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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
-1.48%
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
$529M
AUM Growth
-$53.8M
Cap. Flow
-$38.4M
Cap. Flow %
-7.26%
Top 10 Hldgs %
92.08%
Holding
27
New
7
Increased
6
Reduced
4
Closed
10

Top Buys

Rank Stock Value
1
VER
VEREIT, Inc.
VER
+$43.4M
2
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
+$36.7M
3
AGN
Allergan plc
AGN
+$36M
4
THI
TIM HORTONS INC COM, CANADA
THI
+$23.9M
5
LAMR icon
Lamar Advertising Co
LAMR
+$15.6M

Top Sells

Rank Stock Value
1
FRX
FOREST LABORATORIES INC
FRX
+$93.1M
2
AZN icon
AstraZeneca
AZN
+$32.7M
3
MCK icon
McKesson
MCK
+$22.2M
4
IPG
Interpublic Group of Companies
IPG
+$16.4M
5
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
+$14.3M

Sector Composition

Rank Sector Weight
1 Healthcare 14.23%
2 Real Estate 11.02%
3 Industrials 9.35%
4 Communication Services 7.4%
5 Technology 6.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VER
1
DELISTED
VEREIT, Inc.
VER
$143M 27.04%
2,371,021
+674,552
+40% +$43.4M
LAMR icon
2
Lamar Advertising Co
LAMR
$16.2B
$58.3M 11.02%
1,183,157
+301,957
+34% +$15.6M
HRI icon
3
Herc Holdings
HRI
$5.43B
$49.4M 9.35%
649,044
-103,423
-14% -$8.84M
AGN
4
CALL
DELISTED
Allergan plc
AGN
$43M 8.13%
178,200
-80,500
-31% -$18M
TWC
5
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
$39.1M 7.4%
272,570
+247,318
+979% +$36.7M
AGN
6
DELISTED
Allergan plc
AGN
$38.8M 7.35%
+160,935
New +$36M
KN icon
7
Knowles
KN
$3.22B
$37M 6.99%
1,395,079
+294,520
+27% +$8.99M
COV
8
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
$32.6M 6.17%
376,961
-161,282
-30% -$14.3M
THI
9
DELISTED
TIM HORTONS INC COM, CANADA
THI
$28.2M 5.33%
+357,824
New +$23.9M
ABBV icon
10
CALL
AbbVie
ABBV
$458B
$17.4M 3.29%
+300,900
New +$16.7M
LAMR icon
11
PUT
Lamar Advertising Co
LAMR
$16.2B
$16.3M 3.07%
+330,000
New +$17M
ASH icon
12
CALL
Ashland
ASH
$3.04B
$13.3M 2.52%
261,632
+57,232
+28% +$2.98M
HRI icon
13
CALL
Herc Holdings
HRI
$5.43B
$3.61M 0.68%
47,400
-34,933
-42% -$2.99M
SHPG
14
DELISTED
Shire pic
SHPG
$2.85M 0.54%
11,000
+4,000
+57% +$992K
HLF icon
15
Herbalife
HLF
$1.23B
$2.5M 0.47%
+114,258
New +$3.05M
VER
16
CALL
DELISTED
VEREIT, Inc.
VER
$2.41M 0.46%
+40,000
New +$2.57M
MNK
17
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
$948K 0.18%
+10,512
New +$822K
AZN icon
18
AstraZeneca
AZN
$263B
– –
-439,586
Closed -$32.7M
IPG
19
DELISTED
Interpublic Group of Companies
IPG
– –
-839,901
Closed -$16.4M
MCK icon
20
CALL
McKesson
MCK
$98.5B
– –
-42,400
Closed -$7.9M
MCK icon
21
McKesson
MCK
$98.5B
– –
-119,455
Closed -$22.2M
MDT icon
22
Medtronic
MDT
$107B
– –
-1,333
Closed -$85K
DTV
23
DELISTED
DIRECTV COM STK (DE)
DTV
– –
-92,846
Closed -$7.89M
LO
24
CALL
DELISTED
LORILLARD INC COM STK
LO
– –
-13,400
Closed -$817K
QCOR
25
DELISTED
QUESTCOR PHARMA INC
QCOR
– –
-116,811
Closed -$10.8M
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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HM
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Twin Securities's Q3 2014 Portfolio in Review

As of Q3 2014, Twin Securities held 27 positions worth $529M, down 9.2% from $582M the previous quarter. Its ten largest holdings account for 92% of the portfolio.

Twin Securities withdrew a net $38.4M in Q3 2014, closing 10 positions and reducing 4 holdings. Its most notable exit was FOREST LABORATORIES INC, an estimated $93.1M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 14% of assets, down from 34% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Twin Securities opened a new position in Allergan plc worth $38.8M.

  • Twin Securities's largest Q3 2014 buy was Allergan plc: 160,935 shares worth $38.8M.
  • Twin Securities added most to VEREIT, Inc. in Q3 2014, an estimated $43.4M increase.
  • Twin Securities's biggest Q3 2014 reduction was COVIDIEN PLC COM SHS NEW (IRELAND), cutting an estimated $14.3M.
  • Twin Securities fully exited FOREST LABORATORIES INC in Q3 2014, selling an estimated $93.1M.
  • Twin Securities's ten largest holdings make up 92% of its $529M portfolio in Q3 2014.
  • Twin Securities opened 7 new positions and closed 10 in Q3 2014.
  • Twin Securities's portfolio value fell 9.2% quarter-over-quarter to $529M.

Based on Twin Securities's 13F filing for Q3 2014, filed 13 Nov 2014.