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TS
Twin Securities Portfolio holdings
AUM
$206M
1-Year Est. Return
77.79%
This Fund
S&P 500
This Quarter
Est. Return
+12.28%
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
$461M
AUM Growth
+$105M
(+30%)
Cap. Flow
+$66.1M
Cap. Flow
% of AUM
14.32%
Top 10 Holdings %
Top 10 Hldgs %
79.34%
Holding
29
New
12
Increased
7
Reduced
2
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
COLE
COLE REAL ESTATE INVESTMENTS, INC COM
COLE
|
+$95.4M |
| 2 |
Herc Holdings
HRI
|
+$43.4M |
| 3 |
APC
Anadarko Petroleum
APC
|
+$35.6M |
| 4 |
LNCO
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
|
+$33.2M |
| 5 |
Lamar Advertising Co
LAMR
|
+$19.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ONXX
ONYX PHARMACEUTICALS INC
ONXX
|
+$93.3M |
| 2 |
DELL
DELL INC
DELL
|
+$57.5M |
| 3 |
ELN
ELAN CORP ADS(RP1 ORD4IRISH PN
ELN
|
+$53.8M |
| 4 |
VER
VEREIT, Inc.
VER
|
+$45.1M |
| 5 |
MNK
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
|
+$13.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 26.93% |
| 2 | Industrials | 11.3% |
| 3 | Financials | 7.19% |
| 4 | Consumer Discretionary | 5.88% |
| 5 | Healthcare | 5.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
COLE
1
DELISTED
COLE REAL ESTATE INVESTMENTS, INC COM
COLE
| $98.3M | 21.3% |
+6,999,857
| New | +$95.4M |
|
|
2
Herc Holdings
HRI
$5.43B
| $52.2M | 11.3% |
+607,441
| New | +$43.4M |
|
|
APC
3
DELISTED
Anadarko Petroleum
APC
| $38M | 8.23% |
478,864
+397,125
| +486% | +$35.6M |
|
|
LNCO
4
DELISTED
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
| $33.5M | 7.25% |
+1,086,304
| New | +$33.2M |
|
5
MBIA
MBI
$288M
| $33.2M | 7.19% |
2,780,076
+1,536,483
| +124% | +$17.7M |
|
|
VER
6
DELISTED
VEREIT, Inc.
VER
| $28.8M | 6.25% |
448,597
-696,376
| -61% | -$45.1M |
|
|
BKW
7
DELISTED
BURGER KING WORLDWIDE
BKW
| $27.1M | 5.88% |
1,186,140
+248,338
| +26% | +$5.12M |
|
|
8
Lamar Advertising Co
LAMR
$16.2B
| $20.5M | 4.45% |
+393,033
| New | +$19.2M |
|
|
TWC
9
CALL
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $18.9M | 4.09% |
+139,400
| New | +$17.3M |
|
|
TWC
10
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $15.6M | 3.39% |
+115,292
| New | +$14.3M |
|
|
VPHM
11
DELISTED
VIROPHARMA INC
VPHM
| $14.9M | 3.22% |
297,908
+271,408
| +1,024% | +$12.1M |
|
12
Herbalife
HLF
$1.23B
| $13.6M | 2.94% |
+344,580
| New | +$11.9M |
|
13
Thermo Fisher Scientific
TMO
$211B
| $13.4M | 2.91% |
120,772
+63,290
| +110% | +$6.29M |
|
|
HMA
14
DELISTED
HEALTH MGMT ASSOC INC CL-A
HMA
| $12.5M | 2.71% |
953,377
+489,824
| +106% | +$6.34M |
|
|
LIFE
15
DELISTED
LIFE TECHNOLOGIES CORP COM STK (DE)
LIFE
| $9.99M | 2.16% |
131,768
+26,614
| +25% | +$2.01M |
|
|
16
CALL
Thermo Fisher Scientific
TMO
$211B
| $5.57M | 1.21% |
+50,000
| New | +$4.97M |
|
|
17
CALL
Herc Holdings
HRI
$5.43B
| $4.29M | 0.93% |
+50,000
| New | +$3.57M |
|
|
BRE
18
DELISTED
BRE PROPERTIES INC CL A
BRE
| $4.21M | 0.91% |
+77,020
| New | +$4.13M |
|
19
Charter Communications
CHTR
$14.7B
| $3.75M | 0.81% |
+27,446
| New | +$3.64M |
|
|
PATH
20
DELISTED
NUPATHE INC COM STK
PATH
| $1.77M | 0.38% |
+541,831
| New | +$1.21M |
|
|
CIM
21
Chimera Investment
CIM
$1.05B
| $1.21M | 0.26% |
26,039
-112,306
| -81% | -$5.11M |
|
|
MNK
22
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
| – | – |
-303,753
| Closed | -$13.4M |
|
|
JCP
23
DELISTED
J.C. Penney Company, Inc.
JCP
| – | – |
-11,500
| Closed | -$101K |
|
|
ELN
24
DELISTED
ELAN CORP ADS(RP1 ORD4IRISH PN
ELN
| – | – |
-3,454,139
| Closed | -$53.8M |
|
|
DELL
25
DELISTED
DELL INC
DELL
| – | – |
-4,184,587
| Closed | -$57.5M |
|
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Twin Securities's Q4 2013 Portfolio in Review
As of Q4 2013, Twin Securities held 29 positions worth $461M, up 30% from $356M the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Twin Securities deployed $66.1M of net new capital in Q4 2013, opening 12 new positions and adding to 7 existing holdings. Its largest new stake was COLE REAL ESTATE INVESTMENTS, INC COM: 6,999,857 shares worth $98.3M.
By sector, the portfolio is most concentrated in Real Estate at 27% of assets, up from 1.8% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was VEREIT, Inc., an estimated $45.1M trimmed.
- Twin Securities's largest Q4 2013 buy was COLE REAL ESTATE INVESTMENTS, INC COM: 6,999,857 shares worth $98.3M.
- Twin Securities added most to Anadarko Petroleum in Q4 2013, an estimated $35.6M increase.
- Twin Securities's biggest Q4 2013 reduction was VEREIT, Inc., cutting an estimated $45.1M.
- Twin Securities fully exited ONYX PHARMACEUTICALS INC in Q4 2013, selling an estimated $93.3M.
- Twin Securities's ten largest holdings make up 79% of its $461M portfolio in Q4 2013.
- Twin Securities opened 12 new positions and closed 7 in Q4 2013.
- Twin Securities's portfolio value rose 30% quarter-over-quarter to $461M.
Based on Twin Securities's 13F filing for Q4 2013, filed 13 Feb 2014.