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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
APC
51
DELISTED
Anadarko Petroleum
APC
$4.86M 0.09%
100,000
– –
DSKE
52
DELISTED
Daseke, Inc. Common Stock
DSKE
$4.82M 0.09%
+500,000
New +$4.8M
LMB icon
53
Limbach Holdings
LMB
$864M
$2.96M 0.05%
300,000
– –
QPACW
54
DELISTED
Quinpario Acquisition Corp. 2 Warrant
QPACW
$513K 0.01%
2,500,000
– –
BLVDW
55
DELISTED
Boulevard Acquisition Corp. II Warrant
BLVDW
$425K 0.01%
+850,000
New +$635K
EACQW
56
DELISTED
Easterly Acquisition Corp.
EACQW
$342K 0.01%
+925,000
New +$342K
GPACW
57
DELISTED
Global Partner Acquisition Corp
GPACW
$251K ﹤0.01%
+700,000
New +$155K
ELECW
58
DELISTED
Electrum Special Acquisition Corporation
ELECW
$242K ﹤0.01%
1,100,000
– –
HCACW
59
DELISTED
Hennessy Capital Acquisition Corp. II
HCACW
$95K ﹤0.01%
500,000
– –
NOK icon
60
Nokia
NOK
$49.9B
– –
-15,965,389
Closed -$108M
XHR
61
Xenia Hotels & Resorts
XHR
$2.01B
– –
-205,480
Closed -$3.59M
MR
62
DELISTED
Montage Resources Corporation Common Stock
MR
– –
-15,527
Closed -$454K
AGFSW
63
DELISTED
AgroFresh Solutions Inc Warrants
AGFSW
– –
-252,148
Closed -$552K
LINDW
64
DELISTED
Lindblad Expeditions Holdings Inc. Warrant
LINDW
– –
-124,912
Closed -$234K
BLVDU
65
DELISTED
Boulevard Acquisition Corp. II
BLVDU
– –
-1,700,000
Closed -$16.9M
PACEU
66
DELISTED
Pace Holdings Corp.
PACEU
– –
-2,000,000
Closed -$20.4M
GRSHU
67
DELISTED
Gores Holdings, Inc.
GRSHU
– –
-2,000,000
Closed -$20.2M
ROIQ
68
DELISTED
ROI ACQUISITION CORP II COM STK
ROIQ
– –
-1,235,900
Closed -$12.4M
ROIQW
69
DELISTED
ROI ACQUISITION CORP WT EXP 2/28/2017 (DE)
ROIQW
– –
-1,049,272
Closed -$378K
1 2
3

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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.