NPORT-EX 2 ottercreek.htm OTTER CREEK LONG/SHORT OPPORTUNITY FUND 1/31/23 PART F EXHIBIT HTML

Otter Creek Long/Short Opportunity Fund
  
       
SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited)
      
Shares
  
 
  
  
Value
  
COMMON STOCKS: 65.0%
        
Asset Management & Custody Banks: 4.8%
        
 
260,054
  
Blackstone Secured Lending Fund
    
$
6,397,328
  
 
231,191
  
Blue Owl Capital, Inc. - Class A
      
2,908,383
  
             
9,305,711
  
Building Products: 4.3%
          
 
89,300
  
Carrier Global Corp.
      
4,065,829
  
 
60,359
  
Johnson Controls International PLC
      
4,199,176
  
             
8,265,005
  
Construction & Engineering: 5.4%
          
 
35,161
  
Ameresco, Inc. - Class A 1
      
2,266,830
  
 
33,317
  
Jacobs Solutions, Inc.
      
4,116,315
  
 
27,375
  
Quanta Services, Inc.
      
4,166,201
  
             
10,549,346
  
Copper: 1.0%
          
 
42,000
  
Freeport-McMoRan, Inc.
      
1,874,040
  
                 
Data Processing & Outsourced Services: 2.1%
          
 
18,000
  
Visa, Inc. - Class A
      
4,143,780
  
                 
Diversified Metals & Mining: 5.0%
          
 
228,000
  
Glencore PLC - ADR
      
3,039,240
  
 
64,000
  
Newmont Goldcorp Corp.
      
3,387,520
  
 
40,000
  
Rio Tinto PLC - ADR
      
3,174,000
  
             
9,600,760
  
Electrical Components & Equipment: 3.4%
          
 
18,300
  
Eaton Corp PLC
      
2,968,443
  
 
254,426
  
Vertiv Holdings Co.
      
3,617,938
  
             
6,586,381
  
Electronic Equipment & Instruments: 1.3%
          
 
7,680
  
Zebra Technologies Corp. - Class A 1
      
2,428,262
  
                 
Electronic Manufacturing Services: 1.9%
          
 
160,009
  
Flex Ltd. 1
      
3,736,210
  
                 
Fertilizers & Agricultural Chemicals: 2.4%
          
 
72,000
  
Corteva, Inc.
      
4,640,400
  
                 
Financial Exchanges & Data: 2.2%
          
 
40,000
  
Intercontinental Exchange, Inc.
      
4,302,000
  
                 
Financial Services: 1.2%
          
 
330,526
  
E2open Parent Holdings, Inc. - Class A 1
      
2,280,630
  
                 
Health Care Equipment: 4.8%
          
 
64,000
  
Hologic, Inc. 1
      
5,207,680
  
 
48,000
  
Medtronic Plc
      
4,017,120
  
             
9,224,800
  
Homefurnishing Retail: 1.8%
          
 
11,200
  
RH 1
      
3,494,288
  
                 
Insurance Brokers: 3.1%
          
 
19,200
  
Arthur J Gallagher & Co.
      
3,757,824
  
 
80,521
  
BRP Group, Inc. - Class A 1
      
2,306,927
  
             
6,064,751
  
Integrated Telecommunication Services: 4.4%
          
 
202,000
  
AT&T, Inc.
      
4,114,740
  
 
331,143
  
Radius Global Infrastructure, Inc. - Class A 1
      
4,460,496
  
             
8,575,236
  
Internet Software & Services: 1.2%
          
 
22,870
  
Alphabet, Inc. - Class A 1
      
2,260,471
  
                 
Investment Banking & Brokerage: 4.4%
          
 
18,261
  
LPL Financial Holdings, Inc.
      
4,330,048
  
 
43,000
  
Morgan Stanley
      
4,185,190
  
             
8,515,238
  
Life Sciences Tools & Services: 1.2%
          
 
94,000
  
Avantor, Inc. 1
      
2,246,600
  
                 
Oil & Gas Equipment & Services: 1.5%
          
 
70,000
  
Halliburton Co.
      
