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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
+26.9%
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
$115M
AUM Growth
-$99.9M
Cap. Flow
-$113M
Cap. Flow %
-98.35%
Top 10 Hldgs %
95.86%
Holding
32
New
9
Increased
3
Reduced
3
Closed
17

Top Buys

Rank Stock Value
1
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
+$22.2M
2
LHCG
LHC Group LLC
LHCG
+$16.8M
3
AAWW
Atlas Air Worldwide Holdings, Inc.
AAWW
+$8.12M
4
ONEM
1Life Healthcare
ONEM
+$3.72M
5
ATVI
Activision Blizzard
ATVI
+$2.3M

Top Sells

Rank Stock Value
1
ZEN
ZENDESK INC
ZEN
+$54.9M
2
GBT
Global Blood Therapeutics, Inc.
GBT
+$25.7M
3
CHNG
Change Healthcare Inc. Common Stock
CHNG
+$25.4M
4
TWTR
Twitter, Inc.
TWTR
+$13.2M
5
AVLR
Avalara, Inc.
AVLR
+$11.2M

Sector Composition

Rank Sector Weight
1 Healthcare 37.95%
2 Industrials 21.53%
3 Energy 14.3%
4 Technology 12.26%
5 Communication Services 9.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HZNP
1
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$30.4M 26.44%
+266,789
New +$22.2M
AAWW
2
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
$21.7M 18.89%
215,170
+80,996
+60% +$8.12M
LHCG
3
DELISTED
LHC Group LLC
LHCG
$16.4M 14.3%
+101,557
New +$16.8M
SJR
4
DELISTED
Shaw Communications Inc.
SJR
$11M 9.61%
383,400
-413,503
-52% -$10.8M
SGFY
5
DELISTED
Signify Health, Inc.
SGFY
$9.54M 8.31%
332,807
-62,052
-16% -$1.79M
ATVI
6
DELISTED
Activision Blizzard
ATVI
$9.19M 8%
120,018
+30,934
+35% +$2.3M
HZNP
7
CALL
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$4.69M 4.08%
+41,200
New +$3.42M
ONEM
8
DELISTED
1Life Healthcare
ONEM
$3.68M 3.2%
+220,000
New +$3.72M
VYX icon
9
NCR Voyix
VYX
$1.06B
$1.82M 1.59%
127,078
-67,482
-35% -$898K
AJRD
10
DELISTED
Aerojet Rocketdyne Holdings
AJRD
$1.67M 1.45%
+29,794
New +$1.48M
TSEM icon
11
Tower Semiconductor
TSEM
$26.4B
$1.44M 1.25%
33,287
+3,860
+13% +$168K
ATCO
12
DELISTED
Atlas Corp.
ATCO
$1.36M 1.19%
+89,000
New +$1.34M
SWIR
13
DELISTED
Sierra Wireless
SWIR
$1.3M 1.14%
+45,000
New +$1.32M
AAPL icon
14
Apple
AAPL
$4.89T
$325K 0.28%
+2,500
New +$357K
TGNA
15
DELISTED
TEGNA Inc
TGNA
$319K 0.28%
+15,049
New +$303K
BHVN icon
16
Biohaven
BHVN
$2.16B
– –
-28,131
Closed -$173K
VYX icon
17
CALL
NCR Voyix
VYX
$1.06B
– –
-83,293
Closed -$971K
VYX icon
18
PUT
NCR Voyix
VYX
$1.06B
– –
-1,793
Closed -$21K
WBD icon
19
Warner Bros
WBD
$64.6B
– –
-117,151
Closed -$1.35M
SGEN
20
PUT
DELISTED
Seagen Inc. Common Stock
SGEN
– –
-6,300
Closed -$862K
MNTV
21
DELISTED
Momentive Global Inc. Common Stock
MNTV
– –
-24,780
Closed -$144K
SCOAU
22
DELISTED
ScION Tech Growth I Unit
SCOAU
– –
-10,899
Closed -$109K
ZEN
23
DELISTED
ZENDESK INC
ZEN
– –
-721,132
Closed -$54.9M
TEN
24
DELISTED
Tenneco Inc. Class A Voting Common Stock
TEN
– –
-239,646
Closed -$4.17M
IS
25
DELISTED
ironSource Ltd.
IS
– –
-499,634
Closed -$1.72M
1
2

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SC
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LPFG
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AFT
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SCM
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ACM
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SAM
Stenahm Asset Management Guernsey $206M AUM 42.47% 1-Year Est. Return
HM
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Twin Securities's Q4 2022 Portfolio in Review

As of Q4 2022, Twin Securities held 32 positions worth $115M, down 47% from $215M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Twin Securities withdrew a net $113M in Q4 2022, closing 17 positions and reducing 3 holdings. Its most notable exit was ZENDESK INC, an estimated $54.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 38% of assets, up from 21% a quarter earlier, followed by Industrials and Energy.

Against the trend, Twin Securities opened a new position in Horizon Therapeutics Public Limited Company Ordinary Shares worth $30.4M.

  • Twin Securities's largest Q4 2022 buy was Horizon Therapeutics Public Limited Company Ordinary Shares: 266,789 shares worth $30.4M.
  • Twin Securities added most to Atlas Air Worldwide Holdings, Inc. in Q4 2022, an estimated $8.12M increase.
  • Twin Securities's biggest Q4 2022 reduction was Shaw Communications Inc., cutting an estimated $10.8M.
  • Twin Securities fully exited ZENDESK INC in Q4 2022, selling an estimated $54.9M.
  • Twin Securities's ten largest holdings make up 96% of its $115M portfolio in Q4 2022.
  • Twin Securities opened 9 new positions and closed 17 in Q4 2022.
  • Twin Securities's portfolio value fell 47% quarter-over-quarter to $115M.

Based on Twin Securities's 13F filing for Q4 2022, filed 14 Feb 2023.