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Governors Lane Portfolio holdings

AUM $1.2B
1-Year Est. Return 26.21%
This Fund
S&P 500
This Quarter Est. Return
+1.23%
1 Year Est. Return
+26.21%
3 Year Est. Return
+132.66%
5 Year Est. Return
+210.34%
10 Year Est. Return
+1,088.94%
AUM
$2.08B
AUM Growth
-$659M
Cap. Flow
-$432M
Cap. Flow %
-20.82%
Top 10 Hldgs %
43.45%
Holding
98
New
23
Increased
9
Reduced
14
Closed
20

Top Buys

Rank Stock Value
1
LQ
La Quinta Holdings Inc.
LQ
+$64.1M
2
ASH icon
Ashland
ASH
+$37.6M
3
AHL
ASPEN Insurance Holding Limited
AHL
+$26.5M
4
EGN
Energen
EGN
+$22.9M
5
CSRA
CSRA Inc.
CSRA
+$19.8M

Top Sells

Rank Stock Value
1
ADNT icon
Adient
ADNT
+$96.6M
2
NXPI icon
NXP Semiconductors
NXPI
+$90.3M
3
USFD icon
US Foods
USFD
+$74.8M
4
CNDT icon
Conduent
CNDT
+$58.3M
5
DELL icon
Dell
DELL
+$47.8M

Sector Composition

Rank Sector Weight
1 Technology 23.33%
2 Miscellaneous 20.83%
3 Consumer Discretionary 13.4%
4 Financials 9.83%
5 Industrials 7.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AABA
1
DELISTED
Altaba Inc
AABA
$229M 11.01%
3,086,600
– –
CZR
2
DELISTED
Caesars Entertainment Corporation
CZR
$98M 4.72%
8,715,041
-87,059
-1% -$1.12M
EQC
3
DELISTED
Equity Commonwealth
EQC
$85.1M 4.1%
2,775,416
– –
IWM icon
4
PUT
iShares Russell 2000 ETF
IWM
$80.1B
$85M 4.1%
560,000
+160,000
+40% +$24.7M
MO icon
5
CALL
Altria Group
MO
$114B
$80.4M 3.87%
1,290,000
– –
AET
6
DELISTED
Aetna Inc
AET
$70M 3.37%
414,132
+35,932
+10% +$6.46M
TWX
7
DELISTED
Time Warner Inc
TWX
$67.9M 3.27%
717,600
-241,359
-25% -$22.7M
HRI icon
8
Herc Holdings
HRI
$4.89B
$66M 3.18%
1,016,718
+216,663
+27% +$14.1M
LQ
9
DELISTED
La Quinta Holdings Inc.
LQ
$64.2M 3.09%
+3,394,600
New +$64.1M
DXC icon
10
DXC Technology
DXC
$1.79B
$56.8M 2.74%
653,619
-321,252
-33% -$28.1M
CNDT icon
11
Conduent
CNDT
$257M
$55.4M 2.67%
2,971,294
-3,314,000
-53% -$58.3M
PX
12
DELISTED
Praxair Inc
PX
$54.8M 2.64%
379,600
-75,000
-16% -$11.7M
ILG
13
DELISTED
ILG, Inc Common Stock
ILG
$53.9M 2.59%
1,730,959
-272,000
-14% -$8.51M
BMY icon
14
CALL
Bristol-Myers Squibb
BMY
$132B
$46.7M 2.25%
738,700
-738,800
-50% -$47.5M
MGY icon
15
Magnolia Oil & Gas
MGY
$6.5B
$46M 2.22%
4,549,999
+550,000
+14% +$5.41M
ADP icon
16
CALL
Automatic Data Processing
ADP
$106B
$40.9M 1.97%
+360,000
New +$42M
ASH icon
17
Ashland
ASH
$3.33B
$36.5M 1.76%
+522,577
New +$37.6M
PLYA
18
DELISTED
Playa Hotels & Resorts
PLYA
$31.6M 1.52%
3,095,099
+500,000
+19% +$5.23M
CSTM icon
19
Constellium
CSTM
$3.72B
$31.6M 1.52%
2,911,288
+636,000
+28% +$7.76M
SRG
20
Seritage Growth Properties
SRG
$115M
$31.4M 1.51%
883,793
+316,700
+56% +$12.3M
ILG
21
CALL
DELISTED
ILG, Inc Common Stock
ILG
$31.1M 1.5%
1,000,000
+150,000
+18% +$4.69M
AHL
22
DELISTED
ASPEN Insurance Holding Limited
AHL
$30.3M 1.46%
+675,603
New +$26.5M
SPCE icon
23
Virgin Galactic
SPCE
$474M
$30.1M 1.45%
150,000
– –
NXPI icon
24
NXP Semiconductors
NXPI
$56.5B
$29.4M 1.42%
251,227
-748,628
-75% -$90.3M
XOP icon
25
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.19B
$27.6M 1.33%
195,625
+12,050
+7% +$1.73M
1
2 3 4

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HH
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CGA
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BGC
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WHCM
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WA
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BIP
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LCM
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RZH
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Governors Lane's Q1 2018 Portfolio in Review

As of Q1 2018, Governors Lane held 98 positions worth $2.08B, down 24% from $2.74B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Governors Lane withdrew a net $432M in Q1 2018, closing 20 positions and reducing 14 holdings. Its most notable exit was US Foods, an estimated $74.8M position sold in full.

By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 25% a quarter earlier, followed by Miscellaneous and Consumer Discretionary.

Against the trend, Governors Lane opened a new position in La Quinta Holdings Inc. worth $64.2M.

  • Governors Lane's largest Q1 2018 buy was La Quinta Holdings Inc.: 3,394,600 shares worth $64.2M.
  • Governors Lane added most to Herc Holdings in Q1 2018, an estimated $14.1M increase.
  • Governors Lane's biggest Q1 2018 reduction was Adient, cutting an estimated $96.6M.
  • Governors Lane fully exited US Foods in Q1 2018, selling an estimated $74.8M.
  • Governors Lane's ten largest holdings make up 43% of its $2.08B portfolio in Q1 2018.
  • Governors Lane opened 23 new positions and closed 20 in Q1 2018.
  • Governors Lane's portfolio value fell 24% quarter-over-quarter to $2.08B.

Based on Governors Lane's 13F filing for Q1 2018, filed 15 May 2018.