In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Twin Securities, Inc. reported 16 stock positions worth $202.3 million . Its top holding was Electronic Arts (EA) at 45.0% of the portfolio, followed by Warner Bros Discovery (WBD, 17.6% ) and Clearwater Analytics HDS-A (CWAN, 13.6% ). Compared with Q4 2025, it opened 8 new positions, sold out of 8, added to 6 and reduced 1. The biggest buy was Electronic Arts (EA, shares +86% ) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).
Location New York, NY
CIK 0001351351
Portfolio Value $202.3M (Q1 2026) Holdings 16 stocks · $202.3M 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 Q4 2025 EA Electronic Arts Inc. 446,948 $91.1M Add +86.4% WBD Warner Bros Discovery Inc. 1,299,915 $35.7M Add +16.6% CWAN Clearwater Analytics HDS-A 1,164,090 $27.5M Add +2260.6% HOLX Hologic Inc. 179,036 $13.5M Add +111.8% KVUE Kenvue Inc. 480,517 $8.3M Add +18.5% ACLX Arcellx Inc. 53,982 $6.2M New TERN Terns Pharmaceuticals Inc. 115,958 $6.1M New APLS Apellis Pharmaceuticals Inc. 127,440 $5.1M New RVMD Revolution Medicines Inc. 38,593 $3.8M New OS Onestream Inc. 60,372 $1.4M New TTWO Take-Two Interactive Softwre 6,500 $1.3M New DAWN Day One Biopharmaceuticals I 31,626 $678K New RNA Atrium Therapeutics Inc. 49,913 $667K New TIC Tic Solutions Inc. 77,339 $509K No change MANU Manchester United PLC Class A 14,920 $251K Add +2.4% SGRY Surgery Partners Inc. 10,025 $119K Reduce -94.1%
Options reported separately and not counted above: RVMD puts ($3.8M).
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ CYBR Cyberark Software Ltd./Israel Sold out 0.00% −22.75 EXAS Exact Sciences Corp. Sold out 0.00% −18.81 RNAM Avidity Biosciences Inc. Sold out 0.00% −10.09 CFLT Confluent Inc. Class A Sold out 0.00% −5.86 NSC Norfolk Southern Corp. Sold out 0.00% −2.79 DAY Dayforce Inc. Sold out 0.00% −1.04 SGRY Surgery Partners Inc. Reduce -94.1% 0.06% −0.95 CDTX Cidara Therapeutics Inc. Sold out 0.00% −0.41 MLYS Mineralys Therapeutics Inc. Sold out 0.00% −0.23
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ EA Electronic Arts Inc. Add +86.4% 45.04% +26.27 CWAN Clearwater Analytics HDS-A Add +2260.6% 13.61% +13.15 WBD Warner Bros Discovery Inc. Add +16.6% 17.64% +5.34 HOLX Hologic Inc. Add +111.8% 6.69% +4.28 ACLX Arcellx Inc. New 3.06% +3.06 TERN Terns Pharmaceuticals Inc. New 3.02% +3.02 APLS Apellis Pharmaceuticals Inc. New 2.53% +2.53 RVMD Revolution Medicines Inc. New 1.86% +1.86 KVUE Kenvue Inc. Add +18.5% 4.09% +1.41 OS Onestream Inc. New 0.72% +0.72 TTWO Take-Two Interactive Softwre New 0.63% +0.63 DAWN Day One Biopharmaceuticals I New 0.34% +0.34 RNA Atrium Therapeutics Inc. New 0.33% +0.33 MANU Manchester United PLC Class A Add +2.4% 0.12% +0.04
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ RVMD Revolution Medicines Inc. put New 39,000 $3.8M WBD Warner Bros Discovery Inc. call Sold out 20,100 $579Kbefore 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