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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
+1.11%
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
$680M
AUM Growth
-$60.3M
Cap. Flow
-$61.6M
Cap. Flow %
-9.06%
Top 10 Hldgs %
99.07%
Holding
27
New
3
Increased
7
Reduced
3
Closed
14

Top Buys

Rank Stock Value
1
AKRX
Akorn Inc
AKRX
+$81.1M
2
AET
Aetna Inc
AET
+$78.8M
3
SNI
Scripps Networks Interactive, Inc Common Class A
SNI
+$14.1M
4
LUMN icon
Lumen
LUMN
+$12.8M
5
NXPI icon
NXP Semiconductors
NXPI
+$8.5M

Top Sells

Rank Stock Value
1
ALR
Alere Inc
ALR
+$124M
2
AABA
Altaba Inc
AABA
+$50.7M
3
KITE
Kite Pharma, Inc.
KITE
+$40.1M
4
PRXL
Parexel International Corp
PRXL
+$13.7M
5
COL
Rockwell Collins
COL
+$9.15M

Sector Composition

Rank Sector Weight
1 Technology 28.81%
2 Communication Services 19.18%
3 Financials 12.17%
4 Materials 6.85%
5 Real Estate 0.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AABA
1
DELISTED
Altaba Inc
AABA
$142M 20.84%
2,027,953
-728,834
-26% -$50.7M
AKRX
2
DELISTED
Akorn Inc
AKRX
$121M 17.86%
3,767,422
+2,471,711
+191% +$81.1M
AET
3
DELISTED
Aetna Inc
AET
$82.8M 12.17%
+458,805
New +$78.8M
TWX
4
CALL
DELISTED
Time Warner Inc
TWX
$74.6M 10.98%
+815,700
New +$77.1M
TWX
5
DELISTED
Time Warner Inc
TWX
$74.5M 10.95%
814,091
+16,778
+2% +$1.59M
NXPI icon
6
NXP Semiconductors
NXPI
$68B
$52.8M 7.77%
451,203
+73,578
+19% +$8.5M
MON
7
DELISTED
Monsanto Co
MON
$46.6M 6.85%
398,895
+7,615
+2% +$906K
SNI
8
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
$39.9M 5.87%
467,770
+170,825
+58% +$14.1M
NXPI icon
9
CALL
NXP Semiconductors
NXPI
$68B
$24.1M 3.55%
206,100
-104,700
-34% -$12.1M
LUMN icon
10
Lumen
LUMN
$6.53B
$15.1M 2.22%
906,057
+756,057
+504% +$12.8M
AAMC
11
DELISTED
Altisource Asset Management Corp
AAMC
$4.1M 0.6%
85,376
+46,116
+117% +$2.18M
QCOM icon
12
Qualcomm
QCOM
$176B
$1.35M 0.2%
+21,032
New +$1.28M
STRP
13
DELISTED
Straight Path Communications Inc.
STRP
$848K 0.12%
4,667
-333
-7% -$60.5K
BABA icon
14
CALL
Alibaba
BABA
$269B
– –
-217,400
Closed -$37.9M
BG icon
15
Bunge Global
BG
$23.6B
– –
-12,200
Closed -$847K
MO icon
16
Altria Group
MO
$122B
– –
-10,000
Closed -$634K
T icon
17
PUT
AT&T
T
$165B
– –
-291,280
Closed -$8.64M
MNK
18
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
– –
-10,658
Closed -$398K
COL
19
CALL
DELISTED
Rockwell Collins
COL
– –
-300
Closed -$39K
COL
20
DELISTED
Rockwell Collins
COL
– –
-70,000
Closed -$9.15M
BRCD
21
DELISTED
Brocade Communications Systems, Inc. NEW
BRCD
– –
-158,304
Closed -$1.89M
RICE
22
DELISTED
Rice Energy Inc.
RICE
– –
-302,600
Closed -$8.76M
KITE
23
DELISTED
Kite Pharma, Inc.
KITE
– –
-223,059
Closed -$40.1M
ALR
24
CALL
DELISTED
Alere Inc
ALR
– –
-560,200
Closed -$28.6M
ALR
25
DELISTED
Alere Inc
ALR
– –
-2,429,885
Closed -$124M
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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HM
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Twin Securities's Q4 2017 Portfolio in Review

As of Q4 2017, Twin Securities held 27 positions worth $680M, down 8.2% from $740M the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Twin Securities withdrew a net $61.6M in Q4 2017, closing 14 positions and reducing 3 holdings. Its most notable exit was Alere Inc, an estimated $124M position sold in full.

By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 31% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Twin Securities opened a new position in Aetna Inc worth $82.8M.

  • Twin Securities's largest Q4 2017 buy was Aetna Inc: 458,805 shares worth $82.8M.
  • Twin Securities added most to Akorn Inc in Q4 2017, an estimated $81.1M increase.
  • Twin Securities's biggest Q4 2017 reduction was Altaba Inc, cutting an estimated $50.7M.
  • Twin Securities fully exited Alere Inc in Q4 2017, selling an estimated $124M.
  • Twin Securities's ten largest holdings make up 99% of its $680M portfolio in Q4 2017.
  • Twin Securities opened 3 new positions and closed 14 in Q4 2017.
  • Twin Securities's portfolio value fell 8.2% quarter-over-quarter to $680M.

Based on Twin Securities's 13F filing for Q4 2017, filed 14 Feb 2018.