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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
+2.89%
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
$6.28B
AUM Growth
-$729M
(-10%)
Cap. Flow
-$863M
Cap. Flow
% of AUM
-13.75%
Top 10 Holdings %
Top 10 Hldgs %
53.17%
Holding
73
New
7
Increased
8
Reduced
23
Closed
16
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cadence Design Systems
CDNS
|
+$175M |
| 2 |
IPG
Interpublic Group of Companies
IPG
|
+$148M |
| 3 |
Viatris
VTRS
|
+$146M |
| 4 |
Avis
CAR
|
+$137M |
| 5 |
SCTY
SolarCity Corporation
SCTY
|
+$108M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Air Products & Chemicals
APD
|
+$253M |
| 2 |
Equinix
EQIX
|
+$201M |
| 3 |
Teekay
TK
|
+$139M |
| 4 |
MetLife
MET
|
+$138M |
| 5 |
HCA Healthcare
HCA
|
+$118M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 20.16% |
| 2 | Healthcare | 18.84% |
| 3 | Technology | 11.05% |
| 4 | Energy | 9.32% |
| 5 | Financials | 8.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CDK
1
DELISTED
CDK Global, Inc.
CDK
| $619M | 9.86% |
11,470,962
-1,330,071
| -10% | -$68.2M |
|
|
AGN
2
DELISTED
Allergan plc
AGN
| $455M | 7.25% |
1,499,979
+191,188
| +15% | +$57M |
|
|
IPG
3
DELISTED
Interpublic Group of Companies
IPG
| $403M | 6.42% |
20,930,699
+7,129,860
| +52% | +$148M |
|
4
Williams Companies
WMB
$85.8B
| $285M | 4.54% |
4,970,713
-941,900
| -16% | -$48.5M |
|
|
5
Avis
CAR
$5.88B
| $285M | 4.54% |
6,468,961
+2,593,919
| +67% | +$137M |
|
|
6
MetLife
MET
$62.7B
| $285M | 4.54% |
5,709,877
-2,913,545
| -34% | -$138M |
|
|
SUNE
7
DELISTED
SUNEDISON, INC COM
SUNE
| $260M | 4.14% |
8,700,769
-1,705,649
| -16% | -$48.6M |
|
8
Advance Auto Parts
AAP
$3.54B
| $251M | 4% |
1,576,621
-258,320
| -14% | -$39.5M |
|
9
Bausch Health
BHC
$1.69B
| $251M | 3.99% |
1,129,079
| – | – |
|
|
MON
10
DELISTED
Monsanto Co
MON
| $243M | 3.87% |
2,280,230
+289,830
| +15% | +$33.6M |
|
|
11
Equinix
EQIX
$102B
| $235M | 3.74% |
923,922
-786,789
| -46% | -$201M |
|
12
Herc Holdings
HRI
$4.95B
| $234M | 3.72% |
4,297,454
+516,384
| +14% | +$31.9M |
|
|
13
HCA Healthcare
HCA
$92.8B
| $224M | 3.57% |
2,473,355
-1,472,034
| -37% | -$118M |
|
|
HES
14
DELISTED
Hess
HES
| $194M | 3.09% |
2,902,853
| – | – |
|
|
SC
15
DELISTED
SANTANDER CONSUMER USA HOLDINGS INC
SC
| $194M | 3.08% |
7,569,967
-4,187,166
| -36% | -$102M |
|
|
16
Cadence Design Systems
CDNS
$95.1B
| $177M | 2.82% |
+9,020,138
| New | +$175M |
|
|
ACAS
17
DELISTED
American Capital Ltd
ACAS
| $161M | 2.56% |
11,881,802
-903,856
| -7% | -$13.1M |
|
18
Lamar Advertising Co
LAMR
$16.5B
| $160M | 2.55% |
2,780,683
-1,407,791
| -34% | -$83.8M |
|
19
Nokia
NOK
$49.9B
| $151M | 2.41% |
22,115,389
-6,808,527
| -24% | -$49.6M |
|
|
20
Viatris
VTRS
$20.8B
| $140M | 2.23% |
+2,061,741
| New | +$146M |
|
21
eBay
EBAY
$52.1B
| $117M | 1.87% |
4,633,131
| – | – |
|
|
EQC
22
DELISTED
Equity Commonwealth
EQC
| $107M | 1.7% |
4,165,026
-648,324
| -13% | -$16.9M |
|
|
SCTY
23
DELISTED
SolarCity Corporation
SCTY
| $99.5M | 1.58% |
+1,857,300
| New | +$108M |
|
|
SLH
24
DELISTED
SOLERA HOLDINGS, INC. COM
SLH
| $94.8M | 1.51% |
+2,126,990
| New | +$105M |
|
25
EQT Corp
EQT
$32.3B
| $94.3M | 1.5% |
2,129,083
| – | – |
|
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Fir Tree Capital Management's Q2 2015 Portfolio in Review
As of Q2 2015, Fir Tree Capital Management held 73 positions worth $6.28B, down 10% from $7.01B the previous quarter. Its ten largest holdings account for 53% of the portfolio.
Fir Tree Capital Management withdrew a net $863M in Q2 2015, closing 16 positions and reducing 23 holdings. Its most notable exit was Air Products & Chemicals, an estimated $253M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 20% of assets, up from 16% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Fir Tree Capital Management opened a new position in Cadence Design Systems worth $177M.
- Fir Tree Capital Management's largest Q2 2015 buy was Cadence Design Systems: 9,020,138 shares worth $177M.
- Fir Tree Capital Management added most to Interpublic Group of Companies in Q2 2015, an estimated $148M increase.
- Fir Tree Capital Management's biggest Q2 2015 reduction was Equinix, cutting an estimated $201M.
- Fir Tree Capital Management fully exited Air Products & Chemicals in Q2 2015, selling an estimated $253M.
- Fir Tree Capital Management's ten largest holdings make up 53% of its $6.28B portfolio in Q2 2015.
- Fir Tree Capital Management opened 7 new positions and closed 16 in Q2 2015.
- Fir Tree Capital Management's portfolio value fell 10% quarter-over-quarter to $6.28B.
Based on Fir Tree Capital Management's 13F filing for Q2 2015, filed 14 Aug 2015.