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 JUNE 30, 2020

BBX Capital 3.52%
PennyMac Financial 3.50%
Credit Suisse – ADR 3.30%
Goldman Sachs GP 3.16%
Realogy 3.05%

TOP FIVE SHORT EQUITY POSITIONS

Blackstone Group -2.16%
Duke Realty Corp -2.02%
CVB Financial Corp -1.43%
City Holdings Co. -1.14%
Lakeland Financial Corp -1.06%

SECTOR ALLOCATION

  Long Portfolio S&P 500 Short Portfolio
Commodities 0.0% 0.0% 0.0%
Communication Services 2.1% 10.8% 0.0%
Consumer Discretionary 8.8% 10.8% 0.0%
Consumer Staples 0.0% 7.0% 0.0%
Convertibles 2.2% 0.0% 0.0%
Energy 0.0% 2.8% 0.0%
ETF’s 0.0% 0.0% -1.1%
Financials 71.0% 10.1% -16.8%
Health Care  0.0% 14.6% 0.0%
Industrials 0.0% 8.0% 0.0%
Information Technology 5.0% 27.5% 0.0%
Materials 1.1% 2.5% 0.0%
Non Convertibles 4.2% 0.0% 0.0%
Real Estate 4.7% 2.8% -2.7%
Rights 0.0% 0.0% 0.0%
Utilities  0.0% 3.1% 0.0%
Total 99.2% 100.0% -20.6%

Best Performers

Security Name Positioning Contribution
PFSI Long 1.77%
RLGY Long 1.35%
AMP Long 0.99%
CS Long 0.80%
BSIG Long 0.78%

Worst Performers

Security Name Positioning Contribution
BX Short -0.65%
SXC Long -0.65%
HST Short -0.26%
DRE Short -0.20%
NAVI Long -0.14%

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 JUNE 30, 2020
InceptionAugust 24, 1992
Total Net Assets$13,135,769
Number of Long Holdings53
Number of Short Holdings20

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