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CI

Cowen Inc Portfolio holdings

AUM $1.39B
1-Year Est. Return 60.14%
This Fund
S&P 500
This Quarter Est. Return
+7.55%
1 Year Est. Return
+60.14%
3 Year Est. Return
+251.81%
5 Year Est. Return
+491.3%
10 Year Est. Return
–
AUM
$595M
AUM Growth
-$82.7M
Cap. Flow
-$109M
Cap. Flow %
-18.3%
Top 10 Hldgs %
41.11%
Holding
335
New
118
Increased
36
Reduced
41
Closed
120

Top Buys

Rank Stock Value
1
OMC icon
Omnicom Group
OMC
+$16.1M
2
COWN
Cowen Inc. Class A Common Stock
COWN
+$10.4M
3
APD icon
Air Products & Chemicals
APD
+$4.87M
4
ASH icon
Ashland
ASH
+$3.97M
5
LIFE
LIFE TECHNOLOGIES CORP COM STK (DE)
LIFE
+$3.52M

Top Sells

Rank Stock Value
1
MDY icon
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
+$97.4M
2
IWD icon
iShares Russell 1000 Value ETF
IWD
+$42.3M
3
ONXX
ONYX PHARMACEUTICALS INC
ONXX
+$21.1M
4
NYX
NYSE EURONEXT INC
NYX
+$17.4M
5
DELL
DELL INC
DELL
+$13.3M

Sector Composition

Rank Sector Weight
1 Technology 7.14%
2 Industrials 4.24%
3 Energy 3.98%
4 Communication Services 3.83%
5 Consumer Discretionary 3.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTB
276
DELISTED
Cooper Tire & Rubber Co.
CTB
– –
-13,537
Closed -$417K
CTB
277
PUT
DELISTED
Cooper Tire & Rubber Co.
CTB
– –
-30,500
Closed -$939K
TRQ
278
DELISTED
Turquoise Hill Resources Ltd
TRQ
– –
-2,208
Closed -$75K
MNK
279
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
– –
-49,989
Closed -$2.2M
NE
280
CALL
DELISTED
Noble Corporation
NE
– –
-428,542
Closed -$14.1M
NE
281
PUT
DELISTED
Noble Corporation
NE
– –
-45,760
Closed -$1.51M
ALO
282
DELISTED
Alio Gold Inc
ALO
– –
-1,560
Closed -$26K
S
283
CALL
DELISTED
Sprint Corporation
S
– –
-199,100
Closed -$1.24M
RSYS
284
DELISTED
Radisys Corp
RSYS
– –
-28,400
Closed -$91K
ANDV
285
DELISTED
Andeavor
ANDV
– –
-92,800
Closed -$4.08M
RIC
286
DELISTED
Richmont Mines Inc.
RIC
– –
-52,300
Closed -$74K
LVLT
287
DELISTED
Level 3 Communications Inc
LVLT
– –
-13,500
Closed -$360K
APOL
288
DELISTED
Apollo Education Group Inc Class A
APOL
– –
-27,000
Closed -$562K
LINE
289
PUT
DELISTED
LINN ENERGY LLC COM UTS REP LTD LIABILITY CO INTS
LINE
– –
-126,200
Closed -$3.27M
BRCM
290
CALL
DELISTED
BROADCOM CORP CL-A
BRCM
– –
-15,000
Closed -$390K
RBY
291
DELISTED
RUBICON MENERALS CORP (F)
RBY
– –
-16,800
Closed -$21K
AUQ
292
DELISTED
AURICO GOLD INC COM
AUQ
– –
-10,600
Closed -$40K
WPZ
293
DELISTED
Williams Partners L.P.
WPZ
– –
-5,305
Closed -$242K
KIOR
294
DELISTED
KIOR, INC CLASS A COM STK
KIOR
– –
-11,100
Closed -$31K
HITK
295
DELISTED
HI-TECH PHARMACAL INC
HITK
– –
-49,511
Closed -$2.14M
JNY
296
CALL
DELISTED
JONES GROUP INC COM STK (PA)
JNY
– –
-67,000
Closed -$1.01M
JNY
297
DELISTED
JONES GROUP INC COM STK (PA)
JNY
– –
-28,445
Closed -$427K
JNY
298
PUT
DELISTED
JONES GROUP INC COM STK (PA)
JNY
– –
-119,000
Closed -$1.79M
CSE
299
DELISTED
CAPITALSOURCE INC
CSE
– –
-17,700
Closed -$210K
LEAP
300
CALL
DELISTED
LEAP WIRELESS INTERNATIONAL INC NEW
LEAP
– –
-226,100
Closed -$3.57M
10 11
12
13 14

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LIC
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CB
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KPAG
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Cowen Inc's Q4 2013 Portfolio in Review

As of Q4 2013, Cowen Inc held 335 positions worth $595M, down 12% from $678M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Cowen Inc withdrew a net $109M in Q4 2013, closing 120 positions and reducing 41 holdings. Its most notable exit was State Street SPDR S&P MIDCAP 400 ETF Trust, an estimated $97.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 7.1% of assets, up from 2.2% a quarter earlier, followed by Industrials and Energy.

Against the trend, Cowen Inc opened a new position in Omnicom Group worth $17.4M.

  • Cowen Inc's largest Q4 2013 buy was Omnicom Group: 234,006 shares worth $17.4M.
  • Cowen Inc added most to Cowen Inc. Class A Common Stock in Q4 2013, an estimated $10.4M increase.
  • Cowen Inc's biggest Q4 2013 reduction was LENDER PROCESSING SERVICES INC, cutting an estimated $5.66M.
  • Cowen Inc fully exited State Street SPDR S&P MIDCAP 400 ETF Trust in Q4 2013, selling an estimated $97.4M.
  • Cowen Inc's ten largest holdings make up 41% of its $595M portfolio in Q4 2013.
  • Cowen Inc opened 118 new positions and closed 120 in Q4 2013.
  • Cowen Inc's portfolio value fell 12% quarter-over-quarter to $595M.

Based on Cowen Inc's 13F filing for Q4 2013, filed 13 Feb 2014.