The Rise and Fall of Caymus Capital Partners, L.P.: A Q2 2020 vs. Q3 2020 13F Holdings Comparison

Caymus Capital Partners, L.P. is an investment firm that has made a name for itself in the relatively safe and conservative world of the energy sector. But for the second and third quarters of 2020, the firm made some significant moves, shifting its holdings and making some big bets on certain companies. A look at the Q2 2020 vs. Q3 2020 13F Holdings Comparison shows some interesting changes in the portfolio.

To begin with, the firm had zero holdings in any of the companies listed in the table above in the second and third quarters of 2020. This might suggest that they were looking to make a fresh start, divesting themselves of their previous positions, perhaps in search of greener pastures.

But it's the 100% decrease in holdings of popular energy companies like Noble Energy and Cabot Oil & Gas that has most people talking. Noble Energy, Inc. for instance had previously been one of Caymus Capital Partners, L.P.'s largest holdings, with 329,927 shares worth $2,956,000 at the end of Q2 2020. So to see the fund's holdings in this company drop to zero in Q3 2020 is a significant and bold move.

Similarly, Cabot Oil & Gas, EQT Corp, EOG Resources, and Magnolia Oil & Gas saw their holdings plummet from 123,400 shares, 126,887 shares, 27,900 shares, and 197,250 shares respectively to zero shares by the end of Q3 2020. As a result, the fund's positions in these companies were valued at $2,120,000, $1,510,000, $1,413,000, and $1,195,000 in Q2 2020 respectively, compared to zero by the end of Q3 2020.

ConocoPhillips, Devon Energy Corp, and Concho Resources are other notable companies that saw a 100% reduction in holdings by Caymus Capital Partners, L.P. Devon Energy, for instance, had 62,000 shares worth $703,000 in Q2 2020, but the firm had no shares in the company by the end of Q3 2020.

Interestingly, Caymus Capital Partners, L.P. increased its stake in Parley Energy Inc. from 29,500 shares in Q2 2020 to 315 shares in Q3 2020. This is a curious move, given the fund's widespread shifts away from the energy sector.

In conclusion, Caymus Capital Partners, L.P. has made bold moves by divesting itself of all energy shares and leaving a significant portion of its portfolio in cash. Some could interpret this as a negative outlook for the energy sector, while others speculate its leadership sees other opportunities on the horizon. Regardless of what the future holds, it's clear that Caymus Capital Partners, L.P. is not afraid to take bold investment decisions.