NPORT-EX 2 pmpotter2.htm OTTER CREEK LONG/SHORT OPPORTUNITY FUND 1/31/21 PART F EXHIBIT HTML

Otter Creek Long/Short Opportunity Fund
       
SCHEDULE OF INVESTMENTS at January 31, 2021 (Unaudited)
     
             
Shares
 
 
 
  
 
Value
COMMON STOCKS: 62.1%
       
Airlines: 1.4%
       
 
40,000
 
Southwest Airlines Co.
     
$
1,757,600
                 
Construction & Engineering: 7.3%
         
 
86,623
 
Ameresco, Inc. - Class A 1
       
4,858,684
 
28,000
 
IES Holdings, Inc. 1
       
1,273,440
 
31,031
 
Jacobs Engineering Group, Inc.
       
3,132,890
               
9,265,014
Consumer Finance: 1.8%
         
 
10,015
 
PayPal Holdings, Inc. 1
       
2,346,615
                 
Electrical Components & Equipment: 3.6%
         
 
6,000
 
AMETEK, Inc.
       
679,560
 
192,600
 
Vertiv Holdings Co.
       
3,875,112
               
4,554,672
Electronic Equipment & Instruments: 2.9%
         
 
9,500
 
Zebra Technologies Corp. - Class A 1,2
       
3,684,385
                 
Electronic Manufacturing Services: 0.6%
         
 
12,000
 
Trimble, Inc. 1
       
790,920
                 
Health Care Equipment: 6.6%
         
 
71,236
 
Hologic, Inc. 1
       
5,679,646
 
18,100
 
Zimmer Biomet Holdings, Inc. 2
       
2,781,427
               
8,461,073
Hotels, Resorts & Cruise Lines: 1.5%
         
 
19,000
 
Hilton Worldwide Holdings, Inc.
       
1,926,410
                 
Industrial Gases: 1.4%
         
 
6,635
 
Air Products and Chemicals, Inc.
       
1,769,953
                 
Integrated Telecommunication Services: 1.9%
         
 
184,000
 
Radius Global Infrastructure, Inc. - Class A 1
       
2,392,000
                 
Investment Banking & Brokerage: 4.2%
         
 
49,183
 
LPL Financial Holdings, Inc.
       
5,328,486
                 
Life Sciences Tools & Services: 2.1%
         
 
14,750
 
IQVIA Holdings, Inc. 1
       
2,622,550
                 
Medical Equipment: 2.0%
         
 
5,072
 
Thermo Fisher Scientific, Inc.
       
2,585,198
                 
Metal & Glass Containers: 3.2%
         
 
46,100
 
Ball Corp.
       
4,057,722
                 
Railroads: 3.2%
         
 
20,000
 
Kansas City Southern
       
4,053,400
                 
Regional Banks: 2.1%
         
 
89,392
 
Seacoast Banking Corporation of Florida 1
       
2,721,986
                 
Renewable Electricity: 3.7%
         
 
57,718
 
NextEra Energy Partners LP 2
       
4,704,017
                 
Semiconductors: 10.9%
         
 
28,276
 
Analog Devices, Inc.
       
4,165,903
 
34,493
 
Qorvo, Inc. 1,2
       
5,894,164
 
22,312
 
Skyworks Solutions, Inc. 2
       
3,776,306
               
13,836,373
Special Purpose Acquisition Companies: 0.6%
         
 
75,000
 
CC Neuberger Principal Holdings I - Class A 1
       
777,750
                 
Specialty Chemicals: 0.7%
         
 
50,000
 
Livent Corp. 1
       
911,000
                 
Thrifts & Mortgage Finance: 0.4%
         
 
25,057
 
HMN Financial, Inc. 1
       
449,022
                 
TOTAL COMMON STOCKS
         
(Cost $58,243,084)
       
78,996,146
                 
Principal
 
 
 
 
     
CORPORATE BONDS: 22.1%
         
Investment Banking & Brokerage: 1.5%
         
$
2,000,000
 
Goldman Sachs Capital II
         
     
4.000%, (3 Month LIBOR USD +  0.0768%), 3/1/2021 3,4
       
1,948,360
                 
Oil & Gas Equipment & Services: 9.3%
         
 
22,000,000
 
KLX Energy Services Holdings, Inc.
         
     
 11.500%, 11/1/2025 2
       
11,770,000
                 
Oil & Gas Storage & Transportation: 6.5%
         
 
8,000,000
 
Hess Midstream Operations LP
         
     
 5.625%, 2/15/2026
       
8,285,720
                 
Steel: 4.8%
             
 
6,000,000
 
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.
         
     
 7.500%, 6/15/2025
       
6,146,250
                 
TOTAL CORPORATE BONDS
         
(Cost $27,146,324)
       
28,150,330
                 
CONVERTIBLE BONDS: 0.2%
         
Mortgage Insurance: 0.2%
         
 
200,000
 
MGIC Investment Corp.
         
     
 9.000%, 4/1/2063 2
       
264,500
TOTAL CONVERTIBLE BONDS
         
(Cost $234,623)
       
264,500
                 
Shares
 
 
 
 
     
CLOSED-END MUTUAL FUNDS: 2.3%
         
 
43,460
 
BlackRock Florida Municipal 2020 Term Trust Escrow 5
       
0
 
199,700
 
BlackRock Municipal 2020 Term Trust Escrow 5
       
0
 
226,499
 
Owl Rock Capital Corp.
       
