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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
CELG
1
DELISTED
Celgene Corp
CELG
$125M 16.67%
1,260,064
-193,600
-13% -$18.4M
AGN
2
DELISTED
Allergan plc
AGN
$85.1M 11.34%
+505,513
New +$82.4M
VRT icon
3
Vertiv
VRT
$112B
$36.5M 4.86%
3,574,449
-156,320
-4% -$1.6M
IWM icon
4
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$34.9M 4.65%
230,400
-31,200
-12% -$4.76M
DKNG icon
5
DraftKings
DKNG
$11.4B
$29.7M 3.95%
+3,000,000
New +$29.5M
AABA
6
DELISTED
Altaba Inc
AABA
$25.9M 3.45%
1,330,700
-1,563,874
-54% -$103M
ADV icon
7
Advantage Solutions
ADV
$484M
$24.3M 3.23%
+97,560
New +$24.2M
STNL
8
DELISTED
Sentinel Energy Services Inc. Class A Common Stock
STNL
$22.8M 3.04%
2,220,000
– –
LOTZ
9
DELISTED
CarLotz, Inc. Class A Common Stock
LOTZ
$21.7M 2.89%
2,201,000
– –
ACEL icon
10
Accel Entertainment
ACEL
$979M
$21.4M 2.85%
2,078,114
-90,771
-4% -$935K
UTZ icon
11
Utz Brands
UTZ
$1.25B
$20.4M 2.72%
2,000,000
– –
LAZR
12
DELISTED
Luminar Technologies
LAZR
$20.2M 2.69%
133,333
– –
PLYA
13
DELISTED
Playa Hotels & Resorts
PLYA
$18.2M 2.42%
2,321,320
-358,207
-13% -$2.74M
SRG
14
Seritage Growth Properties
SRG
$130M
$16.4M 2.18%
385,817
-16,873
-4% -$693K
RWGE
15
DELISTED
Regalwood Global Energy Ltd. Class A Ordinary Shares
RWGE
$15.2M 2.02%
1,470,000
– –
EXPCU
16
DELISTED
Experience Investment Corp. Unit
EXPCU
$15M 2%
+1,500,000
New +$15M
ARKO icon
17
ARKO Corp
ARKO
$890M
$13.9M 1.85%
+1,400,000
New +$13.9M
PCG icon
18
PG&E
PCG
$47.8B
$13.4M 1.79%
1,341,600
+260,402
+24% +$3.94M
CSTM icon
19
Constellium
CSTM
$3.96B
$13.3M 1.77%
1,042,546
-618,173
-37% -$7.28M
LPRO
20
Open Lending Corp
LPRO
$373M
$12.2M 1.63%
1,200,000
– –
HIMS icon
21
Hims & Hers Health
HIMS
$6.5B
$11.8M 1.58%
+1,200,000
New +$11.9M
REZI icon
22
Resideo Technologies
REZI
$5.23B
$11.5M 1.53%
798,718
-151,326
-16% -$2.54M
DMS
23
DELISTED
Digital Media Solutions, Inc.
DMS
$11.4M 1.51%
73,950
– –
IMTX icon
24
Immatics
IMTX
$1.24B
$10.3M 1.37%
1,000,000
– –
APXTU
25
DELISTED
Apex Technology Acquisition Corporation Unit
APXTU
$10.2M 1.36%
+1,000,000
New +$10.2M
1
2 3 4

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CWG
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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.