Tracking Dinakar Singh’s TPG-Axon Portfolio - Q4 2016 Update

• Dinakar Singh’s 13F portfolio value decreased from $471M to $167M this quarter.
• TPG-Axon reduced Allergan plc while dropping HCA Holdings.
• The largest three individual stock positions are Amaya Inc., Allergan plc, and McKesson Corp. and they add up to ~73% of the portfolio.

Dinakar Singh’s 13F portfolio value decreased around two-thirds from $471M to $167M this quarter. The portfolio is very concentrated with recent 13F reports showing just a handful of positions. The top three positions are Amaya Inc., Allergan plc, McKesson Corp., Tyson Foods, and Adeptus Health and they add up to ~83% of the 13F portfolio.

Below is a summary:

Amaya Inc. (AYA): AYA is the largest stake at ~50% of the portfolio. The position was purchased over the four quarters through Q1 2016 at prices between $10.50 and $28. This quarter saw a ~26% reduction at prices between $13 and $17.50. The stock is currently at $14.50. For investors attempting to follow TPG-Axon, AYA is a good option to consider for further research. 

Note: TPG-Axon has a 4.1% ownership stake in Amaya.

Adeptus Health (ADPT): ADPT is a top-five holding first purchased in Q3 2015 at prices between $76 and $116. Q2 2016 saw a huge ~150% increase at prices between $45 and $72. There was a ~28% selling this quarter at prices between $7.50 and $43. The stock is now at $2.31. TPG-Axon realized losses.

Note: TPG-Axon has a 6.7% ownership stake in Adeptus Health.

Allergan plc (AGN): AGN is currently the second-largest individual stock position at ~17% of the entire 13F assets. The stake was established in Q3 2015 at prices between $279 and $331. Q2 2016 saw a ~38% increase at prices between $202 and $278 and that was followed with another ~20% increase last quarter at prices between $231 and $260. This quarter saw an about turn: ~85% reduction at prices between $189 and $243. The stock currently trades at $241.

Below is a spreadsheet that shows the changes to Dinakar Singh's TPG-Axon US long portfolio holdings as of Q4 2016. For a look at how the portfolio has progressed, see our previous update:

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