Twin Securities, Inc. Hedge Fund

CIK: 0001351351 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $261,652 (100.0% shares, 0.0% debt)

Holdings (17)

New Positions (11)

EXAS EXACT SCIENCES CORP 18.8%

Value ($000) $49,113 Shares 483,589 Est. Cost $80.31 Unrealized 0.0%

EA ELECTRONIC ARTS INC 18.7%

Value ($000) $49,006 Shares 239,836 Est. Cost $201.71 Unrealized 0.0%

RNA AVIDITY BIOSCIENCES INC 10.1%

Value ($000) $26,338 Shares 365,144 Est. Cost $64.59 Unrealized 0.0%

CFLT CONFLUENT INC 5.8%

Value ($000) $15,286 Shares 505,486 Est. Cost $24.55 Unrealized 0.0%

NSC NORFOLK SOUTHN CORP 2.8%

Value ($000) $7,276 Shares 25,200 Est. Cost $288.62 Unrealized 0.0%

KVUE KENVUE INC 2.7%

Value ($000) $6,996 Shares 405,583 Est. Cost $16.26 Unrealized 0.0%

HOLX HOLOGIC INC 2.4%

Value ($000) $6,295 Shares 84,513 Est. Cost $73.07 Unrealized 0.0%

— DAYFORCE INC 1.0%

Value ($000) $2,714 Shares 39,241 Est. Cost $68.83 Unrealized 0.0%

CWAN CLEARWATER ANALYTICS HLDGS I 0.5%

Value ($000) $1,189 Shares 49,314 Est. Cost $20.03 Unrealized 0.0%

— CIDARA THERAPEUTICS INC 0.4%

Value ($000) $1,082 Shares 4,900 Est. Cost $220.89 Unrealized —

MLYS MINERALYS THERAPEUTICS INC 0.2%

Value ($000) $607 Shares 16,737 Est. Cost $40.10 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXAS	EXACT SCIENCES CORP	483,589	$49,113	18.8%	$80.31	0.0%	COM	30063P105
EA	ELECTRONIC ARTS INC	239,836	$49,006	18.7%	$201.71	0.0%	COM	285512109
RNA	AVIDITY BIOSCIENCES INC	365,144	$26,338	10.1%	$64.59	0.0%	COM	05370A108
CFLT	CONFLUENT INC	505,486	$15,286	5.8%	$24.55	0.0%	CLASS A COM	20717M103
NSC	NORFOLK SOUTHN CORP	25,200	$7,276	2.8%	$288.62	0.0%	COM	655844108
KVUE	KENVUE INC	405,583	$6,996	2.7%	$16.26	0.0%	COM	49177J102
HOLX	HOLOGIC INC	84,513	$6,295	2.4%	$73.07	0.0%	COM	436440101
—	DAYFORCE INC	39,241	$2,714	1.0%	$68.83	0.0%	COM	15677J108
CWAN	CLEARWATER ANALYTICS HLDGS I	49,314	$1,189	0.5%	$20.03	0.0%	CL A	185123106
—	CIDARA THERAPEUTICS INC	4,900	$1,082	0.4%	$220.89	—	COM NEW	171757206
MLYS	MINERALYS THERAPEUTICS INC	16,737	$607	0.2%	$40.10	0.0%	COM	603170101

Increased Positions (3)

— CYBERARK SOFTWARE LTD 22.7%

Value ($000) $59,391 (+162.6%) Shares 133,145 (+184.4%) Est. Cost $459.10 Unrealized —

WBD WARNER BROS DISCOVERY INC 12.3%

Value ($000) $32,134 (+1188.3%) Shares 1,114,989 (+773.0%) Est. Cost $22.26 Unrealized +5.0%

