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Cowen and Company Portfolio holdings

AUM $2.97B
1-Year Est. Return 105.26%
This Fund
S&P 500
This Quarter Est. Return
-16.31%
1 Year Est. Return
+105.26%
3 Year Est. Return
+120.05%
5 Year Est. Return
+670.56%
10 Year Est. Return
–
AUM
$435M
AUM Growth
-$716M
Cap. Flow
-$763M
Cap. Flow %
-175.1%
Top 10 Hldgs %
44.16%
Holding
647
New
200
Increased
86
Reduced
96
Closed
246

Top Buys

Rank Stock Value
1
XOM icon
ExxonMobil
XOM
+$28M
2
MTCH icon
Match Group
MTCH
+$22.1M
3
DFNS.U
LGL Systems Acquisition Corp. Units
DFNS.U
+$13.2M
4
AVDL
Avadel Pharmaceuticals
AVDL
+$11.7M
5
ABUS icon
Arbutus Biopharma
ABUS
+$9.21M

Top Sells

Rank Stock Value
1
QQQ icon
Invesco QQQ Trust
QQQ
+$238M
2
AAPL icon
Apple
AAPL
+$158M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$77M
4
FRC
First Republic Bank
FRC
+$42.3M
5
XLY icon
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
+$37.6M

Sector Composition

Rank Sector Weight
1 Healthcare 16.59%
2 Financials 12.01%
3 Communication Services 5.9%
4 Energy 5.73%
5 Consumer Discretionary 4.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NFH.WS
576
DELISTED
New Frontier Health Corporation Warrants, each whole warrant exercisable for one Ordinary Share at a
NFH.WS
– –
-21,785
Closed -$33K
MDLA
577
DELISTED
Medallia, Inc.
MDLA
– –
-65,300
Closed -$2.03M
MDLA
578
PUT
DELISTED
Medallia, Inc.
MDLA
– –
-65,300
Closed -$281K
AMHCU
579
DELISTED
Amplitude Healthcare Acquisition Corporation Unit
AMHCU
– –
-16,062
Closed -$162K
SRACU
580
DELISTED
Stable Road Acquisition Corp. Unit
SRACU
– –
-97,213
Closed -$1M
THCBU
581
DELISTED
Tuscan Holdings Corp. Unit
THCBU
– –
-121,200
Closed -$1.27M
ALUS.U
582
DELISTED
Alussa Energy Acquisition Corp
ALUS.U
– –
-260,500
Closed -$2.63M
CCX.U
583
DELISTED
Churchill Capital Corp II
CCX.U
– –
-103,705
Closed -$1.12M
THBR
584
DELISTED
Thunder Bridge Acquisition II, Ltd. Class A Ordinary Shares
THBR
– –
-89,278
Closed -$888K
JIH
585
DELISTED
Juniper Industrial Holdings, Inc.
JIH
– –
-99,800
Closed -$978K
EIDX
586
CALL
DELISTED
Eidos Therapeutics, Inc. Common Stock
EIDX
– –
-33,800
Closed -$180K
EIDX
587
DELISTED
Eidos Therapeutics, Inc. Common Stock
EIDX
– –
-46,949
Closed -$2.69M
EIDX
588
PUT
DELISTED
Eidos Therapeutics, Inc. Common Stock
EIDX
– –
-34,600
Closed -$71K
OAC.U
589
DELISTED
Oaktree Acquisition Corp.
OAC.U
– –
-14,701
Closed -$150K
SMMCU
590
DELISTED
South Mountain Merger Corp. Unit
SMMCU
– –
-28,000
Closed -$291K
TIF
591
DELISTED
Tiffany & Co.
TIF
– –
-19,867
Closed -$2.61M
LCAHU
592
DELISTED
Landcadia Holdings II, Inc. Unit
LCAHU
– –
-46,684
Closed -$473K
PTACU
593
DELISTED
PropTech Acquisition Corporation Unit
PTACU
– –
-22,526
Closed -$231K
PIC.U
594
DELISTED
Pivotal Investment Corporation II Units, each consisting of one share of Class A common stock and on
PIC.U
– –
-21,435
Closed -$219K
TRNE.U
595
DELISTED
Trine Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-half of
TRNE.U
– –
-132,539
Closed -$1.39M
GMHIU
596
DELISTED
Gores Metropoulos, Inc. Unit
GMHIU
– –
-47,608
Closed -$506K
CFFAW
597
DELISTED
CF Finance Acquisition Corp. Warrant
CFFAW
– –
-15,542
Closed -$14K
IMMU
598
CALL
DELISTED
Immunomedics Inc
IMMU
– –
-36,000
Closed -$92K
IMMU
599
DELISTED
Immunomedics Inc
IMMU
– –
-9,051
Closed -$192K
DPHCU
600
DELISTED
DiamondPeak Holdings Corp. Units
DPHCU
– –
-23,047
Closed -$236K
22 23
24
25 26

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Cowen and Company's Q1 2020 Portfolio in Review

As of Q1 2020, Cowen and Company held 647 positions worth $435M, down 62% from $1.15B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Cowen and Company withdrew a net $763M in Q1 2020, closing 246 positions and reducing 96 holdings. Its most notable exit was Apple, an estimated $158M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 17% of assets, up from 4.9% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Cowen and Company opened a new position in Match Group worth $19.8M.

  • Cowen and Company's largest Q1 2020 buy was Match Group: 300,000 shares worth $19.8M.
  • Cowen and Company added most to ExxonMobil in Q1 2020, an estimated $28M increase.
  • Cowen and Company's biggest Q1 2020 reduction was Invesco QQQ Trust, cutting an estimated $238M.
  • Cowen and Company fully exited Apple in Q1 2020, selling an estimated $158M.
  • Cowen and Company's ten largest holdings make up 44% of its $435M portfolio in Q1 2020.
  • Cowen and Company opened 200 new positions and closed 246 in Q1 2020.
  • Cowen and Company's portfolio value fell 62% quarter-over-quarter to $435M.

Based on Cowen and Company's 13F filing for Q1 2020, filed 11 May 2020.