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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
PTLA
201
DELISTED
Portola Pharmaceuticals, Inc.
PTLA
$186K 0.04%
+26,081
New +$325K
NESRW
202
DELISTED
National Energy Services Reunited Corp. Warrant
NESRW
$183K 0.04%
+554,597
New +$329K
TLRY icon
203
CALL
Tilray
TLRY
$607M
$181K 0.04%
39,360
+18,720
+91% +$2.61M
MU icon
204
CALL
Micron Technology
MU
$987B
$168K 0.04%
84,000
-38,000
-31% -$1.98M
PIC.WS
205
DELISTED
Pivotal Investment Corporation II Redeemable Warrants, each whole warrant exercisable for shares of
PIC.WS
$168K 0.04%
240,004
-40,599
-14% -$32.1K
UPS icon
206
PUT
United Parcel Service
UPS
$89.5B
$167K 0.04%
+60,300
New +$6.25M
GILD icon
207
Gilead Sciences
GILD
$167B
$166K 0.04%
+2,222
New +$154K
PAACR
208
DELISTED
Proficient Alpha Acquisition Corp. Rights
PAACR
$166K 0.04%
831,731
+530,473
+176% +$94.3K
LOTZ
209
DELISTED
CarLotz, Inc. Class A Common Stock
LOTZ
$165K 0.04%
+16,731
New +$167K
BTRSW
210
DELISTED
BTRS Holdings Inc. Warrants
BTRSW
$165K 0.04%
175,969
+84,425
+92% +$78.3K
CIICU
211
DELISTED
CIIG Merger Corp. Units
CIICU
$163K 0.04%
16,665
-102,639
-86% -$1.04M
SFTW.U
212
DELISTED
Osprey Technology Acquisition Corp. Units, each consisting of one share of Class A Common Stock and
SFTW.U
$160K 0.04%
+16,432
New +$167K
HCCOW
213
DELISTED
Healthcare Merger Corp. Warrants
HCCOW
$160K 0.04%
+170,616
New +$214K
RPLA.WS
214
DELISTED
Replay Acquisition Corp. Warrants
RPLA.WS
$158K 0.04%
267,295
+69,110
+35% +$53.7K
SAMAW
215
DELISTED
Schultze Special Purpose Acquisition Corp. Warrant
SAMAW
$157K 0.04%
712,048
+172,311
+32% +$85.5K
DLR icon
216
CALL
Digital Realty Trust
DLR
$71B
$156K 0.04%
+10,200
New +$1.3M
NEBUW
217
DELISTED
Nebula Acquisition Corporation Warrant
NEBUW
$154K 0.04%
152,968
-101,239
-40% -$165K
GOEVW
218
DELISTED
Canoo Inc. Warrant
GOEVW
$153K 0.04%
+435,978
New +$345K
CZR icon
219
Caesars Entertainment
CZR
$6.14B
$152K 0.03%
+10,538
New +$493K
SONG
220
DELISTED
Akazoo SA
SONG
$151K 0.03%
53,804
– –
CRBP icon
221
Corbus Pharmaceuticals
CRBP
$184M
$147K 0.03%
+938
New +$159K
UNIT
222
PUT
Uniti Group
UNIT
$2.29B
$147K 0.03%
121,400
-295,100
-71% -$2.31M
DIS icon
223
CALL
Walt Disney
DIS
$178B
$145K 0.03%
+345,500
New +$43.7M
PTLA
224
PUT
DELISTED
Portola Pharmaceuticals, Inc.
PTLA
$144K 0.03%
+40,000
New +$499K
CY
225
CALL
DELISTED
Cypress Semiconductor
CY
$142K 0.03%
+20,000
New +$457K
7 8
9
10 11

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PWLP
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FPCG
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SI
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BC
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FTDI
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CIM
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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.