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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
+1.83%
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
$168M
AUM Growth
-$96.8M
Cap. Flow
-$98.3M
Cap. Flow %
-58.55%
Top 10 Hldgs %
95.51%
Holding
32
New
14
Increased
2
Reduced
–
Closed
13

Top Buys

Rank Stock Value
1
KSU
Kansas City Southern
KSU
+$63.7M
2
WTW icon
Willis Towers Watson
WTW
+$19.2M
3
ADI icon
Analog Devices
ADI
+$15.1M
4
STMP
Stamps.com, Inc.
STMP
+$4.76M
5
NUAN
Nuance Communications, Inc.
NUAN
+$3.02M

Top Sells

Rank Stock Value
1
WORK
Slack Technologies, Inc.
WORK
+$87M
2
ALXN
Alexion Pharmaceuticals
ALXN
+$65M
3
MXIM
Maxim Integrated Products
MXIM
+$64.9M
4
PFPT
Proofpoint, Inc.
PFPT
+$9.71M
5
GRA
W.R. Grace & Co.
GRA
+$3.82M

Sector Composition

Rank Sector Weight
1 Industrials 44.07%
2 Financials 12.08%
3 Technology 11.25%
4 Energy 1.35%
5 Communication Services 1.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KSU
1
DELISTED
Kansas City Southern
KSU
$74M 44.07%
273,375
+228,637
+511% +$63.7M
WTW icon
2
Willis Towers Watson
WTW
$27.9B
$20.1M 11.96%
+86,379
New +$19.2M
XLNX
3
DELISTED
Xilinx Inc
XLNX
$18.6M 11.08%
123,218
+20,500
+20% +$3M
ADI icon
4
Analog Devices
ADI
$181B
$15.1M 9%
+90,244
New +$15.1M
ADI icon
5
CALL
Analog Devices
ADI
$181B
$13.7M 8.17%
+81,900
New +$13.7M
XLRN
6
CALL
DELISTED
Acceleron Pharma
XLRN
$6.56M 3.91%
+38,100
New +$4.98M
STMP
7
DELISTED
Stamps.com, Inc.
STMP
$4.95M 2.95%
+15,000
New +$4.76M
NUAN
8
DELISTED
Nuance Communications, Inc.
NUAN
$3.03M 1.8%
+55,000
New +$3.02M
XEC
9
DELISTED
CIMAREX ENERGY CO
XEC
$2.27M 1.35%
+26,001
New +$1.81M
HRC
10
DELISTED
HILL-ROM HOLDINGS, INC.
HRC
$2.04M 1.21%
+13,584
New +$1.83M
INFO
11
DELISTED
IHS Markit Ltd. Common Shares
INFO
$1.75M 1.04%
+15,000
New +$1.77M
VNE
12
DELISTED
Veoneer, Inc.
VNE
$1.62M 0.97%
+47,596
New +$1.51M
CONE
13
DELISTED
CyrusOne Inc Common Stock
CONE
$1.55M 0.92%
+20,000
New +$1.5M
FIVN icon
14
CALL
FIVE9
FIVN
$1.77B
$1.28M 0.76%
+8,000
New +$1.46M
FIVN icon
15
FIVE9
FIVN
$1.77B
$751K 0.45%
+4,700
New +$858K
ALIT.WS
16
DELISTED
Alight Inc Warrants
ALIT.WS
$278K 0.17%
+91,246
New +$228K
SCOAU
17
DELISTED
ScION Tech Growth I Unit
SCOAU
$109K 0.06%
10,899
– –
CRHC
18
DELISTED
Cohn Robbins Holdings Corp.
CRHC
$98K 0.06%
10,000
– –
AVAN
19
DELISTED
Avanti Acquisition Corp.
AVAN
$98K 0.06%
10,000
– –
ACRS icon
20
Aclaris Therapeutics
ACRS
$730M
– –
-12,500
Closed -$220K
OPAD icon
21
Offerpad Solutions
OPAD
$19M
– –
-334
Closed -$497K
TGTX icon
22
TG Therapeutics
TGTX
$8.58B
– –
-17,500
Closed -$679K
AAMC
23
DELISTED
Altisource Asset Management Corp
AAMC
– –
-42,128
Closed -$477K
WBT
24
DELISTED
Welbilt, Inc.
WBT
– –
-87,330
Closed -$2.02M
CHPM
25
DELISTED
CHP Merger Corp. Class A Common Stock
CHPM
– –
-11,708
Closed -$116K
1
2

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AFT
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Twin Securities's Q3 2021 Portfolio in Review

As of Q3 2021, Twin Securities held 32 positions worth $168M, down 37% from $265M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Twin Securities withdrew a net $98.3M in Q3 2021, closing 13 positions. Its most notable exit was Slack Technologies, Inc., an estimated $87M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, up from 5.6% a quarter earlier, followed by Financials and Technology.

Against the trend, Twin Securities opened a new position in Willis Towers Watson worth $20.1M.

  • Twin Securities's largest Q3 2021 buy was Willis Towers Watson: 86,379 shares worth $20.1M.
  • Twin Securities added most to Kansas City Southern in Q3 2021, an estimated $63.7M increase.
  • Twin Securities fully exited Slack Technologies, Inc. in Q3 2021, selling an estimated $87M.
  • Twin Securities's ten largest holdings make up 96% of its $168M portfolio in Q3 2021.
  • Twin Securities opened 14 new positions and closed 13 in Q3 2021.
  • Twin Securities's portfolio value fell 37% quarter-over-quarter to $168M.

Based on Twin Securities's 13F filing for Q3 2021, filed 15 Nov 2021.