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 DECEMBER 31, 2019

OneMain Holdings 3.39%
KKR & Co 3.27%
IAC/InterActive Corp 3.03%
Credit Suiss-Adr 2.75%
Barclays Plc-Adr 2.74%

TOP FIVE SHORT EQUITY POSITIONS

Tesla Inc. -2.65%
Invitation Homes Inc. -2.41%
Direxion Daily Gold Bull -2.30%
DIRXN DLY JR Bull Gold 3x -1.88%
Volocityshares 3X LNGSLVR -1.87%

SECTOR ALLOCATION

  Long Portfolio S&P 500 Short Portfolio
Commodities 0.0% 0.0% -6.0%
Communication Services 5.3% 10.4% -1.3%
Consumer Discretionary 11.0% 9.8% -3.8%
Consumer Staples 0.5% 7.2% -1.1%
Energy 0.0% 4.3% -1.7%
ETF’s 0.0% 0.0% -2.6%
Financials 67.6% 13.0% -17.3%
Health Care  0.0% 14.2% -1.1%
Industrials 0.0% 9.1% -2.3%
Information Technology 3.8% 23.2% -3.1%
Materials 2.5% 2.7% -5.9%
Non Convertibles 1.9% 0.0% 0.0%
Real Estate 3.4% 2.9% -8.7%
Rights 0.0% 0.0% 0.0%
Utilities  0.0% 3.3% 0.0%
Total 95.9% 100.0% -55.0%

Best Performers

Security Name Positioning Contribution
VCTR Long 0.34%
BCS Long 0.34%
DRIP Short 0.30%
WAL Long 0.27%
MLCO Long 0.26%

Worst Performers

Security Name Positioning Contribution
TSLA Short -0.60%
JNUG Short -0.32%
AIGWS Long -0.30%
Z Short -0.25%
NUGT Short -0.25%

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 DECEMBER 31, 2019
Inception August 24, 1992
Total Net Assets $20,521,368
Number of Long Holdings 65
Number of Short Holdings 48

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