# Capital Returns Management, LLC

> Institutional holdings reported to the SEC as of Q3 2020 on Form 13F. CIK 1525092. Source: https://holderbook.com/funds/1525092-capital-returns-management-llc/

- Reported value: $38.7M
- Positions: 12
- Weight of the ten largest: 94.9%
- Filed: 2020-11-16

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| WATFORD HOLDINGS LTD | [WTRE](https://holderbook.com/stocks/WTRE/) | $9.8M | 428,902 | 25.4% | 5 |
| ARGO GROUP INTL HLDGS LTD | [ARGO](https://holderbook.com/stocks/ARGO/) | $4.8M | 139,004 | 12.4% | 3 |
| FBL FINL GROUP INC | [FFG](https://holderbook.com/stocks/FFG/) | $3.6M | 74,107 | 9.2% | 1 |
| JAMES RIV GROUP LTD | [JRVR](https://holderbook.com/stocks/JRVR/) | $3.6M | 80,000 | 9.2% | 2 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $3.5M | 30,000 | 9.0% | 2 |
| PROSIGHT GLOBAL INC | [PROS](https://holderbook.com/stocks/PROS/) | $2.7M | 239,566 | 7.0% | 1 |
| PROTECTIVE INS CORP | [PTVCB](https://holderbook.com/stocks/PTVCB/) | $2.7M | 205,000 | 7.0% | 7 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $2.2M | 75,000 | 5.7% | 2 |
| VOYA FINANCIAL INC | [VOYA](https://holderbook.com/stocks/VOYA/) | $2.0M | 40,901 | 5.1% | 8 |
| ENSTAR GROUP LIMITED | [ESGR](https://holderbook.com/stocks/ESGR/) | $1.9M | 12,000 | 5.0% | 2 |
| RENAISSANCERE HLDGS LTD | [RNR](https://holderbook.com/stocks/RNR/) | $1.6M | 9,500 | 4.2% | 2 |
| PROTECTIVE INS CORP | [PTVCA](https://holderbook.com/stocks/PTVCA/) | $375.0K | 26,774 | 1.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2020 | +7.1% | +8.6% | -1.5% | 82% |
| Q2 2020 | +9.1% | +19.6% | -10.5% | 100% |
| Q1 2020 | -30.6% | -19.9% | -10.7% | 91% |
| Q4 2019 | +4.4% | +8.5% | -4.0% | 100% |
| Q3 2019 | +0.7% | +1.3% | -0.5% | 100% |
| Q2 2019 | +7.1% | +3.7% | +3.4% | 100% |
| Q1 2019 | +3.8% | +13.0% | -9.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2020 | $38.7M | 12 |
| Q2 2020 | $43.4M | 11 |
| Q1 2020 | $39.3M | 13 |
| Q4 2019 | $54.9M | 15 |
| Q3 2019 | $60.6M | 14 |
| Q2 2019 | $175.6M | 23 |
| Q1 2019 | $186.7M | 24 |
| Q4 2018 | $179.1M | 21 |