification: 74
Sizing Uniformity: 95.94

Recent moves

Add ZD 3.25 06-15-29
+27.8%　$645.0K
Trim ZINC 3.8 07-01-17
-17.6%　-$931.0K
Add CKH 2.5 12-15-27
+38.2%　$521.0K
Add ASRT 2.5 09-01-21
+21.4%　$376.0K
Add ACOR 1.75 06-15-21
+45.8%　$487.0K
Trim PMT 5.375 05-01-20
-35.7%　-$600.0K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	CWB	Ss Spdr Bb Conv Sec ETF	ETF-Other	5.74%	-0.32%	-10.18%
2	ASRT 2.5 09-01-21	Assertio Therapeutics In	Stock-Other	4.92%	+1.02%	+21.37%
3	ALJ 3 09-15-18	Alon USA Energy INC	Stock-Other	4.25%	+0.34%	—
4	ZD 3.25 06-15-29	J2 Global Communications	Stock-Other	3.99%	+1.27%	+27.78%
5	TTWO 1 07-01-18	Take-two Interactive Sof	Stock-Comm Services	3.94%	+0.09%	-11.63%
6	JAH 1.5 06-15-19	Jarden CORP	Stock-Other	3.92%	+3.92%	NEW
7	LGND 0.75 08-15-19	Ligand Pharmaceuticals I	Stock-Healthcare	3.77%	+3.77%	NEW
8	JAH 1.875 09-15-18	Jarden CORP	Stock-Other	3.46%	+0.24%	—
9	✓	Allergan PLC	Stock-Other	3.44%	+3.44%	NEW
10	BMRN 0.75 10-15-18	Biomarin Pharmaceutical	Stock-Healthcare	3.42%	+0.40%	+20.00%
11	CKH 2.5 12-15-27	Seacor Holdings INC	Stock-Other	3.29%	+1.04%	+38.24%
12	AMRI 2.25 11-15-18	Albany Molecular Researc	Stock-Other	3.11%	-0.39%	-10.36%
13	ACOR 1.75 06-15-21	Acorda Therapeutics INC	Stock-Other	2.95%	+0.95%	+45.75%
14	MOH 1.625 08-15-44	Molina Healthcare INC	Stock-Healthcare	2.95%	+2.95%	NEW
15	X 2.75 04-01-19	United States Steel CORP	Stock-Other	2.89%	+2.89%	NEW
16	TTMI 1.75 12-15-20	Ttm Technologies INC	Stock-Tech	2.88%	+0.28%	+30.81%
17	INFN 1.75 06-01-18	Infinera CORP	Stock-Other	2.85%	-0.40%	-17.30%
18	COWN 3 03-15-19	Cowen INC	Stock-Other	2.73%	-0.27%	—
19	PDLI 4 02-01-18	Pdl Biopharma INC	Stock-Other	2.62%	+0.11%	—
20	CSV 2.75 03-15-21	Carriage Services INC	Stock-Other	2.61%	+0.12%	—
21	IART 1.625 12-15-16	Integra Lifesciences Hld	Stock-Other	2.59%	-0.17%	-14.29%
22	MOH 1.125 01-15-20	Molina Healthcare INC	Stock-Healthcare	2.54%	+2.54%	NEW
23	AAWW 2.25 06-01-22	Atlas Air Worldwide Hldg	Stock-Other	2.44%	-0.06%	+5.08%
24	CLVS 2.5 09-15-21	Clovis Oncology INC	Stock-Other	2.42%	+2.42%	NEW
25	RDN 2.25 03-01-19	Radian Group INC	Stock-Financials	2.23%	-0.10%	—
26	SPNC 2.625 06-01-34	Spectranetics LLC	Stock-Other	2.20%	+2.20%	NEW
27	NMFC 5 06-15-19	New Mountain Finance Cor	Stock-Other	1.87%	+0.50%	+23.81%
28	ECPG 3 11-27-17	Encore Capital Group INC	Stock-Other	1.70%	—	—
29	ARAY 3.5 02-01-18	Accuray INC	Stock-Other	1.60%	-0.14%	—
30	NEE 6.371 09-01-18	Nextera Energy INC	Stock-Utilities	1.50%	+1.50%	NEW
31	PMT 5.375 05-01-20	Pennymac CORP	Stock-Other	1.42%	-0.62%	-35.71%
32	QIHU 2.5 09-15-18	Qihoo 360 Tech Co LTD	Stock-Other	1.40%	+1.40%	NEW
33	ASCMA 4 07-15-20	Ascent Capital Group INC	Stock-Other	1.37%	-0.55%	-27.78%
34	SRC 2.875 05-15-19	Spirit Realty Capital In	Stock-Other	1.36%	+1.36%	NEW
35	EXE 2.25 12-15-38	Chesapeake Energy CORP	Stock-Energy	1.25%	-0.12%	—
36	ECPG 2.875 03-15-21	Encore Capital Group INC	Stock-Other	1.24%	+0.02%	—
37	ZINC 3.8 07-01-17	Metals Recovery Hldg LLC	Stock-Other	1.17%	-1.08%	-17.65%

