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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
+5.48%
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
$582M
AUM Growth
+$31.4M
Cap. Flow
+$10M
Cap. Flow %
1.73%
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 Industrials 10.86%
3 Real Estate 8.02%
4 Technology 7.16%
5 Communication Services 3.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VER
1
DELISTED
VEREIT, Inc.
VER
$106M 18.25%
1,696,469
+173,834
+11% +$11.2M
FRX
2
DELISTED
FOREST LABORATORIES INC
FRX
$93.1M 15.99%
940,610
+651,676
+226% +$60.8M
HRI icon
3
Herc Holdings
HRI
$5.43B
$63.3M 10.86%
752,467
-268,074
-26% -$22.6M
AGN
4
CALL
DELISTED
Allergan plc
AGN
$57.7M 9.91%
258,700
+148,700
+135% +$30.8M
COV
5
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
$48.5M 8.33%
+538,243
New +$40.3M
LAMR icon
6
Lamar Advertising Co
LAMR
$16.2B
$46.7M 8.02%
881,200
-316,644
-26% -$16M
KN icon
7
Knowles
KN
$3.22B
$33.8M 5.81%
1,100,559
+87,794
+9% +$2.65M
AZN icon
8
AstraZeneca
AZN
$263B
$32.7M 5.61%
+439,586
New +$31.8M
MCK icon
9
McKesson
MCK
$98.5B
$22.2M 3.82%
119,455
-266,168
-69% -$47.4M
IPG
10
DELISTED
Interpublic Group of Companies
IPG
$16.4M 2.81%
+839,901
New +$15.2M
LNCO
11
DELISTED
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
$11M 1.89%
352,316
-615,607
-64% -$17.4M
ASH icon
12
CALL
Ashland
ASH
$3.04B
$10.9M 1.87%
204,400
– –
QCOR
13
DELISTED
QUESTCOR PHARMA INC
QCOR
$10.8M 1.86%
+116,811
New +$10M
MCK icon
14
CALL
McKesson
MCK
$98.5B
$7.9M 1.36%
42,400
+2,400
+6% +$427K
DTV
15
DELISTED
DIRECTV COM STK (DE)
DTV
$7.89M 1.36%
+92,846
New +$7.57M
HRI icon
16
CALL
Herc Holdings
HRI
$5.43B
$6.92M 1.19%
82,333
-49,000
-37% -$4.13M
TWC
17
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
$3.72M 0.64%
25,252
-18,784
-43% -$2.64M
SHPG
18
DELISTED
Shire pic
SHPG
$1.65M 0.28%
+7,000
New +$1.22M
LO
19
CALL
DELISTED
LORILLARD INC COM STK
LO
$817K 0.14%
+13,400
New +$779K
MDT icon
20
Medtronic
MDT
$107B
$85K 0.01%
+1,333
New +$81K
ASH icon
21
Ashland
ASH
$3.04B
– –
-21,035
Closed -$1.05M
CMCSA icon
22
Comcast
CMCSA
$79.1B
– –
-38,000
Closed -$951K
CYH icon
23
Community Health Systems
CYH
$385M
– –
-7,809
Closed -$253K
HLF icon
24
CALL
Herbalife
HLF
$1.23B
– –
-140,000
Closed -$4.01M
HLF icon
25
Herbalife
HLF
$1.23B
– –
-539,490
Closed -$15.4M
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's Q2 2014 filing shows 8 new, 5 increased, 6 reduced and 11 closed positions. Its largest new stake was COVIDIEN PLC COM SHS NEW (IRELAND): 538,243 shares worth $48.5M. The largest sale was McKesson, an estimated $47.4M.

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

  • 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.