COWEN INC.

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CIK 1466538

13F portfolio (2019-Q2)

$1.4B

Positions

300

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2019-Q1. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2019-Q2)

Holdings

300

Top 5

26.8%

Top 10

45.1%

Effective N

38.3

HHI

0.026

This quarter

148 new · 0 exit →

By sector

Unclassified75.9%

Financials16.2%

Health Care3.1%

Consumer Discretionary1.9%

Communication Services1.3%

Energy0.6%

Industrials0.3%

Information Technology0.3%

Other0.5%

By market cap

Unknown92.1%

Large ($10–200B)2.7%

Mid ($2–10B)1.6%

Micro (<$300M)1.2%

Mega (>$200B)1.2%

Small ($300M–2B)1.1%

By region

Other75.9%

North America17.7%

Asia-Pacific3.7%

Europe2.7%

Middle East0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	75.89%	245
Banks	14.17%	9
Pharmaceuticals & Biotechnology	2.93%	10
Insurance	1.97%	2
Diversified Telecommunication Services	1.03%	4
Automobiles & Components	0.86%	2
Oil, Gas & Consumable Fuels	0.58%	1
Textiles, Apparel & Luxury Goods	0.57%	3
Hotels, Restaurants & Leisure	0.41%	3
Chemicals	0.25%	3
Media & Entertainment	0.24%	2
Utilities	0.21%	1
Semiconductors & Semiconductor Equipment	0.17%	3
Life Sciences Tools & Services	0.14%	1
Commercial Services & Supplies	0.13%	2
Software	0.10%	1
Machinery	0.09%	1
Media & Publishing	0.08%	1
Construction & Engineering	0.07%	1
Capital Markets	0.06%	1
Tobacco	0.04%	1
Specialty Retail	0.03%	1
Technology Hardware & Equipment	0.01%	1
Agricultural Products	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1		RED HAT INC	Unclassified	6.51%
2		MELLANOX TECHNOLOGIES LTD	Unclassified	6.43%
3		TABLEAU SOFTWARE INC	Unclassified	4.70%
4		CELGENE CORP	Unclassified	4.64%
5	SAN	Banco Santander, S.A.	Financials	4.56%
6		WABCO HLDGS INC	Unclassified	4.25%
7	BNS	BANK OF NOVA SCOTIA	Financials	4.02%
8		ZAYO GROUP HLDGS INC	Unclassified	3.65%
9		ANADARKO PETE CORP	Unclassified	3.16%
10		ORCHARD THERAPEUTICS PLC	Unclassified	3.14%

55/300 names classified · sector 24.1% of weight · industry 24.1% · mkt cap 7.9%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 26 quarters

Information TechnologyNXPI, AVGO, DBX, SNDK, QCOM · other

FinancialsHUM, CB, LYG, SAN, BNS · other

Communication ServicesVZ, TMUS, OMC, CMCSA, LBRDK · other

Consumer DiscretionaryAMZN, PENN, APTV, ASH, GME · other

Health CareZTS, TLRY, DTIL, TAK, CGC · other

IndustrialsOIS, IR, URI, ADT, ITW · other

Consumer StaplesPEP, MDLZ, SFD, TAP, STZ · other

MaterialsAPD, HUN, FNV, FCX, COTY · other

EnergyHAL, SUN, CVX, RIG, BP · other

UtilitiesWMB, ET, TRGP, AVA, ES · other

Real EstateLAMR, EQIX, CBRE, CXW, WY · other

UnclassifiedMDY, E M C CORP MASS, KITE PHARMA INC, MOBILEYE NV XXXMANDATORY MERGER EFF: 06/03/18, LINKEDIN CORP · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 24.1% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2019-Q2), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 3% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (21 classified)COWEN INC. centroid (Mid Core)

Consumer DiscretionaryFinancialsIndustrialsInformation TechnologyUtilitiesMaterialsCommunication ServicesConsumer Staples

Style box summary for COWEN INC.: centroid Mid Core. Heaviest cells: Large Core 1.2%, Mid Growth 0.3%, Small Value 0.3%.

