In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Twin Securities, Inc. reported 16 stock positions worth $261.1 million . Its top holding was Cyberark Software Ltd./Israel (CYBR) at 22.7% of the portfolio, followed by Exact Sciences (EXAS, 18.8% ) and Electronic Arts (EA, 18.8% ). Compared with Q3 2025, it opened 11 new positions, sold out of 8, added to 3 and reduced 2. The biggest buy was a new position in Exact Sciences (EXAS) and the biggest sale an exit from Verona Pharma (VRNA).
Location New York, NY
CIK 0001351351
Portfolio Value $261.1M (Q4 2025) Holdings 16 stocks · $261.1M 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 Q3 2025 CYBR Cyberark Software Ltd./Israel 133,145 $59.4M Add +184.4% EXAS Exact Sciences Corp. 483,589 $49.1M New EA Electronic Arts Inc. 239,836 $49.0M New WBD Warner Bros Discovery Inc. 1,114,989 $32.1M Add +773.0% RNAM Avidity Biosciences Inc. 365,144 $26.3M New CFLT Confluent Inc. Class A 505,486 $15.3M New NSC Norfolk Southern Corp. 25,200 $7.3M New KVUE Kenvue Inc. 405,583 $7.0M New HOLX Hologic Inc. 84,513 $6.3M New DAY Dayforce Inc. 39,241 $2.7M New SGRY Surgery Partners Inc. 170,258 $2.6M Add +19.2% CWAN Clearwater Analytics HDS-A 49,314 $1.2M New CDTX Cidara Therapeutics Inc. 4,900 $1.1M New TIC Tic Solutions Inc. 77,339 $782K Reduce -37.1% MLYS Mineralys Therapeutics Inc. 16,737 $607K New MANU Manchester United PLC Class A 14,570 $232K Reduce -1.3%
Options reported separately and not counted above: WBD calls ($579K).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ VRNA Verona Pharma Ltd. Sold out 0.00% −26.94 K Kellanova Sold out 0.00% −22.88 MRUS Merus NV Sold out 0.00% −14.72 COOP Mr Cooper Group Inc. Sold out 0.00% −13.00 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −5.03 WNS WNS Holdings Ltd. Sold out 0.00% −1.26 TRML Tourmaline Bio Inc. Sold out 0.00% −0.80 TIC Tic Solutions Inc. Reduce -37.1% 0.30% −0.53 PLYM Plymouth Industrial REIT Inc. Sold out 0.00% −0.23 MANU Manchester United PLC Class A Reduce -1.3% 0.09% −0.02
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ EXAS Exact Sciences Corp. New 18.81% +18.81 EA Electronic Arts Inc. New 18.77% +18.77 CYBR Cyberark Software Ltd./Israel Add +184.4% 22.75% +11.35 WBD Warner Bros Discovery Inc. Add +773.0% 12.31% +11.05 RNAM Avidity Biosciences Inc. New 10.09% +10.09 CFLT Confluent Inc. Class A New 5.86% +5.86 NSC Norfolk Southern Corp. New 2.79% +2.79 KVUE Kenvue Inc. New 2.68% +2.68 HOLX Hologic Inc. New 2.41% +2.41 DAY Dayforce Inc. New 1.04% +1.04 CWAN Clearwater Analytics HDS-A New 0.46% +0.46 CDTX Cidara Therapeutics Inc. New 0.41% +0.41 MLYS Mineralys Therapeutics Inc. New 0.23% +0.23 SGRY Surgery Partners Inc. Add +19.2% 1.01% −0.55
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ BA The Boeing Co. call Sold out 7,400 $1.6Mbefore exit WBD Warner Bros Discovery Inc. call Reduce -65.3% 20,100 $579K
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