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 POSITIONS AS OF SEPTEMBER 30, 2019

KKR & CO 2.87%
OneMain Holdings 2.82%
Citizens Financial Group  2.55%
Lennar Corp 2.55%
IAC/InterActiveCorp 2.54%

TOP FIVE SHORT EQUITY POSITIONS

Invitation Homes Inc.  -2.27%
Meridian Bancorp Inc. -1.90%
China Biologic Products -1.87%
DRXN Daily S&P Oil & Gas -1.82%
Direxion Daily Gold Bull -1.76%

SECTOR ALLOCATION

  Long Portfolio S&P 500 Short Portfolio
Commodities 0.0% 0.0% -5.4%
Communication Services 3.2% 10.4% -0.8%
Consumer Discretionary 9.2% 10.1% -1.5%
Consumer Staples 0.8% 7.6% 0.0%
Energy 1.5% 4.5% -2.0%
ETF’s 0.0% 0.0% -2.9%
Financials 60.8% 12.9% -21.9%
Health Care  0.0% 13.7% -2.8%
Industrials 0.0% 9.3% 0.0%
Information Technology 3.1% 21.9% -2.6%
Materials 1.7% 2.7% -4.2%
Non Convertibles 2.1% 0.0% 0.0%
Real Estate 2.5% 3.3% -5.3%
Rights 0.0% 0.0% 0.0%
Utilities  0.0% 3.6% 0.0%
Total 84.8% 100.0% -49.4%

Best Performers

Security Name Positioning Contribution
DSLV Short 0.32%
BX Long 0.29%
SEMG Long 0.26%
AIGWS Long 0.25%
OMF Long 0.22%

Worst Performers

Security Name Positioning Contribution
SXC Long -0.33%
DRIP Short -0.25%
ETM Long -0.21%
USLV Short -0.20%
CBPO Short -0.18%

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 SEPTEMBER 30, 2019
Inception August 24, 1992
Total Net Assets $21,480,394
Number of Long Holdings 65
Number of Short Holdings 46