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Governors Lane Portfolio holdings

AUM $1.56B
1-Year Est. Return 30.42%
This Fund
S&P 500
This Quarter Est. Return
+12.43%
1 Year Est. Return
+30.42%
3 Year Est. Return
+140.68%
5 Year Est. Return
+205.89%
10 Year Est. Return
+1,160.61%
AUM
$743M
AUM Growth
-$256M
Cap. Flow
-$288M
Cap. Flow %
-38.81%
Top 10 Hldgs %
51.8%
Holding
68
New
23
Increased
4
Reduced
2
Closed
30

Top Buys

Rank Stock Value
1
NGVT icon
Ingevity
NGVT
+$30.5M
2
AWI icon
Armstrong World Industries
AWI
+$25.1M
3
FEIC
FEI COMPANY
FEIC
+$24.7M
4
MDVN
MEDIVATION, INC.
MDVN
+$22.2M
5
PR
Permian Resources
PR
+$20M

Top Sells

Rank Stock Value
1
HOT
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
+$50.4M
2
BXLT
BAXALTA INC COM STK (DE)
BXLT
+$46.6M
3
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$43.2M
4
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
+$43.1M
5
SNDK
SANDISK CORP
SNDK
+$32.4M

Sector Composition

Rank Sector Weight
1 Technology 11.92%
2 Real Estate 10.95%
3 Energy 10.66%
4 Materials 10.31%
5 Industrials 9.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
COTV
26
DELISTED
Cotiviti Holdings, Inc.
COTV
$11.9M 1.6%
+563,000
New +$10.7M
CFCOU
27
DELISTED
CF Corporation
CFCOU
$9.92M 1.33%
+1,000,000
New +$9.94M
WTW icon
28
Willis Towers Watson
WTW
$27.9B
$9.72M 1.31%
+78,199
New +$9.65M
CAB
29
DELISTED
Cabela's Inc
CAB
$8.56M 1.15%
+171,000
New +$8.51M
HTWR
30
DELISTED
HEARTWARE INTERNATIONAL INC COM STK (DE)
HTWR
$5.54M 0.75%
96,000
-2,000
-2% -$65.4K
SRG
31
Seritage Growth Properties
SRG
$130M
$5.21M 0.7%
104,500
– –
HUM icon
32
Humana
HUM
$46.7B
$4.75M 0.64%
+26,400
New +$4.69M
BALL icon
33
Ball Corp
BALL
$17B
$4.74M 0.64%
+131,000
New +$4.74M
DK icon
34
CALL
Delek US
DK
$3.87B
$4.62M 0.62%
+350,000
New +$4.98M
ALJ
35
CALL
DELISTED
Alon USA Energy Inc
ALJ
$3.63M 0.49%
+560,000
New +$4.83M
GSAT icon
36
Globalstar
GSAT
$10.2B
$2.26M 0.3%
+124,400
New +$3.31M
PARR icon
37
Par Pacific Holdings
PARR
$3.88B
$405K 0.05%
+26,402
New +$451K
PACE
38
DELISTED
Pace Holdings Corp. Class A Ordinary Shares
PACE
$111K 0.01%
11,250
– –
AWI icon
39
CALL
Armstrong World Industries
AWI
$6.86B
– –
-500,000
Closed -$24.2M
HYG icon
40
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
– –
-500,000
Closed -$40.8M
IWM icon
41
iShares Russell 2000 ETF
IWM
$80.9B
– –
-57,438
Closed -$6.35M
IWM icon
42
PUT
iShares Russell 2000 ETF
IWM
$80.9B
– –
-480,000
Closed -$53.1M
KO icon
43
PUT
Coca-Cola
KO
$354B
– –
-400,000
Closed -$18.6M
ODP
44
DELISTED
ODP
ODP
– –
-54,600
Closed -$3.88M
PFE icon
45
CALL
Pfizer
PFE
$140B
– –
-674,560
Closed -$19M
SSNC icon
46
SS&C Technologies
SSNC
$17.8B
– –
-435,942
Closed -$13.8M
TEX icon
47
CALL
Terex
TEX
$7.98B
– –
-1,400,000
Closed -$34.8M
WMB icon
48
Williams Companies
WMB
$90.5B
– –
-553,500
Closed -$8.89M
FOE
49
DELISTED
Ferro Corporation
FOE
– –
-382,000
Closed -$4.53M
AGN
50
DELISTED
Allergan plc
AGN
– –
-31,300
Closed -$8.39M
1
2
3

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Governors Lane's Q2 2016 Portfolio in Review

As of Q2 2016, Governors Lane held 68 positions worth $743M, down 26% from $999M the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Governors Lane withdrew a net $288M in Q2 2016, closing 30 positions and reducing 2 holdings. Its most notable exit was STARWOOD HOTELS & RESORTS WORLDWIDE, INC., an estimated $50.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 12% of assets, up from 6.3% a quarter earlier, followed by Real Estate and Energy.

Against the trend, Governors Lane opened a new position in Ingevity worth $33.2M.

  • Governors Lane's largest Q2 2016 buy was Ingevity: 976,000 shares worth $33.2M.
  • Governors Lane added most to Armstrong World Industries in Q2 2016, an estimated $25.1M increase.
  • Governors Lane's biggest Q2 2016 reduction was Syngenta Ag, cutting an estimated $162K.
  • Governors Lane fully exited STARWOOD HOTELS & RESORTS WORLDWIDE, INC. in Q2 2016, selling an estimated $50.4M.
  • Governors Lane's ten largest holdings make up 52% of its $743M portfolio in Q2 2016.
  • Governors Lane opened 23 new positions and closed 30 in Q2 2016.
  • Governors Lane's portfolio value fell 26% quarter-over-quarter to $743M.

Based on Governors Lane's 13F filing for Q2 2016, filed 15 Aug 2016.