GRACE BROTHERS MANAGEMENT LLC
Follow13F filer, CIK 1218558, EVANSTON, IL
GRACE BROTHERS MANAGEMENT LLC reported $119,679,000 across 49 holdings for the quarter ended 2013-12-31, in a 13F-HR filed 2014-02-11. Its ten largest share positions make up 43.37% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001218558-14-000001
- Period
- 2013-12-31
- Reported value
- $120M
- Holdings
- 49
- Top 10 weight
- 43.37%
- New
- 17
- Sold out
- 14
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| CROWN CASTLE CNV PFDnew | +25,500 | $2.56M |
| STANLEY BLACK & DECKER INCnew | +15,000 | $1.54M |
| CHESAPEAKE ENERGY CORPnew | +1,300 | $1.51M |
Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.
Largest sells vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| Nextera Energy, Inc.exited | -30,000 | -$1.64M |
| NEXTERA ENERGY INCexited | -30,000 | -$1.45M |
| GENERAL MTRS COexited | -42,212 | -$791K |
| ENERGY XXI BERMUDA LTD CONV…reduced | -2,500 | -$736K |
| PowerShares QQQ Trust Unit …reduced | -3,400 | -$299K |
Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.
Holdings, Q4 2013
Share positions as resolved from 13F-HR 0001218558-14-000001, largest first. % of portfolio is the value over $119,679,000, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| CROWN CASTLE CNV PFDCROWN CASTLE CNV PFD | 25,500 | $2.56M | 2.14% | new | |||
| HEALTH CARE REIT INC CONV 6…HEALTH CARE REIT INC CONV 6.50 | 42,500 | $2.18M | 1.82% | 0 | |||
| PPL CORPPPL CORP | 30,500 | $1.61M | 1.35% | 0 | |||
| STANLEY BLACK & DECKER INCSTANLEY BLACK & DECKER INC | 15,000 | $1.54M | 1.29% | new | |||
| CHESAPEAKE ENERGY CORPCHESAPEAKE ENERGY CORP | 1,300 | $1.51M | 1.26% | new | |||
| PowerShares QQQ Trust Unit …PowerShares QQQ Trust Unit Ser | 14,000 | $1.23M | 1.03% | -3,400 | |||
| ARCELORMITTALARCELORMITTAL | 40,000 | $1.04M | 0.87% | 0 | |||
| ENERGY XXI BERMUDA LTD CONV…ENERGY XXI BERMUDA LTD CONV PFD $… | 3,500 | $1.03M | 0.86% | -2,500 | |||
| CSCOCISCO SYS INC | 7,000 | $157K | 0.13% | 0 | Timeline |
Principal amounts
Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| GILEAD SCIENCES INCGILEAD SCIENCES INC CORPORATE OBLIG | principal | 3,800,000 | $12.5M | -950,000 |
| MU 2.375 5/1/32MU 2.375 5/1/32 Bond 30/360P2 U | principal | 2,750,000 | $6.39M | +1,250,000 |
| CHART INDUSTRIES INCCHART INDUSTRIES INC NOTE | principal | 3,250,000 | $5.03M | 0 |
| ENDO HEALTH SOLUTIONS INCENDO HEALTH SOLUTIONS INC BOND | principal | 2,000,000 | $4.63M | 0 |
| RYLAND GROUP INCRYLAND GROUP INC NOTE 1.625% | principal | 3,000,000 | $4.58M | 0 |
| RADIAN GROUP INCRADIAN GROUP INC NOTE 2.250% 3/0 | principal | 2,800,000 | $4.11M | -150,000 |
| CADENCE DESIGN SYSTEM INCCADENCE DESIGN SYSTEM INC NOTE | principal | 2,000,000 | $3.76M | 0 |
| SANDISK CORPSANDISK CORP CORPORATE OBLIG | principal | 2,500,000 | $3.69M | +1,000,000 |
| ENPRO INDS INCENPRO INDS INC DBCV 3.938%10/1 | principal | 2,040,000 | $3.6M | 0 |
| UNITED THERAPEUTICS CORP DELUNITED THERAPEUTICS CORP DEL NOTE 1.000% 9/1 | principal | 1,500,000 | $3.56M | 0 |
| RTI INTL METALS INCRTI INTL METALS INC NOTE 1.625%10/1 | principal | 3,250,000 | $3.44M | 0 |
| MYLAN INCMYLAN INC CORPORATE OBLIG | principal | 1,000,000 | $3.28M | new |
| TESLA MOTORS INC 1.500TESLA MOTORS INC 1.500 NOTE 1.500% 6/0 | principal | 2,250,000 | $3.12M | +1,250,000 |
| ENERSYS 3.375ENERSYS 3.375 NOTE | principal | 1,750,000 | $3.09M | 0 |
| SALIX PHARMACEUTICAL 1.500SALIX PHARMACEUTICAL 1.500 NOTE 1.500% 3/ | principal | 2,000,000 | $2.99M | new |
| GREEN PLAINS RENEWABLE ENERGGREEN PLAINS RENEWABLE ENERG BOND | principal | 1,500,000 | $2.18M | 0 |
