Managers / Q1 2019 · view latest →
Shoals Capital Management LP
CIK 0001727709 · 1010 N. GLEBE ROAD, SUITE 730, ARLINGTON, VA, 22201 · 7037630925
Summary
Shoals Capital Management LP reported $114M in U.S.-listed holdings across 14 positions for Q1 2019.
Its largest position, CCS, represents 16.9% of the portfolio.
Compared with Q4 2018, the fund opened 6 new positions and exited 10.
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
- REIT · 48.5% · $55M
- Common Stock · 35.0% · $40M
- Other · 11.8% · $13M
- US DOMESTIC · 2.5% · $3M
- PUBLIC · 1.2% · $1M
- ETP · 1.0% · $1M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2018 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| WPCWP CAREY INC | NEW | +100.0K | 100.0K | +$8M | $8M |
| COUSINS PROPERTIES INC | NEW | +750.0K | 750.0K | +$7M | $7M |
| EFCELLINGTON FINANCIAL LLC | NEW | +275.0K | 275.0K | +$5M | $5M |
| QTS REALTY TRUST INC | NEW | +12.5K | 12.5K | +$1M | $1M |
| IWMISHARES TR | NEW | +8.8K | 8.8K | +$1M | $1M |
| FRCBFIRST REPUBLIC BANK/CA | NEW | +500 | 500 | +$66,000 | $66,000 |
| COLONY NORTHSTAR INC | ADDED | +3.00M | 3.00M | +$195,000 | $3M |
| GREAT AJAX CORP | ADDED | +235.0K | 450.0K | +$4M | $6M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CCSCENTURY COMMUNITIES INChistory → | COM | 16.89% | $19M | 800.0K |
| 2 | NRENORTHSTAR REALTY EUROPE CORPhistory → | COM | 15.87% | $18M | 1.04M |
| 3 | RWTREDWOOD TRUST INChistory → | COM | 13.51% | $15M | 950.0K |
| 4 | ESNTESSENT GROUP LTDhistory → | COM | 11.10% | $13M | 290.0K |
| 5 | JERNIGAN CAPITAL INC | COM | 7.88% | $9M | 425.0K |
| 6 | OPUS BANK | COM | 6.98% | $8M | 400.1K |
| 7 | WPCWP CAREY INChistory → | COM | 6.90% | $8M | 100.0K |
| 8 | COUSINS PROPERTIES INC | COM | 6.38% | $7M | 750.0K |
| 9 | GREAT AJAX CORP | COM | 5.45% | $6M | 450.0K |
| 10 | EFCELLINGTON FINANCIAL LLChistory → | COM | 4.34% | $5M | 275.0K |
| 11 | COLONY NORTHSTAR INC | NOTE 5.000% 4/1 | 2.50% | $3M | 3.00M |
| 12 | QTS REALTY TRUST INC | 6.50% CON PFD B | 1.20% | $1M | 12.5K |
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 ↗.