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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
+3.51%
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
$532M
AUM Growth
-$319M
Cap. Flow
-$223M
Cap. Flow %
-41.86%
Top 10 Hldgs %
88.67%
Holding
40
New
13
Increased
6
Reduced
6
Closed
14

Top Buys

Rank Stock Value
1
DTV
DIRECTV COM STK (DE)
DTV
+$66.3M
2
ALTR
Altera Corp
ALTR
+$64.9M
3
PRGO icon
Perrigo
PRGO
+$13.9M
4
CTRX
CATAMARAN CORP COM STK (CDA)
CTRX
+$12M
5
VTRS icon
Viatris
VTRS
+$10.4M

Top Sells

Rank Stock Value
1
SLXP
SALIX PHARMACEUTICALS LTD DEL
SLXP
+$206M
2
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
+$75.9M
3
PCYC
PHARMACYCLICS INC
PCYC
+$73.8M
4
AKRX
Akorn Inc
AKRX
+$16.2M
5
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
+$10.5M

Sector Composition

Rank Sector Weight
1 Technology 33.83%
2 Miscellaneous 29.13%
3 Real Estate 16.54%
4 Industrials 10.57%
5 Healthcare 9.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AET
26
DELISTED
Aetna Inc
AET
$510K 0.1%
+4,000
New +$457K
CMCSA icon
27
CALL
Comcast
CMCSA
$84.2B
– –
-700,000
Closed -$19.8M
HRI icon
28
CALL
Herc Holdings
HRI
$4.77B
– –
-40,867
Closed -$2.66M
HRI icon
29
PUT
Herc Holdings
HRI
$4.77B
– –
-5,833
Closed -$379K
KN icon
30
Knowles
KN
$3B
– –
-388,768
Closed -$7.49M
VER
31
PUT
DELISTED
VEREIT, Inc.
VER
– –
-40,000
Closed -$1.97M
AGN
32
PUT
DELISTED
Allergan plc
AGN
– –
-65,000
Closed -$19.3M
ALTR
33
CALL
DELISTED
Altera Corp
ALTR
– –
-28,000
Closed -$1.2M
LO
34
DELISTED
LORILLARD INC COM STK
LO
– –
-133,900
Closed -$8.75M
PCYC
35
CALL
DELISTED
PHARMACYCLICS INC
PCYC
– –
-50,200
Closed -$12.8M
PCYC
36
DELISTED
PHARMACYCLICS INC
PCYC
– –
-288,497
Closed -$73.8M
TRW
37
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
– –
-99,900
Closed -$10.5M
SLXP
38
CALL
DELISTED
SALIX PHARMACEUTICALS LTD DEL
SLXP
– –
-184,400
Closed -$31.9M
SLXP
39
DELISTED
SALIX PHARMACEUTICALS LTD DEL
SLXP
– –
-1,189,192
Closed -$206M
TWC
40
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
– –
-506,442
Closed -$75.9M
1
2

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Twin Securities's Q2 2015 Portfolio in Review

As of Q2 2015, Twin Securities held 40 positions worth $532M, down 37% from $851M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Twin Securities withdrew a net $223M in Q2 2015, closing 14 positions and reducing 6 holdings. Its most notable exit was SALIX PHARMACEUTICALS LTD DEL, an estimated $206M position sold in full.

By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 13% a quarter earlier, followed by Miscellaneous and Real Estate.

Against the trend, Twin Securities opened a new position in Perrigo worth $13.5M.

  • Twin Securities's largest Q2 2015 buy was Perrigo: 73,032 shares worth $13.5M.
  • Twin Securities added most to DIRECTV COM STK (DE) in Q2 2015, an estimated $66.3M increase.
  • Twin Securities's biggest Q2 2015 reduction was Akorn Inc, cutting an estimated $16.2M.
  • Twin Securities fully exited SALIX PHARMACEUTICALS LTD DEL in Q2 2015, selling an estimated $206M.
  • Twin Securities's ten largest holdings make up 89% of its $532M portfolio in Q2 2015.
  • Twin Securities opened 13 new positions and closed 14 in Q2 2015.
  • Twin Securities's portfolio value fell 37% quarter-over-quarter to $532M.

Based on Twin Securities's 13F filing for Q2 2015, filed 14 Aug 2015.