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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
-2.27%
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
$1.86B
AUM Growth
-$384M
Cap. Flow
-$273M
Cap. Flow %
-14.67%
Top 10 Hldgs %
62.81%
Holding
87
New
18
Increased
5
Reduced
16
Closed
15

Top Buys

Rank Stock Value
1
C icon
Citigroup
C
+$148M
2
NXPI icon
NXP Semiconductors
NXPI
+$72.7M
3
GE icon
GE Aerospace
GE
+$51.1M
4
GS icon
Goldman Sachs
GS
+$35M
5
CHAP
Chaparral Energy, Inc.
CHAP
+$27M

Top Sells

Rank Stock Value
1
AET
Aetna Inc
AET
+$190M
2
SM icon
SM Energy
SM
+$112M
3
MGM icon
MGM Resorts International
MGM
+$84M
4
PX
Praxair Inc
PX
+$62.9M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$59.7M

Sector Composition

Rank Sector Weight
1 Technology 27.83%
2 Financials 16.16%
3 Utilities 12.19%
4 Energy 11.52%
5 Consumer Discretionary 10.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPAQ.U
26
DELISTED
Spartan Energy Acquisition Corp Units (each consisting of one Class A Common Stock and one-third of
SPAQ.U
$17.8M 0.96%
+1,750,000
New +$17.7M
VVNT
27
DELISTED
Vivint Smart Home, Inc. Class A Common Stock
VVNT
$17.6M 0.94%
+1,800,000
New +$17.5M
SM icon
28
SM Energy
SM
$7.11B
$17.4M 0.93%
550,880
-3,894,042
-88% -$112M
ORGO icon
29
Organogenesis Holdings
ORGO
$326M
$17.2M 0.93%
1,700,000
– –
VRT icon
30
Vertiv
VRT
$104B
$16.6M 0.89%
+1,700,000
New +$16.7M
GOOG icon
31
Alphabet (Google) Class C
GOOG
$4.07T
$16.6M 0.89%
277,400
-997,000
-78% -$59.7M
AKRX
32
DELISTED
Akorn Inc
AKRX
$15.2M 0.82%
1,174,756
+993,481
+548% +$16.3M
SPCE icon
33
Virgin Galactic
SPCE
$320M
$14.9M 0.8%
75,000
– –
RWGE
34
DELISTED
Regalwood Global Energy Ltd. Class A Ordinary Shares
RWGE
$14.6M 0.79%
1,500,000
– –
ACEL icon
35
Accel Entertainment
ACEL
$1.01B
$14.1M 0.76%
1,400,000
– –
ESES
36
DELISTED
Eco-Stim Energy Solutions Inc. Common Stock
ESES
$14.1M 0.76%
50,025,278
– –
DMTK
37
DELISTED
DermTech, Inc. Common Stock
DMTK
$12.7M 0.68%
625,000
– –
CCC.U
38
DELISTED
Churchill Capital Corp
CCC.U
$12.2M 0.66%
+1,200,000
New +$12.1M
TH icon
39
Target Hospitality
TH
$1.47B
$9.82M 0.53%
1,000,000
– –
NFH
40
DELISTED
New Frontier Health Corporation Ordinary Shares
NFH
$9.62M 0.52%
+1,000,000
New +$9.62M
LGCY
41
DELISTED
Legacy Reserves Inc. Common Stock
LGCY
$9.31M 0.5%
1,919,338
-1,880,662
-49% -$9.83M
GRSHU
42
DELISTED
Gores Holdings III, Inc. Units
GRSHU
$8.69M 0.47%
+850,000
New +$8.66M
SCAC
43
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
$8.12M 0.44%
800,000
-800,000
-50% -$8.1M
AMR
44
DELISTED
Alta Mesa Resources Inc
AMR
$7.92M 0.43%
1,894,500
– –
VRRM icon
45
Verra Mobility
VRRM
$635M
$6.79M 0.37%
639,866
-1,810,134
-74% -$18.7M
DLPH
46
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
$6.46M 0.35%
206,000
– –
LHC.U
47
DELISTED
Leo Holdings Corp. II Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant
LHC.U
$5.14M 0.28%
500,000
– –
AHCO icon
48
AdaptHealth
AHCO
$1.53B
$4.8M 0.26%
+500,000
New +$4.85M
JONE
49
DELISTED
Jones Energy, Inc.
JONE
$1.7M 0.09%
283,862
-5,810
-2% -$38.9K
VEACW
50
DELISTED
Vantage Energy Acquisition Corp.
VEACW
$1.45M 0.08%
833,332
– –
1
2
3 4

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Fir Tree Capital Management's Q3 2018 Portfolio in Review

As of Q3 2018, Fir Tree Capital Management held 87 positions worth $1.86B, down 17% from $2.24B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Fir Tree Capital Management withdrew a net $273M in Q3 2018, closing 15 positions and reducing 16 holdings. Its most notable exit was Aetna Inc, an estimated $190M position sold in full.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 22% a quarter earlier, followed by Financials and Utilities.

Against the trend, Fir Tree Capital Management opened a new position in Citigroup worth $150M.

  • Fir Tree Capital Management's largest Q3 2018 buy was Citigroup: 2,095,155 shares worth $150M.
  • Fir Tree Capital Management added most to NXP Semiconductors in Q3 2018, an estimated $72.7M increase.
  • Fir Tree Capital Management's biggest Q3 2018 reduction was SM Energy, cutting an estimated $112M.
  • Fir Tree Capital Management fully exited Aetna Inc in Q3 2018, selling an estimated $190M.
  • Fir Tree Capital Management's ten largest holdings make up 63% of its $1.86B portfolio in Q3 2018.
  • Fir Tree Capital Management opened 18 new positions and closed 15 in Q3 2018.
  • Fir Tree Capital Management's portfolio value fell 17% quarter-over-quarter to $1.86B.

Based on Fir Tree Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.