Tracking Dinakar Singh’s TPG-Axon Portfolio - Q3 2016 Update

• Dinakar Singh’s 13F portfolio decreased from $693M to $471M this quarter.
• TPG-Axon added Sabre and increased Allergan plc while dropping GNC Holdings.
• The largest three individual stock positions are Allergan plc, Amaya Inc., and Adeptus Health and they add up to ~85% of the portfolio.

Dinakar Singh’s 13F portfolio decreased ~32% from $693M to $471M 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., Adeptus Health, and GNC Holdings and they add up to ~85% of the 13F portfolio.

Below is a summary:

Adeptus Health (ADPT): ADPT is a top-three holding first purchased in Q3 2015 at prices between $76 and $116. Last quarter saw a huge ~150% increase at prices between $45 and $72. The stock is now well below those ranges at $7.64.

Amaya Inc. (AYA): AYA is the second-largest stake at 27.42% of the portfolio. The position was purchased over the four quarters through Q1 2016 at prices between $10.50 and $28. The stock is currently at $14.15. For investors attempting to follow TPG-Axon, AYA is a good option to consider for further research.  

Allergan plc (AGN): AGN is currently the largest individual stock position by far at ~43% of the entire 13F assets. The stake was established in Q3 2015 at prices between $279 and $331. Last quarter saw a ~38% increase at prices between $202 and $278 and that was followed with another ~20% increase this quarter at prices between $231 and $260. The stock currently trades below those ranges at $210. For investors attempting to follow Dinakar Singh, ADPT is a good option to consider for further research.

Below is a spreadsheet that shows the changes to Dinakar Singh's TPG-Axon US long portfolio holdings as of Q3 2016. For a look at how the portfolio has progressed, see our previous update:

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