2,921,837
TOTAL CLOSED-END MUTUAL FUNDS
         
(Cost $2,788,769)
       
2,921,837
                 
SHORT-TERM INVESTMENTS: 7.0%
         
Money Market Funds: 7.0%
         
 
8,961,493
 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.010% 6
       
8,961,493
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $8,961,493)
       
8,961,493
                 
TOTAL MISCELLANEOUS SECURITIES: 2.2% 7
 
Notional Value
     
(Cost $3,306,537)
$
         56,355,570
   
2,772,159
                 
TOTAL INVESTMENTS IN SECURITIES: 95.9%
         
(Cost $100,680,830)
       
122,066,465
Other Assets in Excess of Liabilities: 4.1%
       
5,221,282
TOTAL NET ASSETS: 100.0%
     
$
127,287,747

 
LIBOR - London Interbank Offered Rate
 
 

Non-income producing security.
 
 

All or a portion of the shares of this security have been committed as collateral for securities sold short.
 
 

Variable rate security; rate shown is the rate in effect on January 31, 2021. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
 
 

Perpetual call date security. Date shown is next call date.
 
 

Not a readily marketable security.
 
 

Annualized seven-day effective yield as of January 31, 2021.
 
 

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, 2021 (Unaudited)
         
Shares
 
 
 
Value
COMMON STOCKS: 23.6% 1
   
Apparel Retail: 1.1%
   
 
14,218
 
Boot Barn Holdings, Inc.
 
$
813,838
 
18,000
 
Skechers U.S.A., Inc. - Class A
   
620,640
           
1,434,478
Application Software: 2.3%
     
 
25,270
 
Guidewire Software, Inc.
   
2,899,480
             
Asset Management & Custody Banks: 1.2%
     
 
32,000
 
Focus Financial Partners, Inc. - Class A
   
1,522,560
             
Building Products: 1.7%
     
 
28,721
 
AAON, Inc.
   
2,125,354
             
Data Processing & Outsourced Services: 0.7%
     
 
4,000
 
Square, Inc. - Class A
   
863,840
             
Educational Services: 1.7%
     
 
25,647
 
Grand Canyon Education, Inc.
   
2,178,456
             
Electrical Components & Equipment: 1.4%
     
 
7,400
 
Rockwell Automation, Inc.
   
1,839,122
             
Environmental & Facilities Services: 0.5%
     
 
18,000
 
Rollins, Inc.
   
648,360
             
Household Products: 1.0%
     
 
6,400
 
The Clorox Co.
   
1,340,544
             
Internet Software & Services: 0.6%
     
 
657
 
Shopify, Inc. - Class A
   
721,774
             
Leisure Facilities: 1.5%
     
 
25,800
 
Planet Fitness, Inc. - Class A
   
1,857,600
             
Packaged Foods & Meats: 1.2%
     
 
16,906
 
McCormick & Company, Inc. 2
   
1,513,763
             
Restaurants: 3.4%
     
 
945
 
Chipotle Mexican Grill, Inc.
   
1,398,600
 
38,411
 
Texas Roadhouse, Inc.
   
2,927,302
           
4,325,902
Specialty Chemicals: 2.2%
     
 
25,304
 
International Flavors & Fragrances, Inc.
   
2,843,664
             
Specialty Stores: 1.5%
     
 
41,413
 
National Vision Holdings, Inc.
   
1,920,321
             
Technology Hardware, Storage & Peripherals: 0.7%
     
 
9,100
 
Logitech International SA
   
954,772
             
Trading Companies & Distributors: 0.9%
     
 
7,100
 
SiteOne Landscape Supply, Inc.
   
1,119,528
             
TOTAL COMMON STOCKS
     
(Proceeds $26,866,805)
   
30,109,518
             
EXCHANGE TRADED FUNDS: 3.9% 1
     
 
3,000
 
iShares Russell 2000 ETF
   
616,680
 
6,600
 
SPDR S&P 500 ETF Trust
   
2,442,462
 
14,480
 
Technology Select Sector SPDR Fund
   
1,866,906
TOTAL EXCHANGE TRADED FUNDS
     
(Proceeds $4,696,766)
   
4,926,048
             
TOTAL SECURITIES SOLD SHORT: 27.5%
     
(Proceeds $31,563,571)
 
$
35,035,566

   
Percentages are stated as a percent of net assets.
 
 

Non-income producing security.
 
 

Non-voting shares.
 


Summary of Fair Value Exposure at January 31, 2021 (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, 2021. 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
 
$
78,996,146
   
$
   
$
         
$
78,996,146
Corporate Bonds
   
     
28,150,330
     
           
28,150,330
Convertible Bonds
   
     
264,500
     
           
264,500
Closed-End Mutual Funds
   
2,921,837
     
     
0
 1      
 
   
2,921,837
Short-Term Investments
   
8,961,493
     
     
             
8,961,493
Miscellaneous Securities
   
106,200
     
2,665,959
     
             
2,772,159
Total Investments in Securities
 
$
90,985,676
   
$
31,080,789
     
           
$
122,066,465
Securities sold short
                                     
Common Stocks
 
$
30,109,518
   
$
   
$
           
$
30,109,518
Exchange Traded Funds
   
4,926,048
     
     
             
4,926,048
Total Securities Sold Short
 
$
35,035,566
   
$
   
$
           
$
35,035,566
                                       
1 BlackRock Florida Municipal 2020 Term Trust Escrow and BlackRock Municipal 2020 Term Trust Escrow, in Closed-End Mutual Funds on the Schedule of Investments, are level 3 securities.