Significant Changes to Restructuring Capital Associates LP's Portfolio Holdings During Q1 and Q2 2019 Filings

As the financial quarter comes to a close, investors eagerly await the release of filings from prominent funds, including those of Restructuring Capital Associates LP. The 13F filings for Q1 2019 and Q2 2019 offer an insight into the changes in holdings of the fund during these periods. The comparison reveals significant changes to the fund's holdings, including a complete liquidation of several stocks.

One of the most prominent changes was the complete liquidation of ARCH Coal Inc., a leading producer of metallurgical coal. In Q1 2019, Restructuring Capital Associates LP held 276,382 shares of ARCH Coal Inc., valued at $25.2 million. However, by the end of Q2 2019, the fund had completely liquidated its holdings in the company, with no shares remaining.

Similarly, the fund also liquidated its entire position in Macy's Inc., the American department store retailer. In Q1 2019, Restructuring Capital Associates LP held 595,216 shares of Macy's Inc., valued at $14.3 million. However, by Q2 2019, the fund had sold all of its shares in the company, indicating a lack of confidence in the company's prospects.

The fund also liquidated its interests in a few other stocks, including OI S.A., Nuveen Credit Strategies Income Fund, and California Resources Corporation. OI S.A. is a leading glass container manufacturer in Latin America, and in Q1 2019, Restructuring Capital Associates LP held 5,969,407 shares valued at $11.2 million. However, by Q2 2019, the fund had completely liquidated its holdings in the company. Similarly, Restructuring Capital Associates LP sold all of its shares in Nuveen Credit Strategies Income Fund, a closed-end fund investing in corporate credit. In Q1 2019, the fund held 1,448,190 shares valued at $11.2 million, which dropped to zero by Q2 2019. Finally, the fund also liquidated its position in California Resources Corporation, selling all 354,674 shares valued at $9.1 million held in Q1 2019.

However, the fund did add a few new investments to its portfolio during the same period. United Rentals Inc., the American equipment rental company, was one of the new additions to the fund's portfolio. In Q1 2019, Restructuring Capital Associates LP held 90,000 shares of United Rentals Inc., valued at $10.3 million. This position marked a new addition to the portfolio, as there were no shares held during Q4 2018. The move could indicate the fund's interest in diversifying its holdings and exploring new investment opportunities.

Overall, while the fund did not make any significant changes to its portfolio during the period, there were some substantial changes in terms of the liquidation of a few of its investments. Some of the stocks that were sold by the funds were well established and considered solid investments. However, the reasons behind the decision to sell these stocks cannot be directly inferred from the filings. It is possible that the fund managers may have taken a negative outlook on these companies and concluded that selling them off was the best course of action. Ultimately, Q2 2019 proved to be a significant period for the fund, with the addition of new investments and the removal of some established ones. Investors will be keen on keeping an eye on future filings to track developments in Restructuring Capital Associates LP's portfolio.