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Livermore
Livermore
ZHEN

Pinz Capital Management, LP

SEC CIK
0001687470
Latest filing
Nov 15, 2022

The latest 13F from Pinz Capital Management, LP covers Q3 2022 (filed Nov 15, 2022): 103 long positions worth $55.2M. The top 10 holdings make up 36.5% of the portfolio, and the largest is Corebridge Financial, Inc. (CRBG) at 7.4%. Livermore has 7 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2022

Share counts compared with Q2 2022: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
42
Est. +$20.8M
Added
14
Est. +$4.24M
Reduced
19
Est. −$6.49M
Sold out
161
Est. −$109.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. CRBGCorebridge Financial, Inc.
    7.4%$4.09MHistory
  2. BMACBlack Mountain Acquisition Corp.
    4.6%$2.52MHistory
  3. Mason Industrial Technolgy I57520Y106
    4.2%$2.33M
  4. Austerlitz Acquisition CorpG0633U101
    3.9%$2.17M
  5. Sierra Lake Acquisition Corp.826332108
    3.2%$1.78M

Share of portfolio

Top 5 holdings and the other 98 positions, by share of portfolio value

  1. CRBG7.4%
  2. BMAC4.6%
  3. Mason Industrial Technolgy I4.2%
  4. Austerlitz Acquisition Corp3.9%
  5. Sierra Lake Acquisition Corp.3.2%
  6. Other 98 positions76.7%

Biggest buys

New and added positions, by estimated amount bought

  1. CRBGCorebridge Financial, Inc.
    +$4.09MNewHistory
  2. Austerlitz Acquisition CorpG0633U101
    +$2.17MNew
  3. CVIIChurchill Capital Corp VII
    +$1.57MAddedHistory
  4. Austerlitz Acquisition CorpG0633D109
    +$1.32MNew
  5. APEIAmerican Public Education Inc
    +$1.17MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. CRBGCorebridge Financial, Inc.
    +7.40 pp0.0% → 7.4%History
  2. Austerlitz Acquisition CorpG0633U101
    +3.93 pp0.0% → 3.9%
  3. Mason Industrial Technolgy I57520Y106
    +3.27 pp0.9% → 4.2%
  4. CVIIChurchill Capital Corp VII
    +3.07 pp0.1% → 3.2%History
  5. Austerlitz Acquisition CorpG0633D109
    +2.40 pp0.0% → 2.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464287515
    −$8.20MSold out
  2. State Street SPDR S&P Regional Banking ETF78464A698
    −$6.15MSold out
  3. Mudrick Capital Acqu Corp II62477L107
    −$4.22MSold out
  4. State Street Communication Services Select Sector SPDR ETF81369Y852
    −$3.49MSold out
  5. State Street Energy Select Sector SPDR ETF81369Y506
    −$2.43MSold out

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. iShares Tr464287515
    −5.62 pp5.6% → 0.0%
  2. State Street SPDR S&P Regional Banking ETF78464A698
    −4.21 pp4.2% → 0.0%
  3. Mudrick Capital Acqu Corp II62477L107
    −2.89 pp2.9% → 0.0%
  4. State Street Communication Services Select Sector SPDR ETF81369Y852
    −2.39 pp2.4% → 0.0%
  5. State Street Energy Select Sector SPDR ETF81369Y506
    −1.67 pp1.7% → 0.0%

Metrics

13F metrics for Q3 2022, computed only from the numbers in the filings. Definitions below.

Portfolio value
$55.2M
−$90.7M (−62.2%) vs. prior quarter
Positions
103
−119 vs. prior quarter
Top 10 concentration
36.5%
Top 10 as share of value
Turnover
24.9%
Q3 2022, one quarter
Average holding period
2.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

7 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $378.0M (Q1 2021)

Q1 2021: $378.0MQ2 2021: $332.0MQ3 2021: $221.1MQ4 2021: $259.1MQ1 2022: $160.2MQ2 2022: $145.9MQ3 2022: $55.2M
Q1 2021Q3 2022
13F filings of Pinz Capital Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2022Nov 15, 2022103$55.2MCRBGBMACMason Industrial Technolgy Ivs. Q2 2022SEC
Q2 2022Aug 15, 2022222$145.9MiShares TrState Street SPDR S&P Regional Banking ETFMudrick Capital Acqu Corp IIvs. Q1 2022SEC
Q1 2022May 16, 2022128$160.2MState Street Industrial Select Sector SPDR ETFiShares TriShares Trvs. Q4 2021SEC
Q4 2021Feb 14, 2022364$259.1MRIVNINTUSMRvs. Q3 2021SEC
Q3 2021Nov 15, 2021140$221.1MState Street Health Care Select Sector SPDR ETFRBCLYVvs. Q2 2021SEC
Q2 2021Aug 16, 2021387$332.0MLTHMSYNHPTGXvs. Q1 2021SEC
Q1 2021May 17, 2021290$378.0MState Street Health Care Select Sector SPDR ETFBIDUBMBL–SEC