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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
+4.34%
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
$551M
AUM Growth
+$89.7M
Cap. Flow
+$98.9M
Cap. Flow %
17.95%
Top 10 Hldgs %
87.12%
Holding
35
New
14
Increased
5
Reduced
4
Closed
12

Top Buys

Rank Stock Value
1
VER
VEREIT, Inc.
VER
+$74.8M
2
MCK icon
McKesson
MCK
+$67.4M
3
LAMR icon
Lamar Advertising Co
LAMR
+$41.2M
4
HRI icon
Herc Holdings
HRI
+$33.3M
5
KN icon
Knowles
KN
+$31.4M

Top Sells

Rank Stock Value
1
COLE
COLE REAL ESTATE INVESTMENTS, INC COM
COLE
+$98.3M
2
APC
Anadarko Petroleum
APC
+$38M
3
BKW
BURGER KING WORLDWIDE
BKW
+$24.9M
4
MBI icon
MBIA
MBI
+$21.3M
5
VPHM
VIROPHARMA INC
VPHM
+$14.9M

Sector Composition

Rank Sector Weight
1 Healthcare 17.24%
2 Industrials 14.8%
3 Real Estate 11.09%
4 Technology 5.8%
5 Financials 2.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VER
1
DELISTED
VEREIT, Inc.
VER
$107M 19.37%
1,522,635
+1,074,038
+239% +$74.8M
HRI icon
2
Herc Holdings
HRI
$5.43B
$81.6M 14.8%
1,020,541
+413,100
+68% +$33.3M
MCK icon
3
McKesson
MCK
$98.5B
$68.1M 12.36%
+385,623
New +$67.4M
LAMR icon
4
Lamar Advertising Co
LAMR
$16.2B
$61.1M 11.09%
1,197,844
+804,811
+205% +$41.2M
LAMR icon
5
CALL
Lamar Advertising Co
LAMR
$16.2B
$39.6M 7.19%
+776,400
New +$39.7M
KN icon
6
Knowles
KN
$3.22B
$32M 5.8%
+1,012,765
New +$31.4M
FRX
7
DELISTED
FOREST LABORATORIES INC
FRX
$26.7M 4.84%
+288,934
New +$23.3M
LNCO
8
DELISTED
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
$26.2M 4.75%
967,923
-118,381
-11% -$3.6M
AGN
9
CALL
DELISTED
Allergan plc
AGN
$22.6M 4.11%
+110,000
New +$21.8M
MBI icon
10
MBIA
MBI
$288M
$15.5M 2.82%
1,109,817
-1,670,259
-60% -$21.3M
HLF icon
11
Herbalife
HLF
$1.23B
$15.4M 2.8%
539,490
+194,910
+57% +$6.44M
HRI icon
12
CALL
Herc Holdings
HRI
$5.43B
$10.5M 1.9%
131,333
+81,333
+163% +$6.56M
ASH icon
13
CALL
Ashland
ASH
$3.04B
$9.95M 1.81%
+204,400
New +$9.6M
MCK icon
14
CALL
McKesson
MCK
$98.5B
$7.06M 1.28%
+40,000
New +$6.99M
HLF icon
15
PUT
Herbalife
HLF
$1.23B
$6.13M 1.11%
+214,000
New +$7.07M
TWC
16
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
$6.04M 1.1%
44,036
-71,256
-62% -$9.75M
BKW
17
DELISTED
BURGER KING WORLDWIDE
BKW
$5.19M 0.94%
195,481
-990,659
-84% -$24.9M
MW
18
DELISTED
THE MENS WAREHOUSE INC
MW
$4.44M 0.81%
+90,600
New +$4.5M
HLF icon
19
CALL
Herbalife
HLF
$1.23B
$4.01M 0.73%
+140,000
New +$4.62M
ASH icon
20
Ashland
ASH
$3.04B
$1.02M 0.19%
+21,035
New +$988K
CMCSA icon
21
Comcast
CMCSA
$79.1B
$951K 0.17%
+38,000
New +$990K
CYH icon
22
Community Health Systems
CYH
$385M
$253K 0.05%
+7,809
New +$258K
CYHHZ
23
DELISTED
Community Health Systems, Inc. Series A Contingent Value Rights
CYHHZ
$4K ﹤0.01%
+58,919
New +$3.27K
CHTR icon
24
Charter Communications
CHTR
$14.7B
– –
-27,446
Closed -$3.75M
CIM
25
Chimera Investment
CIM
$1.05B
– –
-26,039
Closed -$1.21M
1
2

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SC
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LPFG
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AFT
Alpha Family Trust Los Angeles, California $206M AUM 35.6% 1-Year Est. Return
SCM
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ACM
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SAM
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HM
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Twin Securities's Q1 2014 Portfolio in Review

As of Q1 2014, Twin Securities held 35 positions worth $551M, up 19% from $461M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Twin Securities deployed $98.9M of net new capital in Q1 2014, opening 14 new positions and adding to 5 existing holdings. Its largest new stake was McKesson: 385,623 shares worth $68.1M.

By sector, the portfolio is most concentrated in Healthcare at 17% of assets, up from 5.6% a quarter earlier, followed by Industrials and Real Estate.

On the sell side, the largest reduction was BURGER KING WORLDWIDE, an estimated $24.9M trimmed.

  • Twin Securities's largest Q1 2014 buy was McKesson: 385,623 shares worth $68.1M.
  • Twin Securities added most to VEREIT, Inc. in Q1 2014, an estimated $74.8M increase.
  • Twin Securities's biggest Q1 2014 reduction was BURGER KING WORLDWIDE, cutting an estimated $24.9M.
  • Twin Securities fully exited COLE REAL ESTATE INVESTMENTS, INC COM in Q1 2014, selling an estimated $98.3M.
  • Twin Securities's ten largest holdings make up 87% of its $551M portfolio in Q1 2014.
  • Twin Securities opened 14 new positions and closed 12 in Q1 2014.
  • Twin Securities's portfolio value rose 19% quarter-over-quarter to $551M.

Based on Twin Securities's 13F filing for Q1 2014, filed 14 May 2014.