SecurityDAL / Delta Air Lines, Inc.
InstitutionCutler Group LP
Shares14,108
Value $ 773,000
Related 247358AA2 / Delta Air Lines 4.75% 05/07/20

Cutler Group LP reports 422.52% increase in ownership of DAL / Delta Air Lines, Inc.

May 11, 2018 - Cutler Group LP has filed a 13F-HR form disclosing ownership of 14,108 shares of Delta Air Lines, Inc. (NYSE:DAL) with total holdings valued at $773,000 USD as of March 31, 2018. Cutler Group LP had filed a previous 13F-HR on January 17, 2018 disclosing 2,700 shares of Delta Air Lines, Inc. at a value of $151,000 USD. This represents a change in shares of 422.52 percent and a change in value of 411.92 percent during the quarter.

Cutler Group LP has a history of taking positions in derivatives of the underlying security (DAL) in the form of stock options. The firm currently holds 113,100 call options valued at $236,000 USD and 72,900 put options valued at $154,000 USD .

Other investors with positions similar to Cutler Group LP include Boys Arnold & Co Inc, Gsa Capital Partners Llp, Verde Servicos Internacionais S.A., IPG Investment Advisors LLC, Cypress Asset Management Inc/tx, and Element Capital Management Llc.

DELTA AIR LINES INC /DE/ has declared a standard industrial code (sic) of 4512 which is the "Air Transportation, Scheduled" industry. Cutler Group LP's top industries are "Miscellaneous Repair Services" (sic 76), "Agriculture production livestock and animal specialties" (sic 02), and "Social Services" (sic 83).

13F Filings

The Security, Class, and CUSIP columns in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names and cusips.

In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

Effective
Date
Form Security Class CUSIP Share
Price
Shares Change
(%)
Value
(x1000)
Change
(%)
Cost
(x1000)
Profit
(x1000)
Return
(%)
2018-03-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 55.36 14,108 422.52 773 411.92 632 -10 -6.31
2017-12-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 51.93 2,700 -1.96 151 14.39 -3 22 16.52
2017-09-30 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 50.80 2,754 -61.21 132 -65.35 -221 -28 -7.42
2017-06-30 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 49.81 7,099 -85.41 381 -82.96 -2,070 215 9.62
2017-03-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 47.57 48,656 23.81 2,236 15.68 445 -142 -7.35
2016-12-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 43.66 39,300 4,733.95 1,933 6,135.48 1,680 222 715.26
2016-09-30 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 37.25 813 -89.48 31 -88.97 -258 8 2.67
2016-06-30 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 42.31 7,726 630.94 281 450.98 282 -52 -102.29
2016-03-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 49.12 1,057 51.00 51 45.71 18 -2 -4.39
2015-12-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 700 35

Call Options

Effective
Date
Form Security Class CUSIP Opt Share
Price
Shares Change
(%)
Value
(x1000)
Change
(%)
Cost
(x1000)
Profit
(x1000)
Return
(%)
2018-03-31 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 2.14 113,100 38.77 236 32.58 67 -9 -5.32
2017-12-31 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 2.85 81,500 303.47 178 150.70 175 -68 -95.32
2017-09-30 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 4.63 20,200 -42.61 71 -64.85 -69 -62 -30.49
2017-06-30 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 2.87 35,200 35,100.00 202 101 101
2017-03-31 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 1.98 100 -99.92 0 -100.00 -253 -254 -50.04
2016-12-31 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 2.77 128,300 19.68 507 198.24 58 279 163.87
2016-09-30 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 0.87 107,200 291.24 170 4,150.00 69 97 2,422.53
2016-06-30 13F-HR DELTA AIR LINES INC DEL Call 247361702 Call 1.78 27,400 -63.56 4 -98.44 -85 -168 -65.30
2016-03-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 Call 3.54 75,200 -27.62 257 -32.55 -102 -22 -5.86
2015-12-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 Call 103,900 381

Put Options

Effective
Date
Form Security Class CUSIP Opt Share
Price
Shares Change
(%)
Value
(x1000)
Change
(%)
Cost
(x1000)
Profit
(x1000)
Return
(%)
2018-03-31 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 1.06 72,900 66.82 154 31 123
2017-12-31 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 0.07 43,700 -18.92 0 -100.00 -1 -7 -90.54
2017-09-30 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 0.21 53,900 22.78 8 -33.33 2 -6 -50.91
2017-06-30 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 0.90 43,900 -53.98 12 -91.72 -46 -87 -59.88
2017-03-31 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 1.69 95,400 90.80 145 55.91 77 -25 -26.59
2016-12-31 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 2.99 50,000 0.00 93 -54.85 0 -113 -54.85
2016-09-30 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 7.32 50,000 549.35 206 154.32 310 -185 -227.93
2016-06-30 13F-HR DELTA AIR LINES INC DEL Put 247361702 Put 5.33 7,700 -62.07 81 2,600.00 -67 145 4,840.11
2016-03-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 Put 0.10 20,300 -69.10 3 0.00 -4 4 146.34
2015-12-31 13F-HR DELTA AIR LINES INC DEL COM NEW 247361702 Put 65,700 3


CUSIP: 247361702