Caldwell & Orkin – Gator Capital Long/Short Fund Portfolio

PORTFOLIO GUIDELINES

Fund Guidelines
  • A long/short fund
  • Number of positions are generally 40-60 long and 20-40 short
Exposure Guidelines
  • Gross exposure is limited to 150% of net assets
  • Typically 70-90% long gross exposure and 40-60% short exposure

TOP FIVE LONG EQUITY HOLDINGS AS OF MARCH 31, 2019

Citizens Financial Group 2.90%
Blackstone Group 2.49%
KKR & Co 2.41%
BankUnited 2.38%
IAC/InterActiveCorp 2.34%

TOP FIVE SHORT EQUITY HOLDINGS

China Biologic Products -2.15%
Hamilton Lane -1.76%
VelocityShares 3X Inverse Silver -1.65%
Tesla -1.62%
Celestica -1.50%

INDUSTRY ALLOCATION

  Long Portfolio S&P 500 Short Portfolio
Basic Materials 1.98 4.30 0.00
Communication Services 0.00 1.08 0.00
Consumer Cyclical Insurance 14.14 13.84 -1.43
Consumer Defensive 1.96 5.83 0.00
Energy 2.93 4.56 0.00
Financial Services 55.79 18.45 -19.95
Healthcare 0.00 14.00 -2.87
Industrials 0.52 17.28 0.00
Real Estate 2.86 1.70 -2.76
Technology 4.42 18.45 -1.32
Utilities 0.00 1.91 0.00
Unclassified 0.00 22.64 0.00

Best Performers

Security Name Return 1Q19 Contribution
SYF 36.94% 0.51
OMF 31.68% 0.49
MLCO 29.07% 0.46
LEN 25.50% 0.45
CVNA 77.50% 0.40

Worst Performers

Security Name Return 1Q19 Contribution
SRCL 48.32% -0.42
RLGY -21.77% -0.37
CBPO 20.21% -0.33
BBBY 33.30% -0.28
HLNE 18.37% -0.23

Investing involves risk, including loss of principal.  The Fund uses aggressive investment strategies (including short positions and options) that have the potential for yielding high returns; however, these strategies may also result in losses.  Stocks sold short have unlimited risk.  Investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost.  Options are not suitable for all investors.

The Fund is distributed by Ultimus Fund Distributors, LLC.

PORTFOLIO STATISTICS

AS OF MARCH 31, 2019
Inception August 24, 1992
Total Net Assets $23M
Median Market Capitalization Long $97M
Number of Holdings in Portfolio 123