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Fir Tree Capital Management Portfolio holdings

AUM $21.8M
1-Year Est. Return 1.61%
This Fund
S&P 500
This Quarter Est. Return
+0.97%
1 Year Est. Return
-1.61%
3 Year Est. Return
+17.29%
5 Year Est. Return
+41.7%
10 Year Est. Return
+54.64%
AUM
$5.63B
AUM Growth
-$332M
Cap. Flow
-$280M
Cap. Flow %
-4.97%
Top 10 Hldgs %
53.72%
Holding
82
New
16
Increased
6
Reduced
18
Closed
15

Top Buys

Rank Stock Value
1
HCA icon
HCA Healthcare
HCA
+$235M
2
TAP icon
Molson Coors Class B
TAP
+$164M
3
CI icon
Cigna
CI
+$116M
4
SLH
SOLERA HOLDINGS, INC. COM
SLH
+$79.7M
5
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
+$71.6M

Top Sells

Rank Stock Value
1
CDNS icon
Cadence Design Systems
CDNS
+$190M
2
IPG
Interpublic Group of Companies
IPG
+$173M
3
NOK icon
Nokia
NOK
+$108M
4
ACAS
American Capital Ltd
ACAS
+$99.2M
5
AGN
Allergan plc
AGN
+$93.6M

Sector Composition

Rank Sector Weight
1 Healthcare 22.36%
2 Industrials 17.07%
3 Energy 14.34%
4 Financials 10.6%
5 Communication Services 7.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACAS
26
DELISTED
American Capital Ltd
ACAS
$66.2M 1.17%
4,797,009
-7,257,960
-60% -$99.2M
EQT icon
27
EQT Corp
EQT
$32.3B
$60.4M 1.07%
2,129,083
– –
EBAY icon
28
eBay
EBAY
$52.1B
$53.6M 0.95%
1,949,971
– –
NXEO
29
DELISTED
Nexeo Solutions, Inc. Common Stock
NXEO
$49.3M 0.87%
4,949,144
-26,711
-0.5% -$270K
VTRS icon
30
Viatris
VTRS
$20.8B
$49.1M 0.87%
908,741
-594,949
-40% -$28.6M
PTC icon
31
PTC
PTC
$14.7B
$43.3M 0.77%
1,250,732
-2,653,327
-68% -$92.9M
MSFT icon
32
Microsoft
MSFT
$2.92T
$31.8M 0.56%
+573,000
New +$30.2M
MBI icon
33
MBIA
MBI
$278M
$27.2M 0.48%
4,193,899
-1,400,596
-25% -$9.5M
OSG
34
Octave Specialty Group
OSG
$261M
$26.5M 0.47%
1,877,954
– –
XELA
35
DELISTED
Exela Technologies, Inc. Common Stock
XELA
$25.3M 0.45%
218
– –
AUMA
36
DELISTED
AR CAPITAL ACQUISITION CORP COMMON STOCK
AUMA
$25.3M 0.45%
2,600,000
– –
EAGLU
37
DELISTED
Double Eagle Acquisition Corp.
EAGLU
$20M 0.36%
2,000,000
– –
PACE
38
DELISTED
Pace Holdings Corp. Class A Ordinary Shares
PACE
$19.8M 0.35%
+2,000,000
New +$19.5M
TWNK
39
DELISTED
Hostess Brands, Inc. Class A Common Stock
TWNK
$19.3M 0.34%
+2,000,000
New +$19.4M
EACQ
40
DELISTED
Easterly Acquisition Corp
EACQ
$18.3M 0.33%
+1,850,000
New +$18.1M
TRTL
41
DELISTED
Terrapin 3 Acquisition Corporation Class A
TRTL
$18.1M 0.32%
1,831,500
– –
BLVD
42
DELISTED
Boulevard Acquisition Corp. II Class A Common Stock
BLVD
$16.7M 0.3%
+1,700,000
New +$16.2M
CHDN icon
43
Churchill Downs
CHDN
$6.22B
$14.2M 0.25%
603,996
– –
IBM icon
44
IBM
IBM
$214B
$14.1M 0.25%
107,147
– –
MYGN icon
45
Myriad Genetics
MYGN
$502M
$13.2M 0.24%
306,772
-375,303
-55% -$15.9M
NEXT icon
46
NextDecade
NEXT
$1.63B
$11.6M 0.21%
1,184,920
– –
ELEC
47
DELISTED
Electrum Special Acquisition Corporation
ELEC
$10.6M 0.19%
1,100,000
– –
CLACU
48
DELISTED
Capitol Acquisition Corp. III Unit
CLACU
$9.95M 0.18%
+1,000,000
New +$9.99M
SUNE
49
DELISTED
SUNEDISON, INC COM
SUNE
$7.69M 0.14%
1,505,978
-6,616,210
-81% -$40.6M
PRPL icon
50
Purple Innovation
PRPL
$35.7M
$6.93M 0.12%
+28,000
New +$6.8M
1
2
3

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WHP
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ADIM
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Fir Tree Capital Management's Q4 2015 Portfolio in Review

As of Q4 2015, Fir Tree Capital Management held 82 positions worth $5.63B, down 5.6% from $5.97B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Fir Tree Capital Management withdrew a net $280M in Q4 2015, closing 15 positions and reducing 18 holdings. Its most notable exit was Nokia, an estimated $108M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 18% a quarter earlier, followed by Industrials and Energy.

Against the trend, Fir Tree Capital Management opened a new position in Molson Coors Class B worth $171M.

  • Fir Tree Capital Management's largest Q4 2015 buy was Molson Coors Class B: 1,821,810 shares worth $171M.
  • Fir Tree Capital Management added most to HCA Healthcare in Q4 2015, an estimated $235M increase.
  • Fir Tree Capital Management's biggest Q4 2015 reduction was Cadence Design Systems, cutting an estimated $190M.
  • Fir Tree Capital Management fully exited Nokia in Q4 2015, selling an estimated $108M.
  • Fir Tree Capital Management's ten largest holdings make up 54% of its $5.63B portfolio in Q4 2015.
  • Fir Tree Capital Management opened 16 new positions and closed 15 in Q4 2015.
  • Fir Tree Capital Management's portfolio value fell 5.6% quarter-over-quarter to $5.63B.

Based on Fir Tree Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.