- Dinakar Singh’s 13F portfolio value decreased
from $167M to $100M this quarter.
- TPG-Axon reduced Amaya and dropped Adeptus
Health and Sabre Corp.
- The largest three individual stock positions are
Allergan plc, Amaya Inc., and McKesson Corp. and they add up to ~60% of the
portfolio.
Dinakar Singh’s 13F portfolio value decreased around 40%
from $167M to $100M 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., McKesson Corp., Centene Corp. (CNC), and Tyson
Foods and they add up to ~74% of the 13F portfolio.
Below is a summary:
Amaya Inc. (AYA):
AYA is the second-largest stake at ~16% of the portfolio. The position was
purchased over the four quarters thru Q1 2016 at prices between $10.50 and $28.
Last quarter saw a ~26% reduction at prices between $13 and $17.50 and that was
followed with a ~85% selling this quarter at around the same price-range. The
stock is currently at $17.80.
Adeptus Health (ADPTQ):
ADPTQ was a top-five holding first purchased in Q3 2015 at prices between
$76 and $116. Q2 2016 saw a huge ~150% increase at prices between $45 and $72. There
was a ~28% selling last quarter at prices between $7.50 and $43 and the remaining
position was disposed this quarter at prices between $1.50 and $8.84. The stock
is now at $1.73. TPG-Axon realized losses.
Allergan plc (AGN):
AGN is currently the largest individual stock position at ~32% 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. Last quarter saw an about turn: ~85% reduction at prices between
$189 and $243. The stock currently trades at $247.
Below is a spreadsheet that shows the changes to Dinakar
Singh's TPG-Axon US long portfolio holdings as of Q1 2017. For a look at how the
portfolio has progressed,
see our previous update:
