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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
+19.31%
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
$620M
AUM Growth
-$131M
Cap. Flow
-$167M
Cap. Flow %
-26.86%
Top 10 Hldgs %
63.01%
Holding
70
New
15
Increased
5
Reduced
4
Closed
21

Top Buys

Rank Stock Value
1
AGN
Allergan plc
AGN
+$57.3M
2
TIF
Tiffany & Co.
TIF
+$47.2M
3
SRTA
Strata Critical Medical Inc
SRTA
+$14.7M
4
HCCOU
Healthcare Merger Corp. Units
HCCOU
+$10.5M
5
CHPMU
CHP Merger Corp. Unit
CHPMU
+$10.1M

Top Sells

Rank Stock Value
1
CELG
Celgene Corp
CELG
+$125M
2
VRT icon
Vertiv
VRT
+$36.5M
3
AABA
Altaba Inc
AABA
+$25.9M
4
STNL
Sentinel Energy Services Inc. Class A Common Stock
STNL
+$22.8M
5
ACEL icon
Accel Entertainment
ACEL
+$21.4M

Sector Composition

Rank Sector Weight
1 Healthcare 34.65%
2 Consumer Discretionary 14.12%
3 Communication Services 5.07%
4 Consumer Staples 4.99%
5 Utilities 4.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WMGI
26
DELISTED
Wright Medical Group Inc
WMGI
$8.16M 1.32%
+267,700
New +$7.01M
PCG icon
27
PUT
PG&E
PCG
$47.2B
$6.69M 1.08%
615,600
– –
AXE
28
DELISTED
Anixter International Inc
AXE
$6.65M 1.07%
+72,194
New +$5.85M
INXN
29
DELISTED
Interxion Holding N.V.
INXN
$6.06M 0.98%
+72,300
New +$6.04M
TMQ
30
Trilogy Metals
TMQ
$536M
$4.83M 0.78%
1,858,839
– –
MIC
31
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
$4.07M 0.66%
+94,900
New +$3.92M
BMY.RT
32
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
$2.91M 0.47%
+965,464
New +$2.51M
DEACW
33
DELISTED
Diamond Eagle Acquisition Corp. Warrant
DEACW
$2.39M 0.39%
999,999
– –
GSAH.WS
34
DELISTED
GS Acquisition Holdings Corp Warrants, each whole warrant exercisable for one share of Class A Commo
GSAH.WS
$1.83M 0.3%
794,322
-397,161
-33% -$680K
IMVTW
35
DELISTED
Immunovant, Inc. Warrants expiring 12/18/2024
IMVTW
$1.66M 0.27%
+828,004
New +$1.68M
CPAAW
36
DELISTED
Conyers Park II Acquisition Corp. Warrant
CPAAW
$1.05M 0.17%
609,750
– –
ACEL.WS
37
DELISTED
Accel Entertainment Inc Warrant
ACEL.WS
$1.02M 0.16%
+346,349
New +$912K
GMHIW
38
DELISTED
Gores Metropoulos, Inc. Warrant
GMHIW
$958K 0.15%
639,037
– –
ARYAW
39
DELISTED
ARYA Sciences Acquisiton Corp. Warrant
ARYAW
$932K 0.15%
479,305
– –
CCH.WS
40
DELISTED
Collier Creek Holdings Warrants, each whole warrant exercisable for one Class A ordinary share at an
CCH.WS
$875K 0.14%
638,973
– –
HYACW
41
DELISTED
Haymaker Acquisition Corp. II Warrant
HYACW
$631K 0.1%
447,309
– –
AVPTW
42
DELISTED
AvePoint Inc Warrant
AVPTW
$575K 0.09%
+500,000
New +$560K
LOTZW
43
DELISTED
CarLotz, Inc. Warrant
LOTZW
$550K 0.09%
733,666
– –
NEBUW
44
DELISTED
Nebula Acquisition Corporation Warrant
NEBUW
$486K 0.08%
369,459
– –
CCX.WS
45
DELISTED
Churchill Capital Corp II Warrants, each exercisable for one share of Class A common stock at an exe
CCX.WS
$455K 0.07%
319,373
– –
OAC.WS
46
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$366K 0.06%
400,000
– –
THWWW
47
DELISTED
Target Hospitality Corp. Warrant expiring 3/15/2024
THWWW
$301K 0.05%
578,756
– –
STRDW
48
DELISTED
Sitio Royalties Corp. Warrant
STRDW
$77K 0.01%
217,000
– –
ACEL icon
49
Accel Entertainment
ACEL
$1.01B
– –
-2,078,114
Closed -$21.4M
CWEN icon
50
Clearway Energy Class C
CWEN
$5B
– –
-450,503
Closed -$8.22M
1
2
3

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Governors Lane's Q4 2019 Portfolio in Review

As of Q4 2019, Governors Lane held 70 positions worth $620M, down 17% from $750M the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Governors Lane withdrew a net $167M in Q4 2019, closing 21 positions and reducing 4 holdings. Its most notable exit was Celgene Corp, an estimated $125M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 32% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Governors Lane opened a new position in Tiffany & Co. worth $53.4M.

  • Governors Lane's largest Q4 2019 buy was Tiffany & Co.: 399,400 shares worth $53.4M.
  • Governors Lane added most to Allergan plc in Q4 2019, an estimated $57.3M increase.
  • Governors Lane's biggest Q4 2019 reduction was DraftKings, cutting an estimated $15M.
  • Governors Lane fully exited Celgene Corp in Q4 2019, selling an estimated $125M.
  • Governors Lane's ten largest holdings make up 63% of its $620M portfolio in Q4 2019.
  • Governors Lane opened 15 new positions and closed 21 in Q4 2019.
  • Governors Lane's portfolio value fell 17% quarter-over-quarter to $620M.

Based on Governors Lane's 13F filing for Q4 2019, filed 14 Feb 2020.