Portfolio Performance

Not enough priced holdings yet to compute performance

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2015-09-30	37	$68.7M	71	1CWB 2ASRT 2.5 09-01-21 3ALJ 3 09-15-18 Top holdings2015-09-30 1.CWB 2.ASRT 2.5 09-01-21 3.ALJ 3 09-15-18 4.ZD 3.25 06-15-29 5.TTWO 1 07-01-18 6.JAH 1.5 06-15-19 7.LGND 0.75 08-15-19 8.JAH 1.875 09-15-18 9.G0177J 10.BMRN 0.75 10-15-18
2015-06-30	37	$77.1M	76	1CWB 2OCR 3.75 12-15-25 3ALJ 3 09-15-18 Top holdings2015-06-30 1.CWB 2.OCR 3.75 12-15-25 3.ALJ 3 09-15-18 4.ASRT 2.5 09-01-21 5.TTWO 1 07-01-18 6.TSRO 3 10-01-21 7.AMRI 2.25 11-15-18 8.BKD 2.75 06-15-18 9.INFN 1.75 06-01-18 10.JAH 1.875 09-15-18
2015-03-31	38	$98.3M	82	1OCR 3.75 12-15-25 2CWB 3TFX 3.875 08-01-17 Top holdings2015-03-31 1.OCR 3.75 12-15-25 2.CWB 3.TFX 3.875 08-01-17 4.ECPG 3 11-27-17 5.SUNE 2 10-01-18 6.JAH 1.875 09-15-18 7.ASRT 2.5 09-01-21 8.CEMEX 3.75 03-15-18 9.BKD 2.75 06-15-18 10.Y0020Q
2014-12-31	39	$92.8M	68	1OCR 3.75 12-15-25 2CWB 3TFX 3.875 08-01-17 Top holdings2014-12-31 1.OCR 3.75 12-15-25 2.CWB 3.TFX 3.875 08-01-17 4.ECPG 3 11-27-17 5.JAH 1.875 09-15-18 6.ICON 2.5 06-01-16 7.CKH 2.5 12-15-27 8.FCE 3.625 08-15-20 9.STAR 3 11-15-16 10.TTWO 1.75 12-01-16
2014-09-30	39	$104.6M	51	1CWB 2OCR 3.75 12-15-25 3FNF 4.25 08-15-18 Top holdings2014-09-30 1.CWB 2.OCR 3.75 12-15-25 3.FNF 4.25 08-15-18 4.CEMEX 3.75 03-15-18 5.ECPG 3 11-27-17 6.IFXGR 2 09-01-20 7.TFX 3.875 08-01-17 8.SLXP 1.5 03-15-19 9.CBST 2.5 11-01-17 10.BKNG 1 03-15-18