Classified: 2.5% of book weight (21/64 names) · unclassified 97.5%: , SAN, BNS, CNC, SMFG, LYG, MFG, DTIL, VOD, BP +33 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 300 positions (2019-Q2) · largest first · Δ vs 2019-Q1

#	Security	Shares	Value	Weight	Δ QoQ
1	RED HAT INC	468,827	$88M	6.5%	ADD 27%
2	MELLANOX TECHNOLOGIES LTD	784,841	$87M	6.4%	ADD 79%
3	TABLEAU SOFTWARE INC	382,632	$64M	4.7%	NEW
4	CELGENE CORP	678,108	$63M	4.6%	ADD 1509%
5	SANBANCO SANTANDER S.A.	13,452,179	$62M	4.6%	NEW
6	WABCO HLDGS INC	433,588	$57M	4.3%	ADD 554%
7	BNSBANK NOVA SCOTIA B C	1,000,000	$54M	4.0%	ADD 3571329%
8	ZAYO GROUP HLDGS INC	1,499,493	$49M	3.7%	NEW
9	ANADARKO PETE CORP	605,955	$43M	3.2%	NEW
10	ORCHARD THERAPEUTICS PLC	3,035,364	$42M	3.1%	ADD 4%
11	CYPRESS SEMICONDUCTOR CORP	1,841,078	$41M	3.0%	NEW
12	CNCCENTENE CORP DEL	483,963	$25M	1.9%	NEW
13	SMFGSUMITOMO MITSUI FINL GROUP I	3,402,000	$24M	1.8%	NEW
14	LYGLLOYDS BANKING GROUP PLC	8,374,111	$24M	1.8%	TRIM −8%
15	MEDIDATA SOLUTIONS INC	257,314	$23M	1.7%	NEW
16	VERSUM MATLS INC	423,162	$22M	1.6%	NEW
17	SENTINEL ENERGY SVCS INC	1,813,245	$18M	1.4%	NEW
18	VANTIV INC	129,972	$16M	1.2%	TRIM −70%
19	MFGMIZUHO FINANCIAL GROUP INC	5,485,850	$16M	1.2%	ADD 452%
20	DTILPRECISION BIOSCIENCES INC	1,083,926	$14M	1.1%	ADD 7%
21	VODVODAFONE GROUP PLC	788,794	$13M	1.0%	NEW
22	CZR	1,019,605	$12M	0.9%	ADD 186%
23	UNILEVER N V	196,791	$12M	0.9%	ADD 97%
24	SOCIAL CAP HEDOSOPHIA HLDGS	1,100,777	$11M	0.8%	ADD 10%
25	CHURCHILL CAP CORP II	1,107,985	$11M	0.8%	NEW
26	TSLATESLA INC	50,000	$11M	0.8%	NEW
27	TRIDENT ACQUISITIONS CORP	994,449	$10M	0.8%	ADD 797%
28	ARRAY BIOPHARMA INC	217,408	$10M	0.7%	NEW
29	PURE ACQUISITION CORP	925,000	$9M	0.7%	ADD 36%
30	TOTAL SYS SVCS INC	67,888	$9M	0.6%	NEW
31	CONSTELLATION ALPHA CAP CORP	759,312	$8M	0.6%	HOLD
32	BPBP PLC	187,696	$8M	0.6%	NEW
33	TRIDENT ACQUISITIONS CORP	688,805	$7M	0.5%	ADD 3%
34	BLACK RIDGE ACQUISITION CORP	670,100	$7M	0.5%	NEW
35	EL PASO ELEC CO	105,258	$7M	0.5%	NEW
36	SOUTH MTN MERGER CORP	668,892	$7M	0.5%	NEW
37	CGCCANOPY GROWTH CORP	160,600	$6M	0.5%	ADD 43%
38	LEGACY ACQUISITION CORP	600,000	$6M	0.5%	TRIM −22%
