Friday, August 15, 2014

Top Funds' Activity in Q2 2014

Alexandra Stevenson and Matthew Goldstein of the New York Times report, Hedge Funds Give Quarterly Snapshot of Their Portfolios:
The billionaire investor Leon Cooperman stocked up on Apple while other prominent hedge fund managers were divided on Walgreen. Ally Financial was a favorite for Daniel S. Loeb, John Paulson and Richard Perry.

On Thursday, some of Wall Street’s most prominent investors offered the world a peek at their portfolios.

Four times a year, the secretive world of big hedge funds is briefly thrust into the spotlight when they are required to report changes to their United States stock holdings. These quarterly updates, known as 13-F filings, offer investors a chance to see which stocks and sectors traders were betting on some 45 days ago when the quarter ended.

In perhaps the most fitting illustration of the backward nature of these filings, Carl C. Icahn disclosed a plan to shake up Gannett, one week after the company announced plans to separate its print and broadcast operations. Mr. Icahn’s fund, Icahn Associates, said it had acquired a 6.6 percent activist stake in Gannett and believed “value could be created by splitting the issuer.”

Omega Advisors, Mr. Cooperman ’s $10.5 billion hedge fund, added a new stake in Apple in the second quarter, buying 1.2 million shares. His fund has owned Apple shares in previous quarters.

Robert Citrone’s $13 billion Discovery Capital Management also built a new stake in Apple, buying 6.5 million shares in the quarter.

David Einhorn’s Greenlight Capital, meanwhile, trimmed its position in Apple to 9.3 million shares from 13.78 million after adjusting for a 7-for-1 stock split in June. Apple shares gained 20 percent during the quarter, to close at $92.93 on June 30. Apple has been one of Greenlight’s largest stock holdings for the last several quarters.

Tiger Consumer Management, the hedge fund led by Patrick McCormack, took a big 18 million share stake in the online game maker Zynga Inc. But Mr. McCormack’s timing may have been off.

Shares of Zynga fell 27 percent during the quarter, closing at $3.21 on June 30. The stock has continued to tumble since then and is now trading at about $2.85 a share. The company reported disappointing second-quarter earnings on Aug. 8 and also lowered its revenue forecast for the year.

The position in Zynga is a new one for Mr. McCormack, a protégé of the legendary hedge fund investor Julian Robertson, although his fund has owned shares of Zynga before. The firm’s 13-F filing did not disclose when Tiger Consumer bought the shares nor the average price it paid to acquire them.

Hedge fund managers were divided on another social media group: Facebook. Appaloosa Management, the hedge fund led by David Tepper, increased its stake to 3.5 million shares. Meanwhile, Andreas Halvorsen’s Viking Global Investors halved its stake to about four million shares.

Daniel S. Loeb’s Third Point disclosed the firm’s most recent bold bet: auto lending. It had a 9.5 percent stake in Ally, the former financing unit of General Motors, in the second quarter. While Mr. Loeb informed his investors of the stake in a recent letter, this is the first time it has been disclosed publicly.

Perry Capital, the hedge fund founded by Mr. Perry, also added a position in Ally, buying 14.3 million shares, or a 3 percent stake.

Third Point sold several headline stocks including Valeant Pharmaceuticals, which is locked in a hostile takeover battle for Allergan, the maker of Botox, and Citigroup, which announced a $7 billion settlement with the Justice Department last month. It also sold its stakes in Google and its Chinese equivalent, Baidu, but maintained its position in Sotheby’s, where Mr. Loeb won three seats on the board after a long and bitter fight with management.

Walgreen, the drugstore chain, was the focus of many hedge fund managers. A group of shareholders that included Barry Rosenstein’s Jana Partners pushed the company to consider a tax inversion — effectively renouncing its United States citizenship — through a deal to take full control of the British pharmacy chain Alliance Boots, in which it held a 45 percent stake. Last week, the company agreed to acquire the rest of Alliance Boots but rejected an inversion.

On Thursday, Jana disclosed it had sold one million shares in Walgreen, reducing its stake to 11.1 million. Third Point bought 700,000 shares, building a new position in Walgreen, while Stanley Druckenmiller’s Duquesne Family Office maintained its position.

Traders who bet on Family Dollar were rewarded. Earlier this year, the billionaire activist Mr. Icahn agitated for Family Dollar to sell itself to Dollar General amid a competitive retail landscape. In July, Dollar Tree acquired Family Dollar. In the second quarter, John Paulson’s Paulson & Company placed a bet on Family Dollar, increasing its stake to eight millions shares.

