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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
+13.15%
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
$740M
AUM Growth
+$117M
Cap. Flow
+$61.1M
Cap. Flow %
8.26%
Top 10 Hldgs %
89.51%
Holding
33
New
12
Increased
7
Reduced
5
Closed
9

Top Buys

Rank Stock Value
1
TWX
Time Warner Inc
TWX
+$66.9M
2
NXPI icon
NXP Semiconductors
NXPI
+$42.1M
3
KITE
Kite Pharma, Inc.
KITE
+$31.1M
4
SNI
Scripps Networks Interactive, Inc Common Class A
SNI
+$24.4M
5
ALR
Alere Inc
ALR
+$23.1M

Top Sells

Rank Stock Value
1
MBLY
Mobileye N.V.
MBLY
+$89M
2
RAI
Reynolds American Inc
RAI
+$66.5M
3
AABA
Altaba Inc
AABA
+$42.4M
4
KATE
Kate Spade & Company
KATE
+$16.3M
5
BRCD
Brocade Communications Systems, Inc. NEW
BRCD
+$12.8M

Sector Composition

Rank Sector Weight
1 Technology 30.7%
2 Healthcare 18.65%
3 Communication Services 14.99%
4 Materials 6.33%
5 Energy 1.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AABA
1
DELISTED
Altaba Inc
AABA
$183M 24.67%
2,756,787
-691,554
-20% -$42.4M
ALR
2
DELISTED
Alere Inc
ALR
$124M 16.74%
2,429,885
+461,788
+23% +$23.1M
TWX
3
DELISTED
Time Warner Inc
TWX
$81.7M 11.04%
797,313
+659,271
+478% +$66.9M
MON
4
DELISTED
Monsanto Co
MON
$46.9M 6.33%
391,280
+94,159
+32% +$11.1M
AKRX
5
DELISTED
Akorn Inc
AKRX
$43M 5.81%
1,295,711
+537,794
+71% +$17.9M
NXPI icon
6
NXP Semiconductors
NXPI
$68B
$42.7M 5.77%
+377,625
New +$42.1M
KITE
7
DELISTED
Kite Pharma, Inc.
KITE
$40.1M 5.42%
+223,059
New +$31.1M
BABA icon
8
CALL
Alibaba
BABA
$269B
$37.9M 5.12%
+217,400
New +$35.2M
NXPI icon
9
CALL
NXP Semiconductors
NXPI
$68B
$35.1M 4.75%
310,800
+214,200
+222% +$23.9M
ALR
10
CALL
DELISTED
Alere Inc
ALR
$28.6M 3.86%
560,200
+462,700
+475% +$23.1M
SNI
11
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
$25.5M 3.45%
+296,945
New +$24.4M
PRXL
12
DELISTED
Parexel International Corp
PRXL
$13.7M 1.85%
155,826
-19,174
-11% -$1.68M
COL
13
DELISTED
Rockwell Collins
COL
$9.15M 1.24%
+70,000
New +$8.5M
RICE
14
DELISTED
Rice Energy Inc.
RICE
$8.76M 1.18%
+302,600
New +$8.27M
T icon
15
PUT
AT&T
T
$165B
$8.64M 1.17%
+291,280
New +$8.27M
LUMN icon
16
Lumen
LUMN
$6.53B
$2.83M 0.38%
+150,000
New +$3.16M
NLSN
17
DELISTED
Nielsen Holdings plc
NLSN
$2.49M 0.34%
+60,000
New +$2.4M
BRCD
18
DELISTED
Brocade Communications Systems, Inc. NEW
BRCD
$1.89M 0.26%
158,304
-1,035,972
-87% -$12.8M
AAMC
19
DELISTED
Altisource Asset Management Corp
AAMC
$1.85M 0.25%
39,260
+11,615
+42% +$612K
STRP
20
DELISTED
Straight Path Communications Inc.
STRP
$903K 0.12%
+5,000
New +$898K
BG icon
21
Bunge Global
BG
$23.6B
$847K 0.11%
12,200
-2,800
-19% -$212K
MO icon
22
Altria Group
MO
$122B
$634K 0.09%
+10,000
New +$667K
MNK
23
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
$398K 0.05%
10,658
-30,500
-74% -$1.21M
COL
24
CALL
DELISTED
Rockwell Collins
COL
$39K 0.01%
+300
New +$36.4K
BG icon
25
CALL
Bunge Global
BG
$23.6B
– –
-10,000
Closed -$746K
1
2

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Twin Securities's Q3 2017 Portfolio in Review

As of Q3 2017, Twin Securities held 33 positions worth $740M, up 19% from $623M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Twin Securities deployed $61.1M of net new capital in Q3 2017, opening 12 new positions and adding to 7 existing holdings. Its largest new stake was NXP Semiconductors: 377,625 shares worth $42.7M.

By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 47% a quarter earlier, followed by Healthcare and Communication Services.

On the sell side, the largest reduction was Altaba Inc, an estimated $42.4M trimmed.

  • Twin Securities's largest Q3 2017 buy was NXP Semiconductors: 377,625 shares worth $42.7M.
  • Twin Securities added most to Time Warner Inc in Q3 2017, an estimated $66.9M increase.
  • Twin Securities's biggest Q3 2017 reduction was Altaba Inc, cutting an estimated $42.4M.
  • Twin Securities fully exited Mobileye N.V. in Q3 2017, selling an estimated $89M.
  • Twin Securities's ten largest holdings make up 90% of its $740M portfolio in Q3 2017.
  • Twin Securities opened 12 new positions and closed 9 in Q3 2017.
  • Twin Securities's portfolio value rose 19% quarter-over-quarter to $740M.

Based on Twin Securities's 13F filing for Q3 2017, filed 14 Nov 2017.