39	OPES ACQUISITION CORP	576,372	$6M	0.4%	ADD 312%
40	TPG PACE HLDGS CORP	563,094	$6M	0.4%	ADD 173%
41	LEISURE ACQUISITION CORP	559,303	$6M	0.4%	ADD 459%
42	TRINE ACQUISITION CL A RED UNT	559,977	$6M	0.4%	ADD 35%
43	GORES METROPOULOS INC	557,478	$6M	0.4%	NEW
44	OAKTREE CAP GROUP LLC	112,859	$6M	0.4%	ADD 216%
45	SUNTRUST BKS INC	86,581	$5M	0.4%	TRIM −15%
46	SPARTAN ENERGY ACQUISITION C	534,500	$5M	0.4%	ADD 7%
47	UAUNDER ARMOUR INC	241,102	$5M	0.4%	ADD 13%
48	TAKTAKEDA PHARMACEUTICAL CO LTD	299,914	$5M	0.4%	HOLD
49	GORDON POINTE ACQUISITION CO	510,000	$5M	0.4%	ADD 536%
50	DIAMONDPEAK HLDGS COR	520,000	$5M	0.4%	ADD 316%
51	CHASERG TECHNOLOGY ACQ CORP; TNT ACQ DT: 4/4/2020	516,962	$5M	0.4%	NEW
52	APHRIA INC	737,864	$5M	0.4%	ADD 816%
53	LIBERTY EXPEDIA HLDGS INC	105,083	$5M	0.4%	ADD 325%
54	GCI Liberty Inc A	78,334	$5M	0.4%	TRIM −6%
55	BHP BILLITON PLC	90,868	$5M	0.3%	NEW
56	JPMJPMORGAN CHASE & CO	41,400	$5M	0.3%	NEW
57	SMHVANECK ETF TRUST	42,000	$5M	0.3%	NEW
58	CEFSPROTT ASSET MANAGEMENT LP	347,094	$5M	0.3%	TRIM −46%
59	REGALWOOD GLOBAL ENERGY LTD	450,100	$5M	0.3%	NEW
60	LKNCYLUCKIN COFFEE INC	225,000	$4M	0.3%	NEW
61	Tottenham Acquisition I Limited	394,837	$4M	0.3%	ADD 243%
62	FORUM MERGER II CORP	376,752	$4M	0.3%	TRIM −26%
63	BROOKFIELD PROPERTY REIT INC	206,259	$4M	0.3%	TRIM −3%
64	Collier Creek Holdings	367,909	$4M	0.3%	ADD 568%
65	MUFGMITSUBISHI UFJ FINANCIAL GRO	756,800	$4M	0.3%	NEW
66	GLOBAL BLOOD THERAPEUTICS INC	67,300	$4M	0.3%	HOLD
67	8I ENTERPRISES ACQUISITION C	356,966	$4M	0.3%	NEW
68	BUCKEYE PARTNERS L P	85,491	$4M	0.3%	NEW
69	NEW FRONTIER CORP	348,102	$4M	0.3%	TRIM −25%
70	PIVOTAL ACQUISITION CORP	299,100	$3M	0.3%	ADD 996%
71	PURE ACQUISITION CORP	323,444	$3M	0.3%	ADD 27%
72	GX ACQUISITION CORP	342,396	$3M	0.3%	NEW
73	MEGALITH FINL ACQUISITION CO	328,900	$3M	0.3%	HOLD
74	LIBERTY MEDIA CORP DEL	89,765	$3M	0.3%	TRIM −53%
75	TORTOISE ACQUISITION CORP	329,140	$3M	0.2%	TRIM −30%
76	GREENLANE HLDGS INC	336,686	$3M	0.2%	NEW
77	B RILEY PRINCIPAL MERGER COR	320,411	$3M	0.2%	NEW
78	UNILEVER PLC	51,204	$3M	0.2%	NEW
79	GORES METROPOULOS INC	302,000	$3M	0.2%	TRIM −7%