Meanwhile, Third Point and Paulson & Company both raised their stakes in Dollar General to 1.3 percent, while Tiger Consumer and Thomas F. Steyer’s Farallon sold their shares.

Tiger Global Management, the fund founded by Chase Coleman, another protégé of Mr. Robertson, exited from sizeable stock positions it had in Coca-Cola Enterprises and Carter Inc., the children’s clothes manufacturer, in the second quarter. Meanwhile, the firm’s hedge fund added about 2.2 million shares to its existing position in Hertz Global Holdings, the rental car company. Mr. Coleman’s firm also opened a new two million share position in the Exact Sciences Corporation, a company that is developing products for detecting and preventing colorectal cancer.
Svea Herbst-Bayliss and Sam Forgione of Reuters also report, Top U.S. hedge funds up Walgreen shares; lose some taste for Apple:
Top U.S. hedge fund managers did some shopping for shares of discount retailer Dollar General Corp (DG.N) and drug store operator Walgreen Co (WAG.N) in the second quarter.

Daniel Loeb's Third Point added 1 million shares of Dollar General, raising his stake by 33 percent, while Blue Ridge Capital, founded by Tiger Cub John Griffin, nearly doubled its stake in Walgreen when it bought 2.8 million shares. That translated into 4.57 percent of the fund's portfolio.

Other fans of Walgreen included Andreas Halvorsen's Viking Global Investors, which still held more than 20 million shares as of June 30, albeit down from roughly 24 million shares the previous quarter. Aaron Cowen's Suvretta Capital Management had a 312,000 share stake.

Walgreen, which purchased a controlling stake in Britain's Alliance Boots, earlier this month decided not to relocate its corporate headquarters to Europe to save on taxes, a strategy known as inversion. It faced complications in pulling off the transaction, as well as heavy political pressure in the United States not to move.

On Aug. 5, the day before the company said it would not reincorporate in Europe, Walgreen shares traded as high as $72.76. On Thursday, the shares ended regular trading at $62.25.

Billionaire activist investor Carl Icahn, Family Dollar Stores' (FDO.N) largest shareholder with a 9.4 percent stake, wanted the company to sell itself to rival Dollar General in the face of stiff competition from big-box retailers such as Wal-Mart Stores Inc (WMT.N). But in July, Family Dollar agreed to sell itself to Dollar Tree Inc (DLTR.O).

Meanwhile, David Einhorn's Greenlight Capital reduced its Apple Inc (AAPL.O) stake to about 9.3 million shares, down from about 13.78 million shares, after adjusting for a seven-for-one stock split in June.

Apple long has been one of Einhorn's largest holdings and in a recent conference call, Einhorn said Apple was still "cheap on an absolute basis."

Blue Ridge Capital sold its entire stake, getting rid of 2.2 million shares.

But Leon Cooperman's Omega Advisors took a new stake in Apple of 1.3 million shares, while Soros Fund Management held 1.8 million shares at the end of the second quarter, up from 88,670 shares the previous quarter.

The quarterly disclosures of manager stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are always intriguing to investors trying to divine a pattern in what savvy traders are selling and buying.

But relying on the filings to develop an investment strategy comes with some peril because the disclosures are backward looking and come out 45 days after the end of each quarter.

Still, the filings offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side.

The filings do not disclose short positions, bets that a stock will fall in price. As a result, the public filings do not always present a complete picture of a manager's stock holdings.

The following are some of the hot stocks and sectors in which hedge fund managers either took new positions or exited existing positions in the second quarter.

ALLY FINANCIAL

John Paulson's Paulson & Co took a new 2 million share stake in Ally Financial (ALLY.N), and Soros Fund Management opened a new position of 1.5 million shares.

COVIDIEN PLC

Covidien (COV.N) is being bought by rival Medtronic Inc (MDT.N) in another inversion deal, in which Medtronic wants to move its headquarters to Ireland to take advantage of lower corporate tax rates.

Farallon opened a new position, buying 2.2 million shares.

DOLLAR GENERAL CORP

While Loeb's Third Point increased its stake in Dollar General, Farallon closed out its position, selling 3.2 million shares, and Omega Advisors sold its entire stake of 1.7 million shares. Tiger Consumer also liquidated its 814,723-share position, which had made up 2 percent of its portfolio.

DOW CHEMICAL CO

Third Point, already a big investor in Dow (DOW.N), increased its bet dramatically by buying 14.7 million shares, to raise his holdings by 204 percent. The company now ranks as Loeb's biggest U.S. stock holding, at nearly 14 percent of the portfolio.

EBAY INC

Barry Rosenstein's Jana Partners cut its stake in eBay (EBAY.O) by 2.9 million shares to 1 million shares.

