Managers / Q3 2020
Capital Returns Management, LLC
CIK 0001525092 · 9 TIMBER TRAIL, RYE, NY, 10580 · 212-813-0860
Summary
Capital Returns Management, LLC reported $39M in U.S.-listed holdings across 12 positions for Q3 2020.
The portfolio is heavily concentrated: Watford alone accounts for 25.4% of reported value.
Compared with Q2 2020, the fund opened 2 new positions and exited 1.
Portfolio Metrics
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Other · 52.0% · $20M
- Common Stock · 48.0% · $19M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2020 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| FFGFBL FINL GROUP INC | NEW | +74.1K | 74.1K | +$4M | $4M |
| PROSPROSIGHT GLOBAL INC | NEW | +239.6K | 239.6K | +$3M | $3M |
| BENEFYTT TECHNOLOGIES INC | SOLD OUT | −375.0K | 0 | −$8M | $0 |
| ACGLARCH CAP GROUP LTD | TRIMMED | −75.0K | 75.0K | −$2M | $2M |
| RNRRENAISSANCERE HLDGS LTD | TRIMMED | −8.5K | 9.5K | −$1M | $2M |
| ENSTAR GROUP LIMITED | TRIMMED | −4.0K | 12.0K | −$506,000 | $2M |
| PTVCAPROTECTIVE INS CORP | ADDED | +5.1K | 26.8K | −$3,000 | $375,000 |
| WATFORD HLDGS LTD | TRIMMED | −74.7K | 428.9K | +$1M | $10M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2020
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | WATFORD HLDGS LTD | SHS | 25.40% | $10M | 428.9K |
| 2 | ARGO GROUP INTL HLDGS LTD | COM | 12.36% | $5M | 139.0K |
| 3 | FFGFBL FINL GROUP INChistory → | CL A | 9.22% | $4M | 74.1K |
| 4 | JAMES RIV GROUP LTD | COM | 9.20% | $4M | 80.0K |
| 5 | CBCHUBB LIMITEDhistory → | COM | 9.00% | $3M | 30.0K |
| 6 | PTVCBPROTECTIVE INS CORP | CL B · CL A | 7.92% | $3M | 231.8K |
| 7 | PROSPROSIGHT GLOBAL INChistory → | COM | 7.01% | $3M | 239.6K |
| 8 | ACGLARCH CAP GROUP LTDhistory → | ORD | 5.66% | $2M | 75.0K |
| 9 | VOYAVOYA FINANCIAL INChistory → | COM | 5.06% | $2M | 40.9K |
| 10 | ENSTAR GROUP LIMITED | SHS | 5.00% | $2M | 12.0K |
| 11 | RNRRENAISSANCERE HLDGS LTDhistory → | COM | 4.16% | $2M | 9.5K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2020 | $39M | 12 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $43M | 11 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $39M | 13 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $55M | 15 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $61M | 14 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $176M | 23 | Sep 17, 2019 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2019 | $187M | 24 | Sep 17, 2019 | RESTATEMENT | changes · 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 ↗.