80	VECTOIQ ACQUISITION CORP	296,667	$3M	0.2%	HOLD
81	MUDRICK CAP ACQUISITION CORP	304,915	$3M	0.2%	ADD 19%
82	CAPITOL INVT CORP IV	300,580	$3M	0.2%	TRIM −56%
83	LEGACY ACQUISITION CORP	299,969	$3M	0.2%	ADD 100%
84	ACAMAR PARTNERS ACQSITION CO	301,000	$3M	0.2%	ADD 1104%
85	FINTECH ACQUISITION CORP III	268,872	$3M	0.2%	ADD 20%
86	FORUM MERGER II CORP	286,176	$3M	0.2%	ADD 836%
87	GORES HOLDINGS III INC	285,585	$3M	0.2%	ADD 35%
88	TLRYTILRAY BRANDS INC	61,600	$3M	0.2%	ADD 4%
89	TRGPTARGA RES CORP	72,500	$3M	0.2%	TRIM −13%
90	DISCOVERY COMMUNICATIONS	100,000	$3M	0.2%	NEW
91	LBRDKLIBERTY BROADBAND CORP	26,279	$3M	0.2%	TRIM −62%
92	II-VI INC	74,675	$3M	0.2%	NEW
93	KEZAR LIFE SCIENCES INC	343,049	$3M	0.2%	TRIM −30%
94	PIVOTAL ACQUISITION CORP	260,280	$3M	0.2%	NEW
95	BANCO SANTANDER MEXICO S A	324,337	$2M	0.2%	NEW
96	BCSBARCLAYS PLC	324,358	$2M	0.2%	ADD 1635%
97	TIBERIUS ACQUISITION CORP	233,421	$2M	0.2%	NEW
98	LANDCADIA HLDGS II INC	231,300	$2M	0.2%	NEW
99	MYOKARDIA INC	45,000	$2M	0.2%	TRIM −17%
100	TRINITY MERGER CORP	212,326	$2M	0.2%	ADD 173%
101	RAREULTRAGENYX PHARMACEUTICAL IN	34,000	$2M	0.2%	ADD 13%
102	CRVSCORVUS PHARMACEUTICALS INC	576,231	$2M	0.2%	HOLD
103	COGTCOGENT BIOSCIENCES INC COM	820,805	$2M	0.2%	HOLD
104	GORES HOLDINGS III INC	200,262	$2M	0.2%	NEW
105	SPRINT CORPORATION	318,500	$2M	0.2%	ADD 3085%
106	MODERN MEDIA ACQUISITION	200,000	$2M	0.2%	ADD 31%
107	BLUEPRINT MEDICINES CORP	22,000	$2M	0.2%	TRIM −35%
108	PVHPVH CORPORATION	21,600	$2M	0.2%	TRIM −9%
109	CAPITOL INVT CORP IV	190,839	$2M	0.2%	ADD 282%
110	SPARTAN ENERGY ACQUISITION C	200,000	$2M	0.1%	NEW
111	RMG ACQUISITION CORP	199,000	$2M	0.1%	ADD 59%
112	LEGACY TEXAS FINANCIAL GROUP	47,970	$2M	0.1%	NEW
113	THUNDER BRIDGE ACQUISITION L	184,229	$2M	0.1%	TRIM −25%
114	HAYMAKER ACQUISITION CORP II	187,926	$2M	0.1%	NEW
115	BLUEBIRD BIO INC	15,000	$2M	0.1%	ADD 88%
116	USLUNITED STS 12 MONTH OIL FD L	85,300	$2M	0.1%	NEW
117	PACBPACIFIC BIOSCIENCES CALIF IN	304,791	$2M	0.1%	ADD 154%
118	GLAXOSMITHKLINE PLC	45,825	$2M	0.1%	NEW
119	OVIDOVID THERAPEUTICS INC	972,260	$2M	0.1%	TRIM −12%
120	CLARIVATE ANALYTICS PLC	378,515	$2M	0.1%	NEW
