Steelhead Partners’ Return, AUM, and Holdings

The largest position the fund disclosed having on September 30, 2018, was in Globalstar, Inc. (NYSEAMERICAN:GSAT), a satellite communications company. The fund reported owning 32. 51 million Globalstar’s shares that were valued $16.52 million. Since the beginning of the year the company’s stock lost 67.97% and it is currently trading $0.41. There were 22 smart money investors from Insider Monkey’s database long Globalstar, Inc at the end of the third quarter, up from 19 at the end of June. The second largest long position in Steelhead Partners’ equity portfolio was in Oaktree Strategic Income Corporation (NASDAQ:OCSI), a specialty finance company, with the fund holding 226,519 shares that were worth $1.96 million. And, the third biggest position in the fund’s portfolio at the end of the third quarter was in Blackrock Capital Investment Corp (NASDAQ:BKCC) holding 307,377 shares with a value of $1.81 million.

Steelhead Partners initiated only one new long position during the third quarter of 2018, and that was in the BlackRock TCP Capital Corp (NASDAQ: TCPC). The fund purchased 25,612 shares outstanding, which were valued $364 million. BlackRock TCP Capital Corp is a management investment company, and over the past 12 months its stock has lost 8.49%, and at the moment of writing, it is trading at $13.79. There were 10 smart money investors from Insider Monkey’s database that were long this stock at the end of Q3 2018, up by one from Q2 2018.

During the third quarter of 2018, Steelhead Partners lost faith in several companies that were in its portfolio and completely sold out its positions. Among those companies were Arch Coal Inc (NYSE:ARCH), Mosaic Co (NYSE:MOS), and Centurylink Inc (NYSE:CTL). The fund dumped a position in Arch Coal that included 140,535 shares with a value of $11.02 million; in Mosaic, that counted 179,420 shares that were worth around $5.03 million, whereas the fund’s position in Centurylink was worth $6.97 million, on the account of 373,949 shares, before it sold it out.

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This article was originally published at Insider Monkey.