Conifer Management, LLC 13F holdings and portfolio analysis
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Baseline
Analyse-NachrichtenVorbereitete Q&A zu diesem Fonds. Als Referenzkontext für Ihre eigene Analyse verwenden.
Directly following the baseline means accepting very high concentration in a small set of cyclical and financial names. The baseline top 5 holdings are 96.77% of the portfolio, with GPI at 31.4%, EQH at 28.11%, LAD at 18.67%, BUR at 15.22%, and SDHC at 3.37%. Sector exposure is similarly concentrated: Consumer Discretionary is 53.44%, Financials 43.33%, and Information Technology only 3.23%. The upside is differentiated market exposure, with beta of 0.6 and positive alpha of 0.43, but the structure makes outcomes heavily dependent on a handful of holdings after a reporting lag.
The recent baseline periods that best show the trade-off are 2024-12-31, 2025-03-31, and 2025-06-30. In 2024-12-31 the baseline lost only -0.81% while SPY lost -3.63%, producing +2.81% excess return, which highlights downside resilience. But in 2025-03-31 the portfolio returned 1.07% versus SPY’s 9.22% for -8.15% excess, and in 2025-06-30 it lost -5.35% while SPY gained 4.2%, a -9.55% excess gap. Those periods capture the pattern of lower-beta protection in some drawdowns but weak participation in stronger benchmark rallies.
Before accepting the baseline, a user should inspect concentration stability, turnover spikes, and filing-lag sensitivity. Concentration is extreme, with top5 at 96.77%, so even small thesis breaks in GPI, EQH, LAD, or BUR can materially change outcomes. Turnover is not always low: the turnoverSeries hit 70.33 in 2019-12-31, 38.49 in 2022-03-31, and 20.53 in 2023-06-30, which means live implementation may differ from a static 13F copy. The artifact also warns that the backtest covers only 24 periods and that positions may be stale by effective trade dates, so checking holding-level change timing is essential.