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  • Additional attributes Short
  • Strategy Stocks
Cable Car Capital invests globally in public companies. The firm screens public companies using an intensive, fundamental research process that seeks to identify mispriced securities using a value-oriented approach with a multi-year time horizon. Cable Car Capital capitalizes opportunistically on shorter-term or special situation (e.g. spinoffs, reorganizations, merger arbitrage) opportunities while maintaining a concentrated core portfolio of contrarian/out-of-favor but high-quality longs and over-hyped or mismanaged single-name shorts.
For non-U.S. public companies, Cable Car utilizes American Depository Receipts which are called ADRs. These are receipts of shares of foreign companies that trade on the U.S. stock market exchanges.
Cable Car Capital looks for investment opportunities in assets priced below intrinsic value, irrespective of whether or not they have a low multiple. The firm treats each long or short stock selection as a discrete investment in its’ hedged long/short portfolio. Cable Car seeks to invest in situations with a favorably skewed risk/reward profile, ideally with a margin of safety and in which it has a differentiated view from other market participants.

Cable Car Capital conducts detailed bottom-up financial analysis of companies and industries through careful reading of public filings, questioning of management, discussion with industry experts, and financial forecasting. Cable Car observes assets over time and seeks attractive entry points at inflection points in the business.
Cable Car’s portfolio is concentrated and typically holds 5-10 long positions and  10-15 short positions. No single holding will represent more than 30% of net assets. Gross and net exposure, cash allocation, and number of holdings are functions of idea flow rather than target weightings. As a result, Cable Car may hold fewer positions. In general, Cable Car Capital maintains a net long bias and smaller individual position sizes on the short side. Position size is based on conviction and valuation.
Cable Car Capital closes positions that have reached its estimate of fair value, where the risk/reward tradeoff is no longer acceptable, or where events have disproven the underlying thesis. The firm also opportunistically takes advantage of unwarranted price changes to adjust position weightings.
None.

Portfolio Manager performance

-0.1%

Last 30 days

30D

-5.9%

Last 90 days

90D

3.3%

Last 365 days

365D

Quarterly vs S&P500

Quarterly vs S&P500

Risk score

  • 18.7%

    Best quarter

  • -4.7%

    Worst quarter

    • 1.5% fee
    • $30,000 min
  • Required: Margin account

Portfolio Manager performance graph

All performance information on this page is based on the performance of the Portfolio Manager’s account. Client performance may differ. Client account performance is displayed on the client dashboard.

Performance Portfolio inception August 22, 2013

as of July 20, 2017 Manager (net of fees ) S&P 500
Last 30 days -0.1% 1.5%
Last 90 days -5.9% 5.3%
Last 365 Days 3.3% 13.8%
Since inception (Annualized) 14.7% 10.8%
2017 (YTD) -0.7% 10.5%
2016 9.2% 9.5%
2015 26.6% -0.7%
2014 3.9% 11.4%

Risk metrics Last 365 days

as of July 20, 2017 Manager (net of fees ) S&P 500
Volatility 13.9% 8.1%
Sharpe Ratio 0.16 1.57
Sortino Ratio 0.25 2.18
Maximum Drawdown -9.1% -4.8%
Value-at-risk (95%, 1 week) -3.2% -1.9%
vs. S&P 500
Information Ratio -0.67
Alpha 3.0%
Beta 0.09
R-Squared 0.00

Exposure

20.3%
-5.6%
-3.6%
-3.0%
2.5%
  • Consumer, Non-cyclical
  • Diversified
  • Consumer, Cyclical
  • Financial
  • Technology

Top 5 securities

20.3%
-5.6%
4.9%
-3.6%
-2.4%
View all

Portfolio commentary

  1. Profile Picture Trump Trade December 01, 2016

    A new US administration means new regulatory priorities

  2. Profile Picture Unlocking home security giant ADT's value March 08, 2016
  3. Profile Picture Spiritual investing lessons from India January 15, 2016
  4. Profile Picture Portfolio adjustments in a turbulent market November 18, 2015
  5. Profile Picture Another reason US healthcare costs are soaring October 15, 2015
Show more