2014-06-30	35	$98.8M	47	1OCR 3.75 12-15-25 2FNF 4.25 08-15-18 3CWB Top holdings2014-06-30 1.OCR 3.75 12-15-25 2.FNF 4.25 08-15-18 3.CWB 4.ICON 2.5 06-01-16 5.TFX 3.875 08-01-17 6.STAR 3 11-15-16 7.ZINC 3.8 07-01-17 8.JAH 1.875 09-15-18 9.ECPG 3 11-27-17 10.CEMEX 3.75 03-15-18
2014-03-31	32	$83.4M	93	1SNDK 1.5 08-15-17 2OCR 3.75 12-15-25 3TFX 3.875 08-01-17 Top holdings2014-03-31 1.SNDK 1.5 08-15-17 2.OCR 3.75 12-15-25 3.TFX 3.875 08-01-17 4.JAH 1.875 09-15-18 5.ICON 2.5 06-01-16 6.ECPG 3 11-27-17 7.WMGI 2 08-15-17 8.FNF 4.25 08-15-18 9.CWB 10.CBST 2.5 11-01-17
2013-12-31	37	$93.5M	83	1UTHR 1 09-15-16 2VPHM 2 03-15-17 3NPO 3.9375 10-15-15 Top holdings2013-12-31 1.UTHR 1 09-15-16 2.VPHM 2 03-15-17 3.NPO 3.9375 10-15-15 4.OCR 3.75 12-15-25 5.SLXP 1.5 03-15-19 6.SNDK 1.5 08-15-17 7.CWB 8.RDN 2.25 03-01-19 9.ICON 2.5 06-01-16 10.TFX 3.875 08-01-17
2013-09-30	40	$104.8M	97	1VPHM 2 03-15-17 2VTRS 3.75 09-15-15 3NPO 3.9375 10-15-15 Top holdings2013-09-30 1.VPHM 2 03-15-17 2.VTRS 3.75 09-15-15 3.NPO 3.9375 10-15-15 4.OCR 3.75 12-15-25 5.UTHR 1 09-15-16 6.MU 1.875 06-01-27 7.ENDP 1.75 04-15-15 8.CWB 9.TFX 3.875 08-01-17 10.292554
2013-06-30	44	$95.8M	0	1VTRS 3.75 09-15-15 2CBST 2.5 11-01-17 3NPO 3.9375 10-15-15 Top holdings2013-06-30 1.VTRS 3.75 09-15-15 2.CBST 2.5 11-01-17 3.NPO 3.9375 10-15-15 4.SBAC 4 10-01-14 5.CEMEX 3.25 03-15-16 6.CWB 7.VPHM 2 03-15-17 8.HTH 7.5 08-15-25 9.PDLI 3.75 05-01-15 10.HRI 5.25 06-01-14

