GRACE BROTHERS MANAGEMENT LLC
Follow13F filer, CIK 1218558, EVANSTON, IL
GRACE BROTHERS MANAGEMENT LLC reported $113,611,000 across 46 holdings for the quarter ended 2014-06-30, in a 13F-HR filed 2014-08-11. Its ten largest share positions make up 47.8% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001218558-14-000004
- Period
- 2014-06-30
- Reported value
- $114M
- Holdings
- 46
- Top 10 weight
- 47.8%
- New
- 19
- Sold out
- 19
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| POST 5 1/4 06/01/17new | +20,000 | $2.13M |
| Spire Incnew | +20,000 | $1.06M |
| AMSURG CORPnew | +10,000 | $1.01M |
| AAPLnew | +2,450 | $228K |
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 |
|---|---|---|
| CROWN CASTLE CNV PFDexited | -25,500 | -$2.58M |
| HEALTH CARE REIT INC CONV 6…exited | -42,500 | -$2.36M |
| ARCELORMITTALexited | -40,000 | -$959K |
| PPL CORPexited | -14,400 | -$788K |
| PowerShares QQQ Trust Unit …reduced | -3,000 | -$282K |
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, Q2 2014
Share positions as resolved from 13F-HR 0001218558-14-000004, largest first. % of portfolio is the value over $113,611,000, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| POST 5 1/4 06/01/17POST 5 1/4 06/01/17 | 20,000 | $2.13M | 1.87% | new | |||
| CHESAPEAKE ENERGY CORPCHESAPEAKE ENERGY CORP | 1,300 | $1.65M | 1.45% | 0 | |||
| PowerShares QQQ Trust Unit …PowerShares QQQ Trust Unit Ser | 12,000 | $1.13M | 0.99% | -3,000 | |||
| Spire IncSpire Inc | 20,000 | $1.06M | 0.93% | new | |||
| AMSURG CORPAMSURG CORP | 10,000 | $1.01M | 0.89% | new | |||
| ENERGY XXI BERMUDA LTD CONV…ENERGY XXI BERMUDA LTD CONV PFD $… | 3,500 | $966K | 0.85% | 0 | |||
| AAPLAPPLE INC | 2,450 | $228K | 0.2% | new | Timeline | ||
| CSCOCISCO SYS INC | 7,000 | $174K | 0.15% | 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 | 2,400,000 | $8.75M | 0 |
| SANDISK CORPSANDISK CORP CORPORATE OBLIG | principal | 4,250,000 | $8.71M | +1,000,000 |
| MYLAN INCMYLAN INC CORPORATE OBLIG | principal | 1,500,000 | $5.82M | 0 |
| TESLA MOTORS INC 1.500TESLA MOTORS INC 1.500 NOTE 1.500% 6/0 | principal | 2,750,000 | $5.57M | 0 |
| MU 2.375 5/1/32MU 2.375 5/1/32 Bond 30/360P2 U | principal | 1,550,000 | $5.34M | -1,100,000 |
| SALIX PHARMACEUTICAL 1.500SALIX PHARMACEUTICAL 1.500 NOTE 1.500% 3/ | principal | 2,500,000 | $4.92M | 0 |
| RADIAN GROUP INCRADIAN GROUP INC NOTE 2.250% 3/0 | principal | 2,800,000 | $4.21M | 0 |
| DEALERTRACK TECHNOLOGIES INCDEALERTRACK TECHNOLOGIES INC NOTE 1.500% 3/1 | principal | 2,750,000 | $3.69M | 0 |
| GT Advanced Technologies In…GT Advanced Technologies Inc. CONV | principal | 2,100,000 | $3.67M | 0 |
| HAWAIIAN HOLDINGS INCHAWAIIAN HOLDINGS INC NOTE 5.000% 3/1 | principal | 2,000,000 | $3.61M | +1,000,000 |
| UNITED THERAPEUTICS CORP DELUNITED THERAPEUTICS CORP DEL NOTE 1.000% 9/1 | principal | 1,750,000 | $3.3M | +750,000 |
| CHART INDUSTRIES INCCHART INDUSTRIES INC NOTE | principal | 2,250,000 | $3.14M | -1,000,000 |
| XPO LOGISTICS INCXPO LOGISTICS INC NOTE | principal | 1,500,000 | $2.79M | new |
| GREENBRIER COS INCGREENBRIER COS INC NOTE 3.500% 4/0 | principal | 1,650,000 | $2.77M | new |
| ACORDA THERAPEUTICS INCACORDA THERAPEUTICS INC NOTE 1.750% 6/1 | principal | 2,500,000 | $2.61M | new |
| ICON 1.5 3/18ICON 1.5 3/18 Bond 30/360P2 U | principal | 1,750,000 | $2.56M | new |
| INSULET CORPINSULET CORP NOTE 2.000% 6/1 | principal | 2,000,000 | $2.22M | new |
