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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
+4.95%
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
$7.01B
AUM Growth
-$2.58B
(-27%)
Cap. Flow
-$2.83B
Cap. Flow
% of AUM
-40.39%
Top 10 Holdings %
Top 10 Hldgs %
49.59%
Holding
93
New
9
Increased
8
Reduced
23
Closed
28
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Advance Auto Parts
AAP
|
+$240M |
| 2 |
MetLife
MET
|
+$213M |
| 3 |
HCA Healthcare
HCA
|
+$77.2M |
| 4 |
AGN
Allergan plc
AGN
|
+$61.5M |
| 5 |
Aramark
ARMK
|
+$52.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Williams Companies
WMB
|
+$345M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$314M |
| 3 |
eBay
EBAY
|
+$264M |
| 4 |
AGN
Allergan Inc
AGN
|
+$257M |
| 5 |
Motorola Solutions
MSI
|
+$195M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 16.45% |
| 2 | Healthcare | 14.7% |
| 3 | Energy | 11.92% |
| 4 | Real Estate | 11.82% |
| 5 | Financials | 10.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CDK
1
DELISTED
CDK Global, Inc.
CDK
| $599M | 8.54% |
12,801,033
-1,348,967
| -10% | -$61.5M |
|
2
Equinix
EQIX
$102B
| $398M | 5.68% |
1,710,711
-374,407
| -18% | -$84.8M |
|
|
AGN
3
DELISTED
Allergan plc
AGN
| $390M | 5.56% |
1,308,791
+215,758
| +20% | +$61.5M |
|
|
4
MetLife
MET
$62.7B
| $389M | 5.54% |
8,623,422
+4,744,340
| +122% | +$213M |
|
|
IPG
5
DELISTED
Interpublic Group of Companies
IPG
| $305M | 4.36% |
13,800,839
-1,434,161
| -9% | -$30.4M |
|
|
6
Williams Companies
WMB
$85.8B
| $299M | 4.27% |
5,912,613
-7,435,383
| -56% | -$345M |
|
|
7
HCA Healthcare
HCA
$92.8B
| $297M | 4.24% |
3,945,389
+1,074,467
| +37% | +$77.2M |
|
|
8
Advance Auto Parts
AAP
$3.54B
| $275M | 3.92% |
1,834,941
+1,556,941
| +560% | +$240M |
|
|
SC
9
DELISTED
SANTANDER CONSUMER USA HOLDINGS INC
SC
| $272M | 3.88% |
11,757,133
| – | – |
|
10
Air Products & Chemicals
APD
$65.2B
| $253M | 3.6% |
1,804,954
| – | – |
|
|
SUNE
11
DELISTED
SUNEDISON, INC COM
SUNE
| $250M | 3.56% |
10,406,418
-1,749,000
| -14% | -$37.6M |
|
12
Lamar Advertising Co
LAMR
$16.5B
| $248M | 3.54% |
4,188,474
| – | – |
|
13
Herc Holdings
HRI
$4.95B
| $246M | 3.51% |
3,781,070
-1,268,930
| -25% | -$84.8M |
|
14
Avis
CAR
$5.88B
| $229M | 3.26% |
3,875,042
-293,140
| -7% | -$17.9M |
|
15
Bausch Health
BHC
$1.69B
| $224M | 3.2% |
1,129,079
| – | – |
|
|
MON
16
DELISTED
Monsanto Co
MON
| $224M | 3.2% |
1,990,400
+146,200
| +8% | +$17.4M |
|
17
Nokia
NOK
$49.9B
| $219M | 3.13% |
28,923,916
-7,215,000
| -20% | -$56.3M |
|
|
HES
18
DELISTED
Hess
HES
| $197M | 2.81% |
2,902,853
| – | – |
|
|
ACAS
19
DELISTED
American Capital Ltd
ACAS
| $189M | 2.7% |
12,785,658
+780,000
| +6% | +$11.4M |
|
20
Teekay
TK
$981M
| $139M | 1.98% |
2,983,998
-555,600
| -16% | -$24.9M |
|
|
EQC
21
DELISTED
Equity Commonwealth
EQC
| $128M | 1.82% |
4,813,350
+270,000
| +6% | +$7.09M |
|
|
22
eBay
EBAY
$52.1B
| $112M | 1.6% |
4,633,131
-11,056,255
| -70% | -$264M |
|
|
SEMG
23
DELISTED
SEMGROUP CORPORATION
SEMG
| $104M | 1.49% |
1,279,626
-675,900
| -35% | -$48.4M |
|
24
EQT Corp
EQT
$32.3B
| $96M | 1.37% |
2,129,083
-2,766,647
| -57% | -$117M |
|
25
Alibaba
BABA
$276B
| $91.7M | 1.31% |
1,102,000
| – | – |
|
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Fir Tree Capital Management's Q1 2015 Portfolio in Review
As of Q1 2015, Fir Tree Capital Management held 93 positions worth $7.01B, down 27% from $9.59B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Fir Tree Capital Management withdrew a net $2.83B in Q1 2015, closing 28 positions and reducing 23 holdings. Its most notable exit was Express Scripts Holding Company, an estimated $314M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 16% of assets, up from 13% a quarter earlier, followed by Healthcare and Energy.
Against the trend, Fir Tree Capital Management opened a new position in Aramark worth $52.2M.
- Fir Tree Capital Management's largest Q1 2015 buy was Aramark: 2,286,085 shares worth $52.2M.
- Fir Tree Capital Management added most to Advance Auto Parts in Q1 2015, an estimated $240M increase.
- Fir Tree Capital Management's biggest Q1 2015 reduction was Williams Companies, cutting an estimated $345M.
- Fir Tree Capital Management fully exited Express Scripts Holding Company in Q1 2015, selling an estimated $314M.
- Fir Tree Capital Management's ten largest holdings make up 50% of its $7.01B portfolio in Q1 2015.
- Fir Tree Capital Management opened 9 new positions and closed 28 in Q1 2015.
- Fir Tree Capital Management's portfolio value fell 27% quarter-over-quarter to $7.01B.
Based on Fir Tree Capital Management's 13F filing for Q1 2015, filed 15 May 2015.