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 MARCH 31, 2020
Navient Corp
3.02%
Credit Suiss-Adr
2.99%
Goldman Sachs GP
2.85%
Schwab (Charles)
2.55%
Western Alliance Bancorp
2.47%
TOP FIVE SHORT EQUITY POSITIONS
SPDR S&P 500 ETF
-22.65%
Direxion Daily FINL Bear
-2.67%
Community Bank System Inc
-2.63%
Velocityshares 3x INVSLVR
-2.58%
Host Hotels & RE
-2.55%
SECTOR ALLOCATION
Long Portfolio
S&P 500
Short Portfolio
Commodities
0.0%
0.0%
-3.9%
Communication Services
1.9%
10.7%
0.0%
Consumer Discretionary
6.9%
9.8%
-1.2%
Consumer Staples
0.8%
7.8%
0.0%
Energy
0.0%
1.6%
0.0%
ETF’s
0.0%
0.0%
-2.7%
Financials
63.1%
10.9%
-9.7%
Health Care
0.0%
15.4%
0.0%
Industrials
0.0%
8.2%
-2.2%
Information Technology
4.7%
25.4%
0.0%
Materials
1.7%
2.4%
0.0%
Non Convertibles
4.6%
0.0%
0.0%
Real Estate
1.4%
3.0%
-6.1%
Rights
0.0%
0.0%
0.0%
Utilities
0.0%
3.6%
0.0%
Total
85.2%
100.0%
-25.78%
Best Performers
Security Name
Positioning
Contribution
USLV
Long
0.63%
PMT
Long
0.00%
YETI
Short
0.27%
PNNT
Long
0.20%
LEN
Long
0.19%
Worst Performers
Security Name
Positioning
Contribution
DRIP
Short
-1.70%
OMF
Short
-0.77%
BCS
Long
-0.76%
BKU
Short
-0.69%
WAL
Short
-0.67%
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.