2,885,400
  
                 
Pharmaceuticals: 1.5%
          
 
46,000
  
AstraZeneca PLC - ADR
      
3,007,020
  
                 
Property & Casualty Insurance: 1.9%
          
 
54,000
  
W R Berkley Corp.
      
3,787,560
  
                 
Semiconductor Equipment: 0.9%
          
 
32,870
  
Azenta, Inc. 1
      
1,837,433
  
                 
Semiconductors: 1.1%
          
 
11,900
  
NXP Semiconductors NV
      
2,193,289
  
                 
Technology Hardware, Storage & Peripherals: 1.7%
          
 
109,197
  
Avid Technology, Inc. 1
      
3,309,761
  
                 
Thrifts & Mortgage Finance: 0.3%
          
 
25,057
  
HMN Financial, Inc.
      
546,994
  
                 
TOTAL COMMON STOCKS
          
(Cost $114,392,484)
      
125,661,366
  
                 
PREFERRED STOCKS: 2.1%
          
Trading Companies & Distributors: 2.1%
          
 
147,686
  
WESCO International, Inc., 10.625%
      
4,017,059
  
TOTAL PREFERRED STOCKS
          
(Cost $3,959,314)
      
4,017,059
  
                 
Principal Amount
  
 
 
        
CORPORATE BONDS: 16.5%
          
Asset Management & Custody Banks: 1.9%
          
$
2,000,000
  
BlueLinx Holdings, Inc.
          
     
 6.000%, 11/15/2029
      
1,775,550
  
 
2,000,000
  
Owl Rock Capital Corp.
          
     
 4.250%, 1/15/2026
      
1,882,819
  
             
3,658,369
  
Electrical Components & Equipment: 3.0%
          
 
6,750,000
  
Vertiv Group Corp.
          
     
 4.125%, 11/15/2028
      
5,855,974
  
                 
Investment Banking & Brokerage: 1.2%
          
 
2,785,000
  
Goldman Sachs Capital II
          
     
5.793% (3 Month LIBOR + 0.077%), 3/3/2023 2,3
      
2,238,444
  
                 
Oil & Gas Storage & Transportation: 4.1%
          
 
8,000,000
  
Hess Midstream Operations LP
          
     
 5.625%, 2/15/2026
      
7,911,560
  
                 
Packaged Foods & Meats: 2.0%
          
 
4,000,000
  
Tenet Healthcare Corp.
          
     
 4.875%, 1/1/2026
      
3,900,500
  
                 
Research & Consulting Services: 4.3%
          
 
9,500,000
  
Clarivate Science Holdings Corp.
          
     
 4.875%, 7/1/2029
      
8,372,065
  
                 
TOTAL CORPORATE BONDS
          
(Cost $30,849,634)
      
31,936,912
  
                 
CONVERTIBLE BONDS: 1.1%
          
 
200,000
  
MGIC Investment Corp.
          
     
 9.000%, 4/1/2063
      
273,245
  
 
2,000,000
  
Radius Global Infrastructure, Inc.
          
     
 2.500%, 9/15/2026
      
1,852,500
  
TOTAL CONVERTIBLE BONDS
          
(Cost $1,816,760)
      
2,125,745
  
                 
U.S. GOVERNMENT NOTES/BONDS: 10.6%
          
 
17,000,000
  
2.500%, 5/15/2024
      
16,546,445
  
 
4,000,000
  
2.500%, 5/31/2024
      
3,891,094
  
TOTAL U.S. GOVERNMENT NOTES/BONDS
          
(Cost $20,454,756)
      
20,437,539
  
                 
Shares
  
 
 
        
EXCHANGE-TRADED FUNDS: 1.0%
          
Gold: 1.0%
          
 
11,000
  
SPDR Gold Shares 1
      
1,973,510
  
TOTAL EXCHANGE-TRADED FUNDS
          
(Cost $1,911,030)
      
