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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
+19.66%
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
$188M
AUM Growth
-$8.75M
(-4.4%)
Cap. Flow
-$7.5M
Cap. Flow
% of AUM
-3.98%
Top 10 Holdings %
Top 10 Hldgs %
94.69%
Holding
23
New
10
Increased
3
Reduced
2
Closed
8
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
RHT
Red Hat Inc
RHT
|
+$45.7M |
| 2 |
CELG
Celgene Corp
CELG
|
+$21M |
| 3 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$19.6M |
| 4 |
IDTI
Integrated Device Technology I
IDTI
|
+$7.87M |
| 5 |
ONCE
Spark Therapeutics, Inc. Common Stock
ONCE
|
+$4.78M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SHPG
Shire pic
SHPG
|
+$89.4M |
| 2 |
ORBK
Orbotech Ltd
ORBK
|
+$12.5M |
| 3 |
RTX Corp
RTX
|
+$3.53M |
| 4 |
CVS Health
CVS
|
+$2.81M |
| 5 |
VISN
Vistance Networks Inc
VISN
|
+$1.48M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 27.94% |
| 2 | Communication Services | 24.75% |
| 3 | Technology | 12.25% |
| 4 | Real Estate | 1.05% |
| 5 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RHT
1
DELISTED
Red Hat Inc
RHT
| $46.6M | 24.75% |
+255,167
| New | +$45.7M |
|
|
2
CVS Health
CVS
$137B
| $28.9M | 15.36% |
536,407
-45,500
| -8% | -$2.81M |
|
|
MLNX
3
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $23.1M | 12.25% |
+195,000
| New | +$19.6M |
|
|
CELG
4
DELISTED
Celgene Corp
CELG
| $22.7M | 12.04% |
+240,368
| New | +$21M |
|
|
5
CALL
CVS Health
CVS
$137B
| $13.6M | 7.24% |
252,900
-310,900
| -55% | -$19.2M |
|
|
CELG
6
PUT
DELISTED
Celgene Corp
CELG
| $13.5M | 7.17% |
+143,100
| New | +$12.5M |
|
|
IDTI
7
DELISTED
Integrated Device Technology I
IDTI
| $9.18M | 4.87% |
187,400
+162,400
| +650% | +$7.87M |
|
8
PUT
Bristol-Myers Squibb
BMY
$127B
| $7.46M | 3.96% |
+156,400
| New | +$7.79M |
|
|
ONCE
9
DELISTED
Spark Therapeutics, Inc. Common Stock
ONCE
| $7.4M | 3.93% |
+65,000
| New | +$4.78M |
|
|
10
CALL
Bristol-Myers Squibb
BMY
$127B
| $5.9M | 3.13% |
+123,600
| New | +$6.16M |
|
|
ARRS
11
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $4.99M | 2.65% |
157,691
+22,691
| +17% | +$711K |
|
|
AAMC
12
DELISTED
Altisource Asset Management Corp
AAMC
| $1.99M | 1.05% |
108,010
+850
| +0.8% | +$16.2K |
|
|
13
PUT
CVS Health
CVS
$137B
| $1.47M | 0.78% |
+27,300
| New | +$1.68M |
|
14
Takeda Pharmaceutical
TAK
$55.1B
| $1.03M | 0.54% |
+50,369
| New | +$1.01M |
|
|
MLNX
15
CALL
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $533K | 0.28% |
+4,500
| New | +$453K |
|
16
Cigna
CI
$76.6B
| – | – |
-2,288
| Closed | -$435K |
|
|
VISN
17
Vistance Networks Inc
VISN
$2.66B
| – | – |
-90,000
| Closed | -$1.48M |
|
18
Dell
DELL
$283B
| – | – |
-49,258
| Closed | -$1.22M |
|
|
19
RTX Corp
RTX
$287B
| – | – |
-52,683
| Closed | -$3.53M |
|
20
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| – | – |
-5,000
| Closed | -$1.25M |
|
|
ORBK
21
DELISTED
Orbotech Ltd
ORBK
| – | – |
-221,200
| Closed | -$12.5M |
|
|
SHPG
22
DELISTED
Shire pic
SHPG
| – | – |
-513,668
| Closed | -$89.4M |
|
|
SHPG
23
PUT
DELISTED
Shire pic
SHPG
| – | – |
-29,000
| Closed | -$5.05M |
|
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Twin Securities's Q1 2019 Portfolio in Review
As of Q1 2019, Twin Securities held 23 positions worth $188M, down 4.4% from $197M the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Twin Securities withdrew a net $7.5M in Q1 2019, closing 8 positions and reducing 2 holdings. Its most notable exit was Shire pic, an estimated $89.4M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 28% of assets, down from 65% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Twin Securities opened a new position in Red Hat Inc worth $46.6M.
- Twin Securities's largest Q1 2019 buy was Red Hat Inc: 255,167 shares worth $46.6M.
- Twin Securities added most to Integrated Device Technology I in Q1 2019, an estimated $7.87M increase.
- Twin Securities's biggest Q1 2019 reduction was CVS Health, cutting an estimated $2.81M.
- Twin Securities fully exited Shire pic in Q1 2019, selling an estimated $89.4M.
- Twin Securities's ten largest holdings make up 95% of its $188M portfolio in Q1 2019.
- Twin Securities opened 10 new positions and closed 8 in Q1 2019.
- Twin Securities's portfolio value fell 4.4% quarter-over-quarter to $188M.
Based on Twin Securities's 13F filing for Q1 2019, filed 15 May 2019.