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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
+3.51%
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
$532M
AUM Growth
-$319M
Cap. Flow
-$310M
Cap. Flow %
-58.32%
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 Industrials 8.52%
3 Healthcare 7.75%
4 Energy 0.27%
5 Consumer Discretionary 0.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DTV
1
DELISTED
DIRECTV COM STK (DE)
DTV
$180M 33.83%
1,939,491
+733,777
+61% +$66.3M
VER
2
DELISTED
VEREIT, Inc.
VER
$87.2M 16.39%
2,144,860
-214,803
-9% -$9.69M
ALTR
3
DELISTED
Altera Corp
ALTR
$76.4M 14.35%
1,491,510
+1,393,010
+1,414% +$64.9M
HRI icon
4
Herc Holdings
HRI
$5.43B
$37.8M 7.1%
695,005
-10,300
-1% -$637K
AGN
5
CALL
DELISTED
Allergan plc
AGN
$27.4M 5.15%
93,400
-31,100
-25% -$9.28M
CTRX
6
DELISTED
CATAMARAN CORP COM STK (CDA)
CTRX
$18.6M 3.49%
304,194
+199,194
+190% +$12M
PRGO icon
7
Perrigo
PRGO
$1.4B
$13.5M 2.54%
+73,032
New +$13.9M
DRC
8
DELISTED
DRESSER-RAND GROUP INC
DRC
$10.9M 2.05%
127,759
+51,158
+67% +$4.28M
AGN
9
DELISTED
Allergan plc
AGN
$10.1M 1.89%
33,177
+7,199
+28% +$2.15M
VTRS icon
10
Viatris
VTRS
$20.1B
$10M 1.88%
+147,403
New +$10.4M
PRGO icon
11
CALL
Perrigo
PRGO
$1.4B
$9.41M 1.77%
+50,900
New +$9.7M
T icon
12
PUT
AT&T
T
$165B
$8.53M 1.6%
317,760
-288,632
-48% -$7.46M
OCR
13
DELISTED
OMNICARE INC
OCR
$7.97M 1.5%
+84,538
New +$7.54M
ARMK icon
14
Aramark
ARMK
$15B
$7.56M 1.42%
338,091
+96,950
+40% +$2.19M
VTRS icon
15
PUT
Viatris
VTRS
$20.1B
$5.43M 1.02%
+80,000
New +$5.65M
KRFT
16
CALL
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
$5.37M 1.01%
63,100
– –
ZBH icon
17
Zimmer Biomet
ZBH
$17.7B
$3.95M 0.74%
37,233
-41,562
-53% -$4.6M
DTV
18
PUT
DELISTED
DIRECTV COM STK (DE)
DTV
$3.9M 0.73%
+42,000
New +$3.8M
HUM icon
19
Humana
HUM
$46.7B
$1.72M 0.32%
+9,000
New +$1.67M
WMB icon
20
Williams Companies
WMB
$90.5B
$1.44M 0.27%
+25,000
New +$1.29M
SGYP
21
DELISTED
Synergy Pharmaceuticals, Inc Common Stock
SGYP
$1.33M 0.25%
+160,000
New +$776K
WEN icon
22
Wendy's
WEN
$1.33B
$909K 0.17%
+80,562
New +$888K
NRF
23
DELISTED
NorthStar Realty Finance Corp.
NRF
$795K 0.15%
+25,000
New +$899K
AKRX
24
DELISTED
Akorn Inc
AKRX
$787K 0.15%
18,000
-349,323
-95% -$16.2M
CTLT
25
DELISTED
CATALENT, INC.
CTLT
$660K 0.12%
+22,499
New +$678K
1
2

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AFT
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SCM
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ACM
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SAM
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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 $310M 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 Industrials and Healthcare.

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.