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Tourbillon Capital Partners Portfolio holdings

AUM $6.26M
1-Year Est. Return 42.29%
This Fund
S&P 500
This Quarter Est. Return
+3.47%
1 Year Est. Return
-42.29%
3 Year Est. Return
-18.38%
5 Year Est. Return
+32.21%
10 Year Est. Return
–
AUM
$2.7B
AUM Growth
-$1.42B
Cap. Flow
-$1.49B
Cap. Flow %
-55.02%
Top 10 Hldgs %
60.52%
Holding
69
New
16
Increased
13
Reduced
16
Closed
22

Top Buys

Rank Stock Value
1
HWM icon
Howmet Aerospace
HWM
+$90.5M
2
AET
Aetna Inc
AET
+$43M
3
SPB icon
Spectrum Brands
SPB
+$37.3M
4
EVHC
Envision Healthcare Holdings Inc
EVHC
+$26.4M
5
V icon
Visa
V
+$24.8M

Top Sells

Rank Stock Value
1
EBAY icon
eBay
EBAY
+$164M
2
DISH
DISH Network Corp.
DISH
+$132M
3
ALXN
Alexion Pharmaceuticals
ALXN
+$119M
4
IT icon
Gartner
IT
+$114M
5
CPAY icon
Corpay
CPAY
+$107M

Sector Composition

Rank Sector Weight
1 Consumer Staples 13.22%
2 Healthcare 13.15%
3 Financials 6.5%
4 Technology 6.39%
5 Industrials 4.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
$400M 14.81%
1,500,000
-1,500,000
-50% -$390M
SPB icon
2
Spectrum Brands
SPB
$2.04B
$315M 11.66%
2,804,517
+341,467
+14% +$37.3M
SPB icon
3
CALL
Spectrum Brands
SPB
$2.04B
$251M 9.29%
2,234,900
+420,300
+23% +$45.9M
WP
4
DELISTED
Worldpay, Inc.
WP
$133M 4.92%
1,807,088
+90,000
+5% +$6.43M
CPAY icon
5
Corpay
CPAY
$25.5B
$102M 3.76%
528,459
-605,509
-53% -$107M
HWM icon
6
Howmet Aerospace
HWM
$111B
$97.3M 3.6%
+4,654,447
New +$90.5M
DISH
7
CALL
DELISTED
DISH Network Corp.
DISH
$95.5M 3.53%
2,000,000
+1,700,000
+567% +$84.7M
CPAY icon
8
CALL
Corpay
CPAY
$25.5B
$86.6M 3.2%
450,000
– –
ALXN
9
CALL
DELISTED
Alexion Pharmaceuticals
ALXN
$77.7M 2.88%
650,000
-400,000
-38% -$48.7M
ALXN
10
PUT
DELISTED
Alexion Pharmaceuticals
ALXN
$77.7M 2.88%
+650,000
New +$79.2M
ALXN
11
DELISTED
Alexion Pharmaceuticals
ALXN
$71.6M 2.65%
598,973
-976,056
-62% -$119M
SCI icon
12
Service Corp International
SCI
$11.7B
$67.1M 2.48%
1,798,764
-100,385
-5% -$3.59M
CTSH icon
13
Cognizant
CTSH
$24.3B
$66.1M 2.45%
930,803
-800,000
-46% -$58.5M
SYF icon
14
Synchrony
SYF
$25.1B
$65.9M 2.44%
1,706,897
-1,470,000
-46% -$50.3M
SRPT icon
15
CALL
Sarepta Therapeutics
SRPT
$1.64B
$61.2M 2.26%
1,100,000
-370,400
-25% -$19.6M
SRPT icon
16
PUT
Sarepta Therapeutics
SRPT
$1.64B
$61.2M 2.26%
1,100,000
+205,000
+23% +$10.9M
DISH
17
DELISTED
DISH Network Corp.
DISH
$53.3M 1.97%
1,115,738
-2,642,239
-70% -$132M
SRPT icon
18
Sarepta Therapeutics
SRPT
$1.64B
$51.6M 1.91%
927,225
-604,106
-39% -$32M
FOLD
19
DELISTED
Amicus Therapeutics
FOLD
$47.3M 1.75%
3,288,300
+250,000
+8% +$3.43M
AET
20
DELISTED
Aetna Inc
AET
$45.1M 1.67%
+250,000
New +$43M
HCA icon
21
PUT
HCA Healthcare
HCA
$85.7B
$43.9M 1.62%
+500,000
New +$40.2M
NVRO
22
DELISTED
NEVRO CORP.
NVRO
$40.4M 1.49%
585,000
+190,000
+48% +$15.2M
FG
23
DELISTED
FGL Holdings Ordinary Shares
FG
$39.1M 1.45%
3,884,704
+379,704
+11% +$3.89M
STKL
24
DELISTED
SunOpta
STKL
$32.3M 1.19%
4,163,662
-3,700,000
-47% -$30.9M
WBD icon
25
CALL
Warner Bros
WBD
$63.9B
$29.7M 1.1%
+1,325,000
New +$25.9M
1
2 3

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Tourbillon Capital Partners's Q4 2017 Portfolio in Review

As of Q4 2017, Tourbillon Capital Partners held 69 positions worth $2.7B, down 35% from $4.13B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Tourbillon Capital Partners withdrew a net $1.49B in Q4 2017, closing 22 positions and reducing 16 holdings. Its most notable exit was eBay, an estimated $164M position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 13% of assets, up from 10% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Tourbillon Capital Partners opened a new position in Howmet Aerospace worth $97.3M.

  • Tourbillon Capital Partners's largest Q4 2017 buy was Howmet Aerospace: 4,654,447 shares worth $97.3M.
  • Tourbillon Capital Partners added most to Spectrum Brands in Q4 2017, an estimated $37.3M increase.
  • Tourbillon Capital Partners's biggest Q4 2017 reduction was DISH Network Corp., cutting an estimated $132M.
  • Tourbillon Capital Partners fully exited eBay in Q4 2017, selling an estimated $164M.
  • Tourbillon Capital Partners's ten largest holdings make up 61% of its $2.7B portfolio in Q4 2017.
  • Tourbillon Capital Partners opened 16 new positions and closed 22 in Q4 2017.
  • Tourbillon Capital Partners's portfolio value fell 35% quarter-over-quarter to $2.7B.

Based on Tourbillon Capital Partners's 13F filing for Q4 2017, filed 14 Feb 2018.