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Twin Securities Portfolio holdings

AUM $223M
1-Year Est. Return 91.15%
This Fund
S&P 500
This Quarter Est. Return
+5.48%
1 Year Est. Return
+91.15%
3 Year Est. Return
+506.28%
5 Year Est. Return
+1,602.72%
10 Year Est. Return
+13,240.38%
AUM
$582M
AUM Growth
+$31.4M
Cap. Flow
+$31.9M
Cap. Flow %
5.48%
Top 10 Hldgs %
89.41%
Holding
31
New
8
Increased
5
Reduced
6
Closed
11

Top Buys

Rank Stock Value
1
FRX
FOREST LABORATORIES INC
FRX
+$60.8M
2
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
+$40.3M
3
AZN icon
AstraZeneca
AZN
+$31.8M
4
IPG
Interpublic Group of Companies
IPG
+$15.2M
5
VER
VEREIT, Inc.
VER
+$11.2M

Top Sells

Rank Stock Value
1
MCK icon
McKesson
MCK
+$47.4M
2
HRI icon
Herc Holdings
HRI
+$22.6M
3
LNCO
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
+$17.4M
4
LAMR icon
Lamar Advertising Co
LAMR
+$16M
5
MBI icon
MBIA
MBI
+$15.5M

Sector Composition

Rank Sector Weight
1 Healthcare 34.05%
2 Real Estate 26.27%
3 Miscellaneous 18.21%
4 Industrials 10.86%
5 Technology 7.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HLF icon
26
PUT
Herbalife
HLF
$1.24B
– –
-214,000
Closed -$6.13M
LAMR icon
27
CALL
Lamar Advertising Co
LAMR
$15B
– –
-776,400
Closed -$39.6M
MBI icon
28
MBIA
MBI
$232M
– –
-1,109,817
Closed -$15.5M
CYHHZ
29
DELISTED
Community Health Systems, Inc. Series A Contingent Value Rights
CYHHZ
– –
-58,919
Closed -$4K
MW
30
DELISTED
THE MENS WAREHOUSE INC
MW
– –
-90,600
Closed -$4.44M
BKW
31
DELISTED
BURGER KING WORLDWIDE
BKW
– –
-195,481
Closed -$5.19M
1
2

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Twin Securities's Q2 2014 Portfolio in Review

As of Q2 2014, Twin Securities held 31 positions worth $582M, up 5.7% from $551M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Twin Securities deployed $31.9M of net new capital in Q2 2014, opening 8 new positions and adding to 5 existing holdings. Its largest new stake was COVIDIEN PLC COM SHS NEW (IRELAND): 538,243 shares worth $48.5M.

By sector, the portfolio is most concentrated in Healthcare at 34% of assets, up from 17% a quarter earlier, followed by Real Estate and Miscellaneous.

On the sell side, the largest reduction was McKesson, an estimated $47.4M trimmed.

  • Twin Securities's largest Q2 2014 buy was COVIDIEN PLC COM SHS NEW (IRELAND): 538,243 shares worth $48.5M.
  • Twin Securities added most to FOREST LABORATORIES INC in Q2 2014, an estimated $60.8M increase.
  • Twin Securities's biggest Q2 2014 reduction was McKesson, cutting an estimated $47.4M.
  • Twin Securities fully exited MBIA in Q2 2014, selling an estimated $15.5M.
  • Twin Securities's ten largest holdings make up 89% of its $582M portfolio in Q2 2014.
  • Twin Securities opened 8 new positions and closed 11 in Q2 2014.
  • Twin Securities's portfolio value rose 5.7% quarter-over-quarter to $582M.

Based on Twin Securities's 13F filing for Q2 2014, filed 13 Aug 2014.