By: Manisha Sethi Aug. 23, 2018

Oribel Capital Management, LP reported its SEC 13F filings on May 15, 2018 and showed an increase in portfolio value by 78.44% to $536.32 million compared to the previous quarter. The investor reported a total of 51 holdings this quarter that consist of 15 new stocks. The top 10 holdings account for 37.98% of the portfolio. The top 2 holdings  Visa Inc (V) and DST Systems Inc. account for 5.32% and 4.51% of the portfolio respectively. Oribel Capital Management, LP is an investment management firm that was founded in 2015 by Adam Brenner, Greg Brenner, and Mikal Patel and is based in New York. The firm invests in various sectors and its largest shareholding of 61.1% is concentrated in the technology sector.

According to an analysis by Raltin, 59.41% or 41 new stock purchases by Oribel Capital Management, LP outperform the S&P 500, whereas 11 new purchases  underperform the S&P 500 by more than 20% from Q1 2014 to Q1 2018. Details of Raltin’s methodology are available here. The following table lists the total number of new stock purchases and the various S&P outperformance categories.

S&P outperformance categoryNumber of new stock purchasesTotal new purchases (%)
>20%2231.88
10-20%811.59
0-10%1115.94
-10-0%1521.74
-20 to -10%22.9
<-20%1115.94
Total stocks69


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Oribel Capital Management, LP bought 15 new stocks this quarter from various sectors. SS&C Technologies Holdings, Inc. and Aon Plc are the largest shareholdings in new stocks category for this quarter and form 4.47% and 3.15% of the portfolio value. The following table lists the investor’s new purchases for Q1 2018.

StocksNumber of sharesHolding value ($1,000)
SS&C Technologies Holdings, Inc. (SSNC)446,80023,966
Worldplay Inc. (WP)232,90019,154
Aon Plc (AON)120,50016,910
Aramark (ARMK)426,40016,868
Global Payments Inc. (GPN)149,50016,673
Equinix, Inc. (EQIX)35,00014,635
Microchip Technology Inc. (MCHP)157,20014,361
Verizon Communications Inc. (VZ)252,90012,094
Adobe Systems Inc. (ADBE)54,30011,733
MasterCard Incorporated (MA)65,70011,508
Salesforce.com, Inc. (CRM)81,3009,455
Analog Devices, Inc. (ADI)103,1009,396
Netflix, Inc. (NFLX)7,7002,274
Teradyne, Inc. (TER)46,0002,103
Microsemi Corp. (MSCC)11,600751

The next table shows the investor’s portfolio value for the past 2 quarters starting from 2017 Q1 along with the top 3 holdings in each period that outperform the S&P 500 IRR. Several new purchases including Alibaba Group (BABA), MasterCard Incorporated (MA), Adobe Systems (ADBE), and TriNet Group (TNET) have been extremely successful.

PeriodTotal portfolio value ($Mn)Top holdings (ticker, % of IRR difference from S&P 500)
Q1 2017608.17Alibaba Group Holding Limited (BABA, 58.8), MasterCard Incorporated (MA, 44.27), S&P Global Inc. (SPGI, 34.63)
Q4 2016531.96TriNet Group, Inc. (TNET, 53.89), Adobe Systems, Inc. (ADBE, 51.02), Teradyne, Inc. (TER, 45.63)