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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
+23.26%
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
$155M
AUM Growth
-$11.4M
(-6.8%)
Cap. Flow
-$20M
Cap. Flow
% of AUM
-12.91%
Top 10 Holdings %
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 |
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 |
Altria Group
MO
|
+$4.28M |
| 5 |
Kraft Heinz
KHC
|
+$840K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 49.6% |
| 2 | Consumer Discretionary | 22.21% |
| 3 | Communication Services | 21.57% |
| 4 | Miscellaneous | 3.84% |
| 5 | Technology | 2.35% |
| 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 |
|
|
4
Qiagen
QGEN
$8.78B
| $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 |
|
7
CVS Health
CVS
$122B
| $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 |
|
9
HP
HPQ
$29.2B
| $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 |
|
|
11
CALL
CVS Health
CVS
$122B
| $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 |
|
|
13
Kraft Heinz
KHC
$29.2B
| – | – |
-30,059
| Closed | -$840K |
|
|
14
Altria Group
MO
$113B
| – | – |
-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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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 $20M 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 50% of assets, down from 71% a quarter earlier, followed by Consumer Discretionary and Communication Services.
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.