Tracking Dinakar Singh’s TPG-Axon Portfolio – Q1 2018 Update

• Dinakar Singh’s 13F portfolio value increased from $83M to $106M this quarter.
•  TPG-Axon increased Facebook, McKesson, and Alphabet during the quarter.
• The largest three individual stock positions are Allergan, Centene, and Time Warner and they add up to ~40% of the portfolio.

Dinakar Singh’s 13F portfolio value increased ~28% from $83M to $106M this quarter. The portfolio is very concentrated with recent 13F reports showing just a handful of positions. The top five positions are Allergan plc, Centene, Time Warner, Facebook, and McKesson. They add up to 62% of the 13F portfolio.

Below is a summary:

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 $169. There was a ~17% trimming in Q2 2017 while the following quarter saw a one-third increase at prices between $202 and $256. There was a ~40% selling last quarter at prices between $164 and $211 while this quarter saw a ~21% increase.

Below is a spreadsheet that shows the changes to Dinakar Singh's TPG-Axon US long portfolio holdings as of Q1 2018. For a look at how the portfolio has progressed, see our previous update:

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