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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
-1.59%
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
$750M
AUM Growth
-$525M
Cap. Flow
-$456M
Cap. Flow %
-60.83%
Top 10 Hldgs %
56.93%
Holding
78
New
16
Increased
2
Reduced
28
Closed
22

Top Buys

Rank Stock Value
1
AGN
Allergan plc
AGN
+$82.4M
2
DKNG icon
DraftKings
DKNG
+$29.5M
3
ADV icon
Advantage Solutions
ADV
+$24.2M
4
EXPCU
Experience Investment Corp. Unit
EXPCU
+$15M
5
ARKO icon
ARKO Corp
ARKO
+$13.9M

Top Sells

Rank Stock Value
1
RHT
Red Hat Inc
RHT
+$112M
2
AABA
Altaba Inc
AABA
+$103M
3
APC
Anadarko Petroleum
APC
+$88.7M
4
ASH icon
Ashland
ASH
+$33.4M
5
DEACU
Diamond Eagle Acquisition Corp. Unit
DEACU
+$30.2M

Sector Composition

Rank Sector Weight
1 Healthcare 32.05%
2 Consumer Discretionary 17.79%
3 Industrials 8.91%
4 Financials 6.69%
5 Communication Services 4.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OAC.WS
51
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$340K 0.05%
+400,000
New +$330K
NEBUW
52
DELISTED
Nebula Acquisition Corporation Warrant
NEBUW
$270K 0.04%
369,459
-30,541
-8% -$31.1K
RWGE.WS
53
DELISTED
Regalwood Global Energy Ltd. Warrants, each whole warrant exercisable for one Class A ordinary share
RWGE.WS
$260K 0.03%
452,519
-19,790
-4% -$14.7K
STNLW
54
DELISTED
Sentinel Energy Services Inc. Warrant
STNLW
$152K 0.02%
439,219
-19,208
-4% -$9.48K
STRDW
55
DELISTED
Sitio Royalties Corp. Warrant
STRDW
$76K 0.01%
217,000
-9,478
-4% -$6.09K
ASH icon
56
Ashland
ASH
$3.15B
– –
-418,085
Closed -$33.4M
CNNE icon
57
Cannae Holdings
CNNE
$670M
– –
-517,271
Closed -$15M
CTOS icon
58
Custom Truck One Source
CTOS
$2.34B
– –
-1,253,135
Closed -$12.8M
CWEN icon
59
CALL
Clearway Energy Class C
CWEN
$4.85B
– –
-482,500
Closed -$8.13M
DVA icon
60
DaVita
DVA
$15.5B
– –
-326,639
Closed -$18.4M
FOXA icon
61
Fox Class A
FOXA
$24.3B
– –
-195,507
Closed -$7.16M
GPRE icon
62
Green Plains
GPRE
$1.15B
– –
-293,243
Closed -$3.16M
HUM icon
63
Humana
HUM
$46.2B
– –
-71,405
Closed -$18.9M
PCG icon
64
CALL
PG&E
PCG
$39.5B
– –
-600,000
Closed -$13.8M
QURE icon
65
uniQure
QURE
$2.45B
– –
-57,833
Closed -$4.52M
SBGI icon
66
Sinclair Inc
SBGI
$1.02B
– –
-83,276
Closed -$4.47M
BERY
67
DELISTED
Berry Global Group, Inc.
BERY
– –
-97,707
Closed -$4.72M
STAY
68
CALL
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
– –
-2,125,200
Closed -$35.9M
CCX.U
69
DELISTED
Churchill Capital Corp II
CCX.U
– –
-1,000,000
Closed -$10.2M
HYACU
70
DELISTED
Haymaker Acquisition Corp. II Unit
HYACU
– –
-1,400,000
Closed -$14.3M
DEACU
71
DELISTED
Diamond Eagle Acquisition Corp. Unit
DEACU
– –
-3,000,000
Closed -$30.2M
HSACU
72
DELISTED
Health Sciences Acquisitions Corporation Units
HSACU
– –
-828,004
Closed -$8.78M
BID
73
DELISTED
Sotheby's
BID
– –
-14,554
Closed -$846K
APC
74
DELISTED
Anadarko Petroleum
APC
– –
-1,257,400
Closed -$88.7M
GRA
75
DELISTED
W.R. Grace & Co.
GRA
– –
-261,786
Closed -$19.9M
1 2
3
4

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Governors Lane's Q3 2019 Portfolio in Review

As of Q3 2019, Governors Lane held 78 positions worth $750M, down 41% from $1.28B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Governors Lane withdrew a net $456M in Q3 2019, closing 22 positions and reducing 28 holdings. Its most notable exit was Red Hat Inc, an estimated $112M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 32% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Governors Lane opened a new position in Allergan plc worth $85.1M.

  • Governors Lane's largest Q3 2019 buy was Allergan plc: 505,513 shares worth $85.1M.
  • Governors Lane added most to PG&E in Q3 2019, an estimated $3.94M increase.
  • Governors Lane's biggest Q3 2019 reduction was Altaba Inc, cutting an estimated $103M.
  • Governors Lane fully exited Red Hat Inc in Q3 2019, selling an estimated $112M.
  • Governors Lane's ten largest holdings make up 57% of its $750M portfolio in Q3 2019.
  • Governors Lane opened 16 new positions and closed 22 in Q3 2019.
  • Governors Lane's portfolio value fell 41% quarter-over-quarter to $750M.

Based on Governors Lane's 13F filing for Q3 2019, filed 14 Nov 2019.