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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
-4.15%
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
$2.42B
AUM Growth
-$1.29B
(-35%)
Cap. Flow
-$1.06B
Cap. Flow
% of AUM
-43.79%
Top 10 Holdings %
Top 10 Hldgs %
64.41%
Holding
81
New
9
Increased
4
Reduced
16
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
FirstEnergy
FE
|
+$215M |
| 2 |
AET
Aetna Inc
AET
|
+$132M |
| 3 |
PG&E
PCG
|
+$77.1M |
| 4 |
MGM Resorts International
MGM
|
+$20.4M |
| 5 |
RWGE
Regalwood Global Energy Ltd. Class A Ordinary Shares
RWGE
|
+$14.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NXP Semiconductors
NXPI
|
+$222M |
| 2 |
Expedia Group
EXPE
|
+$118M |
| 3 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$102M |
| 4 |
SRUN
Silver Run Acquisition Corporation II Class A
SRUN
|
+$96.2M |
| 5 |
AABA
Altaba Inc
AABA
|
+$87.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 16.77% |
| 2 | Consumer Discretionary | 15.91% |
| 3 | Energy | 15.51% |
| 4 | Utilities | 12.71% |
| 5 | Technology | 11.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
FirstEnergy
FE
$28.7B
| $228M | 9.41% |
+6,699,056
| New | +$215M |
|
|
TWX
2
DELISTED
Time Warner Inc
TWX
| $188M | 7.75% |
1,983,177
-603,000
| -23% | -$56.8M |
|
|
AET
3
DELISTED
Aetna Inc
AET
| $182M | 7.51% |
1,075,935
+735,935
| +216% | +$132M |
|
4
Microsoft
MSFT
$2.92T
| $165M | 6.83% |
1,810,623
-374,577
| -17% | -$34.3M |
|
5
LKQ Corp
LKQ
$6.77B
| $158M | 6.52% |
4,157,390
-64,500
| -2% | -$2.62M |
|
|
UPL
6
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $152M | 6.27% |
36,379,590
| – | – |
|
|
7
MGM Resorts International
MGM
$11.8B
| $147M | 6.09% |
4,206,931
+580,000
| +16% | +$20.4M |
|
8
Equinix
EQIX
$102B
| $136M | 5.63% |
326,037
-31,799
| -9% | -$13.4M |
|
|
PX
9
DELISTED
Praxair Inc
PX
| $119M | 4.9% |
822,082
-440,615
| -35% | -$68.5M |
|
10
Amplify Energy
AMPY
$152M
| $85.2M | 3.52% |
6,393,078
| – | – |
|
|
11
PG&E
PCG
$39.2B
| $79.9M | 3.3% |
+1,817,800
| New | +$77.1M |
|
12
SM Energy
SM
$7.11B
| $72.2M | 2.98% |
4,004,559
| – | – |
|
13
Aptiv
APTV
$12.6B
| $52.5M | 2.17% |
617,500
-134,300
| -18% | -$12.2M |
|
|
ESES
14
DELISTED
Eco-Stim Energy Solutions Inc. Common Stock
ESES
| $47.5M | 1.96% |
50,025,278
| – | – |
|
15
Oracle
ORCL
$346B
| $43.9M | 1.81% |
958,808
| – | – |
|
16
PUT
Dillards
DDS
$9.2B
| $40.2M | 1.66% |
500,000
| – | – |
|
|
17
NXP Semiconductors
NXPI
$65.4B
| $38M | 1.57% |
325,000
-1,837,042
| -85% | -$222M |
|
18
Magnolia Oil & Gas
MGY
$5.55B
| $33.8M | 1.4% |
3,347,366
+747,366
| +29% | +$7.35M |
|
19
SandRidge Energy
SD
$485M
| $32.1M | 1.33% |
2,214,593
-282,021
| -11% | -$4.76M |
|
20
Kinetik
KNTK
$3.64B
| $24.5M | 1.01% |
250,000
| – | – |
|
|
VEAC
21
DELISTED
Vantage Energy Acquisition Corp. Class A
VEAC
| $24.5M | 1.01% |
2,500,000
| – | – |
|
|
REN
22
DELISTED
Resolute Energy Corporaton
REN
| $23.2M | 0.96% |
669,816
-30,340
| -4% | -$1.03M |
|
23
Verra Mobility
VRRM
$635M
| $22M | 0.91% |
2,200,000
| – | – |
|
|
GTYH
24
DELISTED
GTY Technology Holdings, Inc. Common Stock
GTYH
| $18.9M | 0.78% |
1,900,059
| – | – |
|
|
USWS
25
DELISTED
U.S. Well Services, Inc. Class A Common Stock
USWS
| $18.6M | 0.77% |
90,476
| – | – |
|
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Fir Tree Capital Management's Q1 2018 Portfolio in Review
As of Q1 2018, Fir Tree Capital Management held 81 positions worth $2.42B, down 35% from $3.71B the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Fir Tree Capital Management withdrew a net $1.06B in Q1 2018, closing 12 positions and reducing 16 holdings. Its most notable exit was Expedia Group, an estimated $118M position sold in full.
By sector, the portfolio is most concentrated in Financials at 17% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Energy.
Against the trend, Fir Tree Capital Management opened a new position in FirstEnergy worth $228M.
- Fir Tree Capital Management's largest Q1 2018 buy was FirstEnergy: 6,699,056 shares worth $228M.
- Fir Tree Capital Management added most to Aetna Inc in Q1 2018, an estimated $132M increase.
- Fir Tree Capital Management's biggest Q1 2018 reduction was NXP Semiconductors, cutting an estimated $222M.
- Fir Tree Capital Management fully exited Expedia Group in Q1 2018, selling an estimated $118M.
- Fir Tree Capital Management's ten largest holdings make up 64% of its $2.42B portfolio in Q1 2018.
- Fir Tree Capital Management opened 9 new positions and closed 12 in Q1 2018.
- Fir Tree Capital Management's portfolio value fell 35% quarter-over-quarter to $2.42B.
Based on Fir Tree Capital Management's 13F filing for Q1 2018, filed 15 May 2018.