Tracking Dinakar Singh’s TPG-Axon Portfolio - Q1 2017 Update

• Dinakar Singh’s 13F portfolio value decreased from $167M to $100M this quarter.
• TPG-Axon reduced Amaya and dropped Adeptus Health and Sabre Corp.
• The largest three individual stock positions are Allergan plc, Amaya Inc., and McKesson Corp. and they add up to ~60% of the portfolio.

Dinakar Singh’s 13F portfolio value decreased around 40% from $167M to $100M this quarter. The portfolio is very concentrated with recent 13F reports showing just a handful of positions. The top three positions are Allergan plc, Amaya Inc., McKesson Corp., Centene Corp. (CNC), and Tyson Foods and they add up to ~74% of the 13F portfolio.

Below is a summary:

Amaya Inc. (AYA): AYA is the second-largest stake at ~16% of the portfolio. The position was purchased over the four quarters thru Q1 2016 at prices between $10.50 and $28. Last quarter saw a ~26% reduction at prices between $13 and $17.50 and that was followed with a ~85% selling this quarter at around the same price-range. The stock is currently at $17.80.

Adeptus Health (ADPTQ): ADPTQ was 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 last quarter at prices between $7.50 and $43 and the remaining position was disposed this quarter at prices between $1.50 and $8.84. The stock is now at $1.73. TPG-Axon realized losses.

Allergan plc (AGN): AGN is currently the largest individual stock position at ~32% 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 the following quarter at prices between $231 and $260. Last quarter saw an about turn: ~85% reduction at prices between $189 and $243. The stock currently trades at $247.

Below is a spreadsheet that shows the changes to Dinakar Singh's TPG-Axon US long portfolio holdings as of Q1 2017. For a look at how the portfolio has progressed, see our previous update:

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