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 |
YHOO
Yahoo Inc
YHOO
|
+$72.1M |
| 2 |
New Oriental
EDU
|
+$34.3M |
| 3 |
Salesforce
CRM
|
+$32.2M |
| 4 |
Bank of America
BAC
|
+$23.2M |
| 5 |
CSX Corp
CSX
|
+$18.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CQH
Cheniere Energy Partners LP Holdings LLC
CQH
|
+$49.2M |
| 2 |
Cheniere Energy
LNG
|
+$46M |
| 3 |
Liberty Latin America Class C
LILAK
|
+$36.4M |
| 4 |
Alnylam Pharmaceuticals
ALNY
|
+$33.3M |
| 5 |
Microsoft
MSFT
|
+$28.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 25.18% |
| 2 | Consumer Discretionary | 15.42% |
| 3 | Technology | 11.61% |
| 4 | Communication Services | 11.28% |
| 5 | Healthcare | 8.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
YHOO
1
DELISTED
Yahoo Inc
YHOO
| $142M | 15% |
3,668,500
+1,759,500
| +92% | +$72.1M |
2016 Q3
1 quarter
|
|
|
2
Cheniere Energy
LNG
$59.6B
| $96.4M | 10.19% |
2,325,941
-1,138,573
| -33% | -$46M |
2013 Q2
14 quarters
|
|
|
AGN
3
DELISTED
Allergan plc
AGN
| $80.9M | 8.55% |
385,129
-87,200
| -18% | -$18.1M |
2014 Q1
11 quarters
|
|
4
DELISTED
Liberty Broadband Class C
LBRDK
| $51M | 5.39% |
688,100
-346,500
| -33% | -$24.3M |
2016 Q1
3 quarters
|
|
|
5
Microsoft
MSFT
$4.13T
| $50.6M | 5.35% |
813,700
-467,300
| -36% | -$28.1M |
2016 Q1
3 quarters
|
|
|
CDK
6
DELISTED
CDK Global, Inc.
CDK
| $48.1M | 5.09% |
806,441
-442,700
| -35% | -$25.3M |
2014 Q4
8 quarters
|
|
7
The Kraft Heinz Company
KHC
$30.2B
| $43.3M | 4.58% |
496,000
-22,100
| -4% | -$1.89M |
2015 Q4
4 quarters
|
|
8
Yum! Brands
YUM
$45.4B
| $40.3M | 4.26% |
637,000
+97,431
| +18% | +$6.12M |
2015 Q4
4 quarters
|
|
9
Ingevity
NGVT
$2.53B
| $39.3M | 4.16% |
716,900
-150,100
| -17% | -$7.2M |
2016 Q3
1 quarter
|
|
10
Amazon
AMZN
$2.88T
| $37.4M | 3.95% |
997,000
-486,000
| -33% | -$19M |
2015 Q4
4 quarters
|
|
11
Meta Platforms (Facebook)
META
$1.64T
| $37.1M | 3.92% |
322,200
-97,700
| -23% | -$12M |
2015 Q2
6 quarters
|
|
12
Intercontinental Exchange
ICE
$97.8B
| $36M | 3.81% |
638,500
+116,000
| +22% | +$6.42M |
2016 Q3
1 quarter
|
|
|
13
New Oriental
EDU
$8.07B
| $30.6M | 3.24% |
+728,000
| New | +$34.3M |
2016 Q4
0 quarters
|
|
|
14
Salesforce
CRM
$187B
| $30.4M | 3.21% |
+444,000
| New | +$32.2M |
2016 Q4
0 quarters
|
|
15
Expedia Group
EXPE
$37.9B
| $28.9M | 3.06% |
255,200
-54,900
| -18% | -$6.7M |
2016 Q1
3 quarters
|
|
16
Autodesk
ADSK
$56.4B
| $28.9M | 3.06% |
390,500
-95,800
| -20% | -$7.05M |
2016 Q1
3 quarters
|
|
17
Advance Auto Parts
AAP
$3.07B
| $27.9M | 2.95% |
165,100
-41,700
| -20% | -$6.56M |
2016 Q1
3 quarters
|
|
|
18
Bank of America
BAC
$356B
| $26.6M | 2.82% |
+1,205,000
| New | +$23.2M |
2016 Q4
0 quarters
|
|
|
19
CSX Corp
CSX
$96.4B
| $19.6M | 2.07% |
+1,635,000
| New | +$18.3M |
2016 Q4
0 quarters
|
|
20
Baidu
BIDU
$27.4B
| $18.6M | 1.97% |
113,300
-66,900
| -37% | -$11.4M |
2016 Q1
3 quarters
|
|
21
Credit Acceptance
CACC
$5.06B
| $16.7M | 1.77% |
+77,000
| New | +$14.9M |
2016 Q4
0 quarters
|
|
22
Under Armour Class C
UA
$2.4B
| $6.24M | 0.66% |
+248,000
| New | +$6.86M |
2016 Q4
0 quarters
|
|
23
Yum China
YUMC
$16.7B
| $5.07M | 0.54% |
+193,950
| New | +$5.28M |
2016 Q4
0 quarters
|
|
24
Arbutus Biopharma
ABUS
$804M
| $4.06M | 0.43% |
1,655,162
-962,838
| -37% | -$2.8M |
2015 Q1
7 quarters
|
|
25
Adecoagro
AGRO
$1.33B
| – | – |
-640,000
| Closed | -$7.3M | – |
|
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Alpha Wave Global's Q4 2016 Portfolio in Review
As of Q4 2016, Alpha Wave Global held 32 positions worth $946M, down 25% from $1.26B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Alpha Wave Global withdrew a net $168M in Q4 2016, closing 8 positions and reducing 14 holdings. Its most notable exit was Cheniere Energy Partners LP Holdings LLC, an estimated $49.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 25% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Technology.
Against the trend, Alpha Wave Global opened a new position in New Oriental worth $30.6M.
- Alpha Wave Global's largest Q4 2016 buy was New Oriental: 728,000 shares worth $30.6M.
- Alpha Wave Global added most to Yahoo Inc in Q4 2016, an estimated $72.1M increase.
- Alpha Wave Global's biggest Q4 2016 reduction was Cheniere Energy, cutting an estimated $46M.
- Alpha Wave Global fully exited Cheniere Energy Partners LP Holdings LLC in Q4 2016, selling an estimated $49.2M.
- Alpha Wave Global's ten largest holdings make up 67% of its $946M portfolio in Q4 2016.
- Alpha Wave Global opened 7 new positions and closed 8 in Q4 2016.
- Alpha Wave Global's portfolio value fell 25% quarter-over-quarter to $946M.
Based on Alpha Wave Global's 13F filing for Q4 2016, filed 14 Feb 2017.