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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
-4.15%
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
$2.42B
AUM Growth
-$1.29B
Cap. Flow
-$1.06B
Cap. Flow %
-43.79%
Top 10 Hldgs %
64.41%
Holding
81
New
9
Increased
4
Reduced
16
Closed
12

Top Buys

Rank Stock Value
1
FE icon
FirstEnergy
FE
+$215M
2
AET
Aetna Inc
AET
+$132M
3
PCG icon
PG&E
PCG
+$77.1M
4
MGM icon
MGM Resorts International
MGM
+$20.4M
5
RWGE
Regalwood Global Energy Ltd. Class A Ordinary Shares
RWGE
+$14.5M

Top Sells

Rank Stock Value
1
NXPI icon
NXP Semiconductors
NXPI
+$222M
2
EXPE icon
Expedia Group
EXPE
+$118M
3
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
+$102M
4
SRUN
Silver Run Acquisition Corporation II Class A
SRUN
+$96.2M
5
AABA
Altaba Inc
AABA
+$87.8M

Sector Composition

Rank Sector Weight
1 Financials 16.77%
2 Consumer Discretionary 15.91%
3 Energy 15.51%
4 Utilities 12.71%
5 Technology 11.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MOSC.U
26
DELISTED
Mosaic Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-third o
MOSC.U
$18.1M 0.75%
1,800,000
– –
LGCY
27
DELISTED
Legacy Reserves Inc. Common Stock
LGCY
$17.9M 0.74%
3,800,000
– –
CTOS icon
28
Custom Truck One Source
CTOS
$2.35B
$17.4M 0.72%
1,800,000
– –
FSAC
29
DELISTED
Federal Street Acquisition Corp. Common Stock
FSAC
$17.4M 0.72%
1,800,000
– –
ORGO icon
30
Organogenesis Holdings
ORGO
$326M
$17M 0.7%
1,700,000
-100,000
-6% -$996K
AVGO icon
31
CALL
Broadcom
AVGO
$1.81T
$16.5M 0.68%
+700,000
New +$17.6M
SCAC
32
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
$15.9M 0.66%
1,600,000
– –
ASAP
33
DELISTED
Waitr Holdings Inc. Common Stock
ASAP
$15.1M 0.62%
75,000
– –
SPCE icon
34
Virgin Galactic
SPCE
$320M
$15M 0.62%
75,000
– –
RWGE
35
DELISTED
Regalwood Global Energy Ltd. Class A Ordinary Shares
RWGE
$14.6M 0.6%
+1,500,000
New +$14.5M
GST
36
DELISTED
Gastar Exploration Inc.
GST
$14.3M 0.59%
21,005,154
-346,819
-2% -$323K
HK
37
DELISTED
Halcon Resources Corporation
HK
$13.8M 0.57%
2,841,877
+703,918
+33% +$4.76M
ACEL icon
38
Accel Entertainment
ACEL
$1.01B
$13.7M 0.57%
1,400,000
– –
DMTK
39
DELISTED
DermTech, Inc. Common Stock
DMTK
$12.4M 0.51%
625,000
– –
NRCG
40
DELISTED
NRC Group Holdings Corp.
NRCG
$9.9M 0.41%
1,000,000
– –
DLPH
41
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
$9.82M 0.41%
206,000
-894,997
-81% -$46.4M
TH icon
42
Target Hospitality
TH
$1.47B
$9.68M 0.4%
+1,000,000
New +$9.82M
DFBHU
43
DELISTED
DFB Healthcare Acquisitions Corp. Unit
DFBHU
$5.03M 0.21%
+500,000
New +$5.04M
LHC.U
44
DELISTED
Leo Holdings Corp. II Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant
LHC.U
$5M 0.21%
+500,000
New +$4.97M
JONE
45
DELISTED
Jones Energy, Inc.
JONE
$4.92M 0.2%
307,189
– –
FG.WS
46
DELISTED
FGL Holdings Warrants exercisable for one Ordinary Share at a price of $11.50 per share
FG.WS
$4.41M 0.18%
2,451,412
-310,800
-11% -$489K
HGV icon
47
Hilton Grand Vacations
HGV
$4.14B
$4.15M 0.17%
96,399
-1,932,254
-95% -$84.7M
TPGE.WS
48
DELISTED
TPG Pace Energy Holdings Corp.
TPGE.WS
$1.6M 0.07%
866,666
– –
EPE
49
DELISTED
EP Energy Corporation
EPE
$1.59M 0.07%
1,189,380
-951,117
-44% -$1.84M
GSHTW
50
DELISTED
Gores Holdings II, Inc. Warrants
GSHTW
$1.25M 0.05%
733,333
– –
1
2
3 4

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Fir Tree Capital Management's Q1 2018 Portfolio in Review

As of Q1 2018, Fir Tree Capital Management held 81 positions worth $2.42B, down 35% from $3.71B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Fir Tree Capital Management withdrew a net $1.06B in Q1 2018, closing 12 positions and reducing 16 holdings. Its most notable exit was Expedia Group, an estimated $118M position sold in full.

By sector, the portfolio is most concentrated in Financials at 17% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Energy.

Against the trend, Fir Tree Capital Management opened a new position in FirstEnergy worth $228M.

  • Fir Tree Capital Management's largest Q1 2018 buy was FirstEnergy: 6,699,056 shares worth $228M.
  • Fir Tree Capital Management added most to Aetna Inc in Q1 2018, an estimated $132M increase.
  • Fir Tree Capital Management's biggest Q1 2018 reduction was NXP Semiconductors, cutting an estimated $222M.
  • Fir Tree Capital Management fully exited Expedia Group in Q1 2018, selling an estimated $118M.
  • Fir Tree Capital Management's ten largest holdings make up 64% of its $2.42B portfolio in Q1 2018.
  • Fir Tree Capital Management opened 9 new positions and closed 12 in Q1 2018.
  • Fir Tree Capital Management's portfolio value fell 35% quarter-over-quarter to $2.42B.

Based on Fir Tree Capital Management's 13F filing for Q1 2018, filed 15 May 2018.