Twin Securities, Inc.

Name: Twin Securities, Inc. 13F holdings, Q1 2025
Creator: Twin Securities, Inc.
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Twin Securities, Inc. reported 13 stock positions worth $174.1 million. Its top holding was Intra-Cellular Therapies (ITCI) at 33.4% of the portfolio, followed by Kellanova (K, 16.8%) and Beacon Roofing Supply (BECN, 12.7%). Compared with Q4 2024, it opened 8 new positions, sold out of 8, added to 4 and reduced 1. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale Juniper Networks (JNPR, shares −99%).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001351351
Portfolio Value: $174.1M (Q1 2025)
SEC Filing: 0001172661-25-002344 ↗ filed May 15, 2025

Holdings Value

Holdings 13 stocks · $174.1M


ITCI Intra-Cellular Therapies Inc.	33.39%	440,690	$58.1M	New
K Kellanova	16.78%	354,081	$29.2M	Add +27.0%
BECN Beacon Roofing Supply Inc.	12.66%	178,135	$22.0M	New
HES Hess Corp.	11.41%	124,343	$19.9M	Add +25.3%
HEES H&E Equipment Services Inc.	5.96%	109,490	$10.4M	New
SPR Spirit Aerosystems Hold Class A	5.89%	297,345	$10.2M	Add +761.1%
SGRY Surgery Partners Inc.	4.51%	330,273	$7.8M	New
SWTX Springworks Therapeutics Inc.	3.04%	119,828	$5.3M	New
TIC Tic Solutions Inc. filed as ACUREN CORP	2.59%	405,768	$4.5M	New
DFS Discover Financial Services	2.27%	23,101	$3.9M	New
CMRX Chimerix Inc.	0.99%	202,200	$1.7M	New
MANU Manchester United PLC Class A	0.28%	37,143	$486K	Add +1.6%
JNPR Juniper Networks Inc.	0.25%	11,905	$431K	Reduce -99.0%

Options reported separately and not counted above: DFS puts ($7.3M), SWTX calls ($5.1M), BECN calls ($4.7M), SWTX puts ($1.6M), JNPR puts ($702K).

Portfolio Sells Q4 2024 → Q1 2025


JNPR Juniper Networks Inc.	Reduce -99.0%	0.25%	−26.16
HCP Hashicorp Inc. Class A	Sold out	0.00%	−10.78
SMAR Smartsheet Inc. Class A	Sold out	0.00%	−10.34
EDR Endeavor Group Hold Class A	Sold out	0.00%	−7.33
ALTM Arcadium Lithium PLC	Sold out	0.00%	−7.07
AZPN Aspen Technology Inc.	Sold out	0.00%	−6.20
GEAR Revelyst Inc.	Sold out	0.00%	−5.73
SUM Summit Materials Inc. Class A	Sold out	0.00%	−2.42
AMED Amedisys Inc.	Sold out	0.00%	−1.56

Portfolio Buys Q4 2024 → Q1 2025


ITCI Intra-Cellular Therapies Inc.	New	33.39%	+33.39
BECN Beacon Roofing Supply Inc.	New	12.66%	+12.66
HEES H&E Equipment Services Inc.	New	5.96%	+5.96
SPR Spirit Aerosystems Hold Class A	Add +761.1%	5.89%	+5.19
SGRY Surgery Partners Inc.	New	4.51%	+4.51
HES Hess Corp.	Add +25.3%	11.41%	+3.62
K Kellanova	Add +27.0%	16.78%	+3.47
SWTX Springworks Therapeutics Inc.	New	3.04%	+3.04
TIC Tic Solutions Inc.	New	2.59%	+2.59
DFS Discover Financial Services	New	2.27%	+2.27
CMRX Chimerix Inc.	New	0.99%	+0.99
MANU Manchester United PLC Class A	Add +1.6%	0.28%	−0.09

Options Activity Q4 2024 → Q1 2025


DFS Discover Financial Services	put	New	42,600	$7.3M
SWTX Springworks Therapeutics Inc.	call	New	116,100	$5.1M
BECN Beacon Roofing Supply Inc.	call	New	38,200	$4.7M
SWTX Springworks Therapeutics Inc.	put	New	36,500	$1.6M
JNPR Juniper Networks Inc.	put	Reduce -32.9%	19,400	$702K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	11	$195.8M	EA, WBD, APGE, ROKU, KVUE
Q1 2026	16	$202.3M	EA, WBD, CWAN, HOLX, KVUE
Q4 2025	16	$261.1M	CYBR, EXAS, EA, WBD, RNAM
Q3 2025	13	$198.5M	VRNA, K, MRUS, COOP, CYBR
Q2 2025	11	$113.0M	K, HES, BPMC, SGRY, SPR
Q1 2025	13	$174.1M	ITCI, K, BECN, HES, HEES
Q4 2024	13	$169.6M	JNPR, K, HCP, SMAR, HES
Q3 2024	12	$85.6M	JNPR, EDR, HES, SMAR, SRCL
Q2 2024	12	$82.9M	EDR, CERE, HES, X, HCP
Q1 2024	9	$86.1M	EDR, PXD, X, SWAV, CERE