1,973,510
  
                 
SHORT-TERM INVESTMENTS: 2.6%
          
Money Market Funds: 2.6%
          
 
5,068,007
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 4.439% 4
      
5,068,007
  
TOTAL SHORT-TERM INVESTMENTS
          
(Cost $5,068,007)
      
5,068,007
  
                 
TOTAL MISCELLANEOUS SECURITIES: 1.3% 5
Notional Amount
        
(Cost $3,498,532)
$
  99,194,767    
2,438,948
  
                 
TOTAL INVESTMENTS IN SECURITIES: 100.0%
          
(Cost $181,353,936)
      
193,659,086
  
Liabilities in Excess of Other Assets: (0.2)%
      
(342,664
)
TOTAL NET ASSETS: 100.0%
    
$
193,316,422
  

 
ADR - American Depositary Receipt
            
 
LIBOR - London Interbank Offered Rate
    
       
   
1 
Non-income producing security.
              
   
2 
Variable rate security; rate shown is the rate in effect on January 31, 2023. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
      
 
   
3 
Perpetual call date security. Date shown is next call date.
          
   
4 
Annualized seven-day effective yield as of January 31, 2023.
                
   
5 
Represents unrestricted previously undisclosed exchange-traded purchased options which the Otter Creek Long/Short Opportunity Fund (the “Fund”) has held for less than one year.
                

 
Otter Creek Long/Short Opportunity Fund
  
   
SCHEDULE OF SECURITIES SOLD SHORT at January 31, 2023 (Unaudited) 1
  
Shares
 
  
Value
  
COMMON STOCKS: 35.4%
      
Advertising: 1.1%
      
 
58,000
  
The Interpublic Group of Companies, Inc.
  
$
2,114,680
  
               
Apparel Retail: 1.0%
        
 
8,500
  
Burlington Stores, Inc.
    
1,953,555
  
               
Apparel, Accessories & Luxury Goods: 2.0%
        
 
12,400
  
Lululemon Athletica, Inc.
    
3,805,312
  
               
Application Software: 1.8%
        
 
15,600
  
Ceridian HCM Holding, Inc.
    
1,127,568
  
 
8,300
  
PTC, Inc.
    
1,119,504
  
 
15,000
  
Zoom Video Communications, Inc. - Class A
    
1,125,000
  
           
3,372,072
  
Asset Management & Custody Banks: 4.3%
        
 
25,000
  
Ares Management Corp. 2
    
2,074,750
  
 
5,200
  
BlackRock, Inc.
    
3,947,892
  
 
24,300
  
Blackstone, Inc. - Class A
    
2,331,828
  
           
8,354,470
  
Building Products: 0.5%
        
 
13,300
  
AAON, Inc.
    
1,015,056
  
               
Data Processing & Outsourced Services: 2.2%
        
 
26,000
  
Paychex, Inc.
    
3,012,360
  
 
15,000
  
Square, Inc.
    
1,225,800
  
           
4,238,160
  
Diversified Support Services: 1.0%
        
 
4,400
  
Cintas Corp.
    
1,952,456
  
               
Electrical Components & Equipment: 1.8%
        
 
9,000
  
Rockwell Automation, Inc.
    
2,538,270
  
 
35,000
  
Sunrun, Inc.
    
919,800
  
           
3,458,070
  
Environmental & Facilities Services: 1.0%
        
 
13,000
  
Waste Management, Inc.
    
2,011,490
  
               
Food Retail: 0.6%
        
 
37,000
  
Grocery Outlet Holding Corp.
    
1,124,430
  
               
Health Care Equipment: 1.5%
        
 
11,500
  
Stryker Corp.
    
2,918,815
  
               
Home Improvement Stores: 1.6%
        
 
9,300
  
The Home Depot, Inc.
    
3,014,781
  
               
Industrial Conglomerates: 1.0%
        
 
25,000
  
General Electric Co.
    
2,012,000
  
               
Industry Machinery: 1.2%
        
 
9,600
  
IDEX Corp.
    
2,300,928
  
               
Internet & Direct Marketing Retail: 0.6%
        
 
19,700
  
DoorDash, Inc. - Class A
    
1,141,024
  
               
Internet Retail: 1.1%
        
 
21,000
  
Amazon.com, Inc.
    
