Managers / Q1 2020
Shoals Capital Management LP
CIK 0001727709 · 1010 N. GLEBE ROAD, SUITE 730, ARLINGTON, VA, 22201 · 7037630925
Summary
Shoals Capital Management LP reported $22M in U.S.-listed holdings across 2 positions for Q1 2020.
The portfolio is heavily concentrated: Jernigan Capital alone accounts for 45.6% of reported value.
Compared with Q4 2019, the fund opened 1 new position and exited 14.
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
- ETP · 54.4% · $12M
- REIT · 45.6% · $10M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SPYSPDR S&P 500 ETF Trust | NEW | +17.5K | 17.5K | +$12M | $12M |
| CYRUSONE INC | SOLD OUT | −160.0K | 0 | −$10M | $0 |
| BPOPPOPULAR INC | SOLD OUT | −170.0K | 0 | −$10M | $0 |
| GREAT AJAX CORP | SOLD OUT | −650.0K | 0 | −$10M | $0 |
| INNOVATIVE INDL PPTYS INC | SOLD OUT | −6.5K | 0 | −$8M | $0 |
| OAKTREE SPECIALTY LENDING CORP | SOLD OUT | −1.51M | 0 | −$8M | $0 |
| HWCHANCOCK WHITNEY CORP | SOLD OUT | −185.0K | 0 | −$8M | $0 |
| LEXINGTON REALTY TRUST | SOLD OUT | −760.0K | 0 | −$8M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2020
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | JERNIGAN CAPITAL INC | COM | 45.56% | $10M | 894.9K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2020 | $22M | 2 | May 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $102M | 15 | Feb 12, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $73M | 13 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $110M | 17 | Aug 13, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $114M | 14 | May 14, 2019 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2018 | $189M | 18 | Feb 14, 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 ↗.