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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
+17.7%
1 Year Est. Return
+105.26%
3 Year Est. Return
+120.05%
5 Year Est. Return
+670.56%
10 Year Est. Return
–
AUM
$956M
AUM Growth
-$88.9M
Cap. Flow
-$124M
Cap. Flow %
-13%
Top 10 Hldgs %
51.28%
Holding
904
New
257
Increased
162
Reduced
180
Closed
232

Top Buys

Rank Stock Value
1
DCP
DCP Midstream, LP
DCP
+$58.7M
2
IMVT icon
Immunovant
IMVT
+$15.7M
3
LL
LL Flooring Holdings, Inc.
LL
+$11.4M
4
ACET icon
Adicet Bio
ACET
+$10.9M
5
INVZ icon
Innoviz Technologies
INVZ
+$9.95M

Top Sells

Rank Stock Value
1
ARKK icon
ARK Innovation ETF
ARKK
+$131M
2
IMCR icon
Immunocore
IMCR
+$34.1M
3
FTAI icon
FTAI Aviation
FTAI
+$28.1M
4
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$20.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14.4M

Sector Composition

Rank Sector Weight
1 Healthcare 36.98%
2 Financials 14.53%
3 Materials 10.99%
4 Energy 8.52%
5 Consumer Discretionary 5.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BOAS.WS
876
DELISTED
BOA Acquisition Corp. Redeemable Warrants, each whole warrant exercisable for one share of Class A common stock at a price of $11.50 per share
BOAS.WS
– –
-60,236
Closed -$14K
MACC.WS
877
DELISTED
Mission Advancement Corp. Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50
MACC.WS
– –
-302,576
Closed -$9K
TMAC.WS
878
DELISTED
The Music Acquisition Corporation Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
TMAC.WS
– –
-181,116
Closed -$7K
ADRT.WS
879
DELISTED
Ault Disruptive Technologies Corporation Redeemable Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50
ADRT.WS
– –
-14,500
Closed -$1K
TMPMW
880
DELISTED
Turmeric Acquisition Corp. Warrant
TMPMW
– –
-62,204
Closed -$2K
IPOD.U
881
DELISTED
Social Capital Hedosophia Holdings Corp. IV Units, each consisting of one Class A ordinary share and one-fourth of one redeemable warrant
IPOD.U
– –
-56,394
Closed -$564K
IPOF.U
882
DELISTED
Social Capital Hedosophia Holdings Corp. VI Units, each consisting of one Class A ordinary share and one-fourth of one redeemable warrant
IPOF.U
– –
-100,300
Closed -$1M
IPOD
883
DELISTED
Social Capital Hedosophia Holdings Corp. IV
IPOD
– –
-25,000
Closed -$250K
IPOF
884
DELISTED
Social Capital Hedosophia Holdings Corp. VI
IPOF
– –
-20,000
Closed -$200K
FMTX
885
DELISTED
Forma Therapeutics Holdings, Inc. Common Stock
FMTX
– –
-100,000
Closed -$5K
FVT.WS
886
DELISTED
Fortress Value Acquisition Corp. III Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
FVT.WS
– –
-50,255
Closed -$5K
FVIV.WS
887
DELISTED
Fortress Value Acquisition Corp. IV Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
FVIV.WS
– –
-75,999
Closed -$13K
ASAQ.WS
888
DELISTED
Atlantic Avenue Acquisition Corp Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
ASAQ.WS
– –
-2,113,266
Closed -$170K
ASZ.WS
889
DELISTED
Austerlitz Acquisition Corporation II Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
ASZ.WS
– –
-1,134,891
Closed -$113K
AUS.WS
890
DELISTED
Austerlitz Acquisition Corporation I Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
AUS.WS
– –
-12,500
Closed -$1K
CHNG
891
DELISTED
Change Healthcare Inc. Common Stock
CHNG
– –
-54,500
Closed -$1.5M
NLSN
892
DELISTED
Nielsen Holdings plc
NLSN
– –
-114,400
Closed -$3.17M
ATVI
893
DELISTED
Activision Blizzard
ATVI
– –
-20,800
Closed -$1.54M
DISH
894
DELISTED
DISH Network Corp.
DISH
– –
-36,400
Closed -$537K
QOMOU
895
DELISTED
Qomolangma Acquisition Corp. Unit
QOMOU
– –
-10,200
Closed -$102K
32 33 34 35
36

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Cowen and Company's Q4 2022 Portfolio in Review

As of Q4 2022, Cowen and Company held 904 positions worth $956M, down 8.5% from $1.05B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Cowen and Company withdrew a net $124M in Q4 2022, closing 232 positions and reducing 180 holdings. Its most notable exit was ARK Innovation ETF, an estimated $131M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 37% of assets, up from 34% a quarter earlier, followed by Financials and Materials.

Against the trend, Cowen and Company opened a new position in DCP Midstream, LP worth $58.8M.

  • Cowen and Company's largest Q4 2022 buy was DCP Midstream, LP: 1,516,562 shares worth $58.8M.
  • Cowen and Company added most to Adicet Bio in Q4 2022, an estimated $10.9M increase.
  • Cowen and Company's biggest Q4 2022 reduction was Immunocore, cutting an estimated $34.1M.
  • Cowen and Company fully exited ARK Innovation ETF in Q4 2022, selling an estimated $131M.
  • Cowen and Company's ten largest holdings make up 51% of its $956M portfolio in Q4 2022.
  • Cowen and Company opened 257 new positions and closed 232 in Q4 2022.
  • Cowen and Company's portfolio value fell 8.5% quarter-over-quarter to $956M.

Based on Cowen and Company's 13F filing for Q4 2022, filed 9 Feb 2023.