Saturday, March 04, 2017

February 2017 Performance

It’s nice to be in positive territory after a disastrous January. The largest contribution to the February performance was Wafergen Biosystems, which finally closed. Actelion and Ariad Pharmaceuticals were also positive contributors. I did sell my position in Kate Spade (Ticker: KATE) a bit too early, but overall I am pleased with how things turned out. I continued to add to my position in Actelion (Ticker: ALIOY). I also initiated a position in Syngenta (Ticker: SYT) and looking for that to close within the next few months.

Right now, my only merger arb plays are Actelion (~ 22% position) and Syngenta (~ 6% position).

Here’s a snap shot of my current holdings with their weighting:


 


2017 Performance Year to Date = +5.22% with the running monthly returns as follows:

January -4.50%
February +10.18%

24 Comments:

At March 05, 2017, Anonymous Anonymous said...

Are you fully invested or u holding some cash?
thanks

 
At March 06, 2017, Anonymous Anonymous said...

STZ is very risky when the market will collapse.

 
At March 07, 2017, Blogger Eric L said...

why would the market collapse? It could. But maybe in 10 years or 6....nobody knows....

 
At March 08, 2017, Anonymous Anonymous said...

Hi MT,

I noticed that one of you previous holdings is no longer on your portfolio. Did you get rid of REGN? What was the reason for your change of mind on REGN?

Thanks

 
At March 08, 2017, Blogger Money Turtle said...

Mostly fully invested right now, but will change as merger arb plays close.

STZ: If market collapses so will every other stock out there. I have a long term view on STZ and looking out 3-4 years, this company will generate substantial free cash flow as their cap ex in new manufacturing plants wind down. I can see $1.5+ billion in free cash flow in 3-4 years. This company is a money machine...

REGN: Trying to remember... I believe I sold REGN to raise cash to put into a special situation play: EverBank.

 
At March 09, 2017, Blogger Retire early said...

Hi,
TIME to take a dip in TIME with bids reported over 20.
thanks

 
At March 10, 2017, Anonymous mergerpie.com said...

Same thinking too. I am going to dip in abit. However I am overloaded with Syngenta at the moment.

 
At March 14, 2017, Anonymous Anonymous said...

out from MGI finally I got a bit of luck!

 
At March 15, 2017, Anonymous Anonymous said...

I go long now in RAD 100% position at 4.95
I think a 10% profit in few days is in the air, I will sell at 5.45

 
At March 15, 2017, Anonymous Anonymous said...

averaged, 4.87 in with 100% let's see... it's half price of original offer.

 
At March 17, 2017, Anonymous mergerpie.com said...

any comments on $TIME pending auction...seemed to be taking abit longer with the new bidder..

 
At March 17, 2017, Anonymous Anonymous said...

Seems odd that air methods is trading at deal price... people expecting an overbid?

 
At March 17, 2017, Blogger Money Turtle said...

I have a small (~5% position) in $TIME and it looks like it's progressing as planned. Wouldn't be surprised to hear something Monday.

Air Methods - KKR was really interested, maybe considering an overbid?

 
At March 23, 2017, Blogger Retire early said...

Sold $TIME and bought $SFM

 
At March 23, 2017, Anonymous mergerpie.com said...

May i ask what's the reason behind selling $TIME?

 
At March 24, 2017, Blogger Retire early said...

MDP boosted their earnings late monday evening. Since they are considered the front runner to buy TIME and if they were close to buying TIME, they would have announced both together. Bronfman is out, and not sure how serious Najafi-Pamplona (heard first time about this firms) is, then MDP doesnt have to rush and can decide to bid less..

 
At March 24, 2017, Blogger Retire early said...

And now $TIME is back in business

 
At March 25, 2017, Anonymous mergerpie said...

I think the sales process is not over so MDP cannot make any announcement without breaching sec rules... the entry of najafi may have led to TIME adding more time for considerations

 
At March 30, 2017, Anonymous Anonymous said...

Now that ALIOY hit 70. Is there a point in holding it? T.Y.

 
At March 31, 2017, Anonymous Anonymous said...

ALIOY trading at 70.54. Anyone can explain move over 70?

 
At March 31, 2017, Blogger Money Turtle said...

ALIOY over $70 as market is pricing in the value of the spin co.

 
At March 31, 2017, Anonymous Anonymous said...

Are you holding till the deal expires?? Or better to cash out?

 
At March 31, 2017, Blogger DCFrancis said...

looks like it is almost complete for Actelion.

https://globenewswire.com/news-release/2017/03/31/947370/0/en/Johnson-Johnson-publishes-interim-result-for-Actelion-tender-offer-and-declares-the-tender-offer-successful.html

 
At March 31, 2017, Blogger Money Turtle said...

I am hanging on as there's really no risk of the deal breaking at this point.

 

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