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.

PORTFOLIO STATISTICS

AS OF MARCH 31, 2020
Inception August 24, 1992
Total Net Assets $11,380,879
Number of Long Holdings 52
Number of Short Holdings 15

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