Firefly Value Partners LP Q3 2020 vs. Q4 2020: A Look at the Fund's Holdings Changes

The third and fourth quarters of 2020 have been an eventful period for Firefly Value Partners LP. According to the latest 13F filings, the fund made some major changes to its holdings during this time. Let's delve deeper into the data and analyze the fund's moves.

One of the significant changes the fund made was to dispose of all its shares in EQT Corp. The fund held 1,546,006 shares in EQT Corp. in Q3 2020, worth approximately $19,990,000. However, the fund did not hold any shares in the company in Q4 2020. This divestment indicates that Firefly Value Partners LL may have lost confidence in EQT Corp.'s growth prospects.

Another major change was the fund's decision to sell off all its shares in Gulfport Energy Corp. (GPORQ). In Q3 2020, the fund held 20,906,000 shares in Gulfport Energy Corp., worth approximately $11,020,000. However, in Q4 2020, the fund did not hold any shares in the company. This sale indicates that the fund may have been skeptical about Gulfport Energy's ability to deliver long-term shareholder value.

DHT Holdings Inc. (DHT) was one of the other major holdings that Firefly Value Partners LP sold off during this period. In Q3 2020, the fund held 1,964,956 shares in DHT Holdings, worth approximately $10,139,000. However, in Q4 2020, the fund did not hold any shares in the company. DHT Holdings operates a fleet of crude oil tankers and may have been adversely impacted by the slump in oil prices in 2020.

In addition to the sales, Firefly Value Partners LP also bought some new positions during this period. One of these was a put option on Walker & Dunlop Inc. (WD), which the fund held in Q3 2020. The fund bought a put option on 130,000 shares of Walker & Dunlop Inc., worth approximately $6,890,000. However, the fund did not hold any position in the company in Q4 2020. It is unclear why the fund bought this put option and then decided to sell it off before the end of the year.

Firefly Value Partners LP also sold off all its shares in Manitowoc Co. Inc. (MTW) during this period. In Q3 2020, the fund held 699,920 shares in Manitowoc Co. Inc., worth approximately $5,886,000. However, in Q4 2020, the fund did not hold any shares in the company. Manitowoc Co. Inc. is a leading manufacturer of cranes and lifting solutions and may have struggled during the COVID-19 pandemic.

Lastly, the fund sold off all its holdings in AdvanSix Inc. (ASIX) during Q4 2020. In Q3 2020, Firefly Value Partners LP held 444,280 shares in AdvanSix Inc., worth approximately $5,722,000. However, in Q4 2020, the fund did not hold any shares in the company. AdvanSix Inc. is a global chemical company that may have been adversely affected by the pandemic.

In conclusion, Firefly Value Partners LP made some significant changes to its holdings during the third and fourth quarters of 2020. The fund sold off shares in EQT Corp., Gulfport Energy Corp., DHT Holdings Inc., Manitowoc Co. Inc., and AdvanSix Inc. while buying a put option on Walker & Dunlop Inc. These changes suggest that the fund may have been attempting to reposition its portfolio and manage risk.