FACEBOOK INC

Putnam Investments raised its holding in Facebook (FB.O) by 30 percent and bought 1.2 million shares. David Tepper's Appaloosa Management held 3.59 million shares as of the end of June 30, up from 478,500 shares as of March 31.

GENERAL MOTORS CO

Tepper's Appaloosa Management increased its stake in GM by 64.7 percent to 13 million shares as of the end of June 30. Putnam Investments increased its stake in GM (GM.N) by 13 percent when it bought 849,076 shares.

SIRIUS XM HOLDINGS INC

Jana Partners and Eric Mindich's Eton Park Capital Management sold their entire stakes in Sirius (SIRI.O) of 72.3 million shares and 11.2 million shares, respectively.

Omega Advisors cut its stake by 4 million shares to 82 million shares.

SEAWORLD ENTERTAINMENT INC.

Cooperman's Omega Advisors took a new stake of 1.1 million shares in SeaWorld (SEAS.N), but two sources familiar with the matter told Reuters on Thursday that Omega sold all of its SeaWorld shares "three weeks ago."

Jana Partners, meanwhile, took a new stake of 75,000 shares, while Mindich's Eton Park Capital Management took a new stake of 1.5 million shares.

WALGREEN CO

Stanley Druckenmiller's Duquesne Family Office held its stake in Walgreen's steady at 1.2 million shares, ranking it as the portfolio's third-largest position.

Jana Partners cut its stake by 1 million shares to 11.1 million shares. Third Point added a new position, buying 700,000 shares.

ZYNGA INC

Patrick McCormack's Tiger Consumer Management added a new position in Zynga (ZNGA.O), buying 18,062,145 shares.
What else did top hedge funds do in the second quarter? Reuters reports that top funds flocked to Allergan (AGN) during the second quarter betting on the takeover by Valeant Pharmaceuticals (VRX.TO).

More interestingly, Reuters also reports that Paulson & Co maintained its stake in the world's biggest gold-backed exchange-traded fund, SPDR Gold Trust (GLD), in the second quarter, while Soros Fund Management LLC sharply boosted his investment in gold mining stocks:
Legendary investor George Soros nearly doubled his ownership in a U.S. gold mining companies ETF and initiated new stakes in other gold producers, suggesting the big names in hedge funds continued to have confidence in the yellow metal.
What else? SAC Capital was disgraced and closed but Steve Cohen is doing just fine, printing money at his new fund, Point72 Asset Management. Cohen and his family rented a yacht off the Greek islands for a vacation this summer (smart man). The latest filings from SAC Capital only go back to Q1 but you can now view the top holdings of Point72 Asset Management (they are all new because it is a new fund but he carried many of these positions from SAC Capital).

It's that time of the year again when everyone gets a sneak peek into what top hedge funds and other top funds were buying and selling during the last quarter. The information is lagged by 45-days but it offers great insights into the risk-taking behavior of top funds and where they focused their attention.

As you will see below, I've beefed up my links to top funds, adding a few names you probably never heard of. I like peering into portfolios for ideas but I don't follow these funds blindly, buying or selling any of the stocks they buy or sell.

Why don't I just buy or sell what they've been buying or selling? Because I've gotten burned badly in the past and after you get double or triple penetrated a few times, you learn and literally say to yourself "f#%k these top hedge funds, they're nothing but overpaid, over-glorified asset gatherers."

I mean it, if you blindly follow these gurus, you'll get burned. In these markets, it's more important to analyze price action and understand global macro trends. When will interest rates rise? This has a lot of people scared but they keep getting it wrong because they don't understand that the bond market is more worried about deflation than inflation (the 10-year Treasury bond yield touched a low of 2.31% this morning and it's not just about "flight to safety").

As far as price action, I like looking at the YTD performance of stocks, the 12-month leaders, and 52-week highs. But to be very honest, I track over 2000 stocks in 80 industries/themes I developed and I see opportunities in the market every week.

For example, when Twitter (TWTR) fell below $30 a couple of months ago, I tweeted "top hedge funds are loading up and so should you." Have a look at who bought Twitter in Q2. You'll see JAT Capital Management significantly upped its stake. I happen to think barring a market crash,  this stock will surge past $100 in the next 12 months, maybe sooner.

What else? Shares of Kate Spade & Company (KATE) got slammed hard this week after they reported "margin pressure." If it's one thing I know is that you don't bet against a retail company catering to working women. Women are what makes the economy grow and I guarantee you Fidelity, Scout Capital Management and Fisher Asset Management upped their stake in this company.

