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GRACE BROTHERS MANAGEMENT LLC

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13F filer, CIK 1218558, EVANSTON, IL

GRACE BROTHERS MANAGEMENT LLC reported $84,273,000 across 38 holdings for the quarter ended 2015-03-31, in a 13F-HR filed 2015-05-12. Its ten largest share positions make up 49.51% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001218558-15-000002

Period
2015-03-31
Reported value
$84.3M
Holdings
38
Top 10 weight
49.51%
New
10
Sold out
16

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ACTAVIS PLCnew+1,500$1.55M
SOUTHWESTERN ENERGY CO DEP …new+20,000$1.01M

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

SecurityShares changeApprox. value
BEAZER HOMES USA INCexited-40,000-$1.19M
Kindred Healthcare Incexited-1,000-$949K
PowerShares QQQ Trust Unit …reduced-900-$95.1K

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, Q1 2015

Share positions as resolved from 13F-HR 0001218558-15-000002, largest first. % of portfolio is the value over $84,273,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TYSON FOODSTYSON FOODSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: 37,000 shares; 2014Q4: 37,000 shares; 2015Q1: 37,000 shares 37,000$1.79M2.12%0
ACTAVIS PLCACTAVIS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: not reported; 2014Q4: not reported; 2015Q1: 1,500 shares 1,500$1.55M1.83%new
PowerShares QQQ Trust Unit …PowerShares QQQ Trust Unit SerQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 14,000 shares; 2014Q1: 15,000 shares; 2014Q2: 12,000 shares; 2014Q3: 10,800 shares; 2014Q4: 12,800 shares; 2015Q1: 11,900 shares 11,900$1.26M1.49%-900
CHESAPEAKE ENERGY CORPCHESAPEAKE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 1,300 shares; 2014Q1: 1,300 shares; 2014Q2: 1,300 shares; 2014Q3: 1,300 shares; 2014Q4: 1,300 shares; 2015Q1: 1,300 shares 1,300$1.13M1.34%0
SOUTHWESTERN ENERGY CO DEP …SOUTHWESTERN ENERGY CO DEP SHS 12…Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: not reported; 2014Q4: not reported; 2015Q1: 20,000 shares 20,000$1.01M1.2%new
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: 2,450 shares; 2014Q3: 2,450 shares; 2014Q4: 2,450 shares; 2015Q1: 2,450 shares 2,450$305K0.36%0Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 7,000 shares; 2014Q1: 7,000 shares; 2014Q2: 7,000 shares; 2014Q3: 7,000 shares; 2014Q4: 7,000 shares; 2015Q1: 7,000 shares 7,000$193K0.23%0Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
MYLAN INCMYLAN INC CORPORATE OBLIGprincipal2,000,000$8.88M0
SANDISK CORPSANDISK CORP CORPORATE OBLIGprincipal3,750,000$5.11M0
AMAG PHARMACEUTICALS INCAMAG PHARMACEUTICALS INC NOTE 2.500 2/1principal2,000,000$4.16Mnew
ANTHEM INCANTHEM INC NOTE 2.750%10/1principal1,900,000$3.92M-100,000
NOVELLUS SYS INCNOVELLUS SYS INC NOTE 2.625% 5/1principal1,750,000$3.59M-500,000
SUNE 2 10/01/18SUNE 2 10/01/18 Bond 30/360P2 Uprincipal2,000,000$3.44Mnew
DEALERTRACK TECHNOLOGIES INCDEALERTRACK TECHNOLOGIES INC NOTE 1.500% 3/1principal2,750,000$3.27M0
TESLA MOTORS INC 1.500TESLA MOTORS INC 1.500 NOTE 1.500% 6/0principal2,000,000$3.21M0
INTEL CORPINTEL CORP CORPORATE OBLIGprincipal2,000,000$3.16Mnew
VERISIGN INCVERISIGN INC CORPORATE OBLIGprincipal1,500,000$2.98M0
ICON 1.5 3/18ICON 1.5 3/18 Bond 30/360P2 Uprincipal2,250,000$2.69M0
VIPSHOP HLDGS LTDVIPSHOP HLDGS LTD NOTE 1.500% 3/1principal1,600,000$2.5M0
RADIAN GROUP INCRADIAN GROUP INC NOTE 2.250% 3/0principal1,550,000$2.48M0
MU 2.375 5/1/32MU 2.375 5/1/32 Bond 30/360P2 Uprincipal850,000$2.4M0
TRINITY INDS INCTRINITY INDS INC NOTE 3.875% 6/0principal1,500,000$2.34M0
ACORDA THERAPEUTICS INCACORDA THERAPEUTICS INC NOTE 1.750% 6/1principal2,000,000$2.04M+500,000
SPECTRANETICS CORPSPECTRANETICS CORP MTNF 2.625% 6/0principal1,500,000$1.94M0
SEACOR HOLDINGS INCSEACOR HOLDINGS INC NOTE 2.500%12/1principal1,750,000$1.79M0
TESARO INCTESARO INC NOTE 3.00010/0principal1,000,000$1.78Mnew
ALTRA HOLDINGS INCALTRA HOLDINGS INC NOTE 2.750% 3/0principal1,500,000$1.74M0
JARDEN CORPJARDEN CORP NOTE 1.87principal1,000,000$1.71Mnew
PFPT1.25 12/18PFPT1.25 12/18 Bond 30/360P2 Uprincipal1,000,000$1.59Mnew
GREEN PLAINS INCGREEN PLAINS INC NOTE 3.250%10/0principal1,000,000$1.5M0
QUIDEL CORPQUIDEL CORP NOTE 3.250%12/1principal1,250,000$1.36M0
CHENIERE ENERGY INCCHENIERE ENERGY INC NOTE 4.250% 3/1principal1,500,000$1.24Mnew
BOTTOMLINE TECH DEL INCBOTTOMLINE TECH DEL INC NOTE 1.500%12/0principal1,100,000$1.22M-330,000
NVDA 1 12/1/18NVDA 1 12/1/18 Bond 30/360P2 Uprincipal1,000,000$1.18Mnew
HWAY 1.5 7/18HWAY 1.5 7/18 Bond 30/360P2 Uprincipal1,000,000$1.17M0
ENVESTNET INCENVESTNET INC NOTE 1.75012/1principal865,000$969K+115,000
WEB COM GROUP INCWEB COM GROUP INC NOTE 1.000% 8/1principal1,000,000$923K0
TESLA INCTESLA INC NOTE 1.250% 3/0principal900,000$758K0

