Tracking Dinakar Singh’s TPG-Axon Portfolio - Q2 2016 Update

• Dinakar Singh’s 13F portfolio decreased from $911M to $693M this quarter.
• TPG-Axon increased Allergan plc and Adeptus Health while dropping Bank of America and reducing GNC Holdings and HCA Holdings.
• The largest three individual stock positions are Allergan plc, Amaya Inc., and Adeptus Health and they add up to ~53% of the portfolio.

Dinakar Singh’s 13F portfolio decreased ~24% from $911M to $693M this quarter. The portfolio is very concentrated with recent 13F reports showing just ~10 positions. The top five positions are Allergan plc, Amaya Inc., Adeptus Health, GNC Holdings, and Tyson Foods and they add up to ~70% of the 13F portfolio.

Below is a look at the major moves this quarter:

Adeptus Health (ADPT): ADPT is a top-three holding first purchased in Q3 2015 at prices between $76 and $116. This quarter saw a huge ~150% increase at prices between $45 and $72. The stock is now well below those ranges at $39.44. For investors attempting to follow Dinakar Singh, ADPT is a good option to consider for further research.

Allergan plc (AGN): AGN is currently the largest individual stock position by far at almost a quarter of the entire 13F assets. The stake was established in Q3 2015 at prices between $279 and $331. This quarter saw a ~38% increase at prices between $202 and $278 and the stock currently trades at $245.

Amazon.com Inc. (AMZN): AMZN is a ~6% portfolio stake built up over the last two quarters at prices between $482 and $728. The stock is now at $776.

Bank of America (BAC) and Synchrony Financial (SYF): These two fairly large stakes were disposed of this quarter. The ~9% BAC position was purchased in Q2 2015 at prices between $15.56 and $17.49 and the disposal this quarter was at prices between $12 and $15. The ~7% SYF stake was established in Q4 2015 at prices between $29.51 and $34 and the disposal over the last two quarters happened at prices between $23 and $32. TPG-Axon realized losses from both these stakes.

Below is a spreadsheet that shows the changes to Dinakar Singh's TPG-Axon US long portfolio holdings as of Q2 2016. For a look at how the portfolio has progressed, see our previous update:

To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .