- Dinakar Singh’s 13F portfolio value decreased from $120M to $83M this quarter.
- TPG-Axon dropped Shire plc while adding Time Warner.
- The largest three individual stock positions are Allergan plc, Time Warner, and The Stars Group and they add up to ~45% of the portfolio.
Dinakar Singh’s 13F portfolio value decreased around
one-third from $120M to $83M this quarter. The portfolio is very concentrated
with recent 13F reports showing just a handful of positions. The top five
positions are Allergan plc, Time Warner, The Stars Group, Equifax, and Centene
and they add up to two-thirds of the 13F portfolio.
Below is a summary:
The Stars Group (TSG)
previously Amaya Inc. (AYA): TSG
is the third-largest stake at ~13% 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. Q2
2017 saw another ~30% selling at prices between $16.50 and $19.50. There was a
~9% increase last quarter while this quarter saw a ~38% reduction at prices
between $20 and $24. The stock is currently at $27.35.
Allergan plc (AGN):
AGN is currently the 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 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 $164. There was a ~17% trimming in Q2
2017 while last quarter saw a one-third increase at prices between $202 and
$256. There was a ~40% selling this quarter at prices between $164 and $211.
Below is a spreadsheet that shows the changes to Dinakar
Singh's TPG-Axon US long portfolio holdings as of Q4 2017. For a look at how the
portfolio has progressed, see our previous update:
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