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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
+13.16%
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
$554M
AUM Growth
-$247M
Cap. Flow
-$262M
Cap. Flow %
-47.34%
Top 10 Hldgs %
79.32%
Holding
41
New
7
Increased
6
Reduced
10
Closed
17

Top Buys

Rank Stock Value
1
LNKD
LinkedIn Corporation
LNKD
+$53.3M
2
YHOO
Yahoo Inc
YHOO
+$44M
3
ALR
Alere Inc
ALR
+$32.2M
4
MDVN
MEDIVATION, INC.
MDVN
+$26.1M
5
EMC
EMC CORPORATION
EMC
+$21.7M

Top Sells

Rank Stock Value
1
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
+$148M
2
BXLT
BAXALTA INC COM STK (DE)
BXLT
+$117M
3
SNDK
SANDISK CORP
SNDK
+$110M
4
VER
VEREIT, Inc.
VER
+$40.2M
5
CVC
CABLEVISION SYS CP NY GRP CL-A
CVC
+$17.8M

Sector Composition

Rank Sector Weight
1 Healthcare 23.13%
2 Communication Services 13.35%
3 Energy 9.9%
4 Technology 7.12%
5 Industrials 3.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LNKD
1
DELISTED
LinkedIn Corporation
LNKD
$72.7M 13.13%
+384,354
New +$53.3M
ALR
2
DELISTED
Alere Inc
ALR
$57M 10.29%
1,366,980
+741,679
+119% +$32.2M
YHOO
3
DELISTED
Yahoo Inc
YHOO
$51M 9.21%
1,358,314
+1,192,014
+717% +$44M
AKRX
4
DELISTED
Akorn Inc
AKRX
$47.4M 8.56%
1,664,761
-587,700
-26% -$16.3M
EMC
5
DELISTED
EMC CORPORATION
EMC
$39.4M 7.12%
1,451,549
+802,502
+124% +$21.7M
AGN
6
CALL
DELISTED
Allergan plc
AGN
$37.6M 6.78%
162,600
-73,900
-31% -$17M
HUM icon
7
PUT
Humana
HUM
$46.7B
$36M 6.5%
+200,000
New +$35.5M
AGN
8
PUT
DELISTED
Allergan plc
AGN
$34.7M 6.26%
+150,000
New +$34.6M
HUM icon
9
Humana
HUM
$46.7B
$33.5M 6.05%
186,159
+27,500
+17% +$4.88M
AGN
10
DELISTED
Allergan plc
AGN
$30.1M 5.43%
130,061
-9,396
-7% -$2.17M
MDVN
11
DELISTED
MEDIVATION, INC.
MDVN
$27.8M 5.02%
+460,805
New +$26.1M
ALR
12
PUT
DELISTED
Alere Inc
ALR
$18.1M 3.27%
+435,000
New +$18.9M
HRI icon
13
Herc Holdings
HRI
$5.43B
$16.7M 3.02%
503,271
-66,833
-12% -$1.92M
VER
14
DELISTED
VEREIT, Inc.
VER
$16.7M 3.01%
328,684
-852,941
-72% -$40.2M
MON
15
CALL
DELISTED
Monsanto Co
MON
$10.3M 1.87%
+100,000
New +$9.91M
MNK
16
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
$7.59M 1.37%
124,829
-23,800
-16% -$1.45M
CPGX
17
DELISTED
COLUMBIA PIPELINE GROUP IN COM STK (DE)
CPGX
$3.82M 0.69%
150,000
+120,000
+400% +$3.06M
ODP
18
DELISTED
ODP
ODP
$3.63M 0.65%
109,539
+59,519
+119% +$2.91M
NYRT
19
DELISTED
New York REIT, Inc.
NYRT
$3.04M 0.55%
32,818
-18,142
-36% -$1.75M
AKRX
20
CALL
DELISTED
Akorn Inc
AKRX
$1.97M 0.36%
69,200
-201,900
-74% -$5.6M
NOMD icon
21
Nomad Foods
NOMD
$1.64B
$1.6M 0.29%
200,482
-3,000
-1% -$26.4K
VYX icon
22
CALL
NCR Voyix
VYX
$1.06B
$1.39M 0.25%
81,500
– –
CHTR icon
23
Charter Communications
CHTR
$14.7B
$1.22M 0.22%
+5,326
New +$1.14M
NYRT
24
CALL
DELISTED
New York REIT, Inc.
NYRT
$648K 0.12%
7,000
-3,000
-30% -$290K
ASRT
25
DELISTED
Assertio
ASRT
– –
-2,457
Closed -$2.05M
1
2

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Twin Securities's Q2 2016 Portfolio in Review

As of Q2 2016, Twin Securities held 41 positions worth $554M, down 31% from $801M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Twin Securities withdrew a net $262M in Q2 2016, closing 17 positions and reducing 10 holdings. Its most notable exit was TIME WARNER CABLE INC NEW COM STK, an estimated $148M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 15% a quarter earlier, followed by Communication Services and Energy.

Against the trend, Twin Securities opened a new position in LinkedIn Corporation worth $72.7M.

  • Twin Securities's largest Q2 2016 buy was LinkedIn Corporation: 384,354 shares worth $72.7M.
  • Twin Securities added most to Yahoo Inc in Q2 2016, an estimated $44M increase.
  • Twin Securities's biggest Q2 2016 reduction was VEREIT, Inc., cutting an estimated $40.2M.
  • Twin Securities fully exited TIME WARNER CABLE INC NEW COM STK in Q2 2016, selling an estimated $148M.
  • Twin Securities's ten largest holdings make up 79% of its $554M portfolio in Q2 2016.
  • Twin Securities opened 7 new positions and closed 17 in Q2 2016.
  • Twin Securities's portfolio value fell 31% quarter-over-quarter to $554M.

Based on Twin Securities's 13F filing for Q2 2016, filed 15 Aug 2016.