There are plenty of other companies whose price action impresses me. Companies like Intel (INTC) and U.S. Steel (X) keep making new highs but might be overbought in the short-term. U.S. Steel was on my radar when it was trading at $20 and Citadel had a huge position there.

Speaking of Citadel, here is a snapshot of their top holdings for Q2, which pretty much looks a lot like other top hedge funds (click on image):


Citadel increased its top holding, Apple (AAPL), but it shed some of its stake in Citigroup (C). More interestingly, it significantly raised its stake in McKesson Corporation (MCK), a great company that always flies under the radar (somewhat overbought at these levels but check out the two-year chart).

Another closely watched fund is David Einhorn's Greenlight Capital.You can view this fund's top holdings below (click on image):


What I like about Einhorn is he has strong convictions on the long and short side. He has decreased his long exposure, trimming down on this top holdings of Micron (MU) and Apple (AAPL), but adding other names like Aetna (AET) and EMC (EMC). One top holding of his I like a lot at these levels is Marvell Technology Group (MRVL).

You can view the top holdings of other top funds by clicking on the links I provided below. Just remember the information is lagged by 45-days and many of these funds churn their entire portfolio often throughout the year while others hardly churn at all.

For most retail investors or hard-working risk-averse folks, you are all better off ignoring the hedge fund "gurus" and following the wise advice of Peter Lynch. Think about where you and others shop, bank and eat and stick to great companies that slowly grow their dividends as they grow. You should read my older comments on resurrecting your portfolio and why market timing is a loser's proposition.

But if you're like me and love taking big risks and can stomach insane volatility, use the big unwind and the recent geopolitical turmoil to load up on some risky stocks I recommended last week in my comment on the next structured finance collapse:
Now we're reading about hedge funds (ie. leveraged beta chasers) piling into "risk-sharing RMBS," which is a "new asset class" with an old twist. It's basically betting on unrated paper offered by the once bankrupt Freddie Mac (FMCC) and Fannie Mae (FNMA).

But times have changed. Both these government-controlled mortgage giants posted profits for the April-June period as the housing market continued to recover. Gains in recent years have enabled them to fully repay their government aid after being rescued during the financial crisis. And both entities are boosting their dividend to the U.S. Treasury in a clear sign of wanting to attract investors.

And as you can see below, their share price has soared over the last year (click on images):




And who has been buying shares of these once bankrupt mortgage giants? Who else? Some of the best known hedge funds. In particular, I noticed Bruce Berkowitz's Fairholme Capital Management is the top holder of both Freddie Mac and Fannie Mae shares. This is the same fund that made outsized gains buying AIG early on and they remain a top holder of that company too.

So maybe there is more to this housing/ mortgage recovery story than meets the eye but the structured finance side of it makes me nervous. I'd rather bet with Bruce Berkowitz on their shares recovering than taking leveraged bets on unrated paper in the RMBS market.

At 4.14%, the rate on a 30-year mortgage is down from 4.53% at the start of the year. Rates have fallen even though the Fed has been trimming its monthly bond purchases. The purchases are set to end in October.

As far as the overall market, geopolitical risks, fears of a global Ebola outbreak and low summer volume are making people nervous. Everyone is looking for a chance to cash out during this latest correction but I'm sticking firm with my thoughts which I expressed in my comment on preparing for another crash.

Importantly, there are always plenty of reasons to panic but the market has been steadily climbing the wall of worry each and every time. Do you remember when Greece teetered on the edge of default and everyone was worried that the eurozone was going to collapse? I do and told my readers to ignore the news media and keep buying them dips.

Of course, you can't buy the dips forever and in this market there are some stock specific dips which are worth buying and others that you have to steer clear from. When Twitter (TWTR) fell below $30 a share, I tweeted "top hedge funds are loading up and so should you!".  And what happened? Twitter killed their numbers and the stock is trading near $43 now. And wait, it ain't over, this stock will surge past $100 over the next 12 months because in a knowledge hungry world, Twitter will kill its social media competition, including Facebook (FB), which is all about vanity, not knowledge (rightly or wrongly, I still refuse to open up a Facebook account).

