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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
+2.57%
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
$999M
AUM Growth
-$170M
Cap. Flow
-$155M
Cap. Flow %
-15.5%
Top 10 Hldgs %
63%
Holding
71
New
18
Increased
3
Reduced
23
Closed
12

Top Buys

Rank Stock Value
1
CNC icon
Centene
CNC
+$64.4M
2
AGN
Allergan plc
AGN
+$36M
3
STAY
Extended Stay America, Inc. Paired Share Unit
STAY
+$35.8M
4
ACEL icon
Accel Entertainment
ACEL
+$20.6M
5
LAUR icon
Laureate Education
LAUR
+$19.4M

Top Sells

Rank Stock Value
1
AABA
Altaba Inc
AABA
+$105M
2
MSFT icon
Microsoft
MSFT
+$64.5M
3
C icon
Citigroup
C
+$54.1M
4
FE icon
FirstEnergy
FE
+$52.2M
5
VEAC
Vantage Energy Acquisition Corp. Class A
VEAC
+$28.1M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 21.98%
2 Financials 13.96%
3 Healthcare 13.2%
4 Utilities 12.38%
5 Technology 9.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PAE
26
DELISTED
PAE Incorporated Class A Common Stock
PAE
$8.41M 0.84%
836,828
-13,172
-2% -$131K
CHAP
27
DELISTED
Chaparral Energy, Inc.
CHAP
$8.23M 0.82%
1,748,494
– –
DEACU
28
DELISTED
Diamond Eagle Acquisition Corp. Unit
DEACU
$7.54M 0.76%
+750,000
New +$7.54M
SONY icon
29
Sony
SONY
$137B
$7.52M 0.75%
717,770
-337,235
-32% -$3.31M
DM
30
DELISTED
Desktop Metal, Inc.
DM
$7.3M 0.73%
+75,000
New +$7.29M
UPL
31
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$6.55M 0.66%
36,379,590
– –
ECHO
32
EchoStar
ECHO
$24.3B
$6.31M 0.63%
+175,598
New +$5.85M
LAZR
33
DELISTED
Luminar Technologies
LAZR
$6.04M 0.6%
+40,000
New +$5.96M
TMUS icon
34
T-Mobile US
TMUS
$195B
$5.44M 0.54%
+73,392
New +$5.45M
AHCO icon
35
AdaptHealth
AHCO
$1.47B
$5.07M 0.51%
500,000
– –
GNOG
36
DELISTED
Golden Nugget Online Gaming, Inc. Class A Common Stock
GNOG
$4.86M 0.49%
+500,000
New +$4.86M
DMS
37
DELISTED
Digital Media Solutions, Inc.
DMS
$4.84M 0.48%
+31,413
New +$4.84M
CCX.U
38
DELISTED
Churchill Capital Corp II
CCX.U
$2.54M 0.25%
+250,000
New +$2.54M
PVT
39
DELISTED
Pivotal Acquisition Corp.
PVT
$2.03M 0.2%
+200,000
New +$2.01M
HK
40
DELISTED
Halcon Resources Corporation
HK
$1.48M 0.15%
8,390,167
– –
FPAC.WS
41
DELISTED
Far Point Acquisition Corporation Warrants, exercisable for one share of Class A Common Stock for $1
FPAC.WS
$901K 0.09%
693,020
-6,980
-1% -$9.49K
GSAH.WS
42
DELISTED
GS Acquisition Holdings Corp Warrants, each whole warrant exercisable for one share of Class A Commo
GSAH.WS
$715K 0.07%
561,000
– –
IPOA.WS
43
DELISTED
Social Capital Hedosophia Holdings Corp. Warrants, each whole warrant exercisable for one Class A Or
IPOA.WS
$670K 0.07%
500,000
– –
TPGH.WS
44
DELISTED
TPG Pace Holdings Corp. Warrants, each exercisable for one Class A Ordinary Share at an exercise pri
TPGH.WS
$614K 0.06%
366,666
-100,000
-21% -$146K
THWWW
45
DELISTED
Target Hospitality Corp. Warrant expiring 3/15/2024
THWWW
$566K 0.06%
283,131
– –
MOSC.WS
46
DELISTED
Mosaic Acquisition Corp. Warrants, each exercisable for one Class A Common Stock at an exercise pric
MOSC.WS
$560K 0.06%
589,986
-10,014
-2% -$9.92K
SPAQ.WS
47
DELISTED
Spartan Energy Acquisition Corp. Warrants, each whole warrant exercisable for one Class A common sto
SPAQ.WS
$518K 0.05%
581,461
-1,871
-0.3% -$1.81K
CIC.WS
48
DELISTED
Capitol Investment Corp. IV
CIC.WS
$511K 0.05%
367,433
-232,567
-39% -$344K
CCH.WS
49
DELISTED
Collier Creek Holdings Warrants, each whole warrant exercisable for one Class A ordinary share at an
CCH.WS
$477K 0.05%
366,666
– –
RWGE.WS
50
DELISTED
Regalwood Global Energy Ltd. Warrants, each whole warrant exercisable for one Class A ordinary share
RWGE.WS
$449K 0.04%
498,700
-1,300
-0.3% -$1.3K
1
2
3

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Fir Tree Capital Management's Q2 2019 Portfolio in Review

As of Q2 2019, Fir Tree Capital Management held 71 positions worth $999M, down 15% from $1.17B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Fir Tree Capital Management withdrew a net $155M in Q2 2019, closing 12 positions and reducing 23 holdings. Its most notable exit was Altaba Inc, an estimated $105M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 15% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Fir Tree Capital Management opened a new position in Centene worth $62.6M.

  • Fir Tree Capital Management's largest Q2 2019 buy was Centene: 1,193,124 shares worth $62.6M.
  • Fir Tree Capital Management added most to Extended Stay America, Inc. Paired Share Unit in Q2 2019, an estimated $35.8M increase.
  • Fir Tree Capital Management's biggest Q2 2019 reduction was Microsoft, cutting an estimated $64.5M.
  • Fir Tree Capital Management fully exited Altaba Inc in Q2 2019, selling an estimated $105M.
  • Fir Tree Capital Management's ten largest holdings make up 63% of its $999M portfolio in Q2 2019.
  • Fir Tree Capital Management opened 18 new positions and closed 12 in Q2 2019.
  • Fir Tree Capital Management's portfolio value fell 15% quarter-over-quarter to $999M.

Based on Fir Tree Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.