Latest transactions Average trades per month 10.5

Executed Symbol Security Type Price
July 17, 2017 RTRX Retrophin Inc Sell $19.40
July 17, 2017 OMNT Ominto Inc Sell short $10.22
June 30, 2017 DVMT Dell Technologies Inc Class V Buy $61.03
June 30, 2017 ZN Zion Oil & Gas Inc Sell short $3.16
June 30, 2017 WRLD World Acceptance Corp Buy $74.00
June 12, 2017 OWCP OWC Pharmaceutical Research Corp Buy $0.62
May 31, 2017 RTRX Retrophin Inc Buy $15.75
May 31, 2017 RTRX Retrophin Inc Buy $15.78
View all

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Important Information

  1. Past performance is no guarantee of future results, and all investments, including those in this portfolio, involve the risk of loss, including loss of principal and a reduction in earnings.  
  2. All performance information on this page is based on the performance of the Portfolio Manager’s account, using the manager’s own funds. Portfolio Manager’s pre-IB Asset Management performance information may include performance of non-IB Asset Management client accounts. Performance of the Portfolio Manager's account is calculated by IB Asset Management on a daily time-weighted basis, including cash, dividends and earnings distributions and reflects the deduction of broker commissions. Manager returns include trades and positions that fail IB Asset Management's trading rules, as a result, actual client returns will differ. IB Asset Management advisory fees are simulated and applied retroactively to present the portfolio return "net-of-fees".
  3. None of the performance information displayed on this page is based on the actual performance of any IB Asset Management client account investing in this portfolio. The performance in an IB Asset Management client account invested in this portfolio may differ (i.e., be lower or higher) from the Portfolio Manager’s account performance based on any trading restrictions imposed by the client (resulting in different account holdings), time of initial investment, amount of investment, frequency and size of cash flows in and out of the client account, applicable brokerage commissions, and different corporate actions. Clients investing in this portfolio may view the actual performance of their investment in this portfolio by logging into their IB Asset Management account and reviewing their customized dashboard.
  4. All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by IB Asset Management, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
  5. The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither IB Asset Management nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
  6. Benchmark returns displayed have been calculated by IB Asset Management using daily benchmark prices and do not include dividend income. More information here. For certain portfolios IB Asset Management uses an index as a benchmark, while for others it uses an investable exchange traded fund (ETF) as a benchmark. Index returns do not reflect the deduction of any management fees, transaction costs or expenses. Individuals cannot invest directly in an index. Investable ETF returns reflect the deduction of (i.e., are net of) management fees, transaction costs and expenses.
  7. All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of IB Asset Management has been provided by the Portfolio Manager. IB Asset Management makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of IB Asset Management. Transaction history of Portfolio Managers is available upon request. Portfolio classifications are provided by IB Asset Management, and are intended to serve as a general guide.
  8. Not all transactions listed will appear in accounts due to IB Asset Management's trading rules and individual client constraints. Eligibility of these securities is monitored periodically, and may change over time. Actual client investment holdings may vary.
  9. The Portfolio Manager could use short selling to manage this portfolio. Short selling is more complex than simply owning securities, involves a high degree of risk, is highly speculative, and is not suitable for all investors. The risk of loss associated with short selling is virtually unlimited. Short selling may also involve additional expenses and risks, including hard-to-borrow stock charges and buy-in risk. You should only select a portfolio using short selling if you are comfortable with the level of risk involved in short selling.
  10. The Portfolio Manager could use borrowed funds or leverage to fund investments in this portfolio. Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value. Leverage involves a high degree of risk, is highly speculative, and is not suitable for all investors. Leverage increases both the amount you may lose and the amount you may make in a portfolio, leading to higher returns in the case of favorable market movements but also larger losses under adverse market conditions. You may also incur additional expenses associated with borrowing funds. You should only select a portfolio using leverage if you are comfortable with the level of risk involved in using leverage.