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Twin Securities Portfolio holdings

AUM $206M
1-Year Est. Return 77.79%
This Fund
S&P 500
This Quarter Est. Return
+27.49%
1 Year Est. Return
+77.79%
3 Year Est. Return
+466.97%
5 Year Est. Return
+1,667.28%
10 Year Est. Return
+13,530.48%
AUM
$851M
AUM Growth
+$297M
Cap. Flow
+$225M
Cap. Flow %
26.4%
Top 10 Hldgs %
85.59%
Holding
33
New
19
Increased
3
Reduced
5
Closed
6

Top Buys

Rank Stock Value
1
SLXP
SALIX PHARMACEUTICALS LTD DEL
SLXP
+$175M
2
DTV
DIRECTV COM STK (DE)
DTV
+$104M
3
PCYC
PHARMACYCLICS INC
PCYC
+$55.7M
4
AKRX
Akorn Inc
AKRX
+$16.7M
5
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
+$10.8M

Top Sells

Rank Stock Value
1
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
+$101M
2
AGN
Allergan plc
AGN
+$44.6M
3
VER
VEREIT, Inc.
VER
+$40.2M
4
AGN
Allergan Inc
AGN
+$28.6M
5
LAMR icon
Lamar Advertising Co
LAMR
+$12M

Sector Composition

Rank Sector Weight
1 Technology 12.94%
2 Communication Services 8.92%
3 Industrials 6.04%
4 Healthcare 1.97%
5 Consumer Discretionary 1.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALTR
26
CALL
DELISTED
Altera Corp
ALTR
$1.2M 0.14%
+28,000
New +$1M
HRI icon
27
PUT
Herc Holdings
HRI
$5.43B
$379K 0.04%
+5,833
New +$390K
LAMR icon
28
Lamar Advertising Co
LAMR
$16.2B
– –
-222,824
Closed -$12M
QSR icon
29
Restaurant Brands International
QSR
$25.1B
– –
-187,605
Closed -$7.32M
QSR icon
30
PUT
Restaurant Brands International
QSR
$25.1B
– –
-189,500
Closed -$7.4M
COV
31
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
– –
-986,125
Closed -$101M
AGN
32
DELISTED
Allergan Inc
AGN
– –
-134,372
Closed -$28.6M
AGN
33
PUT
DELISTED
Allergan Inc
AGN
– –
-45,000
Closed -$9.57M
1
2

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LPFG
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AFT
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SCM
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ACM
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SAM
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Twin Securities's Q1 2015 Portfolio in Review

As of Q1 2015, Twin Securities held 33 positions worth $851M, up 54% from $554M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Twin Securities deployed $225M of net new capital in Q1 2015, opening 19 new positions and adding to 3 existing holdings. Its largest new stake was SALIX PHARMACEUTICALS LTD DEL: 1,189,192 shares worth $206M.

By sector, the portfolio is most concentrated in Technology at 13% of assets, up from 4% a quarter earlier, followed by Communication Services and Industrials.

On the sell side, the largest reduction was Allergan plc, an estimated $44.6M trimmed.

  • Twin Securities's largest Q1 2015 buy was SALIX PHARMACEUTICALS LTD DEL: 1,189,192 shares worth $206M.
  • Twin Securities added most to TIME WARNER CABLE INC NEW COM STK in Q1 2015, an estimated $10.8M increase.
  • Twin Securities's biggest Q1 2015 reduction was Allergan plc, cutting an estimated $44.6M.
  • Twin Securities fully exited COVIDIEN PLC COM SHS NEW (IRELAND) in Q1 2015, selling an estimated $101M.
  • Twin Securities's ten largest holdings make up 86% of its $851M portfolio in Q1 2015.
  • Twin Securities opened 19 new positions and closed 6 in Q1 2015.
  • Twin Securities's portfolio value rose 54% quarter-over-quarter to $851M.

Based on Twin Securities's 13F filing for Q1 2015, filed 15 May 2015.