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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
+2.57%
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
$999M
AUM Growth
-$170M
(-15%)
Cap. Flow
-$155M
Cap. Flow
% of AUM
-15.5%
Top 10 Holdings %
Top 10 Hldgs %
63%
Holding
71
New
18
Increased
3
Reduced
23
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Centene
CNC
|
+$64.4M |
| 2 |
AGN
Allergan plc
AGN
|
+$36M |
| 3 |
STAY
Extended Stay America, Inc. Paired Share Unit
STAY
|
+$35.8M |
| 4 |
Accel Entertainment
ACEL
|
+$20.6M |
| 5 |
Laureate Education
LAUR
|
+$19.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$105M |
| 2 |
Microsoft
MSFT
|
+$64.5M |
| 3 |
Citigroup
C
|
+$54.1M |
| 4 |
FirstEnergy
FE
|
+$52.2M |
| 5 |
VEAC
Vantage Energy Acquisition Corp. Class A
VEAC
|
+$28.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 21.98% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 13.2% |
| 4 | Utilities | 12.38% |
| 5 | Technology | 9.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
FirstEnergy
FE
$28.4B
| $124M | 12.38% |
2,889,699
-1,242,556
| -30% | -$52.2M |
|
|
2
Citigroup
C
$213B
| $95.3M | 9.54% |
1,361,293
-807,843
| -37% | -$54.1M |
|
3
Mohawk Industries
MHK
$6.91B
| $78.7M | 7.87% |
533,520
-144,000
| -21% | -$19.9M |
|
|
4
Microsoft
MSFT
$2.9T
| $65.8M | 6.58% |
491,000
-508,374
| -51% | -$64.5M |
|
|
5
Centene
CNC
$30.5B
| $62.6M | 6.26% |
+1,193,124
| New | +$64.4M |
|
|
STAY
6
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
| $49M | 4.9% |
2,898,810
+2,027,364
| +233% | +$35.8M |
|
|
AGN
7
DELISTED
Allergan plc
AGN
| $43.5M | 4.36% |
+260,000
| New | +$36M |
|
|
8
Laureate Education
LAUR
$5.38B
| $42.4M | 4.24% |
2,699,408
+1,218,822
| +82% | +$19.4M |
|
|
9
Accel Entertainment
ACEL
$1B
| $35.3M | 3.53% |
3,395,813
+1,995,813
| +143% | +$20.6M |
|
10
Booking.com
BKNG
$156B
| $33.3M | 3.33% |
443,725
-198,100
| -31% | -$14.2M |
|
11
Amplify Energy
AMPY
$158M
| $27.6M | 2.76% |
4,685,400
| – | – |
|
|
ROAN
12
DELISTED
Roan Resources, Inc.
ROAN
| $25.6M | 2.56% |
14,712,070
| – | – |
|
|
GB
13
DELISTED
Global Blue Group Holding
GB
| $21.2M | 2.12% |
2,079,060
-20,940
| -1% | -$210K |
|
14
Acadia Healthcare
ACHC
$2.52B
| $20.8M | 2.08% |
+594,500
| New | +$19.2M |
|
|
VVNT
15
DELISTED
Vivint Smart Home, Inc. Class A Common Stock
VVNT
| $18.1M | 1.81% |
1,769,958
-30,042
| -2% | -$304K |
|
|
FSR
16
DELISTED
Fisker Inc.
FSR
| $17.3M | 1.73% |
1,732,026
| – | – |
|
17
Vertiv
VRT
$85.7B
| $17.1M | 1.71% |
1,683,000
-11,794
| -0.7% | -$119K |
|
18
Custom Truck One Source
CTOS
$2.21B
| $16.1M | 1.61% |
1,569,372
-230,628
| -13% | -$2.37M |
|
19
Virgin Galactic
SPCE
$315M
| $15.7M | 1.57% |
75,000
| – | – |
|
|
RWGE
20
DELISTED
Regalwood Global Energy Ltd. Class A Ordinary Shares
RWGE
| $15.1M | 1.51% |
1,475,962
-24,038
| -2% | -$245K |
|
|
I
21
DELISTED
INTELSAT S. A.
I
| $13M | 1.3% |
668,983
-854,638
| -56% | -$16.6M |
|
22
Utz Brands
UTZ
$1.24B
| $11M | 1.1% |
1,100,000
| – | – |
|
23
Navient
NAVI
$819M
| $10.5M | 1.05% |
770,806
-272,861
| -26% | -$3.56M |
|
|
NFH
24
DELISTED
New Frontier Health Corporation Ordinary Shares
NFH
| $9.97M | 1% |
990,026
-9,974
| -1% | -$100K |
|
|
25
CALL
Citigroup
C
$213B
| $9.8M | 0.98% |
+140,000
| New | +$9.37M |
|
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Fir Tree Capital Management's Q2 2019 Portfolio in Review
As of Q2 2019, Fir Tree Capital Management held 71 positions worth $999M, down 15% from $1.17B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Fir Tree Capital Management withdrew a net $155M in Q2 2019, closing 12 positions and reducing 23 holdings. Its most notable exit was Altaba Inc, an estimated $105M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 15% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Fir Tree Capital Management opened a new position in Centene worth $62.6M.
- Fir Tree Capital Management's largest Q2 2019 buy was Centene: 1,193,124 shares worth $62.6M.
- Fir Tree Capital Management added most to Extended Stay America, Inc. Paired Share Unit in Q2 2019, an estimated $35.8M increase.
- Fir Tree Capital Management's biggest Q2 2019 reduction was Microsoft, cutting an estimated $64.5M.
- Fir Tree Capital Management fully exited Altaba Inc in Q2 2019, selling an estimated $105M.
- Fir Tree Capital Management's ten largest holdings make up 63% of its $999M portfolio in Q2 2019.
- Fir Tree Capital Management opened 18 new positions and closed 12 in Q2 2019.
- Fir Tree Capital Management's portfolio value fell 15% quarter-over-quarter to $999M.
Based on Fir Tree Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.