| TTM TECHNOLOGIES INCTTM TECHNOLOGIES INC NOTE 1.750%12/1 | principal | 2,000,000 | $2.19M | 0 |
| ALTRA HOLDINGS INCALTRA HOLDINGS INC NOTE 2.750% 3/0 | principal | 1,500,000 | $2.17M | 0 |
| CIE 3.125 05/24CIE 3.125 05/24 Bond 30/360P2 U | principal | 1,750,000 | $1.89M | new |
| VIPSHOP HLDGS LTDVIPSHOP HLDGS LTD NOTE 1.500% 3/1 | principal | 1,600,000 | $1.89M | 0 |
| SUNPOWER CORPSUNPOWER CORP DBCV 4.500% 3/1 | principal | 1,000,000 | $1.84M | new |
| VERINT SYS INCVERINT SYS INC NOTE 1.500% 6/0 | principal | 1,750,000 | $1.8M | new |
| BOTTOMLINE TECH DEL INCBOTTOMLINE TECH DEL INC NOTE 1.500%12/0 | principal | 1,430,000 | $1.69M | 0 |
| AK STL CORPAK STL CORP NOTE 5.000%11/1 | principal | 1,000,000 | $1.66M | -500,000 |
| ANTHEM INCANTHEM INC NOTE 2.750%10/1 | principal | 1,000,000 | $1.54M | new |
| ANW 4 11/1/18ANW 4 11/1/18 Bond 30/360P2 U | principal | 1,500,000 | $1.53M | 0 |
| VERISIGN INCVERISIGN INC CORPORATE OBLIG | principal | 1,000,000 | $1.51M | 0 |
| INTERMUNE INCINTERMUNE INC NOTE 2.500% 9/1 | principal | 1,000,000 | $1.5M | new |
| M/I HOMES INCM/I HOMES INC NOTE 3.250% 9/1 | principal | 1,175,000 | $1.48M | 0 |
| WALTER INVESTMENT MANAGEMENTWALTER INVESTMENT MANAGEMENT CNV | principal | 1,500,000 | $1.39M | new |
| ASCENT CAP GROUP INCASCENT CAP GROUP INC NOTE 4.000 7/1 | principal | 1,250,000 | $1.18M | 0 |
| Starwood Property Trust, In…Starwood Property Trust, Inc. CONV | principal | 1,000,000 | $1.15M | new |
| RENEWABLE ENERGY GROUP INCRENEWABLE ENERGY GROUP INC NOTE 2.750 6/1 | principal | 1,000,000 | $1.1M | new |
| HWAY 1.5 7/18HWAY 1.5 7/18 Bond 30/360P2 U | principal | 1,000,000 | $1.1M | new |
| VECTOR GROUP LTDVECTOR GROUP LTD FRNT 4/1 | principal | 1,000,000 | $1.07M | 0 |
| J2 GLOBAL INCJ2 GLOBAL INC NOTE 3.250% 6/1 | principal | 1,000,000 | $1.02M | new |
| TESLA INCTESLA INC NOTE 1.250% 3/0 | principal | 900,000 | $875K | 0 |
Sold out in Q2 2014
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| RYLAND GROUP INCRYLAND GROUP INC | 3,000,000 | $4.29M | principal |
| SOLARCITY CORPSOLARCITY CORP | 2,000,000 | $2.58M | principal |
| CROWN CASTLE CNV PFDCROWN CASTLE CNV PFD | 25,500 | $2.58M | shares |
| HEALTH CARE REIT INC CONV 6…HEALTH CARE REIT INC CONV 6.50 | 42,500 | $2.36M | shares |
| JARDEN CORPJARDEN CORP | 1,500,000 | $2.09M | principal |
| XPO LOGISTICS INCXPO LOGISTICS INC | 1,000,000 | $1.88M | principal |
| GROUP 1 AUTOMOGROUP 1 AUTOMO | 1,000,000 | $1.86M | principal |
| GROUP 1 AUTOMOTIVE INCGROUP 1 AUTOMOTIVE INC | 1,500,000 | $1.82M | principal |
| AMAG PHARMACEUTICALS INCAMAG PHARMACEUTICALS INC | 1,750,000 | $1.78M | principal |
| RTI INTL METALS INCRTI INTL METALS INC | 1,750,000 | $1.72M | principal |
| AMERICAN RLTY CAP PPTYS INCAMERICAN RLTY CAP PPTYS INC | 1,500,000 | $1.59M | principal |
| BLACKSTONE MTG TR INCBLACKSTONE MTG TR INC | 1,000,000 | $1.11M | principal |
| OMNICAREOMNICARE | 1,000,000 | $1.02M | principal |
| RESOURCE CAP CORPRESOURCE CAP CORP | 1,000,000 | $996K | principal |
| RAS 4 10/1/33RAS 4 10/1/33 | 1,000,000 | $983K | principal |
| ARCELORMITTALARCELORMITTAL | 40,000 | $959K | shares |
| ANR 4.875 12/20ANR 4.875 12/20 | 1,000,000 | $824K | principal |
| PPL CORPPPL CORP | 14,400 | $788K | shares |
| APPLE INCAPPLE INC | 500 | $268K | shares |
How Q2 2014 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 0001218558-14-000004 | base | 2014-08-11 | acceptance time not in the bulk data set |