121	RVPHREVIVA PHARMACEUTCLS HLDGS INC COM	175,000	$2M	0.1%	ADD 415%
122	LF Capital Acquisition Corp	166,057	$2M	0.1%	NEW
123	CHARDAN HEALTHCARE ACQUISITI	163,500	$2M	0.1%	ADD 1030%
124	MOSAIC ACQUISITION CORP	156,430	$2M	0.1%	TRIM −36%
125	TWIN RIV WORLDWIDE HLDGS INC	54,855	$2M	0.1%	NEW
126	NXPINXP SEMICONDUCTORS N V	16,700	$2M	0.1%	ADD 26%
127	AMERIGAS PARTNERS L P	46,083	$2M	0.1%	NEW
128	GS ACQUISITION HLDGS CORP	150,000	$2M	0.1%	HOLD
129	AUDENTES THERAPEUTICS INC.	38,190	$1M	0.1%	TRIM −48%
130	TRINITY MERGER CORP	135,240	$1M	0.1%	ADD 8%
131	CONSTELLATION ALPHA CAP CORP	136,250	$1M	0.1%	HOLD
132	MUDRICK CAP ACQUISITION CORP	125,000	$1M	0.1%	ADD 7%
133	EAELECTRONIC ARTS INC	13,000	$1M	0.1%	NEW
134	LYBLYONDELLBASELL INDUSTRIES N	15,000	$1M	0.1%	NEW
135	CHASERG TECHNLGY ACQUISITN C	124,431	$1M	0.1%	TRIM −26%
136	RMNIRIMINI STR INC DEL	237,500	$1M	0.1%	HOLD
137	KRESPDR SERIES TRUST	23,200	$1M	0.1%	NEW
138	STCSTEWART INFORMATION SVCS COR	30,377	$1M	0.1%	NEW
139	DBDEUTSCHE BK AG	160,000	$1M	0.1%	NEW
140	PHPARKER-HANNIFIN CORP	6,851	$1M	0.1%	NEW
141	DOOBRP INC	32,500	$1M	0.1%	NEW
142	ATHENE HLDG LTD	25,000	$1M	0.1%	NEW
143	TUSCAN HLDGS CORP	100,100	$1M	0.1%	TRIM −49%
144	CROXCROCS INC	52,500	$1M	0.1%	NEW
145	PSOPEARSON PLC	100,000	$1M	0.1%	NEW
146	NEBULA ACQUISITION CORP	100,000	$1M	0.1%	TRIM −13%
147	NEBULA ACQUISITION CORP	100,963	$1M	0.1%	TRIM −36%
148	Telecom Italia S P A New Spons	197,552	$1M	0.1%	NEW
149	LENLENNAR CORP	20,663	$1M	0.1%	NEW
150	AXTAAXALTA COATING SYS LTD	33,500	$997,000	0.1%	NEW
151	GIGCAPITAL INC	90,592	$996,000	0.1%	TRIM −14%
152	THTARGET HOSPITALITY CORP	105,314	$958,000	0.1%	NEW
153	ANDINA ACQUISITION CORP III	92,157	$947,000	0.1%	TRIM −5%
154	SPIRIT MTA REIT COM SHS BEN IN	113,220	$944,000	0.1%	NEW
155	HENNESSY CAP ACQUSTION CORP	90,053	$937,000	0.1%	TRIM −38%
156	TAT&T INC	26,800	$898,000	0.1%	TRIM −73%
157	MOSAIC ACQUISITION CORP-CL A	87,716	$895,000	0.1%	NEW
158	GS ACQUISITION HLDGS CORP	82,888	$840,000	0.1%	NEW
159	NMRNOMURA HLDGS INC	235,000	$834,000	0.1%	HOLD
160	COLLIER CREEK HOLDINGS	75,000	$795,000	0.1%	TRIM −56%
161	DFB HEALTHCARE ACQUISTION CO	64,500	$671,000	0.0%	NEW
