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, 2019

Blackstone Group 3.24%
KKR & Co  2.66%
Citizens Financial Group  2.59%
OneMain Holding Inc. 2.56%
IAC/InterActiveCorp 2.49%

TOP FIVE SHORT EQUITY POSITIONS

Invitation Homes Inc.  -1.81%
Meridian Bancorp Inc. -1.72%
Direxion Daily Gold Bull -1.71%
VelocityShares 3X Invslvr -1.61%
Community Bank System Inc. -1.54%

SECTOR ALLOCATION

  Long Portfolio S&P 500 Short Portfolio
Commodities 0.0% 0.0% -5.8%
Communication Services 3.6% 10.1% 0.0%
Consumer Discretionary 10.9% 10.2% -1.3%
Consumer Staples 0.6% 7.3% 0.0%
Energy 1.1% 5.0% -1.7%
ETF’s 0.0% 0.0% -1.6%
Financials 61.7% 13.1% -27.3%
Health Care  0.0% 14.2% -2.7%
Industrials 0.5% 9.4% 0.0%
Information Technology 2.5% 21.5% -2.4%
Materials 2.2% 2.8% -4.6%
Non Convertibles 0.4% 0.0% 0.0%
Real Estate 1.5% 3.1% -4.4%
Rights 0.0% 0.0% 0.0%
Utilities  0.0% 0.3% 0.0%
Total 85.2% 100.0% -51.7%

Best Performers

Security Name Positioning 1Q19 Contribution
AIGWS Long 0.67%
BX Long 0.42%
CZR Long 0.42%
LM Long 0.37%
DUST Short 0.27%

Worst Performers

Security Name Positioning 1Q19 Contribution
NUGT Short -0.28%
DGAZ Short -0.23%
HLNE Short -0.23%
BB Long -0.20%
DF Long -0.20%

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, 2019
Inception August 24, 1992
Total Net Assets $21,830,699
Number of Long Holdings 63
Number of Short Holdings 49