Spinnaker Capital Ltd Quarterly Filing

Spinnaker Capital Ltd just filed its Q1 2015 13F. Dated 27/05/2015, the 13f filing reveals the investment manager has a portfolio value of $21.23 million, representing an increase of $2.57 million from the previous quarter when it was $18.66 million. Note: This filling reprents only assets that which are listed in the US.

New Positions

During this quarter, Spinnaker Capital Ltd opened positions in Pampa Energia S A (PAM) for $7.42 million, Grupo Financiero Galicia S A (GGAL) for $6.95 million and Banco Macro Sa (BMA) for $6.86 million. These were the 3 biggest new positions. In total the investment manager bought 3 new stocks.

Increased Positions

The investment manager didn’t report any lifted holdings in this quarter.

Sold Holdings

This fund sold its stakes in Ishares Tr (EEM), Yy Inc (Prn) and Petroleo Brasileiro Sa Petro (PBR). These securities constituted 45.10%, 39.64% and 15.26% of the manager’s portfolio, respectively. We can only speculate about the reasons for the dumping but we believe it has to do with either value, momentum or a better place for Spinnaker Capital Ltd’s capital.

Portfolio Sold All

Top Positions

Pampa Energia S A (PAM), Grupo Financiero Galicia S A (GGAL) and Banco Macro Sa (BMA) made up the majority of Spinnaker Capital Ltd’s total US long portfolio in Q1 2015. These holdings were top 3 and constitute 100% of Spinnaker Capital Ltd’s US-listed securities.

Portfolio Top Holdings

The table above provides a summary of Spinnaker Capital Ltd’s top 10 US-listed equity positions in Q1 2015.

Sector Analysis

Finance Sector Spinnaker Capital Ltd - Spinnaker Capital Ltd lifted the finance sector from 45% to 65%.

So these are Q1 2015 fund’s sector weights now: finance 65% for $13.80 million and utilities telecommunications 35% for $7.43 million.

Important Position Changes

Top 10 Q1 2015 New Positions: Pampa Energia S A (PAM), Grupo Financiero Galicia S A (GGAL) and Banco Macro Sa (BMA).

Top 10 Q1 2015 Sold Out Completely: Ishares Tr (EEM), Yy Inc (Prn) and Petroleo Brasileiro Sa Petro (PBR).

Download the full 13F form in CSV: Q1-2015-Spinnaker-Capital-Ltd-13F-Portfolio-Stock-Holdings.csv

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