162	AVAYA HLDGS CORP	55,000	$655,000	0.0%	HOLD
163	AGBA ACQUISITION LTD	64,324	$645,000	0.0%	NEW
164	ACT II GLOBAL ACQUISITION CO	63,555	$643,000	0.0%	NEW
165	HEALTH SCIENCES ACQUSTN CORP	60,300	$639,000	0.0%	NEW
166	HENNESSY CAP ACQUSTION CORP	63,840	$632,000	0.0%	NEW
167	MONOCLE ACQUISITION CORP	59,248	$610,000	0.0%	NEW
168	TKK SYMPHONY ACQUISITION COR	58,162	$598,000	0.0%	NEW
169	AMDADVANCED MICRO DEVICES INC	18,000	$547,000	0.0%	HOLD
170	ALLEGRO MERGER CORP	54,529	$546,000	0.0%	NEW
171	ELDORADO RESORTS INC	11,838	$545,000	0.0%	NEW
172	REGALWOOD GLOBAL ENERGY LTD	49,908	$523,000	0.0%	NEW
173	LBRDALIBERTY BROADBAND CORP	5,000	$514,000	0.0%	NEW
174	RHIROBERT HALF INC.	9,000	$513,000	0.0%	NEW
175	TPBTURNING PT BRANDS INC	10,424	$511,000	0.0%	NEW
176	AVON PRODS INC	130,500	$506,000	0.0%	TRIM −46%
177	QEP RES INC	69,707	$504,000	0.0%	NEW
178	SCHULTZE SPL PURP ACQUSTN CORP COM	50,000	$495,000	0.0%	NEW
179	ACBAURORA CANNABIS INC	62,700	$490,000	0.0%	NEW
180	L3 TECHNOLOGIES INC	2,000	$490,000	0.0%	NEW
181	HL ACQUISITIONS CORP	45,027	$475,000	0.0%	NEW
182	NIONIO INC	175,000	$446,000	0.0%	NEW
183	ENEL AMERICAS S A	50,000	$444,000	0.0%	NEW
184	KEMPHARM INC COM NEW	250,000	$438,000	0.0%	TRIM −43%
185	EZAISHARES INC	8,000	$437,000	0.0%	NEW
186	SOCIAL CAP HEDOSOPHIA HLDGS	324,256	$435,000	0.0%	ADD 1820%
187	REPLAY ACQUISITION CORP	44,000	$430,000	0.0%	NEW
188	NIELSEN HLDGS PLC	17,500	$395,000	0.0%	TRIM −93%
189	ALBERTON ACQUISITION CORP	37,364	$379,000	0.0%	NEW
190	MEDICINES CO	10,100	$368,000	0.0%	NEW
191	LOWLOWES COS INC	3,500	$353,000	0.0%	NEW
192	AT HOME GROUP INC	51,449	$343,000	0.0%	NEW
193	CAPITOL INVT CORP IV	246,748	$343,000	0.0%	ADD 260%
194	NEW FRONTI-CW23	488,387	$342,000	0.0%	ADD 13%
195	REGALWOOD GLOBAL ENERGY LTD	368,284	$331,000	0.0%	ADD 491%
196	ANDINA ACQUISITION CORP III	32,104	$318,000	0.0%	NEW
197	TWELVE SEAS INVESTMENT COMPA	1,057,298	$307,000	0.0%	ADD 49%
198	KTBKONTOOR BRANDS INC	10,000	$280,000	0.0%	NEW
199	ARYA SCIENCES ACQUISITION CO	24,800	$265,000	0.0%	NEW
200	TKK SYMPHONY ACQUISITION COR	26,507	$265,000	0.0%	NEW

showing the top 200 by weight

☆COWEN INC.