Tracking Dinakar Singh’s TPG-Axon Portfolio – Q4 2017 Update

• 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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