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.
