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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
+18.1%
1 Year Est. Return
+105.26%
3 Year Est. Return
+120.05%
5 Year Est. Return
+670.56%
10 Year Est. Return
–
AUM
$1.52B
AUM Growth
+$95.3M
Cap. Flow
-$53M
Cap. Flow %
-3.48%
Top 10 Hldgs %
46.4%
Holding
811
New
169
Increased
201
Reduced
172
Closed
223

Top Buys

Rank Stock Value
1
PTCT icon
PTC Therapeutics
PTCT
+$66.9M
2
SAGE
Sage Therapeutics
SAGE
+$26.6M
3
IMO icon
Imperial Oil
IMO
+$24.9M
4
COIN icon
Coinbase
COIN
+$22.5M
5
ANSCU
Agriculture & Natural Solutions Acquisition Corp Unit
ANSCU
+$21.6M

Top Sells

Rank Stock Value
1
MSOS icon
AdvisorShares Pure US Cannabis ETF
MSOS
+$48.7M
2
AAC
Ares Acquisition Corporation
AAC
+$36.4M
3
PTGX icon
Protagonist Therapeutics
PTGX
+$27.6M
4
HCVIU
Hennessy Capital Investment Corp. VI Unit
HCVIU
+$17.4M
5
NETD
Nabors Energy Transition Corp II
NETD
+$16.9M

Sector Composition

Rank Sector Weight
1 Healthcare 30.8%
2 Financials 24.54%
3 Technology 21.73%
4 Communication Services 4.41%
5 Energy 3.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ODP
651
DELISTED
ODP
ODP
– –
-126,781
Closed -$5.85M
PTGX icon
652
Protagonist Therapeutics
PTGX
$9.61B
– –
-1,657,551
Closed -$27.6M
QBTS.WS
653
DELISTED
D-Wave Quantum Inc Warrants
QBTS.WS
– –
-25,000
Closed -$2.85K
QQQ icon
654
CALL
Invesco QQQ Trust
QQQ
$479B
– –
-15,000
Closed -$18K
QQQ icon
655
Invesco QQQ Trust
QQQ
$479B
– –
-550
Closed -$197K
QQQ icon
656
PUT
Invesco QQQ Trust
QQQ
$479B
– –
-53,700
Closed -$449K
SCLXW icon
657
Scilex Holding Co Warrant
SCLXW
– –
-22,658
Closed -$11.3K
SCPH
658
DELISTED
scPharmaceuticals
SCPH
– –
-1,795,647
Closed -$12.8M
SIRI icon
659
CALL
SiriusXM
SIRI
$9.64B
– –
-6,250
Closed -$4.69K
SLV icon
660
CALL
iShares Silver Trust
SLV
$31.4B
– –
-70,000
Closed -$3.75K
SLV icon
661
PUT
iShares Silver Trust
SLV
$31.4B
– –
-20,000
Closed -$11.4K
SNAP icon
662
PUT
Snap
SNAP
$9.25B
– –
-100,000
Closed -$31.5K
SOFI icon
663
CALL
SoFi Technologies
SOFI
$23.3B
– –
-50,000
Closed -$7.25K
SOFI icon
664
SoFi Technologies
SOFI
$23.3B
– –
-41,400
Closed -$331K
SOFI icon
665
PUT
SoFi Technologies
SOFI
$23.3B
– –
-41,400
Closed -$30K
SPY icon
666
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-12,500
Closed -$5.3K
SPY icon
667
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-10,600
Closed -$4.53M
SPY icon
668
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-71,900
Closed -$483K
SVII
669
DELISTED
Spring Valley Acquisition Corp II
SVII
– –
-552,725
Closed -$5.95M
TALK icon
670
Talkspace
TALK
$866M
– –
-36,500
Closed -$71.2K
TGI
671
DELISTED
Triumph Group
TGI
– –
-115,000
Closed -$881K
TGT icon
672
CALL
Target
TGT
$70B
– –
-1,600
Closed -$712
TGT icon
673
Target
TGT
$70B
– –
-1,250
Closed -$138K
TGT icon
674
PUT
Target
TGT
$70B
– –
-27,500
Closed -$142K
TLPH icon
675
Talphera
TLPH
$73.2M
– –
-115,657
Closed -$67.1K
25 26
27
28 29

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Cowen and Company's Q4 2023 Portfolio in Review

As of Q4 2023, Cowen and Company held 811 positions worth $1.52B, up 6.7% from $1.43B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Cowen and Company withdrew a net $53M in Q4 2023, closing 223 positions and reducing 172 holdings. Its most notable exit was AdvisorShares Pure US Cannabis ETF, an estimated $48.7M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 31% of assets, up from 22% a quarter earlier, followed by Financials and Technology.

Against the trend, Cowen and Company opened a new position in Sage Therapeutics worth $29M.

  • Cowen and Company's largest Q4 2023 buy was Sage Therapeutics: 1,339,971 shares worth $29M.
  • Cowen and Company added most to PTC Therapeutics in Q4 2023, an estimated $66.9M increase.
  • Cowen and Company's biggest Q4 2023 reduction was Nabors Energy Transition Corp II, cutting an estimated $16.9M.
  • Cowen and Company fully exited AdvisorShares Pure US Cannabis ETF in Q4 2023, selling an estimated $48.7M.
  • Cowen and Company's ten largest holdings make up 46% of its $1.52B portfolio in Q4 2023.
  • Cowen and Company opened 169 new positions and closed 223 in Q4 2023.
  • Cowen and Company's portfolio value rose 6.7% quarter-over-quarter to $1.52B.

Based on Cowen and Company's 13F filing for Q4 2023, filed 8 Feb 2024.