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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
+19.6%
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
$2.06B
AUM Growth
+$77.9M
(+3.9%)
Cap. Flow
-$271M
Cap. Flow
% of AUM
-13.16%
Top 10 Holdings %
Top 10 Hldgs %
36.15%
Holding
224
New
110
Increased
9
Reduced
19
Closed
57
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AbbVie
ABBV
|
+$60.4M |
| 2 |
Outfront Media
OUT
|
+$38.5M |
| 3 |
Boston Scientific
BSX
|
+$35.7M |
| 4 |
SPR
Spirit AeroSystems
SPR
|
+$31.5M |
| 5 |
Lamar Advertising Co
LAMR
|
+$29.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Edison International
EIX
|
+$131M |
| 2 |
Corpay
CPAY
|
+$81.3M |
| 3 |
PSTH
Pershing Square Tontine Holdings, Ltd.
PSTH
|
+$79.7M |
| 4 |
Exelon
EXC
|
+$57.9M |
| 5 |
SLM Corp
SLM
|
+$56.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 14.37% |
| 2 | Communication Services | 14.06% |
| 3 | Industrials | 11% |
| 4 | Healthcare | 10.77% |
| 5 | Technology | 9.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
RTX Corp
RTX
$295B
| $94.7M | 4.59% |
1,323,630
-171,516
| -11% | -$11.3M |
|
2
FirstEnergy
FE
$28.7B
| $86M | 4.17% |
2,808,478
-1,549,022
| -36% | -$46.4M |
|
|
3
SLM Corp
SLM
$4.74B
| $84.5M | 4.1% |
6,820,655
-5,403,010
| -44% | -$56.8M |
|
4
Comcast
CMCSA
$85.8B
| $81.4M | 3.95% |
1,553,100
+535,376
| +53% | +$25.7M |
|
|
5
Lamar Advertising Co
LAMR
$16.5B
| $76.9M | 3.73% |
924,572
+396,772
| +75% | +$29.7M |
|
6
Dell
DELL
$253B
| $68.7M | 3.33% |
1,848,608
-34,510
| -2% | -$1.2M |
|
7
Expedia Group
EXPE
$35.5B
| $68.6M | 3.33% |
518,300
-356,400
| -41% | -$40.2M |
|
|
8
AbbVie
ABBV
$465B
| $67.3M | 3.27% |
+628,229
| New | +$60.4M |
|
9
Sphere Entertainment
SPHR
$5.06B
| $61.3M | 2.97% |
583,133
+122,773
| +27% | +$9.38M |
|
10
Live Nation Entertainment
LYV
$42.1B
| $55.9M | 2.71% |
760,600
-679,800
| -47% | -$42.9M |
|
11
T-Mobile US
TMUS
$196B
| $49.5M | 2.4% |
366,720
-173,866
| -32% | -$21.5M |
|
12
Fidelity National Information Services
FIS
$23.2B
| $44.3M | 2.15% |
312,965
+29,566
| +10% | +$4.22M |
|
|
13
Outfront Media
OUT
$5.72B
| $43.9M | 2.13% |
+2,277,873
| New | +$38.5M |
|
14
Elevance Health
ELV
$83.7B
| $43.3M | 2.1% |
134,752
+66,387
| +97% | +$20.4M |
|
|
SPR
15
DELISTED
Spirit AeroSystems
SPR
| $43M | 2.09% |
+1,100,000
| New | +$31.5M |
|
16
Centene
CNC
$31.6B
| $42.3M | 2.05% |
704,685
-11,983
| -2% | -$761K |
|
17
Jacobs Solutions
J
$16.6B
| $41.6M | 2.02% |
461,545
-68,853
| -13% | -$5.84M |
|
|
CTXS
18
PUT
DELISTED
Citrix Systems Inc
CTXS
| $38.9M | 1.89% |
+298,700
| New | +$38M |
|
|
PRPB
19
DELISTED
CC Neuberger Principal Holdings II Class A Ordinary Shares
PRPB
| $36M | 1.75% |
3,464,245
+412,522
| +14% | +$4.12M |
|
|
20
Boston Scientific
BSX
$68.5B
| $35.7M | 1.73% |
+991,901
| New | +$35.7M |
|
|
CTXS
21
DELISTED
Citrix Systems Inc
CTXS
| $34.2M | 1.66% |
262,709
+9,961
| +4% | +$1.27M |
|
22
Howard Hughes
HHH
$4B
| $32.8M | 1.59% |
+435,709
| New | +$29.2M |
|
23
Sabre
SABR
$743M
| $27.6M | 1.34% |
2,295,805
| – | – |
|
|
PCPC.U
24
DELISTED
Periphas Capital Partnering Corporation CAPS, each consisting of one share of Class A common stock and one-quarter of one redeemable warrant
PCPC.U
| $26.1M | 1.27% |
+1,000,000
| New | +$25.7M |
|
|
GRSV
25
DELISTED
Gores Holdings V, Inc.
GRSV
| $20.8M | 1.01% |
2,000,000
| – | – |
|
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Fir Tree Capital Management's Q4 2020 Portfolio in Review
As of Q4 2020, Fir Tree Capital Management held 224 positions worth $2.06B, up 3.9% from $1.98B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Fir Tree Capital Management withdrew a net $271M in Q4 2020, closing 57 positions and reducing 19 holdings. Its most notable exit was Edison International, an estimated $131M position sold in full.
By sector, the portfolio is most concentrated in Financials at 14% of assets, down from 15% a quarter earlier, followed by Communication Services and Industrials.
Against the trend, Fir Tree Capital Management opened a new position in AbbVie worth $67.3M.
- Fir Tree Capital Management's largest Q4 2020 buy was AbbVie: 628,229 shares worth $67.3M.
- Fir Tree Capital Management added most to Lamar Advertising Co in Q4 2020, an estimated $29.7M increase.
- Fir Tree Capital Management's biggest Q4 2020 reduction was SLM Corp, cutting an estimated $56.8M.
- Fir Tree Capital Management fully exited Edison International in Q4 2020, selling an estimated $131M.
- Fir Tree Capital Management's ten largest holdings make up 36% of its $2.06B portfolio in Q4 2020.
- Fir Tree Capital Management opened 110 new positions and closed 57 in Q4 2020.
- Fir Tree Capital Management's portfolio value rose 3.9% quarter-over-quarter to $2.06B.
Based on Fir Tree Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.