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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
+23.26%
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
$155M
AUM Growth
-$11.4M
Cap. Flow
-$24.6M
Cap. Flow %
-15.9%
Top 10 Hldgs %
99.12%
Holding
17
New
6
Increased
3
Reduced
3
Closed
5

Top Buys

Rank Stock Value
1
TIF
Tiffany & Co.
TIF
+$30.4M
2
QGEN icon
Qiagen
QGEN
+$21.2M
3
AGN
Allergan plc
AGN
+$14.5M
4
MDCO
Medicines Co
MDCO
+$12.6M
5
ZAYO
Zayo Group Holdings, Inc.
ZAYO
+$11.3M

Top Sells

Rank Stock Value
1
CELG
Celgene Corp
CELG
+$70.1M
2
ONCE
Spark Therapeutics, Inc. Common Stock
ONCE
+$28.2M
3
MLNX
Mellanox Technologies, Ltd.
MLNX
+$15.3M
4
MO icon
Altria Group
MO
+$4.28M
5
KHC icon
Kraft Heinz
KHC
+$840K

Sector Composition

Rank Sector Weight
1 Healthcare 39.19%
2 Technology 1.27%
3 Real Estate 0.43%
4 Consumer Staples 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AGN
1
DELISTED
Allergan plc
AGN
$38.2M 24.74%
199,973
+80,187
+67% +$14.5M
TIF
2
DELISTED
Tiffany & Co.
TIF
$34.3M 22.21%
+256,814
New +$30.4M
ZAYO
3
DELISTED
Zayo Group Holdings, Inc.
ZAYO
$33.3M 21.57%
961,842
+331,227
+53% +$11.3M
QGEN icon
4
Qiagen
QGEN
$8.53B
$20.4M 13.2%
+569,336
New +$21.2M
MDCO
5
DELISTED
Medicines Co
MDCO
$16.1M 10.42%
+189,500
New +$12.6M
BMY.RT
6
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
$5.23M 3.39%
+1,738,723
New +$4.52M
CVS icon
7
CVS Health
CVS
$137B
$1.93M 1.25%
25,934
+25,182
+3,349% +$1.77M
INST
8
DELISTED
Instructure, Inc.
INST
$1.67M 1.08%
+34,606
New +$1.62M
HPQ icon
9
HP
HPQ
$23.5B
$1.23M 0.8%
+60,000
New +$1.14M
MLNX
10
DELISTED
Mellanox Technologies, Ltd.
MLNX
$732K 0.47%
6,250
-134,886
-96% -$15.3M
CVS icon
11
CALL
CVS Health
CVS
$137B
$706K 0.46%
9,500
-62,100
-87% -$4.36M
AAMC
12
DELISTED
Altisource Asset Management Corp
AAMC
$659K 0.43%
90,646
-26,861
-23% -$206K
KHC icon
13
Kraft Heinz
KHC
$30.4B
– –
-30,059
Closed -$840K
MO icon
14
Altria Group
MO
$122B
– –
-104,672
Closed -$4.28M
ONCE
15
CALL
DELISTED
Spark Therapeutics, Inc. Common Stock
ONCE
– –
-2,700
Closed -$262K
ONCE
16
DELISTED
Spark Therapeutics, Inc. Common Stock
ONCE
– –
-290,793
Closed -$28.2M
CELG
17
DELISTED
Celgene Corp
CELG
– –
-706,034
Closed -$70.1M

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SC
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LPFG
Landing Point Financial Group Avon, Ohio $206M AUM 15.97% 1-Year Est. Return
AFT
Alpha Family Trust Los Angeles, California $206M AUM 35.6% 1-Year Est. Return
SCM
SOL Capital Management Rockville, Maryland $206M AUM 17.87% 1-Year Est. Return
ACM
Accent Capital Management Centerville, Ohio $206M AUM 29.56% 1-Year Est. Return
SAM
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HM
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Twin Securities's Q4 2019 Portfolio in Review

As of Q4 2019, Twin Securities held 17 positions worth $155M, down 6.8% from $166M the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Twin Securities withdrew a net $24.6M in Q4 2019, closing 5 positions and reducing 3 holdings. Its most notable exit was Celgene Corp, an estimated $70.1M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 39% of assets, down from 54% a quarter earlier, followed by Technology and Real Estate.

Against the trend, Twin Securities opened a new position in Tiffany & Co. worth $34.3M.

  • Twin Securities's largest Q4 2019 buy was Tiffany & Co.: 256,814 shares worth $34.3M.
  • Twin Securities added most to Allergan plc in Q4 2019, an estimated $14.5M increase.
  • Twin Securities's biggest Q4 2019 reduction was Mellanox Technologies, Ltd., cutting an estimated $15.3M.
  • Twin Securities fully exited Celgene Corp in Q4 2019, selling an estimated $70.1M.
  • Twin Securities's ten largest holdings make up 99% of its $155M portfolio in Q4 2019.
  • Twin Securities opened 6 new positions and closed 5 in Q4 2019.
  • Twin Securities's portfolio value fell 6.8% quarter-over-quarter to $155M.

Based on Twin Securities's 13F filing for Q4 2019, filed 14 Feb 2020.