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, 2020

First Bancorp Puerto Rico 3.22%
OneMain Holdings 3.14%
SLM Corp 2.89%
Realogy Holdings 2.88%
Navient Corp 2.87%

TOP FIVE SHORT EQUITY POSITIONS

Capitol Federal Financial -1.89%
Duke Realty Corp -1.67%
CVB Financial Corp -1.09%
Park National Corp -1.09%
Lakeland Financial Corp -0.99%

SECTOR ALLOCATION

  Long Portfolio S&P 500 Short Portfolio
Commodities 2.65% 0.00% 0.00%
Communication Services 0.00% 10.70% 0.00%
Consumer Discretionary 6.73% 12.76% 0.00%
Consumer Staples 0.00% 6.48% 0.00%
Convertibles 0.00% 0.00% 0.00%
Energy 0.00% 2.30% 0.00%
Equity 0.00% 0.00% 4.67%
Financials 78.39% 10.34% 15.45%
Health Care  0.00% 13.35% 0.00%
Industrials 2.50% 8.37% 0.00%
Materials 1.25% 2.63% 0.00%
Non Convertibles 0.00% 0.00% 0.00%
Real Estate 4.30% 2.40% -1.72%
Rights 0.00% 0.00% 0.00%
Utilities 0.00% 2.73% 0.00%
Technology 4.55% 27.61% 0.00%
Total 100.36% 100.00% -21.85%

Best Performers

Security Name Positioning Contribution
BBX Long 0.85%
WAL Long 0.69%
FBP Long 0.67%
OMF Long 0.58%
RLGY Long 0.52%

Worst Performers

Security Name Positioning Contribution
DPST Short -1.24%
LMND Short -0.71%
BVH Long -0.57%
BX Long -0.19%
UBSI Short -0.13%

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, 2020

Inception August 24, 1992
Total Net Assets $17,426,136
Number of Long Holdings 57
Number of Short Holdings 20

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