2,165,730
  
               
IT Consulting & Other Services: 0.8%
        
 
4,850
  
EPAM Systems, Inc.
    
1,613,353
  
               
Life Sciences Tools & Services: 1.0%
        
 
7,400
  
West Pharmaceutical Services, Inc.
    
1,965,440
  
               
Managed Health Care: 0.4%
        
 
13,600
  
HealthEquity, Inc.
    
827,560
  
               
Packaged Foods & Meats: 1.4%
        
 
113,400
  
Hostess Brands, Inc.
    
2,622,942
  
               
Restaurants: 0.5%
        
 
6,600
  
Wingstop, Inc.
    
1,045,902
  
               
Semiconductor Equipment: 0.6%
        
 
21,400
  
Kulicke & Soffa Industries, Inc.
    
1,093,540
  
               
Semiconductors: 1.0%
        
 
10,000
  
NVIDIA Corp.
    
1,953,700
  
               
Specialized Consumer Services: 1.1%
        
 
27,400
  
Service Corp International
    
2,031,710
  
               
Specialty Stores: 1.8%
        
 
2,600
  
Five Below, Inc.
    
512,538
  
 
73,000
  
National Vision Holdings, Inc.
    
3,000,300
  
           
3,512,838
  
Technology Hardware, Storage & Peripherals: 1.0%
        
 
13,500
  
Apple, Inc.
    
1,947,915
  
               
Trucking: 1.5%
        
 
6,139
  
Old Dominion Freight Line, Inc.
    
2,045,760
  
 
28,000
  
Uber Technologies, Inc.
    
866,040
  
           
2,911,800
  
TOTAL COMMON STOCKS
        
(Proceeds $65,905,631)
    
68,479,729
  
               
EXCHANGE-TRADED FUNDS: 2.0%
        
 
75,000
  
Financial Select Sector SPDR Fund
    
2,742,000
  
 
15,000
  
iShares Russell Mid-Cap ETF
    
1,095,750
  
TOTAL EXCHANGE-TRADED FUNDS
        
(Proceeds $3,638,543)
    
3,837,750
  
               
TOTAL SECURITIES SOLD SHORT: 37.4%
        
(Proceeds $69,544,174)
  
$
72,317,479
  
               
   
Percentages are stated as a percent of net assets.
        
   
 1 
Non-income producing security.
        
   
 2 
Non-voting shares.
        

 
Summary of Fair Value Exposure at January 31, 2023 (Unaudited)
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
           
• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
• Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data.
• Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
           
The following is a summary of the inputs used to value the Fund’s investments and securities sold short as of January 31, 2023. See the Schedule of Investments and Schedule of Securities Sold Short for the industry breakout.

Description
  
Level 1
    
Level 2
    
Level 3
    
Total
Investments in Securities
                      
Common Stocks
  
$
125,661,366
    
$
–
    
$
–
    
$
125,661,366
Preferred Stocks
    
4,017,059
      
–
      
–
      
4,017,059
Corporate Bonds
    
–
      
31,936,912
      
–
      
31,936,912
Convertible Bonds
    
–
      
2,125,745
      
–
      
2,125,745
U.S. Government Notes/Bonds
    
–
      
20,437,539
      
–
      
20,437,539
Exchange-Traded Funds
    
1,973,510
      
–
      
–
      
1,973,510
Short-Term Investments
    
5,068,007
      
–
      
–
      
5,068,007
Miscellaneous Securities
    
377,100
      
2,061,848
      
–
      
2,438,948
Total Investments in Securities
  
$
137,097,042
    
$
56,562,044
    
$
–
    
$
193,659,086
Securities Sold Short
                              
Common Stocks
  
$
68,479,729
    
$
–
    
$
–
    
$
68,479,729
Exchange-Traded Funds
    
3,837,750
      
–
      
–
      
3,837,750
Total Securities Sold Short
  
$
72,317,479
    
$
–
    
$
–
    
$
72,317,479