Kynikos Associates LP

CIK

1446440

Location

New York, NY

Portfolio Value

Small $317,913,524

Diversification

Highly concentrated

Filing Date

Global Rank

#3,470 / 7,036 ▼ 859 · as of Sep 2023

Top Industry

REIT - Specialty 88.9%

3Y Alpha vs SPY

-7.2%

Period ended 3 years ago

Filed Nov 14, 2023 · 2y

7 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2023, never from the firm's own description.

Style

Unknown

$3,865,860 of valued equity, under the $10,000,000 needed to band a style

Turnover

Turnover unknown

It needs four straight quarters of measured turnover

Horizon

Short horizon

Value-weighted holding period 2.0 quarters (under 4)

Closest benchmark: every 13F filer's combined book, active share 95.4%; sector active share 81.5% against the combined 13F book's sector weights.

Over time 7 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

28 tracked positions · as of Sep 30, 2023 · Δ vs Jun 30, 2023

Top Position

58.4%

+13.4 pts

Top 5

95.1%

+24.7 pts

Top 10

97.4%

+17.1 pts

HHI

4,278

Highly concentrated+1,944

Portfolio Trend

7 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2023

Sector	% Portfolio	Value	Positions
Real Estate	87.5%	$278,143,768	3
Industrials	5.2%	$16,397,165	3
Financial Services	2.9%	$9,164,301	5
Unclassified	1.7%	$5,517,611	5
Consumer Cyclical	1.7%	$5,361,880	7
Technology	1.0%	$3,175,523	4
Basic Materials	0.0%	$153,276	1

Last Quarter's Activity

Export CSV

Sep 30, 2023 vs Jun 30, 2023

Added To

Positions the filer increased

No qualifying positions this quarter.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF	−50,719	49,786	$2,079,561
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
QQQ	Invesco Qqq Trust, Series 1	2,134	$764,548
IPXX	USA Rare Earth, Inc.	15,000	$153,276
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
—		61,774	$670,248
—		15,000	$158,250
RUN	Sunrun Inc.	8	$142
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

28 tracked positions · $317,913,524 total · filing declares 32 positions · $318,165,316 · as of Sep 30, 2023

All sectors Basic Materials Consumer Cyclical Financial Services Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
DLR	Digital Realty Trust, Inc. PUT CALL Real Estate	Reduced	1,533,700	-547,000	$185,608,374	−21.7%	—	—	58.38%
EQIX	Equinix Inc PUT CALL Real Estate	Added	126,900	+23,000	$92,162,394	+13.2%	—	—	28.99%
VRT	Vertiv Holdings Co PUT Industrials	Reduced	392,600	-203,700	$14,604,720	−1.1%	—	—	4.59%
DBRHP	DigitalBridge Group, Inc. PUT Financial Services	Reduced	326,100	-420,500	$7,141,590	−54.7%	—	—	2.25%
QQQ	Invesco Qqq Trust, Series 1 CALL + SHARES	Reduced	7,534	-4,566	$2,699,206	−39.6%	1	$370.83	0.85%
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF	Reduced	49,786	-50,719	$2,079,561	−49.3%	2	$41.03	0.65%
WING	Wingstop Inc. PUT Consumer Cyclical	Reduced	10,000	-9,100	$1,798,400	−53.0%	—	—	0.57%
RUN	Sunrun Inc. PUT Technology	Reduced	107,300	-510,008	$1,347,688	−87.8%	—	—	0.42%
ENVX	Enovix Corp PUT Industrials	Reduced	97,700	-121,000	$1,226,135	−68.9%	—	—	0.39%
LMND	Lemonade, Inc. PUT Financial Services	Reduced	94,000	-362,700	$1,092,280	−85.8%	—	—	0.34%
TSLA	Tesla, Inc. PUT Consumer Cyclical	Reduced	4,000	-30,800	$1,000,880	−89.0%	—	—	0.31%
RCL	Royal Caribbean Cruises Ltd PUT Consumer Cyclical	Reduced	10,000	-39,500	$921,400	−82.1%	—	—	0.29%
ABNB	Airbnb, Inc. PUT Consumer Cyclical	NEW	5,000	NEW	$686,050	NEW	—	—	0.22%
MSTR	Strategy Inc PUT Technology	Reduced	2,000	-16,300	$656,560	−89.5%	—	—	0.21%
NVDA	Nvidia Corp PUT Technology	Reduced	1,500	-3,500	$652,485	−69.2%	—	—	0.21%
JOBY	Joby Aviation, Inc. PUT Industrials	Added	87,800	+40,900	$566,310	+17.7%	—	—	0.18%
MDB	MongoDB, Inc. PUT Technology	Reduced	1,500	-3,500	$518,790	−74.8%	—	—	0.16%
AFRM	Affirm Holdings, Inc. PUT Financial Services	Reduced	20,000	-278,100	$425,400	−90.7%	—	—	0.13%
CVNA	Carvana Co. PUT Consumer Cyclical	Reduced	10,000	-806,600	$419,800	−98.0%	—	—	0.13%
COIN	Coinbase Global, Inc. PUT Financial Services	Reduced	5,000	-112,700	$375,400	−95.5%	—	—	0.12%
SLG	Sl Green Realty Corp PUT Real Estate	Reduced	10,000	-173,900	$373,000	−93.3%	—	—	0.12%
W	Wayfair Inc. PUT Consumer Cyclical	Reduced	5,000	-138,600	$302,850	−96.8%	—	—	0.10%
SHV	iShares 0-1 Year Treasury Bond ETF	Held	2,725	0	$301,030	+0.0%	3	unpriced	0.09%
		Held	3,275	0	$300,710	0.0%	3	$91.61	0.09%
BROS	Dutch Bros Inc. PUT Consumer Cyclical	Held	10,000	0	$232,500	−18.3%	—	—	0.07%
IPXX	USA Rare Earth, Inc. Basic Materials	NEW	15,000	NEW	$153,276	NEW	1	unpriced	0.05%
		Held	12,742	0	$137,104	+1.8%	4	before history	0.04%
		Held	12,549	0	$129,631	+1.4%	2	unpriced	0.04%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.