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Twin Securities, Inc.

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13F filer, CIK 1351351, New York, NY

Twin Securities, Inc. reported $261,651,517 across 17 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 97.5% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000903

Period
2025-12-31
Reported value
$262M
Holdings
17
Top 10 weight
97.5%
New
11
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EXASnew+483,589$49.1M
EAnew+239,836$49M
CYBERARK SOFTWARE LTD/ISRAELadded+86,332$38.5M
WBDadded+987,272$28.5M
RNAMnew+365,144$26.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
VERONA PHARMA PLCexited-501,113-$53.5M
Kexited-553,655-$45.4M
MERUS N Vexited-310,263-$29.2M
MR COOPER GROUP INCexited-122,358-$25.8M
SPRexited-258,381-$9.97M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-000903, largest first. % of portfolio is the value over $261,072,235, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 46,813 shares; 2025Q4: 133,145 shares 133,145$59.4M22.75%+86,332
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 483,589 shares 483,589$49.1M18.81%newTimeline
EAELECTRONIC ARTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 239,836 shares 239,836$49M18.77%newTimeline
WBDWARNER BROS DISCOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 127,717 shares; 2025Q4: 1,114,989 shares 1,114,989$32.1M12.31%+987,272Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 365,144 shares 365,144$26.3M10.09%newTimeline
CFLTCONFLUENT INC-CLASS AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 505,486 shares 505,486$15.3M5.86%newTimeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 25,200 shares 25,200$7.28M2.79%newTimeline
KVUEKENVUE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 405,583 shares 405,583$7M2.68%newTimeline
HOLXHOLOGIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 84,513 shares 84,513$6.3M2.41%newTimeline
DAYDAYFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 39,241 shares 39,241$2.71M1.04%newTimeline
SGRYSURGERY PARTNERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 330,273 shares; 2025Q2: 511,716 shares; 2025Q3: 142,872 shares; 2025Q4: 170,258 shares 170,258$2.63M1.01%+27,386Timeline
CWANCLEARWATER ANALYTICS HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 49,314 shares 49,314$1.19M0.46%newTimeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,900 shares 4,900$1.08M0.41%newTimeline
TICTIC SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 405,768 shares; 2025Q2: 434,568 shares; 2025Q3: 123,056 shares; 2025Q4: 77,339 shares 77,339$782K0.3%-45,717Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 16,737 shares 16,737$607K0.23%newTimeline
MANUMANCHESTER UTD PLC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,266 shares; 2024Q4: 36,543 shares; 2025Q1: 37,143 shares; 2025Q2: 12,143 shares; 2025Q3: 14,763 shares; 2025Q4: 14,570 shares 14,570$232K0.09%-193Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
WBDWARNER BROS DISCOVERY INC Stockcall20,100$579K-37,900

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
VERONA PHARMA PLCVERONA PHARMA PLC501,113$53.5Mshares
KKELLANOVA553,655$45.4Mshares
MERUS N VMERUS N V310,263$29.2Mshares
MR COOPER GROUP INCMR COOPER GROUP INC122,358$25.8Mshares
SPRSPIRIT AEROSYSTEMS HLDGS INC258,381$9.97Mshares
WNS HLDGS LTD COM SHSWNS HLDGS LTD COM SHS32,814$2.5Mshares
BABOEING CO7,400$1.6Mcall
Tourmaline Bio IncTourmaline Bio Inc33,301$1.59Mshares
PLYMPLYMOUTH INDUSTRIAL REIT INC20,146$450Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-26-000903 base2026-02-17acceptance time not in the bulk data set