Sold out in Q1 2015

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
GILEAD SCIENCES INCGILEAD SCIENCES INC1,900,000$7.87Mprincipal
SALIX PHARMACEUTICAL 1.500SALIX PHARMACEUTICAL 1.5002,800,000$5.12Mprincipal
UNITED THERAPEUTICS CORP DELUNITED THERAPEUTICS CORP DEL1,500,000$4.07Mprincipal
SPANSION LLCSPANSION LLC1,500,000$3.72Mprincipal
HAWAIIAN HOLDINGS INCHAWAIIAN HOLDINGS INC1,000,000$3.32Mprincipal
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW2,000,000$2.49Mprincipal
Starwood Property Trust, In…Starwood Property Trust, Inc.1,500,000$1.65Mprincipal
M/I HOMES INCM/I HOMES INC1,175,000$1.39Mprincipal
BEAZER HOMES USA INCBEAZER HOMES USA INC40,000$1.19Mshares
J2 GLOBAL INCJ2 GLOBAL INC1,000,000$1.1Mprincipal
VECTOR GROUP LTDVECTOR GROUP LTD1,000,000$1.07Mprincipal
ASCENT CAP GROUP INCASCENT CAP GROUP INC1,250,000$1.03Mprincipal
APOLLO COML REAL EST FIN INCAPOLLO COML REAL EST FIN INC1,000,000$987Kprincipal
TTM TECHNOLOGIES INCTTM TECHNOLOGIES INC1,000,000$968Kprincipal
RENEWABLE ENERGY GROUP INCRENEWABLE ENERGY GROUP INC1,000,000$956Kprincipal
Kindred Healthcare IncKindred Healthcare Inc1,000$949Kshares

How Q1 2015 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).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001218558-15-000002 base2015-05-12acceptance time not in the bulk data set