Managers / Q4 2018 · view latest →
Shoals Capital Management LP
CIK 0001727709 · 1010 N. GLEBE ROAD, SUITE 730, ARLINGTON, VA, 22201 · 7037630925
Summary
Shoals Capital Management LP reported $189M in U.S.-listed holdings across 18 positions for Q4 2018.
Its largest position, CCS, represents 13.2% of the portfolio.
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
- Common Stock · 69.3% · $131M
- REIT · 27.4% · $52M
- US DOMESTIC · 1.4% · $3M
- Other · 1.4% · $3M
- ETP · 0.5% · $928,000
Quarter-over-Quarter Changes full breakdown →
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CCSCENTURY COMMUNITIES INC | NEW | +1.45M | 1.45M | +$25M | $25M |
| NRENORTHSTAR REALTY EUROPE CORP | NEW | +1.51M | 1.51M | +$22M | $22M |
| ESNTESSENT GROUP LTD | NEW | +612.5K | 612.5K | +$21M | $21M |
| RWTREDWOOD TRUST INC | NEW | +1.23M | 1.23M | +$18M | $18M |
| INVESTORS BANCORP INC | NEW | +1.75M | 1.75M | +$18M | $18M |
| BKUBANKUNITED INC | NEW | +425.0K | 425.0K | +$13M | $13M |
| MTGMGIC INVESTMENT CORP | NEW | +1.15M | 1.15M | +$12M | $12M |
| OPUS BANK | NEW | +600.0K | 600.0K | +$12M | $12M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2018
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CCSCENTURY COMMUNITIES INChistory → | COM | 13.20% | $25M | 1.45M |
| 2 | NRENORTHSTAR REALTY EUROPE CORPhistory → | COM | 11.64% | $22M | 1.51M |
| 3 | ESNTESSENT GROUP LTDhistory → | COM | 11.08% | $21M | 612.5K |
| 4 | RWTREDWOOD TRUST INChistory → | COM | 9.77% | $18M | 1.23M |
| 5 | INVESTORS BANCORP INC | COM | 9.63% | $18M | 1.75M |
| 6 | BKUBANKUNITED INChistory → | COM | 6.73% | $13M | 425.0K |
| 7 | MTGMGIC INVESTMENT CORPhistory → | COM | 6.37% | $12M | 1.15M |
| 8 | OPUS BANK | COM | 6.22% | $12M | 600.0K |
| 9 | TCBITEXAS CAPITAL BANCSHARES INChistory → | COM | 6.14% | $12M | 227.2K |
| 10 | JERNIGAN CAPITAL INC | COM | 6.03% | $11M | 575.0K |
| 11 | LENLENNAR CORPhistory → | CLASS A | 4.14% | $8M | 200.0K |
| 12 | BANCBANC OF CALIFORNIA INChistory → | COM | 4.05% | $8M | 575.0K |
| 13 | MSBIMIDLAND STATES BANCORP INChistory → | COM | 1.42% | $3M | 120.1K |
| 14 | COLONY NORTHSTAR INC | NOTE 5.000% 4/1 | 1.40% | $3M | 3.0K |
| 15 | GREAT AJAX CORP | COM | 1.37% | $3M | 215.0K |
| 16 | MFNCMACKINAC FINANCIAL CORP | COM | 0.29% | $546,000 | 40.0K |
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 ↗.