Twin Securities, Inc.

Name: Twin Securities, Inc. 13F holdings, Q2 2025
Creator: Twin Securities, Inc.
Published: 2025-08-14

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Twin Securities, Inc. reported 11 stock positions worth $113.0 million. Its top holding was Kellanova (K) at 30.1% of the portfolio, followed by Hess (HES, 25.0%) and Blueprint Medicines (BPMC, 13.6%). Compared with Q1 2025, it opened 4 new positions, sold out of 6, added to 4 and reduced 3. The biggest buy was a new position in Blueprint Medicines (BPMC) and the biggest sale an exit from Intra-Cellular Therapies (ITCI).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001351351
Portfolio Value: $113.0M (Q2 2025)
SEC Filing: 0001172661-25-003469 ↗ filed Aug 14, 2025

Holdings Value

Holdings 11 stocks · $113.0M


K Kellanova	30.14%	428,305	$34.1M	Add +21.0%
HES Hess Corp.	25.03%	204,131	$28.3M	Add +64.2%
BPMC Blueprint Medicines Corp.	13.63%	120,126	$15.4M	New
SGRY Surgery Partners Inc.	10.07%	511,716	$11.4M	Add +54.9%
SPR Spirit Aerosystems Hold Class A	8.56%	253,643	$9.7M	Reduce -14.7%
TIC Tic Solutions Inc. filed as ACUREN CORP	4.25%	434,568	$4.8M	Add +7.1%
SWTX Springworks Therapeutics Inc.	4.22%	101,402	$4.8M	Reduce -15.4%
DNB Dun & Bradstreet Holdings Inc.	1.86%	230,700	$2.1M	New
PZZA Papa John's Intl Inc.	1.53%	35,249	$1.7M	New
FL Foot Locker Inc.	0.54%	25,000	$613K	New
MANU Manchester United PLC Class A	0.19%	12,143	$216K	Reduce -67.3%

Options reported separately and not counted above: BA calls ($63.2M), K puts ($16K).

Portfolio Sells Q1 2025 → Q2 2025


ITCI Intra-Cellular Therapies Inc.	Sold out	0.00%	−33.39
BECN Beacon Roofing Supply Inc.	Sold out	0.00%	−12.66
HEES H&E Equipment Services Inc.	Sold out	0.00%	−5.96
DFS Discover Financial Services	Sold out	0.00%	−2.27
CMRX Chimerix Inc.	Sold out	0.00%	−0.99
JNPR Juniper Networks Inc.	Sold out	0.00%	−0.25
MANU Manchester United PLC Class A	Reduce -67.3%	0.19%	−0.09
SWTX Springworks Therapeutics Inc.	Reduce -15.4%	4.22%	+1.18
SPR Spirit Aerosystems Hold Class A	Reduce -14.7%	8.56%	+2.68

Portfolio Buys Q1 2025 → Q2 2025


BPMC Blueprint Medicines Corp.	New	13.63%	+13.63
HES Hess Corp.	Add +64.2%	25.03%	+13.62
K Kellanova	Add +21.0%	30.14%	+13.37
SGRY Surgery Partners Inc.	Add +54.9%	10.07%	+5.56
DNB Dun & Bradstreet Holdings Inc.	New	1.86%	+1.86
TIC Tic Solutions Inc.	Add +7.1%	4.25%	+1.65
PZZA Papa John's Intl Inc.	New	1.53%	+1.53
FL Foot Locker Inc.	New	0.54%	+0.54

Options Activity Q1 2025 → Q2 2025


BA The Boeing Co.	call	New	301,700	$63.2M
DFS Discover Financial Services	put	Sold out	42,600	$7.3Mbefore exit
SWTX Springworks Therapeutics Inc.	call	Sold out	116,100	$5.1Mbefore exit
BECN Beacon Roofing Supply Inc.	call	Sold out	38,200	$4.7Mbefore exit
SWTX Springworks Therapeutics Inc.	put	Sold out	36,500	$1.6Mbefore exit
JNPR Juniper Networks Inc.	put	Sold out	19,400	$702Kbefore exit
K Kellanova	put	New	200	$16K

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