| TTM TECHNOLOGIES INCTTM TECHNOLOGIES INC NOTE 1.750%12/1 | principal | 2,000,000 | $2.17M | new |
| JARDEN CORPJARDEN CORP NOTE 1.87 | principal | 1,500,000 | $2.13M | new |
| DEALERTRACK TECHNOLOGIES INCDEALERTRACK TECHNOLOGIES INC NOTE 1.500% 3/1 | principal | 1,500,000 | $2.09M | new |
| ALTRA HOLDINGS INCALTRA HOLDINGS INC NOTE 2.750% 3/0 | principal | 1,500,000 | $2.07M | +500,000 |
| AMERICAN RLTY CAP PPTYS INCAMERICAN RLTY CAP PPTYS INC NOTE 3.000% 8/0 | principal | 2,000,000 | $2.01M | +500,000 |
| GROUP 1 AUTOMOGROUP 1 AUTOMO NOTE 3.0% 3/15/ | principal | 1,000,000 | $2M | 0 |
| CEMEX SAB DE CVCEMEX SAB DE CV NOTE | principal | 1,500,000 | $1.98M | 0 |
| BOTTOMLINE TECH DEL INCBOTTOMLINE TECH DEL INC NOTE 1.500%12/0 | principal | 1,430,000 | $1.94M | +250,000 |
| SOLARCITY CORPSOLARCITY CORP NOTE 2.750%11/0 | principal | 1,500,000 | $1.78M | new |
| AK STL CORPAK STL CORP NOTE 5.000%11/1 | principal | 1,000,000 | $1.64M | 0 |
| ANW 4 11/1/18ANW 4 11/1/18 Bond 30/360P2 U | principal | 1,500,000 | $1.59M | new |
| M/I HOMES INCM/I HOMES INC NOTE 3.250% 9/1 | principal | 1,175,000 | $1.53M | -1,075,000 |
| WEB COM GROUP INCWEB COM GROUP INC NOTE 1.000% 8/1 | principal | 1,240,000 | $1.4M | -1,000,000 |
| CEMEX SAB DE CVCEMEX SAB DE CV NOTE 3.750% 3/1 | principal | 1,000,000 | $1.36M | 0 |
| ASCENT CAP GROUP INCASCENT CAP GROUP INC NOTE 4.000 7/1 | principal | 1,250,000 | $1.34M | 0 |
| GROUP 1 AUTOMOTIVE INCGROUP 1 AUTOMOTIVE INC FRNT | principal | 1,000,000 | $1.26M | new |
| MICRON TECHNOLOGY INCMICRON TECHNOLOGY INC NOTE 3.000%11/1 | principal | 1,150,000 | $1.14M | new |
| GT Advanced Technologies In…GT Advanced Technologies Inc. CONV | principal | 1,100,000 | $1.12M | new |
| Starwood Property Trust, In…Starwood Property Trust, Inc. CONV | principal | 1,000,000 | $1.11M | -500,000 |
| ANR 4.875 12/20ANR 4.875 12/20 Bond 30/360P2 U | principal | 1,000,000 | $1.08M | new |
| BLACKSTONE MTG TR INCBLACKSTONE MTG TR INC NOTE 5.250pcnt12/0 | principal | 1,000,000 | $1.05M | new |
| OMNICAREOMNICARE NOTE3 | principal | 1,000,000 | $1.01M | 0 |
| RESOURCE CAP CORPRESOURCE CAP CORP NOTE 6.000prct12/0 | principal | 1,000,000 | $1.01M | new |
| RAS 4 10/1/33RAS 4 10/1/33 Bond 30/360P2 U | principal | 1,000,000 | $996K | new |
Sold out in Q4 2013
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| VIROPHARMA INCVIROPHARMA INC | 2,500,000 | $5.36M | principal |
| MICRON TECHNOLOGY INCMICRON TECHNOLOGY INC | 2,500,000 | $4.69M | principal |
| CONTINENTAL AIRLS INCCONTINENTAL AIRLS INC | 2,100,000 | $3.59M | principal |
| AKORN INCAKORN INC | 1,500,000 | $3.44M | principal |
| CUBIST PHARMACEUTICALS INCCUBIST PHARMACEUTICALS INC | 1,500,000 | $3.38M | principal |
| TEREX CORP NEWTEREX CORP NEW | 1,250,000 | $2.65M | principal |
| EXTERRAN HLDGS INC 4.250EXTERRAN HLDGS INC 4.250 | 1,750,000 | $2.18M | principal |
| STILLWATER MINING COMPANSTILLWATER MINING COMPAN | 1,750,000 | $1.84M | principal |
| Nextera Energy, Inc.Nextera Energy, Inc. | 30,000 | $1.64M | shares |
| FORESTAR GROUP INCFORESTAR GROUP INC | 1,300,000 | $1.51M | principal |
| NEXTERA ENERGY INCNEXTERA ENERGY INC | 30,000 | $1.45M | shares |
| GT ADVANCED TECHNOLOGIES INCGT ADVANCED TECHNOLOGIES INC | 1,000,000 | $1.3M | principal |
| GENERAL MTRS COGENERAL MTRS CO | 42,212 | $791K | shares |
| MERRIMACK PHARMACEUTICALS INMERRIMACK PHARMACEUTICALS IN | 550,000 | $499K | principal |
How Q4 2013 was built
Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0001218558-14-000001 | base | 2014-02-11 | acceptance time not in the bulk data set |