SGRY SURGERY PARTNERS INC 1.0%

Value ($000) $2,630 (-14.9%) Shares 170,258 (+19.2%) Est. Cost $22.39 Unrealized -17.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CYBERARK SOFTWARE LTD	133,145 (+184.4%)	$59,391 (+162.6%)	22.7%	$459.10	—	SHS	M2682V108
WBD	WARNER BROS DISCOVERY INC	1,114,989 (+773.0%)	$32,134 (+1188.3%)	12.3%	$22.26	+5.0%	COM SER A	934423104
SGRY	SURGERY PARTNERS INC	170,258 (+19.2%)	$2,630 (-14.9%)	1.0%	$22.39	-17.9%	COM	86881A100

Exited Positions (9)

— VERONA PHARMA PLC 20.4%

Value ($000) $53,474 Shares 501,113 Est. Cost $106.71 Unrealized —

— KELLANOVA 17.4%

Value ($000) $45,411 Shares 553,655 Est. Cost $78.36 Unrealized +5.5%

— MERUS N V 11.2%

Value ($000) $29,211 Shares 310,263 Est. Cost $94.15 Unrealized —

— MR COOPER GROUP INC 9.9%

Value ($000) $25,792 Shares 122,358 Est. Cost $210.79 Unrealized —

— SPIRIT AEROSYSTEMS HLDGS INC 3.8%

Value ($000) $9,974 Shares 258,381 Est. Cost $34.49 Unrealized —

— WNS HLDGS LTD 1.0%

Value ($000) $2,503 Shares 32,814 Est. Cost $76.27 Unrealized —

BA BOEING CO 0.6%

Value ($000) $1,597 Shares 7,400 Est. Cost — Unrealized —

— TOURMALINE BIO INC 0.6%

Value ($000) $1,593 Shares 33,301 Est. Cost $47.83 Unrealized —

PLYM PLYMOUTH INDL REIT INC 0.2%

Value ($000) $450 Shares 20,146 Est. Cost $22.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VERONA PHARMA PLC	501,113	$53,474	20.4%	$106.71	—	—	925050106
—	KELLANOVA	553,655	$45,411	17.4%	$78.36	+5.5%	—	487836108
—	MERUS N V	310,263	$29,211	11.2%	$94.15	—	—	N5749R100
—	MR COOPER GROUP INC	122,358	$25,792	9.9%	$210.79	—	—	62482R107
—	SPIRIT AEROSYSTEMS HLDGS INC	258,381	$9,974	3.8%	$34.49	—	—	848574109
—	WNS HLDGS LTD	32,814	$2,503	1.0%	$76.27	—	—	G98196101
BA	BOEING CO	7,400	$1,597	0.6%	—	—	CALL	097023105
—	TOURMALINE BIO INC	33,301	$1,593	0.6%	$47.83	—	—	89157D105
PLYM	PLYMOUTH INDL REIT INC	20,146	$450	0.2%	$22.33	—	—	729640102

Decreased Positions (3)

TIC TIC SOLUTIONS INC 0.3%

Value ($000) $782 (-52.3%) Shares 77,339 (-37.2%) Est. Cost $11.94 Unrealized -6.8%

WBD WARNER BROS DISCOVERY INC 0.2%

Value ($000) $579 (-48.9%) Shares 20,100 (-65.3%) Est. Cost $22.26 Unrealized +5.0%

MANU MANCHESTER UTD PLC NEW 0.1%

Value ($000) $232 (+3.8%) Shares 14,570 (-1.3%) Est. Cost $17.43 Unrealized -7.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TIC	TIC SOLUTIONS INC	77,339 (-37.2%)	$782 (-52.3%)	0.3%	$11.94	-6.8%	COM	00510N102
WBD	WARNER BROS DISCOVERY INC	20,100 (-65.3%)	$579 (-48.9%)	0.2%	$22.26	+5.0%	CALL	934423104
MANU	MANCHESTER UTD PLC NEW	14,570 (-1.3%)	$232 (+3.8%)	0.1%	$17.43	-7.4%	ORD CL A	G5784H106