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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
-17.16%
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
$1.42B
AUM Growth
-$434M
Cap. Flow
-$196M
Cap. Flow %
-13.76%
Top 10 Hldgs %
65.04%
Holding
87
New
14
Increased
4
Reduced
8
Closed
24

Top Buys

Rank Stock Value
1
ROAN
Roan Resources, Inc.
ROAN
+$159M
2
MHK icon
Mohawk Industries
MHK
+$140M
3
EA icon
Electronic Arts
EA
+$66M
4
SHPG
Shire pic
SHPG
+$31.4M
5
GS icon
Goldman Sachs
GS
+$14.6M

Top Sells

Rank Stock Value
1
C icon
Citigroup
C
+$150M
2
NXPI icon
NXP Semiconductors
NXPI
+$115M
3
LKQ icon
LKQ Corp
LKQ
+$49.6M
4
GE icon
GE Aerospace
GE
+$44.8M
5
FE icon
FirstEnergy
FE
+$35.1M

Sector Composition

Rank Sector Weight
1 Technology 21.46%
2 Consumer Discretionary 16.04%
3 Energy 14.65%
4 Utilities 13.63%
5 Financials 11.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SCACW
51
DELISTED
Saban Capital Acquisition Corp. Warrants
SCACW
$480K 0.03%
800,000
– –
NFC.WS
52
DELISTED
New Frontier Corporation Warrants, each whole warrant exercisable for one Class A ordinary share at
NFC.WS
$450K 0.03%
500,000
– –
CCH.WS
53
DELISTED
Collier Creek Holdings Warrants, each whole warrant exercisable for one Class A ordinary share at an
CCH.WS
$440K 0.03%
+366,666
New +$415K
VEACW
54
DELISTED
Vantage Energy Acquisition Corp.
VEACW
$392K 0.03%
833,332
– –
EAGLW
55
DELISTED
Platinum Eagle Acquisition Corp. Warrant
EAGLW
$368K 0.03%
283,333
-50,000
-15% -$72.1K
IPOA.WS
56
DELISTED
Social Capital Hedosophia Holdings Corp. Warrants, each whole warrant exercisable for one Class A Or
IPOA.WS
$350K 0.02%
500,000
– –
GRSHW
57
DELISTED
Gores Holdings III, Inc. Warrants
GRSHW
$340K 0.02%
+283,332
New +$406K
FSACW
58
DELISTED
Federal Street Acquisition Corp. Warrant
FSACW
$334K 0.02%
490,806
-400,200
-45% -$437K
CNACR
59
DELISTED
Constellation Alpha Capital Corp. Right
CNACR
$239K 0.02%
1,249,999
– –
DFBHW
60
DELISTED
DFB Healthcare Acquisitions Corp. Warrant
DFBHW
$205K 0.01%
166,666
– –
CNACW
61
DELISTED
Constellation Alpha Capital Corp. Warrant
CNACW
$131K 0.01%
1,249,999
– –
C icon
62
Citigroup
C
$222B
– –
-2,095,155
Closed -$150M
GE icon
63
CALL
GE Aerospace
GE
$377B
– –
-625,986
Closed -$33.9M
GE icon
64
GE Aerospace
GE
$377B
– –
-828,388
Closed -$44.8M
GOOG icon
65
Alphabet (Google) Class C
GOOG
$4.07T
– –
-277,400
Closed -$16.6M
KNTK icon
66
Kinetik
KNTK
$3.64B
– –
-235,000
Closed -$23.8M
ORGO icon
67
Organogenesis Holdings
ORGO
$326M
– –
-1,700,000
Closed -$17.2M
VRRM icon
68
Verra Mobility
VRRM
$635M
– –
-639,866
Closed -$6.79M
USWS
69
DELISTED
U.S. Well Services, Inc. Class A Common Stock
USWS
– –
-90,476
Closed -$19.1M
AKRX
70
DELISTED
Akorn Inc
AKRX
– –
-1,174,756
Closed -$15.2M
GRSHU
71
DELISTED
Gores Holdings III, Inc. Units
GRSHU
– –
-850,000
Closed -$8.69M
ESTRW
72
DELISTED
Estre Ambiental, Inc
ESTRW
– –
-364,482
Closed -$109K
NRCG
73
DELISTED
NRC Group Holdings Corp.
NRCG
– –
-2,000,000
Closed -$20.4M
MGY.WS
74
DELISTED
Magnolia Oil & Gas Corporation
MGY.WS
– –
-48,800
Closed -$229K
LGCY
75
DELISTED
Legacy Reserves Inc. Common Stock
LGCY
– –
-1,919,338
Closed -$9.31M
1 2
3
4

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WHP
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ADIM
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CP
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Fir Tree Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, Fir Tree Capital Management held 87 positions worth $1.42B, down 23% from $1.86B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Fir Tree Capital Management withdrew a net $196M in Q4 2018, closing 24 positions and reducing 8 holdings. Its most notable exit was Citigroup, an estimated $150M position sold in full.

By sector, the portfolio is most concentrated in Technology at 21% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Energy.

Against the trend, Fir Tree Capital Management opened a new position in Roan Resources, Inc. worth $123M.

  • Fir Tree Capital Management's largest Q4 2018 buy was Roan Resources, Inc.: 14,712,070 shares worth $123M.
  • Fir Tree Capital Management added most to Shire pic in Q4 2018, an estimated $31.4M increase.
  • Fir Tree Capital Management's biggest Q4 2018 reduction was NXP Semiconductors, cutting an estimated $115M.
  • Fir Tree Capital Management fully exited Citigroup in Q4 2018, selling an estimated $150M.
  • Fir Tree Capital Management's ten largest holdings make up 65% of its $1.42B portfolio in Q4 2018.
  • Fir Tree Capital Management opened 14 new positions and closed 24 in Q4 2018.
  • Fir Tree Capital Management's portfolio value fell 23% quarter-over-quarter to $1.42B.

Based on Fir Tree Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.