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Twin Securities Portfolio holdings

AUM $223M
1-Year Est. Return 91.15%
This Fund
S&P 500
This Quarter Est. Return
+26.3%
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
$201M
AUM Growth
+$25M
Cap. Flow
+$66.2M
Cap. Flow %
32.9%
Top 10 Hldgs %
97.52%
Holding
22
New
9
Increased
3
Reduced
3
Closed
7

Top Buys

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$52.3M
2
COOP
Mr. Cooper
COOP
+$22.5M
3
MRUS
Merus
MRUS
+$20.2M
4
CYBR
CyberArk
CYBR
+$20.1M
5
K
Kellanova
K
+$9.97M

Top Sells

Rank Stock Value
1
HES
Hess
HES
+$28.3M
2
BPMC
Blueprint Medicines
BPMC
+$15.4M
3
SGRY icon
Surgery Partners
SGRY
+$8.23M
4
SWTX
SpringWorks Therapeutics
SWTX
+$4.76M
5
TIC
TIC Solutions Inc
TIC
+$3.55M

Sector Composition

Rank Sector Weight
1 Healthcare 43.42%
2 Consumer Staples 22.57%
3 Financials 12.82%
4 Technology 12.49%
5 Industrials 5.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VRNA
1
DELISTED
Verona Pharma
VRNA
$53.5M 26.58%
+501,113
New +$52.3M
K
2
DELISTED
Kellanova
K
$45.4M 22.57%
553,655
+125,350
+29% +$9.97M
MRUS
3
DELISTED
Merus
MRUS
$29.2M 14.52%
+310,263
New +$20.2M
COOP
4
DELISTED
Mr. Cooper
COOP
$25.8M 12.82%
+122,358
New +$22.5M
CYBR
5
DELISTED
CyberArk
CYBR
$22.6M 11.24%
+46,813
New +$20.1M
SPR
6
DELISTED
Spirit AeroSystems
SPR
$9.97M 4.96%
258,381
+4,738
+2% +$189K
SGRY icon
7
Surgery Partners
SGRY
$1.85B
$3.09M 1.54%
142,872
-368,844
-72% -$8.23M
WNS
8
DELISTED
WNS Holdings
WNS
$2.5M 1.24%
+32,814
New +$2.45M
WBD icon
9
Warner Bros
WBD
$70B
$2.49M 1.24%
+127,717
New +$1.74M
TIC
10
TIC Solutions Inc
TIC
$2.02B
$1.64M 0.81%
123,056
-311,512
-72% -$3.55M
BA icon
11
CALL
Boeing
BA
$163B
$1.6M 0.79%
7,400
-294,300
-98% -$66.4M
TRML
12
DELISTED
Tourmaline Bio
TRML
$1.59M 0.79%
+33,301
New +$924K
WBD icon
13
CALL
Warner Bros
WBD
$70B
$1.13M 0.56%
+58,000
New +$790K
PLYM
14
DELISTED
Plymouth Industrial REIT
PLYM
$450K 0.22%
+20,146
New +$370K
MANU icon
15
Manchester United
MANU
$3.52B
$224K 0.11%
14,763
+2,620
+22% +$44.5K
BPMC
16
DELISTED
Blueprint Medicines
BPMC
– –
-120,126
Closed -$15.4M
DNB
17
DELISTED
Dun & Bradstreet
DNB
– –
-230,700
Closed -$2.1M
FL
18
DELISTED
Foot Locker
FL
– –
-25,000
Closed -$613K
HES
19
DELISTED
Hess
HES
– –
-204,131
Closed -$28.3M
K
20
PUT
DELISTED
Kellanova
K
– –
-200
Closed -$15.9K
PZZA icon
21
Papa John's
PZZA
$712M
– –
-35,249
Closed -$1.73M
SWTX
22
DELISTED
SpringWorks Therapeutics
SWTX
– –
-101,402
Closed -$4.76M

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NWMP
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SPAS
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PCM
Pointe Capital Management Grosse Pointe Farms, Michigan $223M AUM 17.12% 1-Year Est. Return
CRC
Catawba River Capital Lake Wylie, South Carolina $223M AUM 24.34% 1-Year Est. Return
SONJCPFA
State of New Jersey Common Pension Fund A Trenton, New Jersey $223M AUM 26.5% 1-Year Est. Return
GCM
Goanna Capital Management West Palm Beach, Florida $224M AUM
OWG
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CCM
Capstone Capital Management Hong Kong $224M AUM

Twin Securities's Q3 2025 Portfolio in Review

As of Q3 2025, Twin Securities held 22 positions worth $201M, up 14% from $176M the previous quarter. Its ten largest holdings account for 98% of the portfolio.

Twin Securities deployed $66.2M of net new capital in Q3 2025, opening 9 new positions and adding to 3 existing holdings. Its largest new stake was Verona Pharma: 501,113 shares worth $53.5M.

By sector, the portfolio is most concentrated in Healthcare at 43% of assets, up from 18% a quarter earlier, followed by Consumer Staples and Financials.

On the sell side, the largest reduction was Surgery Partners, an estimated $8.23M trimmed.

  • Twin Securities's largest Q3 2025 buy was Verona Pharma: 501,113 shares worth $53.5M.
  • Twin Securities added most to Kellanova in Q3 2025, an estimated $9.97M increase.
  • Twin Securities's biggest Q3 2025 reduction was Surgery Partners, cutting an estimated $8.23M.
  • Twin Securities fully exited Hess in Q3 2025, selling an estimated $28.3M.
  • Twin Securities's ten largest holdings make up 98% of its $201M portfolio in Q3 2025.
  • Twin Securities opened 9 new positions and closed 7 in Q3 2025.
  • Twin Securities's portfolio value rose 14% quarter-over-quarter to $201M.

Based on Twin Securities's 13F filing for Q3 2025, filed 14 Nov 2025.