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 |
NXP Semiconductors
NXPI
|
+$45.4M |
| 2 |
Philip Morris
PM
|
+$25M |
| 3 |
TransDigm Group
TDG
|
+$7.09M |
| 4 |
QCP
Quality Care Properties, Inc.
QCP
|
+$2.63M |
| 5 |
MakeMyTrip
MMYT
|
+$1.72M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CDK
CDK Global, Inc.
CDK
|
+$20.2M |
| 2 |
Expedia Group
EXPE
|
+$15.2M |
| 3 |
Intercontinental Exchange
ICE
|
+$10.5M |
| 4 |
The Kraft Heinz Company
KHC
|
+$10.5M |
| 5 |
Liberty Broadband Class C
LBRDK
|
+$9.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.46% |
| 2 | Communication Services | 17.72% |
| 3 | Consumer Staples | 14.17% |
| 4 | Industrials | 13.79% |
| 5 | Consumer Discretionary | 8.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
NXP Semiconductors
NXPI
$66.2B
| $46M | 11.48% |
+407,000
| New | +$45.4M |
2017 Q3
0 quarters
|
|
|
QCP
2
DELISTED
Quality Care Properties, Inc.
QCP
| $29.3M | 7.3% |
1,890,025
+165,825
| +10% | +$2.63M |
2017 Q1
2 quarters
|
|
3
CSX Corp
CSX
$96.4B
| $29.2M | 7.27% |
1,611,900
-296,400
| -16% | -$5.09M |
2016 Q4
3 quarters
|
|
4
Meta Platforms (Facebook)
META
$1.61T
| $29.1M | 7.26% |
170,300
-47,400
| -22% | -$7.91M |
2015 Q2
9 quarters
|
|
|
5
TransDigm Group
TDG
$66.8B
| $26.2M | 6.52% |
102,300
+26,200
| +34% | +$7.09M |
2017 Q1
2 quarters
|
|
|
6
DELISTED
Liberty Broadband Class C
LBRDK
| $24.1M | 6.02% |
253,200
-98,700
| -28% | -$9.5M |
2016 Q1
6 quarters
|
|
|
7
Philip Morris
PM
$324B
| $23.9M | 5.95% |
+215,100
| New | +$25M |
2017 Q3
0 quarters
|
|
8
Microsoft
MSFT
$4.13T
| $23.2M | 5.77% |
310,900
-56,300
| -15% | -$4.11M |
2016 Q1
6 quarters
|
|
9
PUT
United Rentals
URI
$72.8B
| $22.2M | 5.53% |
+160,000
| New | +$19.1M |
2017 Q3
0 quarters
|
|
10
Amazon
AMZN
$2.88T
| $21.3M | 5.31% |
443,000
-146,000
| -25% | -$7.17M |
2015 Q4
7 quarters
|
|
11
Salesforce
CRM
$187B
| $20.8M | 5.19% |
222,700
-77,700
| -26% | -$7.15M |
2016 Q4
3 quarters
|
|
12
Liberty Media Corporation Series C Common Stock
FWONK
$24B
| $17.8M | 4.45% |
484,151
-87,811
| -15% | -$3.07M |
2017 Q1
2 quarters
|
|
13
New Oriental
EDU
$7.8B
| $17.5M | 4.36% |
198,200
-68,800
| -26% | -$5.61M |
2016 Q4
3 quarters
|
|
14
Autodesk
ADSK
$52.7B
| $16.1M | 4.03% |
143,800
+11,800
| +9% | +$1.3M |
2016 Q1
6 quarters
|
|
|
15
Intercontinental Exchange
ICE
$95.5B
| $15.5M | 3.86% |
225,100
-160,000
| -42% | -$10.5M |
2016 Q3
4 quarters
|
|
|
16
The Kraft Heinz Company
KHC
$30.2B
| $15.4M | 3.85% |
199,200
-125,500
| -39% | -$10.5M |
2015 Q4
7 quarters
|
|
17
Bank of America
BAC
$356B
| $10.5M | 2.63% |
416,000
| – | – |
2016 Q4
3 quarters
|
|
18
Advance Auto Parts
AAP
$2.87B
| $6.71M | 1.67% |
67,600
-12,500
| -16% | -$1.26M |
2016 Q1
6 quarters
|
|
|
19
MakeMyTrip
MMYT
$4.28B
| $6.24M | 1.56% |
217,089
+53,800
| +33% | +$1.72M |
2017 Q1
2 quarters
|
|
|
20
Expedia Group
EXPE
$37.9B
| – | – |
-102,300
| Closed | -$15.2M | – |
|
21
CALL
Cheniere Energy
LNG
$63.5B
| – | – |
-1,670,000
| Closed | -$81.3M | – |
|
22
PUT
Invesco QQQ Trust
QQQ
$467B
| – | – |
-600,000
| Closed | -$82.6M | – |
|
|
CDK
23
DELISTED
CDK Global, Inc.
CDK
| – | – |
-326,141
| Closed | -$20.2M | – |
|
|
QCP
24
CALL
DELISTED
Quality Care Properties, Inc.
QCP
| – | – |
-560,000
| Closed | -$10.3M | – |
|
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Alpha Wave Global's Q3 2017 Portfolio in Review
As of Q3 2017, Alpha Wave Global held 24 positions worth $401M, down 30% from $570M the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Alpha Wave Global withdrew a net $24.2M in Q3 2017, closing 5 positions and reducing 11 holdings. Its most notable exit was CDK Global, Inc., an estimated $20.2M position sold in full.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 11% a quarter earlier, followed by Communication Services and Consumer Staples.
Against the trend, Alpha Wave Global opened a new position in NXP Semiconductors worth $46M.
- Alpha Wave Global's largest Q3 2017 buy was NXP Semiconductors: 407,000 shares worth $46M.
- Alpha Wave Global added most to TransDigm Group in Q3 2017, an estimated $7.09M increase.
- Alpha Wave Global's biggest Q3 2017 reduction was Intercontinental Exchange, cutting an estimated $10.5M.
- Alpha Wave Global fully exited CDK Global, Inc. in Q3 2017, selling an estimated $20.2M.
- Alpha Wave Global's ten largest holdings make up 68% of its $401M portfolio in Q3 2017.
- Alpha Wave Global opened 3 new positions and closed 5 in Q3 2017.
- Alpha Wave Global's portfolio value fell 30% quarter-over-quarter to $401M.
Based on Alpha Wave Global's 13F filing for Q3 2017, filed 14 Nov 2017.