Managers / Q2 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 $110M in U.S.-listed holdings across 17 positions for Q2 2019.
Its largest position, NRE, represents 19.8% of the portfolio.
Compared with Q1 2019, the fund opened 7 new positions and exited 4.
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 · 57.1% · $63M
- Common Stock · 20.4% · $22M
- Other · 16.6% · $18M
- PUBLIC · 5.0% · $6M
- ETP · 0.9% · $992,000
Quarter-over-Quarter Changes full breakdown →
vs Q1 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| FRONT YARD RESIDENTIAL CORP | NEW | +900.0K | 900.0K | +$11M | $11M |
| BPOPPOPULAR INC | NEW | +75.0K | 75.0K | +$4M | $4M |
| PFSIPENNYMAC FINANCIAL SERVICES INC | NEW | +175.0K | 175.0K | +$4M | $4M |
| SPYSPDR S&P 500 ETF TRUST | NEW | +3.4K | 3.4K | +$424,000 | $424,000 |
| KRESPDR S&P REGIONAL BANKING ETF | NEW | +5.0K | 5.0K | +$198,000 | $198,000 |
| MEDLEY MANAGEMENT INC | NEW | +29.8K | 29.8K | +$73,000 | $73,000 |
| VEREIT INC | NEW | +3.1K | 3.1K | +$23,000 | $23,000 |
| QTS REALTY TRUST INC | ADDED | +37.5K | 50.0K | +$4M | $6M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | NRENORTHSTAR REALTY EUROPE CORPhistory → | COM | 19.84% | $22M | 1.32M |
| 2 | COUSINS PROPERTIES INC | COM | 10.88% | $12M | 330.0K |
| 3 | JERNIGAN CAPITAL INC | COM | 10.74% | $12M | 575.0K |
| 4 | FRONT YARD RESIDENTIAL CORP | COM | 10.02% | $11M | 900.0K |
| 5 | RWTREDWOOD TRUST INChistory → | COM | 9.04% | $10M | 600.0K |
| 6 | WPCWP CAREY INChistory → | COM | 7.40% | $8M | 100.0K |
| 7 | CCSCENTURY COMMUNITIES INChistory → | COM | 6.64% | $7M | 274.0K |
| 8 | ESNTESSENT GROUP LTDhistory → | COM | 6.42% | $7M | 150.0K |
| 9 | GREAT AJAX CORP | COM | 5.74% | $6M | 450.0K |
| 10 | QTS REALTY TRUST INC | 6.50% CON PFD B | 5.05% | $6M | 50.0K |
| 11 | BPOPPOPULAR INChistory → | COM | 3.71% | $4M | 75.0K |
| 12 | PFSIPENNYMAC FINANCIAL SERVICES INChistory → | COM | 3.54% | $4M | 175.0K |
| 13 | MEDLEY MANAGEMENT INC | CL A COM | 0.07% | $73,000 | 29.8K |
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 ↗.