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FTCM
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
(+7.6%)
Cap. Flow
+$643M
Cap. Flow
% of AUM
6.71%
Top 10 Holdings %
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 |
Williams Companies
WMB
|
+$405M |
| 3 |
AGN
Allergan plc
AGN
|
+$273M |
| 4 |
AGN
Allergan Inc
AGN
|
+$241M |
| 5 |
Avis
CAR
|
+$238M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
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 | |
|---|---|---|---|---|---|---|
|
1
Williams Companies
WMB
$85.8B
| $600M | 6.26% |
13,347,996
+7,924,664
| +146% | +$405M |
|
|
CDK
2
DELISTED
CDK Global, Inc.
CDK
| $577M | 6.01% |
+14,150,000
| New | +$501M |
|
3
Equinix
EQIX
$102B
| $473M | 4.93% |
2,085,118
+48,224
| +2% | +$10.4M |
|
4
Herc Holdings
HRI
$4.95B
| $378M | 3.94% |
5,050,000
-953,070
| -16% | -$64.4M |
|
5
eBay
EBAY
$52.1B
| $371M | 3.86% |
15,689,386
+2,017,224
| +15% | +$45.8M |
|
|
IPG
6
DELISTED
Interpublic Group of Companies
IPG
| $316M | 3.3% |
15,235,000
+3,985,000
| +35% | +$76.6M |
|
|
ESRX
7
DELISTED
Express Scripts Holding Company
ESRX
| $314M | 3.27% |
3,705,441
| – | – |
|
8
CALL
SPDR Gold Trust
GLD
$131B
| $298M | 3.1% |
2,620,000
| – | – |
|
9
Nokia
NOK
$49.9B
| $284M | 2.96% |
36,138,916
+5,820,000
| +19% | +$47M |
|
|
AGN
10
DELISTED
Allergan plc
AGN
| $281M | 2.93% |
+1,093,033
| New | +$273M |
|
|
11
Avis
CAR
$5.88B
| $276M | 2.88% |
+4,168,182
| New | +$238M |
|
|
AGN
12
DELISTED
Allergan Inc
AGN
| $257M | 2.68% |
+1,210,000
| New | +$241M |
|
13
Air Products & Chemicals
APD
$65.2B
| $241M | 2.51% |
1,804,954
-605,964
| -25% | -$76.6M |
|
|
SUNE
14
DELISTED
SUNEDISON, INC COM
SUNE
| $237M | 2.47% |
12,155,418
+319,280
| +3% | +$6.07M |
|
|
SC
15
DELISTED
SANTANDER CONSUMER USA HOLDINGS INC
SC
| $231M | 2.4% |
11,757,133
-1,052,500
| -8% | -$19.3M |
|
16
Lamar Advertising Co
LAMR
$16.5B
| $225M | 2.34% |
4,188,474
+239,047
| +6% | +$12.3M |
|
|
MON
17
DELISTED
Monsanto Co
MON
| $220M | 2.3% |
1,844,200
-310,000
| -14% | -$36M |
|
|
HES
18
DELISTED
Hess
HES
| $214M | 2.23% |
2,902,853
| – | – |
|
19
HCA Healthcare
HCA
$92.8B
| $211M | 2.2% |
2,870,922
+1,057,556
| +58% | +$74.3M |
|
20
EQT Corp
EQT
$32.3B
| $202M | 2.1% |
4,895,730
+152,747
| +3% | +$7.22M |
|
21
Motorola Solutions
MSI
$73.1B
| $195M | 2.03% |
2,907,990
| – | – |
|
22
MetLife
MET
$62.7B
| $187M | 1.95% |
3,879,082
+1,111,173
| +40% | +$52.8M |
|
23
Teva Pharmaceuticals
TEVA
$36.9B
| $185M | 1.93% |
3,221,114
-615,909
| -16% | -$34.3M |
|
24
Teekay
TK
$981M
| $180M | 1.88% |
3,539,598
+3,220,832
| +1,010% | +$175M |
|
|
ACAS
25
DELISTED
American Capital Ltd
ACAS
| $175M | 1.83% |
12,005,658
-276,000
| -2% | -$4.03M |
|
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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.