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TS
Twin Securities Portfolio holdings
AUM
$223M
1-Year Est. Return
91.15%
This Fund
S&P 500
This Quarter
Est. Return
+0.15%
1 Year Est. Return
+91.15%
3 Year Est. Return
+506.28%
5 Year Est. Return
+1,602.72%
10 Year Est. Return
+13,240.38%
AUM
$352M
AUM Growth
-$231M
(-40%)
Cap. Flow
-$149M
Cap. Flow
% of AUM
-42.48%
Top 10 Holdings %
Top 10 Hldgs %
94.7%
Holding
26
New
6
Increased
2
Reduced
6
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NXP Semiconductors
NXPI
|
+$25.4M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$15M |
| 3 |
CAVM
Cavium, Inc.
CAVM
|
+$12.8M |
| 4 |
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 | Miscellaneous | 11.61% |
| 4 | Healthcare | 10.79% |
| 5 | Communication Services | 3.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
NXP Semiconductors
NXPI
$56.3B
| $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 |
|
|
5
CALL
NXP Semiconductors
NXPI
$56.3B
| $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 |
|
|
9
PUT
NXP Semiconductors
NXPI
$56.3B
| $7.92M | 2.25% |
+72,500
| New | +$7.99M |
|
|
10
AT&T
T
$172B
| $7.16M | 2.04% |
+295,204
| New | +$7.41M |
|
|
11
CALL
AT&T
T
$172B
| $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 |
|
14
Element Solutions
ESI
$8.72B
| $2.87M | 0.82% |
+247,731
| New | +$2.7M |
|
15
Bunge Global
BG
$23.7B
| – | – |
-36,317
| Closed | -$2.69M |
|
16
Cigna
CI
$73.5B
| – | – |
-27,500
| Closed | -$4.61M |
|
17
Lumen
LUMN
$7.02B
| – | – |
-555,535
| Closed | -$9.13M |
|
18
Newell Brands
NWL
$2.56B
| – | – |
-67,500
| Closed | -$1.72M |
|
19
CALL
Qualcomm
QCOM
$188B
| – | – |
-138,800
| Closed | -$7.69M |
|
|
20
Qualcomm
QCOM
$188B
| – | – |
-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 |
|
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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 $149M 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 Miscellaneous.
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.