SEC 13F Intelligence

Managers / Q1 2020

Ferox Capital Management LP

CIK 0001343232 · 66 ST JAMES'S STREET, LONDON, X0, SW1A 1NE · 44(0) 207947 0000

Reported Value
$164M
Q1 2020
Positions
37
Filings on Record
7
2019–present window
Filed
May 13, 2020
original filing

Summary

Ferox Capital Management LP reported $164M in U.S.-listed holdings across 37 positions for Q1 2020.

Its largest position, Servicenow, represents 14.6% of the portfolio.

Compared with Q4 2019, the fund opened 8 new positions and exited 14.

Portfolio Metrics

Turnover
+21.1%
vs prior filed quarter
Top-10 Concentration
+65.5%
share of reported value
Largest Position
+14.6%
Servicenow
New / Exited
8 / 14
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $142MQ4 ’18Q1 ’19: $134MQ1 ’19Q2 ’19: $113MQ2 ’19Q3 ’19: $266MQ3 ’19Q4 ’19: $236MQ4 ’19Q1 ’20: $164MQ1 ’20filingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 98.9%GLOBAL: 1.1%
  • US DOMESTIC · 98.9% · $162M
  • GLOBAL · 1.1% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FORTIVE CORPNEW+8.70M8.70M+$8M$8M
SQUARE INCNEW+1.00M1.00M+$2M$2M
ILLUMINA INCNEW+2.00M2.00M+$2M$2M
RINGCENTRAL INCNEW+572.0K572.0K+$2M$2M
MOMO INCNEW+1.39M1.39M+$1M$1M
ZILLOW GROUP INCNEW+1.00M1.00M+$1M$1M
AKAMAI TECHNOLOGIES INCNEW+850.0K850.0K+$974,000$974,000
ZENDESK INCNEW+300.0K300.0K+$361,000$361,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2020

33 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SERVICENOW INCNOTE 6/014.62%$24M11.00M
2WORKDAY INCNOTE 1.500% 7/1 · NOTE 0.250%10/09.19%$15M10.70M
3TWITTER INCNOTE 0.250% 6/18.29%$14M15.50M
4PRICELINE GRP INCNOTE 0.350% 6/1 · NOTE 0.900% 9/16.79%$11M10.00M
5PALO ALTO NETWORKS INCNOTE 0.750% 7/06.51%$11M11.20M
6LIBERTY MEDIA CORP DELAWARENOTE 1.375%10/15.59%$9M9.55M
7NICE SYS INCNOTE 1.250% 1/15.53%$9M5.00M
8FORTIVE CORPNOTE 0.875% 2/1 ADDED4.85%$8M8.70M
9SPLUNK INCNOTE 0.500% 9/14.41%$7M6.80M
10SQUARE INCNOTE 0.500% 5/1 · NOTE 0.375% 3/04.38%$7M5.80M
11ON SEMICONDUCTOR CORPNOTE 1.000%12/03.17%$5M5.30M
12ARES CAP CORPNOTE 4.625% 3/02.62%$4M5.00M
13SILICON LABORATORIES INCNOTE 1.375% 3/02.58%$4M3.80M
14CHENIERE ENERGY INCNOTE 4.250% 3/12.42%$4M6.25M
15MICROCHIP TECHNOLOGY INCNOTE 1.625% 2/12.19%$4M3.50M
16ILLUMINA INCNOTE 8/1 · NOTE 0.500% 6/11.77%$3M2.80M
17GUIDEWIRE SOFTWARE INCNOTE 1.250% 3/11.71%$3M2.80M
18WIX COM LTDNOTE 7/01.70%$3M2.80M
19DEXCOM INCNOTE 0.750% 5/11.67%$3M1.00M
20LIBERTY MEDIA CORPDEB 3.500% 1/11.33%$2M3.00M
21INPHI CORPNOTE 1.125%12/01.23%$2M1.00M
22NUVASIVE INCNOTE 2.250% 3/11.03%$2M1.60M
23RINGCENTRAL INCNOTE 3/10.94%$2M572.0K
24LIVE NATION ENTERTAINMENT INNOTE 2.500% 3/10.89%$1M1.50M
25AEROJET ROCKETDYNE HLDGS INCNOTE 2.250%12/10.77%$1M750.0K
26MOMO INCNOTE 1.250% 7/00.66%$1M1.39M
27ZILLOW GROUP INCNOTE 2.000%12/00.63%$1M1.00M
28AKAMAI TECHNOLOGIES INCNOTE 0.125% 5/00.59%$974,000850.0K
29DOCUSIGN INCNOTE 0.500% 9/10.57%$939,000650.0K
30NUANCE COMMUNICATIONS INCDEBT 1.500%11/00.52%$848,000800.0K
31TRANSOCEAN INCDEB 0.500% 1/30.42%$688,0002.00M
32ZENDESK INCNOTE 0.250% 3/10.22%$361,000300.0K
33J2 GLOBAL INCNOTE 3.250% 6/10.22%$360,000300.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2020$164M37May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$236M43Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$266M47Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$113M29Aug 1, 201913F-HRchanges · EDGAR ↗
Q1 2019$134M31May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$142M26Feb 13, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.