black-and-white Capital LP

CIK

1690186

Location

LOS ANGELES, CA

Portfolio Value

Small $957,864,517

Diversification

Diversified

Filing Date

Global Rank

#1,855 / 6,051 ▼ 576 · as of Jun 2021

Top Industry

Internet Retail 39.6%

Period ended 5 years ago

Filed Aug 16, 2021 · 5y

6 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 Jun 30, 2021, never from the firm's own description.

Style

Concentrated

The top 10 positions are 78.6% of the book (60%+)

Turnover

High turnover

140.3% over the last four quarters (100%+)

Horizon

Horizon unknown

The value-weighted holding period is at least 2.8 quarters, but 4.5% of the book was already held when coverage starts

Closest benchmark: the Nasdaq-100 as of 2021-06-30, active share 85.9%; sector active share 61.4% against the combined 13F book's sector weights.

Over time 6 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

23 tracked positions · as of Jun 30, 2021 · Δ vs Mar 31, 2021

Top Position

29.4%

−0.7 pts

Top 5

59.2%

−2.3 pts

Top 10

81.5%

−0.1 pts

HHI

1,227

Diversified−84

Portfolio Trend

6 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2021

Sector	% Portfolio	Value	Positions
Consumer Cyclical	45.4%	$434,808,502	6
Technology	24.0%	$229,755,233	9
Unclassified	19.7%	$188,897,000	5
Communication Services	10.9%	$104,403,782	3

Last Quarter's Activity

Export CSV

Jun 30, 2021 vs Mar 31, 2021

Added To

Positions the filer increased

5 positions

Ticker	Company	Δ Shares	Shares	Value
RMBS	Rambus Inc	+176,300	442,800	$10,498,788
BRSL	Brightstar Lottery PLC	+137,500	1,010,300	$24,206,788
—		+54,000	176,000	$28,477,000
RH	Rh	+28,400	66,600	$45,221,400
RNG	RingCentral, Inc.	+19,700	144,800	$42,075,984
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
WDC	Western Digital Corp	−327,500	572,000	$40,709,234
ESTC	Elastic N.V.	−327,000	178,500	$26,018,160
META	Meta Platforms, Inc.	−150,200	83,100	$28,894,701
TWLO	Twilio Inc	−99,250	31,800	$12,534,288
WIX	Wix.com Ltd.	−92,300	179,100	$51,989,148
MTCH	Match Group, Inc.	−42,200	419,800	$67,692,750
—		−23,600	63,800	$3,922,000
ZM	Zoom Communications, Inc.	−11,450	48,200	$18,654,846
AMZN	Amazon Com Inc	−1,660	16,790	$57,760,286
BKNG	Booking Holdings Inc.	−870	27,970	$61,200,877
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
DASH	DoorDash, Inc.	78,600	$14,016,738
LYFT	Lyft, Inc.	146,700	$8,872,416
CHWY	Chewy, Inc.	110,300	$8,792,013
CRTO	Criteo S.A.	172,813	$7,816,331
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
NXPI	NXP Semiconductors N.V.	197,200	$39,704,248
—		174,350	$21,128,000
—		597,300	$21,097,000
—		320,150	$20,371,000
U	Unity Software Inc.	178,750	$17,930,412
—		942,700	$9,964,000
AFRM	Affirm Holdings, Inc.	71,600	$5,063,552
DIS	Walt Disney Co	23,800	$4,391,576
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

23 tracked positions · $957,864,517 total · filing declares 25 positions · $967,340,000 · as of Jun 30, 2021

All sectors Communication Services Consumer Cyclical Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
AMZN	Amazon Com Inc CALL + SHARES Consumer Cyclical	Added	81,790	+63,340	$281,370,686	+392.9%	2	$3,170.24	29.37%
SPY	Spdr S&P 500 ETF Trust PUT	Reduced	200,000	-300,000	$85,612,000	−56.8%	—	—	8.94%
QQQ	Invesco Qqq Trust, Series 1 PUT	Reduced	200,000	-1,175,000	$70,886,000	−83.8%	—	—	7.40%
MTCH	Match Group, Inc. Communication Services	Reduced	419,800	-162,200	$67,692,750	−15.3%	4	unpriced	7.07%
BKNG	Booking Holdings Inc. Consumer Cyclical	Reduced	27,970	-870	$61,200,877	−8.9%	5	$1,781.99	6.39%
WIX	Wix.com Ltd. Technology	Reduced	179,100	-92,300	$51,989,148	−31.4%	2	$285.58	5.43%
WDC	Western Digital Corp CALL + SHARES Technology	Reduced	645,000	-886,000	$45,904,643	−55.1%	3	$44.31	4.79%
RH	Rh Consumer Cyclical	Added	66,600	+28,400	$45,221,400	+98.4%	2	$559.69	4.72%
RNG	RingCentral, Inc. Technology	Added	144,800	+19,700	$42,075,984	+12.9%	3	$315.56	4.39%
META	Meta Platforms, Inc. Communication Services	Reduced	83,100	-150,200	$28,894,701	−57.9%	2	$269.26	3.02%
		Added	176,000	+54,000	$28,477,000	+74.9%	2	unpriced	2.97%
ESTC	Elastic N.V. Technology	Reduced	178,500	-327,000	$26,018,160	−53.7%	6+	before history	2.72%
BRSL	Brightstar Lottery PLC Consumer Cyclical	Added	1,010,300	+137,500	$24,206,788	+72.8%	2	$18.06	2.53%
ZM	Zoom Communications, Inc. Technology	Reduced	48,200	-11,450	$18,654,846	−2.7%	2	$368.06	1.95%
DASH	DoorDash, Inc. Consumer Cyclical	NEW	78,600	NEW	$14,016,738	NEW	1	$146.63	1.46%
KLIC	Kulicke & Soffa Industries Inc Technology	Held	215,800	0	$13,206,960	+24.6%	2	$43.39	1.38%
TWLO	Twilio Inc Technology	Reduced	31,800	-99,250	$12,534,288	−71.9%	2	$374.56	1.31%
RMBS	Rambus Inc Technology	Added	442,800	+176,300	$10,498,788	+102.6%	2	$20.10	1.10%
LYFT	Lyft, Inc. Technology	NEW	146,700	NEW	$8,872,416	NEW	1	$57.52	0.93%
CHWY	Chewy, Inc. Consumer Cyclical	NEW	110,300	NEW	$8,792,013	NEW	1	$77.32	0.92%
CRTO	Criteo S.A. Communication Services	NEW	172,813	NEW	$7,816,331	NEW	1	$38.52	0.82%
		Reduced	63,800	-23,600	$3,922,000	+25.5%	2	unpriced	0.41%
		NEW	380,000	NEW	$0	NEW	—	—	0.00%

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.