Tracking Dinakar Singh’s TPG-Axon Portfolio – Q3 2017 Update

• Dinakar Singh’s 13F portfolio value increased from $89M to $120M this quarter.
• TPG-Axon reduced Equifax, Shire plc, Advanced Auto, and Ionis Pharma during the quarter.
• The largest three individual stock positions are Allergan plc, The Stars Group, and Equifax and they add up to ~50% of the portfolio.

Dinakar Singh’s 13F portfolio value increased around one-third from $89M to $120M this quarter. The portfolio is very concentrated with recent 13F reports showing just a handful of positions. The top five positions are Allergan plc, The Stars Group, Equifax, Shire plc, and McKesson Corp and they add up to ~73% of the 13F portfolio.

Below is a summary:

The Stars Group (TSG) previously Amaya Inc. (AYA): TSG is the second-largest stake at ~12% of the portfolio. The position was purchased over the four quarters thru Q1 2016 at prices between $10.50 and $28. Q4 2016 saw a ~26% reduction at prices between $13 and $17.50 and that was followed with a ~85% selling the following quarter at around the same price-range. Last quarter saw another ~30% selling at prices between $16.50 and $19.50. There was a ~9% increase this quarter. The stock is currently at $26.

Allergan plc (AGN): AGN is currently the largest individual stock position at ~25% 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. Q4 2016 saw an about turn: ~85% reduction at prices between $189 and $243. The stock currently trades at $188. There was a ~17% trimming last quarter while this quarter saw a one-third increase at prices between $202 and $256.

Below is a spreadsheet that shows the changes to Dinakar Singh's TPG-Axon US long portfolio holdings as of Q3 2017. For a look at how the portfolio has progressed, see our previous update:

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