Alpha Wave Global Portfolio holdings
Alpha Wave Global, known as Falcon Edge Capital until 2021, is an alternative asset manager with private equity, private credit, and insurance and retirement businesses. It was co-founded by Rick Gerson, its chairman and chief executive, with Navroz Udwadia and Ryan Khoury, and the three are among its principal owners alongside Judan Alternatives, an Abu Dhabi company that is a subsidiary of International Holding Company. Its Moraine funds take long and short positions in special situations such as spin-offs and acquisitions. Its private credit business aims to earn income by originating senior secured loans to companies. Its clients are investment funds, sovereign wealth funds and foreign official institutions.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Spirit AeroSystems
SPR
|
+$122M |
| 2 |
Alibaba
BABA
|
+$85.3M |
| 3 |
Herc Holdings
HRI
|
+$43.2M |
| 4 |
AGN
Allergan plc
AGN
|
+$41.2M |
| 5 |
OI S.A. SPON ADR REPSTG 3 PFD SHS (BRA)
BTM
|
+$27M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MNK
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
|
+$62.9M |
| 2 |
Enovis
ENOV
|
+$59.3M |
| 3 |
FRX
FOREST LABORATORIES INC
FRX
|
+$54.8M |
| 4 |
Dollar General
DG
|
+$54.5M |
| 5 |
Intercontinental Exchange
ICE
|
+$50.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 21.96% |
| 2 | Consumer Discretionary | 19.83% |
| 3 | Energy | 13.65% |
| 4 | Communication Services | 12.12% |
| 5 | Healthcare | 10.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Cheniere Energy
LNG
$59.6B
| $212M | 13.65% |
2,644,914
+277,000
| +12% | +$21.1M |
2013 Q2
5 quarters
|
|
|
2
DELISTED
Spirit AeroSystems
SPR
| $127M | 8.21% |
+3,346,331
| New | +$122M |
2014 Q3
0 quarters
|
|
|
AGN
3
DELISTED
Allergan plc
AGN
| $104M | 6.68% |
429,167
+184,167
| +75% | +$41.2M |
2014 Q1
2 quarters
|
|
4
Berkshire Hathaway Class A
BRK.A
$1.24T
| $99.3M | 6.4% |
480
| – | – |
2013 Q2
5 quarters
|
|
|
TFCFA
5
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $97M | 6.25% |
2,828,000
| – | – |
2013 Q4
3 quarters
|
|
6
Avis
CAR
$4.23B
| $96.7M | 6.24% |
1,761,500
+5,300
| +0.3% | +$331K |
2013 Q2
5 quarters
|
|
7
DELISTED
SANDISK CORP
SNDK
| $92.7M | 5.98% |
946,000
-133,000
| -12% | -$13M |
2014 Q1
2 quarters
|
|
|
8
Alibaba
BABA
$262B
| $84.4M | 5.44% |
+950,000
| New | +$85.3M |
2014 Q3
0 quarters
|
|
9
Allegion
ALLE
$16.4B
| $78.1M | 5.04% |
1,639,344
+515,000
| +46% | +$27M |
2014 Q2
1 quarter
|
|
10
Coca-Cola Europacific Partners
CCEP
$50.9B
| $74.9M | 4.83% |
1,689,000
| – | – |
2014 Q1
2 quarters
|
|
11
Booking.com
BKNG
$128B
| $70.8M | 4.56% |
1,527,500
| – | – |
2013 Q4
3 quarters
|
|
12
DELISTED
Walgreens Boots Alliance
WBA
| $65.7M | 4.24% |
1,109,000
| – | – |
2014 Q1
2 quarters
|
|
|
13
DELISTED
OI S.A. SPON ADR REPSTG 3 PFD SHS (BRA)
BTM
| $64.2M | 4.14% |
91,728,235
+38,614,107
| +73% | +$27M |
2014 Q2
1 quarter
|
|
|
GRA
14
DELISTED
W.R. Grace & Co.
GRA
| $60.9M | 3.93% |
669,800
| – | – |
2013 Q4
3 quarters
|
|
15
Trip.com Group
TCOM
$26.9B
| $58M | 3.74% |
2,044,000
-782,000
| -28% | -$24.8M |
2013 Q2
5 quarters
|
|
16
Element Solutions
ESI
$8.15B
| $54.5M | 3.51% |
2,178,000
| – | – |
2014 Q1
2 quarters
|
|
|
17
Herc Holdings
HRI
$5.3B
| $38.5M | 2.48% |
+505,000
| New | +$43.2M |
2014 Q3
0 quarters
|
|
18
JD.com
JD
$37.4B
| $33.4M | 2.15% |
1,292,000
-1,033,000
| -44% | -$29.8M |
2014 Q2
1 quarter
|
|
|
OIBR.C
19
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
| $26.8M | 1.73% |
72,440
| – | – |
2014 Q2
1 quarter
|
|
20
SPDR Gold Trust
GLD
$136B
| $12.3M | 0.79% |
106,000
| – | – |
2013 Q2
5 quarters
|
|
21
PUT
Brink's
BCO
$4.66B
| – | – |
-889,500
| Closed | -$25.1M | – |
|
22
Cytokinetics
CYTK
$8.84B
| – | – |
-1,785,000
| Closed | -$8.53M | – |
|
|
23
Dollar General
DG
$31.2B
| – | – |
-951,000
| Closed | -$54.5M | – |
|
|
24
Enovis
ENOV
$1.41B
| – | – |
-461,895
| Closed | -$59.3M | – |
|
|
25
Intercontinental Exchange
ICE
$97.8B
| – | – |
-1,345,000
| Closed | -$50.8M | – |
|
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Alpha Wave Global's Q3 2014 Portfolio in Review
As of Q3 2014, Alpha Wave Global held 32 positions worth $1.55B, down 13% from $1.79B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Alpha Wave Global withdrew a net $92.2M in Q3 2014, closing 12 positions and reducing 3 holdings. Its most notable exit was MALLINCKRODT PUBLIC LIMITED COMPANY, an estimated $62.9M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 22% of assets, up from 9.4% a quarter earlier, followed by Consumer Discretionary and Energy.
Against the trend, Alpha Wave Global opened a new position in Spirit AeroSystems worth $127M.
- Alpha Wave Global's largest Q3 2014 buy was Spirit AeroSystems: 3,346,331 shares worth $127M.
- Alpha Wave Global added most to Allergan plc in Q3 2014, an estimated $41.2M increase.
- Alpha Wave Global's biggest Q3 2014 reduction was JD.com, cutting an estimated $29.8M.
- Alpha Wave Global fully exited MALLINCKRODT PUBLIC LIMITED COMPANY in Q3 2014, selling an estimated $62.9M.
- Alpha Wave Global's ten largest holdings make up 69% of its $1.55B portfolio in Q3 2014.
- Alpha Wave Global opened 3 new positions and closed 12 in Q3 2014.
- Alpha Wave Global's portfolio value fell 13% quarter-over-quarter to $1.55B.
Based on Alpha Wave Global's 13F filing for Q3 2014, filed 14 Nov 2014.