In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Twin Securities, Inc. reported 13 stock positions worth $198.5 million . Its top holding was Verona Pharma (VRNA) at 26.9% of the portfolio, followed by Kellanova (K, 22.9% ) and Merus (MRUS, 14.7% ). Compared with Q2 2025, it opened 8 new positions, sold out of 6, added to 3 and reduced 2. The biggest buy was a new position in Verona Pharma (VRNA) and the biggest sale an exit from Hess (HES).
Location New York, NY
CIK 0001351351
Portfolio Value $198.5M (Q3 2025) Holdings 13 stocks · $198.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 VRNA Verona Pharma Ltd. 501,113 $53.5M New K Kellanova 553,655 $45.4M Add +29.3% MRUS Merus NV 310,263 $29.2M New COOP Mr Cooper Group Inc. 122,358 $25.8M New CYBR Cyberark Software Ltd./Israel 46,813 $22.6M New SPR Spirit Aerosystems Hold Class A 258,381 $10.0M Add +1.9% SGRY Surgery Partners Inc. 142,872 $3.1M Reduce -72.1% WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 32,814 $2.5M New WBD Warner Bros Discovery Inc. 127,717 $2.5M New TIC Tic Solutions Inc. filed as ACUREN CORP 123,056 $1.6M Reduce -71.7% TRML Tourmaline Bio Inc. 33,301 $1.6M New PLYM Plymouth Industrial REIT Inc. 20,146 $450K New MANU Manchester United PLC Class A 14,763 $224K Add +21.6%
Options reported separately and not counted above: BA calls ($1.6M), WBD calls ($1.1M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ HES Hess Corp. Sold out 0.00% −25.03 BPMC Blueprint Medicines Corp. Sold out 0.00% −13.63 SGRY Surgery Partners Inc. Reduce -72.1% 1.56% −8.51 SWTX Springworks Therapeutics Inc. Sold out 0.00% −4.22 TIC Tic Solutions Inc. Reduce -71.7% 0.83% −3.42 DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −1.86 PZZA Papa John's Intl Inc. Sold out 0.00% −1.53 FL Foot Locker Inc. Sold out 0.00% −0.54
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ VRNA Verona Pharma Ltd. New 26.94% +26.94 MRUS Merus NV New 14.72% +14.72 COOP Mr Cooper Group Inc. New 13.00% +13.00 CYBR Cyberark Software Ltd./Israel New 11.40% +11.40 WNS WNS Holdings Ltd. New 1.26% +1.26 WBD Warner Bros Discovery Inc. New 1.26% +1.26 TRML Tourmaline Bio Inc. New 0.80% +0.80 PLYM Plymouth Industrial REIT Inc. New 0.23% +0.23 MANU Manchester United PLC Class A Add +21.6% 0.11% −0.08 SPR Spirit Aerosystems Hold Class A Add +1.9% 5.03% −3.54 K Kellanova Add +29.3% 22.88% −7.26
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ BA The Boeing Co. call Reduce -97.5% 7,400 $1.6M WBD Warner Bros Discovery Inc. call New 58,000 $1.1M K Kellanova put Sold out 200 $16Kbefore exit
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