Holding changes this quarter

Position changes disclosed by Sage Capital 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	ZD 3.25 06-15-29	J2 Global Communications	+1.3%	+27.78%	Add
2	CKH 2.5 12-15-27	Seacor Holdings INC	+1%	+38.24%	Add
3	ASRT 2.5 09-01-21	Assertio Therapeutics In	+1%	+21.37%	Add
4	ACOR 1.75 06-15-21	Acorda Therapeutics INC	+1%	+45.75%	Add
5	NMFC 5 06-15-19	New Mountain Finance Cor	+0.5%	+23.81%	Add
6	BMRN 0.75 10-15-18	Biomarin Pharmaceutical	+0.4%	+20.00%	Add
7	ALJ 3 09-15-18	Alon USA Energy INC	+0.3%	—	Unchanged
8	TTMI 1.75 12-15-20	Ttm Technologies INC	+0.3%	+30.81%	Add
9	JAH 1.875 09-15-18	Jarden CORP	+0.2%	—	Unchanged
10	CSV 2.75 03-15-21	Carriage Services INC	+0.1%	—	Unchanged
11	PDLI 4 02-01-18	Pdl Biopharma INC	+0.1%	—	Unchanged
12	TTWO 1 07-01-18	Take-two Interactive Sof	+0.1%	-11.63%	Trim
13	ECPG 2.875 03-15-21	Encore Capital Group INC	0%	—	Unchanged
14	ECPG 3 11-27-17	Encore Capital Group INC	—	—	Unchanged
15	AAWW 2.25 06-01-22	Atlas Air Worldwide Hldg	-0.1%	+5.08%	Add
16	RDN 2.25 03-01-19	Radian Group INC	-0.1%	—	Unchanged
17	EXE 2.25 12-15-38	Chesapeake Energy CORP	-0.1%	—	Unchanged
18	ARAY 3.5 02-01-18	Accuray INC	-0.1%	—	Unchanged
19	IART 1.625 12-15-16	Integra Lifesciences Hld	-0.2%	-14.29%	Trim
20	COWN 3 03-15-19	Cowen INC	-0.3%	—	Unchanged
21	CWB	Ss Spdr Bb Conv Sec ETF	-0.3%	-10.18%	Trim
22	AMRI 2.25 11-15-18	Albany Molecular Researc	-0.4%	-10.36%	Trim
23	INFN 1.75 06-01-18	Infinera CORP	-0.4%	-17.30%	Trim
24	ASCMA 4 07-15-20	Ascent Capital Group INC	-0.6%	-27.78%	Trim
25	PMT 5.375 05-01-20	Pennymac CORP	-0.6%	-35.71%	Trim
26	ZINC 3.8 07-01-17	Metals Recovery Hldg LLC	-1.1%	-17.65%	Trim
27	OCR 3.75 12-15-25	Omnicare INC	—	EXIT	Sold out
28	TSRO 3 10-01-21	Tesaro INC	—	EXIT	Sold out
29	JAH 1.5 06-15-19	Jarden CORP	—	NEW	New buy
30	BKD 2.75 06-15-18	Brookdale Senior Living	—	EXIT	Sold out
31	LGND 0.75 08-15-19	Ligand Pharmaceuticals I	—	NEW	New buy
32	ON 2.625 12-15-26 B	On Semiconductor CORP	—	EXIT	Sold out
33	VIPS 1.5 03-15-19	Vipshop Holding LTD	—	EXIT	Sold out
34	✓	Allergan PLC	—	NEW	New buy
35	MOH 1.625 08-15-44	Molina Healthcare INC	—	NEW	New buy
36	ICON 1.5 03-15-18	Iconix Brand Group INC	—	EXIT	Sold out
37	X 2.75 04-01-19	United States Steel CORP	—	NEW	New buy
38	SNDK 1.5 08-15-17	Sandisk CORP	—	EXIT	Sold out
39	WNC 3.375 05-01-18	Wabash National CORP	—	EXIT	Sold out
40	GPRE 3.25 10-01-18	Green Plains INC	—	EXIT	Sold out
41	MOH 1.125 01-15-20	Molina Healthcare INC	—	NEW	New buy
42	CLVS 2.5 09-15-21	Clovis Oncology INC	—	NEW	New buy
43	SPNC 2.625 06-01-34	Spectranetics LLC	—	NEW	New buy
44	✓	Aegean Marine Pete Network I	—	EXIT	Sold out
45	NEE 6.371 09-01-18	Nextera Energy INC	—	NEW	New buy
46	QDEL 3.25 12-15-20	Quidel CORP	—	EXIT	Sold out
47	QIHU 2.5 09-15-18	Qihoo 360 Tech Co LTD	—	NEW	New buy
48	SRC 2.875 05-15-19	Spirit Realty Capital In	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2015-09-30	2015-10-21	13F-HR	View on EDGAR
2015-06-30	2015-07-22	13F-HR	View on EDGAR
2015-03-31	2015-04-24	13F-HR	View on EDGAR
2014-12-31	2015-01-26	13F-HR	View on EDGAR
2014-09-30	2014-11-05	13F-HR	View on EDGAR
2014-06-30	2014-07-28	13F-HR	View on EDGAR
2014-03-31	2014-05-06	13F-HR	View on EDGAR
2013-12-31	2014-01-23	13F-HR	View on EDGAR
2013-09-30	2013-10-24	13F-HR	View on EDGAR
2013-06-30	2013-07-23	13F-HR	View on EDGAR