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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
+3.73%
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
$9.59B
AUM Growth
+$680M
Cap. Flow
+$643M
Cap. Flow %
6.71%
Top 10 Hldgs %
40.57%
Holding
100
New
11
Increased
13
Reduced
14
Closed
13

Top Buys

Rank Stock Value
1
CDK
CDK Global, Inc.
CDK
+$501M
2
WMB icon
Williams Companies
WMB
+$405M
3
AGN
Allergan plc
AGN
+$273M
4
AGN
Allergan Inc
AGN
+$241M
5
CAR icon
Avis
CAR
+$238M

Top Sells

Rank Stock Value
1
BP icon
BP
BP
+$318M
2
NE
Noble Corporation
NE
+$274M
3
APC
Anadarko Petroleum
APC
+$190M
4
ROC
ROCKWOOD HLDGS INC
ROC
+$188M
5
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$108M

Sector Composition

Rank Sector Weight
1 Healthcare 16.03%
2 Energy 14.15%
3 Industrials 12.97%
4 Real Estate 12.74%
5 Technology 11.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CIT
51
DELISTED
CIT Group Inc.
CIT
$35.2M 0.37%
736,039
– –
PACD
52
DELISTED
Pacific Drilling S A
PACD
$27M 0.28%
581,600
– –
AGFS
53
DELISTED
AgroFresh Solutions Inc
AGFS
$26.5M 0.28%
2,727,750
– –
AUMA
54
DELISTED
AR CAPITAL ACQUISITION CORP COMMON STOCK
AUMA
$25.2M 0.26%
+2,600,000
New +$25M
NNN icon
55
NNN REIT
NNN
$9.37B
$22.6M 0.24%
575,000
– –
O icon
56
Realty Income
O
$61.3B
$21.9M 0.23%
474,720
– –
TRTL
57
DELISTED
Terrapin 3 Acquisition Corporation Class A
TRTL
$17.8M 0.19%
+1,831,500
New +$17.6M
LIND icon
58
Lindblad Expeditions
LIND
$1.95B
$17.6M 0.18%
1,782,000
– –
CHDN icon
59
Churchill Downs
CHDN
$6.22B
$16.5M 0.17%
1,035,996
– –
GCVRZ
60
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$15.1M 0.16%
19,096,494
– –
MBI icon
61
MBIA
MBI
$278M
$14.7M 0.15%
1,545,205
– –
TACO
62
DELISTED
Del Taco Restaurants, Inc. Common Stock
TACO
$14.4M 0.15%
1,485,000
– –
ZAIS
63
DELISTED
ZAIS Group Holdings, Inc.
ZAIS
$12.6M 0.13%
1,215,000
– –
ROIQ
64
DELISTED
ROI ACQUISITION CORP II COM STK
ROIQ
$12.1M 0.13%
1,235,900
– –
FCE.A
65
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$12M 0.13%
564,857
-5,208,145
-90% -$108M
PPLI
66
People Inc
PPLI
$3.13B
$11.9M 0.12%
1,098,378
– –
NE
67
DELISTED
Noble Corporation
NE
$11.7M 0.12%
704,958
-14,367,325
-95% -$274M
MTN icon
68
Vail Resorts
MTN
$5.6B
$10.2M 0.11%
112,350
– –
BLBD icon
69
Blue Bird Corp
BLBD
$2.34B
$9.75M 0.1%
990,000
– –
GLPI icon
70
Gaming and Leisure Properties
GLPI
$13B
$8.23M 0.09%
280,500
-125,000
-31% -$3.85M
CACG
71
DELISTED
CHART ACQUISITION CORP COM
CACG
$6.68M 0.07%
675,000
– –
LMB icon
72
Limbach Holdings
LMB
$864M
$2.85M 0.03%
300,000
– –
PANL icon
73
Pangaea Logistics
PANL
$493M
$471K ﹤0.01%
99,181
-892,632
-90% -$5.2M
ROIQW
74
DELISTED
ROI ACQUISITION CORP WT EXP 2/28/2017 (DE)
ROIQW
$278K ﹤0.01%
1,060,900
– –
AER icon
75
AerCap
AER
$24.3B
– –
-887,746
Closed -$36.3M
1 2
3
4

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PC
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WHP
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ADIM
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AI
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CP
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Fir Tree Capital Management's Q4 2014 Portfolio in Review

As of Q4 2014, Fir Tree Capital Management held 100 positions worth $9.59B, up 7.6% from $8.91B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Fir Tree Capital Management deployed $643M of net new capital in Q4 2014, opening 11 new positions and adding to 13 existing holdings. Its largest new stake was CDK Global, Inc.: 14,150,000 shares worth $577M.

By sector, the portfolio is most concentrated in Healthcare at 16% of assets, up from 10% a quarter earlier, followed by Energy and Industrials.

On the sell side, the largest reduction was Noble Corporation, an estimated $274M trimmed.

  • Fir Tree Capital Management's largest Q4 2014 buy was CDK Global, Inc.: 14,150,000 shares worth $577M.
  • Fir Tree Capital Management added most to Williams Companies in Q4 2014, an estimated $405M increase.
  • Fir Tree Capital Management's biggest Q4 2014 reduction was Noble Corporation, cutting an estimated $274M.
  • Fir Tree Capital Management fully exited BP in Q4 2014, selling an estimated $318M.
  • Fir Tree Capital Management's ten largest holdings make up 41% of its $9.59B portfolio in Q4 2014.
  • Fir Tree Capital Management opened 11 new positions and closed 13 in Q4 2014.
  • Fir Tree Capital Management's portfolio value rose 7.6% quarter-over-quarter to $9.59B.

Based on Fir Tree Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.