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Livermore
Livermore
ZHEN

Terrapin Asset Management, LLC

SEC CIK
0001965645
Latest filing
Nov 14, 2023

The latest 13F from Terrapin Asset Management, LLC covers Q3 2023 (filed Nov 14, 2023): 43 long positions worth $72.9M. The top 10 holdings make up 64.6% of the portfolio, and the largest is iShares Tr at 10.9%. Livermore has 4 filings on Form 13F from this institution, going back to Q4 2022.

What changed in Q3 2023

Share counts compared with Q2 2023: 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
8
Est. +$11.8M
Added
7
Est. +$11.0M
Reduced
6
Est. −$4.20M
Sold out
29
Est. −$15.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr464287432
    10.9%$7.98M
  2. GOOGLAlphabet Inc.
    8.8%$6.45MHistory
  3. SCRMScreaming Eagle Acquisition Corp.
    8.6%$6.27MHistory
  4. State Street Energy Select Sector SPDR ETF81369Y506
    6.2%$4.52M
  5. CCIFCarlyle Credit Income Fund
    6.0%$4.34MHistory

Share of portfolio

Top 5 holdings and the other 38 positions, by share of portfolio value

  1. iShares Tr10.9%
  2. GOOGL8.8%
  3. SCRM8.6%
  4. State Street Energy Select Sector SPDR ETF6.2%
  5. CCIF6.0%
  6. Other 38 positions59.4%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464287432
    +$4.43MAdded
  2. State Street Energy Select Sector SPDR ETF81369Y506
    +$4.09MAdded
  3. SGENSeagen Inc.
    +$2.97MNewHistory
  4. CELLBruker Cellular Analysis, Inc.
    +$2.11MNewHistory
  5. MCHBMechanics Bancorp
    +$1.93MNewHistory

Largest weight increases

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

  1. State Street Energy Select Sector SPDR ETF81369Y506
    +5.65 pp0.5% → 6.2%
  2. iShares Tr464287432
    +5.18 pp5.8% → 10.9%
  3. SGENSeagen Inc.
    +4.07 pp0.0% → 4.1%History
  4. CELLBruker Cellular Analysis, Inc.
    +2.89 pp0.0% → 2.9%History
  5. MCHBMechanics Bancorp
    +2.64 pp0.0% → 2.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ATVIActivision Blizzard, Inc.
    −$2.53MSold outHistory
  2. VZVerizon Communications Inc
    −$2.23MSold outHistory
  3. CNDAConcord Acquisition Corp II
    −$2.16MSold outHistory
  4. EOCWElliott Opportunity II Corp.
    −$1.87MSold outHistory
  5. SPBSpectrum Brands Holdings, Inc.
    −$1.82MReducedHistory

Largest weight decreases

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

  1. ATVIActivision Blizzard, Inc.
    −3.54 pp3.5% → 0.0%History
  2. VZVerizon Communications Inc
    −3.13 pp3.1% → 0.0%History
  3. CNDAConcord Acquisition Corp II
    −3.03 pp3.0% → 0.0%History
  4. EOCWElliott Opportunity II Corp.
    −2.62 pp2.6% → 0.0%History
  5. SPBSpectrum Brands Holdings, Inc.
    −2.57 pp4.4% → 1.9%History

Metrics

13F metrics for Q3 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$72.9M
+$1.54M (+2.2%) vs. prior quarter
Positions
43
−21 vs. prior quarter
Top 10 concentration
64.6%
Top 10 as share of value
Turnover
27.7%
Q3 2023, one quarter
Average holding period
2.7 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 (Q4 2022), so positions held before then are understated.

13F filings by quarter

4 quarters, going back to Q4 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $97.4M (Q4 2022)

Q4 2022: $97.4MQ1 2023: $74.7MQ2 2023: $71.4MQ3 2023: $72.9M
Q4 2022Q3 2023
13F filings of Terrapin Asset Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2023Nov 14, 202343$72.9MiShares TrGOOGLSCRMvs. Q2 2023SEC
Q2 2023Aug 11, 202364$71.4MSCRMGOOGLStarz Entertainment Corpvs. Q1 2023SEC
Q1 2023May 12, 202398$74.7MSCRMStarz Entertainment CorpGOOGvs. Q4 2022SEC
Q4 2022Feb 14, 2023260$97.4MProfessional Hldg CorpSCRMPCSB–SEC