SEC 13F Intelligence

Managers / Q2 2019 · view latest →

Capital Returns Management, LLC

CIK 0001525092 · 9 TIMBER TRAIL, RYE, NY, 10580 · 212-813-0860

Reported Value
$176M
Q2 2019
Positions
23
Filings on Record
9
2019–present window
Filed
Sep 17, 2019
amendment (RESTATEMENT)

Summary

Capital Returns Management, LLC reported $176M in U.S.-listed holdings across 23 positions for Q2 2019.

Its largest position, AGO, represents 13.6% of the portfolio.

Compared with Q1 2019, the fund opened 7 new positions and exited 8.

Portfolio Metrics

Turnover
+18.7%
vs prior filed quarter
Top-10 Concentration
+83.0%
share of reported value
Largest Position
+13.6%
Assured Guaranty
New / Exited
7 / 8
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, 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

13F Reported Value
Q1 ’19: $187MQ1 ’19Q2 ’19: $176MQ2 ’19Q3 ’19: $61MQ3 ’19Q4 ’19: $55MQ4 ’19Q1 ’20: $39MQ1 ’20Q2 ’20: $43MQ2 ’20Q3 ’20: $39MQ3 ’20filingsflow.com

Portfolio Composition

By security type
Common Stock: 87.7%Other: 12.3%
  • Common Stock · 87.7% · $154M
  • Other · 12.3% · $22M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FGL HLDGSNEW+450.0K450.0K+$4M$4M
HIGHARTFORD FINL SVCS GROUP INCNEW+9.3K9.3K+$521,000$521,000
PRIPRIMERICA INCNEW+3.7K3.7K+$448,000$448,000
ACGLARCH CAP GROUP LTDNEW+10.9K10.9K+$404,000$404,000
JAMES RIV GROUP LTDNEW+8.6K8.6K+$402,000$402,000
PROASSURANCE CORPNEW+10.3K10.3K+$371,000$371,000
METMETLIFE INCNEW+6.2K6.2K+$309,000$309,000
HEALTH INS INNOVATIONS INCADDED+243.0K407.0K+$6M$11M

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

Holdings — Q2 2019

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AGOASSURED GUARANTY LTDhistory →COM13.62%$24M568.7K
2MKLMARKEL CORPhistory →COM9.40%$17M15.2K
3WTWWILLIS TOWERS WATSON PUB LTDhistory →SHS9.04%$16M82.9K
4AXSAXIS CAPITAL HOLDINGS LTDhistory →SHS8.39%$15M247.1K
5PRUPRUDENTIAL FINL INChistory →COM8.13%$14M141.3K
6AJGGALLAGHER ARTHUR J & COhistory →COM7.66%$13M153.6K
7LNCLINCOLN NATL CORP INDhistory →COM7.25%$13M197.7K
8VOYAVOYA FINL INChistory →COM6.95%$12M220.6K
9AIGAMERICAN INTL GROUP INChistory →COM NEW6.53%$11M215.1K
10HEALTH INS INNOVATIONS INCCOM CL A6.01%$11M407.0K
11FEDNAT HLDG COCOM5.13%$9M631.7K
12GLOBAL INDTY LTD CAYMANUSD CL A SHS3.61%$6M204.7K
13ORIOLD REP INTL CORPhistory →COM2.24%$4M175.7K
14PTVCBPROTECTIVE INS CORPhistory →CL B2.22%$4M224.3K
15FGL HLDGSORD SHS2.15%$4M450.0K
16HIGHARTFORD FINL SVCS GROUP INCCOM0.30%$521,0009.3K
17PRIPRIMERICA INCCOM0.26%$448,0003.7K
18ACGLARCH CAP GROUP LTDORD0.23%$404,00010.9K
19JAMES RIV GROUP LTDCOM0.23%$402,0008.6K
20PROASSURANCE CORPCOM0.21%$371,00010.3K
21METMETLIFE INCCOM0.18%$309,0006.2K
22AMPAMERIPRISE FINL INCCOM0.15%$255,0001.8K
23AON PLCSHS CL A0.14%$240,0001.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2020$39M12Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$43M11Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$39M13May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$55M15Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$61M14Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$176M23Sep 17, 2019RESTATEMENTchanges · EDGAR ↗
Q1 2019$187M24Sep 17, 2019RESTATEMENTchanges · 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 ↗.