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 |
AET
Aetna Inc
AET
|
+$93.2M |
| 2 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$80.1M |
| 3 |
Avista
AVA
|
+$52.6M |
| 4 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$35.4M |
| 5 |
BPYU
Brookfield Property REIT Inc. Class A Common Stock
BPYU
|
+$25.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
QCP
Quality Care Properties, Inc.
QCP
|
+$121M |
| 2 |
GGP
GGP Inc.
GGP
|
+$47.2M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$31.6M |
| 4 |
CSX Corp
CSX
|
+$31.6M |
| 5 |
Philip Morris
PM
|
+$27.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 29.16% |
| 2 | Miscellaneous | 26.03% |
| 3 | Financials | 16.63% |
| 4 | Utilities | 8.45% |
| 5 | Technology | 6.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
AET
1
DELISTED
Aetna Inc
AET
| $96.7M | 15.71% |
+476,900
| New | +$93.2M |
2018 Q3
0 quarters
|
|
|
TFCFA
2
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $81M | 13.15% |
+1,748,500
| New | +$80.1M |
2018 Q3
0 quarters
|
|
|
3
Avista
AVA
$3.39B
| $52M | 8.45% |
+1,029,000
| New | +$52.6M |
2018 Q3
0 quarters
|
|
|
TRCO
4
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $37.8M | 6.14% |
+984,000
| New | +$35.4M |
2018 Q3
0 quarters
|
|
5
PUT
Walt Disney
DIS
$206B
| $35.2M | 5.72% |
+301,200
| New | +$33.5M |
2018 Q3
0 quarters
|
|
6
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.4B
| $34.3M | 5.57% |
800,000
-200,000
| -20% | -$8.63M |
2018 Q2
1 quarter
|
|
|
ESRX
7
DELISTED
Express Scripts Holding Company
ESRX
| $34.2M | 5.56% |
360,300
-371,000
| -51% | -$31.6M |
2018 Q2
1 quarter
|
|
8
Microsoft
MSFT
$3.91T
| $29.5M | 4.79% |
258,200
-75,000
| -23% | -$8.13M |
2016 Q1
10 quarters
|
|
|
BPYU
9
DELISTED
Brookfield Property REIT Inc. Class A Common Stock
BPYU
| $26.4M | 4.28% |
+1,261,031
| New | +$25.4M |
2018 Q3
0 quarters
|
|
|
10
CALL
Philip Morris
PM
$311B
| $24.8M | 4.03% |
+304,200
| New | +$25M |
2018 Q3
0 quarters
|
|
11
Meta Platforms (Facebook)
META
$1.6T
| $22.6M | 3.67% |
137,400
-13,600
| -9% | -$2.46M |
2015 Q2
13 quarters
|
|
|
12
CALL
CSX Corp
CSX
$97B
| $21.9M | 3.55% |
+887,100
| New | +$21.1M |
2018 Q3
0 quarters
|
|
|
TSG
13
DELISTED
The Stars Group Inc.
TSG
| $21.9M | 3.55% |
878,200
+19,900
| +2% | +$606K |
2018 Q1
2 quarters
|
|
14
CALL
SPDR Gold Trust
GLD
$130B
| $18.4M | 2.99% |
+163,300
| New | +$18.7M |
2018 Q3
0 quarters
|
|
15
DELISTED
Liberty Broadband Class C
LBRDK
| $16.3M | 2.65% |
193,700
-118,300
| -38% | -$9.43M |
2016 Q1
10 quarters
|
|
16
Amazon
AMZN
$2.91T
| $14.3M | 2.32% |
143,000
-42,000
| -23% | -$3.95M |
2015 Q4
11 quarters
|
|
17
PUT
Sabre
SABR
$775M
| $14.1M | 2.29% |
+540,000
| New | +$13.9M |
2018 Q3
0 quarters
|
|
18
Salesforce
CRM
$179B
| $10.6M | 1.73% |
66,900
-128,000
| -66% | -$19M |
2016 Q4
7 quarters
|
|
19
PUT
Wabtec
WAB
$51.3B
| $7.4M | 1.2% |
70,600
| – | – |
2018 Q2
1 quarter
|
|
20
MakeMyTrip
MMYT
$4.92B
| $6.42M | 1.04% |
233,689
-114,800
| -33% | -$3.66M |
2017 Q1
6 quarters
|
|
21
X Financial
XYF
$202M
| $5.7M | 0.92% |
+210,000
| New | +$6.14M |
2018 Q3
0 quarters
|
|
22
VanEck Oil Services ETF
OIH
$1.82B
| $4.21M | 0.68% |
+8,350
| New | +$4.19M |
2018 Q3
0 quarters
|
|
23
Autodesk
ADSK
$54.3B
| – | – |
-101,800
| Closed | -$13.3M | – |
|
24
Broadcom
AVGO
$1.74T
| – | – |
-621,000
| Closed | -$15.1M | – |
|
|
25
CSX Corp
CSX
$97B
| – | – |
-1,327,500
| Closed | -$31.6M | – |
|
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Alpha Wave Global's Q3 2018 Portfolio in Review
As of Q3 2018, Alpha Wave Global held 35 positions worth $616M, down 13% from $711M the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Alpha Wave Global withdrew a net $104M in Q3 2018, closing 13 positions and reducing 8 holdings. Its most notable exit was Quality Care Properties, Inc., an estimated $121M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 29% of assets, up from 12% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, Alpha Wave Global opened a new position in Aetna Inc worth $96.7M.
- Alpha Wave Global's largest Q3 2018 buy was Aetna Inc: 476,900 shares worth $96.7M.
- Alpha Wave Global added most to The Stars Group Inc. in Q3 2018, an estimated $606K increase.
- Alpha Wave Global's biggest Q3 2018 reduction was Express Scripts Holding Company, cutting an estimated $31.6M.
- Alpha Wave Global fully exited Quality Care Properties, Inc. in Q3 2018, selling an estimated $121M.
- Alpha Wave Global's ten largest holdings make up 73% of its $616M portfolio in Q3 2018.
- Alpha Wave Global opened 12 new positions and closed 13 in Q3 2018.
- Alpha Wave Global's portfolio value fell 13% quarter-over-quarter to $616M.
Based on Alpha Wave Global's 13F filing for Q3 2018, filed 14 Nov 2018.