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.
