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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
+0.15%
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
$352M
AUM Growth
-$231M
Cap. Flow
-$222M
Cap. Flow %
-63.13%
Top 10 Hldgs %
94.7%
Holding
26
New
6
Increased
2
Reduced
6
Closed
12

Top Buys

Rank Stock Value
1
NXPI icon
NXP Semiconductors
NXPI
+$25.4M
2
ESRX
Express Scripts Holding Company
ESRX
+$15M
3
CAVM
Cavium, Inc.
CAVM
+$12.8M
4
T icon
AT&T
T
+$7.41M
5
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
+$3.95M

Top Sells

Rank Stock Value
1
TWX
Time Warner Inc
TWX
+$52.6M
2
MON
Monsanto Co
MON
+$47M
3
AET
Aetna Inc
AET
+$36.1M
4
AABA
Altaba Inc
AABA
+$27.2M
5
AKRX
Akorn Inc
AKRX
+$25.5M

Sector Composition

Rank Sector Weight
1 Technology 51.48%
2 Financials 20.72%
3 Healthcare 4.39%
4 Communication Services 3.45%
5 Real Estate 1.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NXPI icon
1
NXP Semiconductors
NXPI
$68B
$115M 32.72%
1,052,741
+230,623
+28% +$25.4M
AET
2
DELISTED
Aetna Inc
AET
$72.8M 20.72%
396,963
-202,682
-34% -$36.1M
AABA
3
DELISTED
Altaba Inc
AABA
$52.2M 14.84%
712,736
-363,099
-34% -$27.2M
AKRX
4
DELISTED
Akorn Inc
AKRX
$22.5M 6.4%
1,356,286
-1,664,858
-55% -$25.5M
NXPI icon
5
CALL
NXP Semiconductors
NXPI
$68B
$18M 5.12%
164,700
-72,300
-31% -$7.97M
ESRX
6
DELISTED
Express Scripts Holding Company
ESRX
$15.4M 4.39%
+200,000
New +$15M
CAVM
7
DELISTED
Cavium, Inc.
CAVM
$13.8M 3.93%
+159,648
New +$12.8M
AKRX
8
CALL
DELISTED
Akorn Inc
AKRX
$8.1M 2.3%
488,400
+301,100
+161% +$4.62M
NXPI icon
9
PUT
NXP Semiconductors
NXPI
$68B
$7.92M 2.25%
+72,500
New +$7.99M
T icon
10
AT&T
T
$165B
$7.16M 2.04%
+295,204
New +$7.41M
T icon
11
CALL
AT&T
T
$165B
$6.81M 1.94%
280,820
-778,380
-73% -$19.5M
TFCFA
12
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$4.97M 1.41%
+100,000
New +$3.95M
AAMC
13
DELISTED
Altisource Asset Management Corp
AAMC
$3.97M 1.13%
96,790
-421
-0.4% -$16.2K
ESI icon
14
Element Solutions
ESI
$9.12B
$2.87M 0.82%
+247,731
New +$2.7M
BG icon
15
Bunge Global
BG
$23.6B
– –
-36,317
Closed -$2.69M
CI icon
16
Cigna
CI
$76.6B
– –
-27,500
Closed -$4.61M
LUMN icon
17
Lumen
LUMN
$6.53B
– –
-555,535
Closed -$9.13M
NWL icon
18
Newell Brands
NWL
$2.16B
– –
-67,500
Closed -$1.72M
QCOM icon
19
CALL
Qualcomm
QCOM
$176B
– –
-138,800
Closed -$7.69M
QCOM icon
20
Qualcomm
QCOM
$176B
– –
-107,191
Closed -$5.94M
PF
21
DELISTED
Pinnacle Foods, Inc.
PF
– –
-21,998
Closed -$1.19M
TWX
22
CALL
DELISTED
Time Warner Inc
TWX
– –
-520,900
Closed -$49.3M
TWX
23
DELISTED
Time Warner Inc
TWX
– –
-556,141
Closed -$52.6M
MON
24
DELISTED
Monsanto Co
MON
– –
-402,654
Closed -$47M
MULE
25
CALL
DELISTED
MuleSoft, Inc.
MULE
– –
-17,000
Closed -$748K
1
2

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Twin Securities's Q2 2018 Portfolio in Review

As of Q2 2018, Twin Securities held 26 positions worth $352M, down 40% from $583M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Twin Securities withdrew a net $222M in Q2 2018, closing 12 positions and reducing 6 holdings. Its most notable exit was Time Warner Inc, an estimated $52.6M position sold in full.

By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 32% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Twin Securities opened a new position in Express Scripts Holding Company worth $15.4M.

  • Twin Securities's largest Q2 2018 buy was Express Scripts Holding Company: 200,000 shares worth $15.4M.
  • Twin Securities added most to NXP Semiconductors in Q2 2018, an estimated $25.4M increase.
  • Twin Securities's biggest Q2 2018 reduction was Aetna Inc, cutting an estimated $36.1M.
  • Twin Securities fully exited Time Warner Inc in Q2 2018, selling an estimated $52.6M.
  • Twin Securities's ten largest holdings make up 95% of its $352M portfolio in Q2 2018.
  • Twin Securities opened 6 new positions and closed 12 in Q2 2018.
  • Twin Securities's portfolio value fell 40% quarter-over-quarter to $352M.

Based on Twin Securities's 13F filing for Q2 2018, filed 14 Aug 2018.