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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
GRSHW
51
DELISTED
Gores Holdings III, Inc. Warrants
GRSHW
$406K 0.04%
279,779
-3,553
-1% -$5.16K
NFC.WS
52
DELISTED
New Frontier Corporation Warrants, each whole warrant exercisable for one Class A ordinary share at
NFC.WS
$347K 0.03%
495,013
-4,987
-1% -$3.45K
TRNE.WS
53
DELISTED
Trine Acquisition Corp. Redeemable Warrants, each whole warrant exercisable for one share of Class A
TRNE.WS
$285K 0.03%
+375,000
New +$259K
PVT.WS
54
DELISTED
Pivotal Acquisition Corp. Redeemable Warrants, exercisable for shares of Class A Common Stock at an
PVT.WS
$268K 0.03%
+200,000
New +$202K
GMHIW
55
DELISTED
Gores Metropoulos, Inc. Warrant
GMHIW
$252K 0.03%
+200,000
New +$248K
LHC.WS
56
DELISTED
Leo Holdings Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exe
LHC.WS
$237K 0.02%
+189,480
New +$264K
DFBHW
57
DELISTED
DFB Healthcare Acquisitions Corp. Warrant
DFBHW
$207K 0.02%
166,666
– –
LCAHW
58
DELISTED
Landcadia Holdings II, Inc. Warrant
LCAHW
$142K 0.01%
+166,666
New +$134K
SM icon
59
SM Energy
SM
$7.6B
– –
-550,880
Closed -$9.63M
LHC.U
60
DELISTED
Leo Holdings Corp. II Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant
LHC.U
– –
-500,000
Closed -$5.2M
TRNE.U
61
DELISTED
Trine Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-half of
TRNE.U
– –
-750,000
Closed -$7.51M
GMHIU
62
DELISTED
Gores Metropoulos, Inc. Unit
GMHIU
– –
-600,000
Closed -$6.14M
PVT.U
63
DELISTED
Pivotal Acquisition Corp.
PVT.U
– –
-400,000
Closed -$4.08M
AABA
64
DELISTED
Altaba Inc
AABA
– –
-1,416,072
Closed -$105M
AMR
65
DELISTED
Alta Mesa Resources Inc
AMR
– –
-1,894,500
Closed -$503K
CNACR
66
DELISTED
Constellation Alpha Capital Corp. Right
CNACR
– –
-1,249,999
Closed -$157K
CNACW
67
DELISTED
Constellation Alpha Capital Corp. Warrant
CNACW
– –
-1,249,999
Closed -$150K
VEAC
68
DELISTED
Vantage Energy Acquisition Corp. Class A
VEAC
– –
-2,750,000
Closed -$28.1M
VEACW
69
DELISTED
Vantage Energy Acquisition Corp.
VEACW
– –
-577,470
Closed -$133K
SCAC
70
DELISTED
Saban Capital Acquisition Corp. Class A Ordinary Share
SCAC
– –
-800,000
Closed -$8.22M
1 2
3

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AVM
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PC
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WHP
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ADIM
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CAWM
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AI
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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.