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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
+0.97%
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
$5.63B
AUM Growth
-$332M
(-5.6%)
Cap. Flow
-$280M
Cap. Flow
% of AUM
-4.97%
Top 10 Holdings %
Top 10 Hldgs %
53.72%
Holding
82
New
16
Increased
6
Reduced
18
Closed
15
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
HCA Healthcare
HCA
|
+$235M |
| 2 |
Molson Coors Class B
TAP
|
+$164M |
| 3 |
Cigna
CI
|
+$116M |
| 4 |
SLH
SOLERA HOLDINGS, INC. COM
SLH
|
+$79.7M |
| 5 |
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
|
+$71.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cadence Design Systems
CDNS
|
+$190M |
| 2 |
IPG
Interpublic Group of Companies
IPG
|
+$173M |
| 3 |
Nokia
NOK
|
+$108M |
| 4 |
ACAS
American Capital Ltd
ACAS
|
+$99.2M |
| 5 |
AGN
Allergan plc
AGN
|
+$93.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 22.36% |
| 2 | Industrials | 17.07% |
| 3 | Energy | 14.34% |
| 4 | Financials | 10.6% |
| 5 | Communication Services | 7.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CDK
1
DELISTED
CDK Global, Inc.
CDK
| $462M | 8.21% |
9,742,019
-982,636
| -9% | -$47.7M |
|
|
AGN
2
DELISTED
Allergan plc
AGN
| $351M | 6.23% |
1,123,555
-314,474
| -22% | -$93.6M |
|
|
YHOO
3
DELISTED
Yahoo Inc
YHOO
| $331M | 5.87% |
9,948,459
+2,037,180
| +26% | +$68M |
|
|
4
HCA Healthcare
HCA
$92.8B
| $328M | 5.82% |
4,845,217
+3,371,862
| +229% | +$235M |
|
|
IPG
5
DELISTED
Interpublic Group of Companies
IPG
| $319M | 5.67% |
13,712,437
-7,721,937
| -36% | -$173M |
|
6
Teva Pharmaceuticals
TEVA
$36.9B
| $280M | 4.97% |
4,268,294
-425,549
| -9% | -$26.3M |
|
7
Williams Companies
WMB
$85.8B
| $264M | 4.69% |
10,282,978
+1,800,000
| +21% | +$62.9M |
|
8
Herc Holdings
HRI
$4.95B
| $246M | 4.38% |
5,773,986
-629,961
| -10% | -$31.6M |
|
9
Avis
CAR
$5.88B
| $224M | 3.98% |
6,181,509
-647,027
| -9% | -$27.2M |
|
10
Equinix
EQIX
$102B
| $220M | 3.9% |
726,845
+14,547
| +2% | +$4.25M |
|
11
Advance Auto Parts
AAP
$3.54B
| $201M | 3.56% |
1,334,480
| – | – |
|
12
MetLife
MET
$62.7B
| $178M | 3.15% |
4,135,383
-1,263,098
| -23% | -$55.5M |
|
|
13
Molson Coors Class B
TAP
$7.97B
| $171M | 3.04% |
+1,821,810
| New | +$164M |
|
|
MON
14
DELISTED
Monsanto Co
MON
| $159M | 2.83% |
1,615,805
-268,395
| -14% | -$25.2M |
|
15
Lamar Advertising Co
LAMR
$16.5B
| $158M | 2.8% |
2,631,424
-149,259
| -5% | -$8.58M |
|
16
NETSCOUT
NTCT
$2.89B
| $146M | 2.59% |
4,759,473
+250,000
| +6% | +$8.6M |
|
|
HES
17
DELISTED
Hess
HES
| $141M | 2.5% |
2,902,853
| – | – |
|
|
SC
18
DELISTED
SANTANDER CONSUMER USA HOLDINGS INC
SC
| $127M | 2.26% |
8,028,856
+3,913,607
| +95% | +$71.6M |
|
|
19
Cigna
CI
$79.6B
| $123M | 2.19% |
+843,341
| New | +$116M |
|
20
Bausch Health
BHC
$1.69B
| $115M | 2.04% |
1,129,079
| – | – |
|
21
American Express
AXP
$227B
| $95.1M | 1.69% |
1,367,000
-514,000
| -27% | -$37.4M |
|
22
Alibaba
BABA
$276B
| $89.6M | 1.59% |
1,102,000
| – | – |
|
|
SLH
23
DELISTED
SOLERA HOLDINGS, INC. COM
SLH
| $80.5M | 1.43% |
+1,468,529
| New | +$79.7M |
|
|
24
Cadence Design Systems
CDNS
$95.1B
| $75.4M | 1.34% |
3,623,171
-8,769,054
| -71% | -$190M |
|
25
PayPal
PYPL
$51.4B
| $70.6M | 1.25% |
1,949,971
| – | – |
|
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Fir Tree Capital Management's Q4 2015 Portfolio in Review
As of Q4 2015, Fir Tree Capital Management held 82 positions worth $5.63B, down 5.6% from $5.97B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Fir Tree Capital Management withdrew a net $280M in Q4 2015, closing 15 positions and reducing 18 holdings. Its most notable exit was Nokia, an estimated $108M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 18% a quarter earlier, followed by Industrials and Energy.
Against the trend, Fir Tree Capital Management opened a new position in Molson Coors Class B worth $171M.
- Fir Tree Capital Management's largest Q4 2015 buy was Molson Coors Class B: 1,821,810 shares worth $171M.
- Fir Tree Capital Management added most to HCA Healthcare in Q4 2015, an estimated $235M increase.
- Fir Tree Capital Management's biggest Q4 2015 reduction was Cadence Design Systems, cutting an estimated $190M.
- Fir Tree Capital Management fully exited Nokia in Q4 2015, selling an estimated $108M.
- Fir Tree Capital Management's ten largest holdings make up 54% of its $5.63B portfolio in Q4 2015.
- Fir Tree Capital Management opened 16 new positions and closed 15 in Q4 2015.
- Fir Tree Capital Management's portfolio value fell 5.6% quarter-over-quarter to $5.63B.
Based on Fir Tree Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.