What else do I like? I already told you :
I still like biotechs (IBB and XBI), small caps (IWM), technology (QQQ) and internet shares (FDN). By the way, I particularly like Twitter (TWTR) and tweeted people to load up on it when it fell below $30 several weeks ago (stay long)...My personal portfolio remains in RISK ON mode, heavily invested in small cap biotechs like Idera Pharmaceutical (IDRA), my top holding at this moment (very volatile and extremely risky).
And there are plenty of other biotechs courtesy of the Baker Brothers and others which are on my radar. Companies like ACADIA Pharmaceuticals (ACAD), Pharmacyclics (PCYC), Seattle Genetics (SGEN), Synageva BioPharma Corp. (GEVA), Biocryst Pharmaceuticals (BCRX), Progenics Pharmaceuticals (PGNX), Synergy Pharmaceuticals (SGYP), TG Therapeutics (TGTX),  XOMA Corp (XOMA) and other biotechs that can easily double from here (but they remain very risky so don't bet the farm on them if you're risk averse).
Have fun peering into the portfolios of top funds below. Please remember to support my blog by subscribing or donating via PayPal at the top right-hand side of this web page. I know it's free but you can still show your appreciation for the tremendous work I do day in, day out.

Top multi-strategy and event driven hedge funds

As the name implies, these hedge funds invest across a wide variety of hedge fund strategies like L/S Equity, L/S credit, global macro, convertible arbitrage, risk arbitrage, volatility arbitrage, merger arbitrage, distressed debt and statistical pair trading.

Unlike fund of hedge funds, the fees are lower because there is a single manager managing the portfolio, allocating across various alpha strategies as opportunities arise. Below are links to the holdings of some top multi-strategy hedge funds I track closely:

1) Citadel Advisors


2) Balyasny Asset Management

3) Farallon Capital Management

4) Peak6 Investments

5) Kingdon Capital Management

6) Millennium Management

7) Eton Park Capital Management

8) HBK Investments

9) Highbridge Capital Management

10) Pentwater Capital Management

11) Och-Ziff Capital Management

12) Pine River Capital Capital Management

13) Carlson Capital Management

14) Mount Kellett Capital Management 

15) Whitebox Advisors

16) QVT Financial 

17) Visium Asset Management

18) York Capital Management

Top Global Macro Hedge Funds

These hedge funds gained notoriety because of George Soros, arguably the best and most famous hedge fund manager. Global macros typically invest in bond and currency markets but the top macro funds are able to invest across all asset classes, including equities.

Soros and Stanley Druckenmiller, another famous global macro fund manager with a long stellar track record, have converted their funds into family offices to manage their own money and basically only answer to themselves (that is the sign of true success!).

1) Soros Fund Management

2) Duquesne Family Office

3) Bridgewater Associates

4) Caxton Associates

5) Tudor Investment Corporation

6) Tiger Management (Julian Robertson)

7) Moore Capital Management

Top Market Neutral, Quant and CTA Hedge Funds

These funds use sophisticated mathematical algorithms to initiate their positions. They typically only hire PhDs in mathematics, physics and computer science to develop their algorithms. Market neutral funds will engage in pair trading to remove market beta.

1) Alyeska Investment Group

2) Renaissance Technologies

3) DE Shaw & Co.

4) Two Sigma Investments

5) Numeric Investors

6) Analytic Investors

7) Winton Capital Management

8) Graham Capital Management

9) SABA Capital Management

10) Quantitative Investment Management

Top Deep Value Funds and Activist Funds

These are among the top long-only funds that everyone tracks. They include funds run by legendary investors like Warren Buffet, Seth Klarman, Ron Baron and Ken Fisher. Activist investors like to make investments in companies where management lacks the proper incentives to maximize shareholder value. They differ from traditional L/S hedge funds by having a more concentrated portfolio.

1) Abrams Capital Management

2) Baron Partners Fund (click here to view holdings of other Baron funds)

3) Berkshire Hathaway

4) Fisher Asset Management

5) Baupost Group

6) Fairfax Financial Holdings

7) Fairholme Capital

8) Trian Fund Management

9) Gotham Asset Management

10) Sasco Capital

11) Jana Partners

12) Icahn Associates

13) Schneider Capital Management

14) Highfields Capital Management 

15) Eminence Capital

16) Pershing Square Capital Management

17) New Mountain Vantage  Advisers

18) Scout Capital Management

19) Third Point

20) Marcato Capital Management


21) Glenview Capital Management

22) Perry Corp

23) ValueAct Capital

24) Relational Investors

25) Roystone Capital Management

26) Scopia Capital Management

27) Vulcan Value Partners

28) Letko, Brosseau and Associates

29) Fiera Capital Corporation

30) West Face Capital

Top Long/Short Hedge Funds

These hedge funds go long shares they think will rise in value and short those they think will fall. Along with global macro funds, they command the bulk of hedge fund assets. There are many L/S funds but here is a small sample of some well known funds.

1) Appaloosa Capital Management

2) Tiger Global Management

3) Greenlight Capital

4) Maverick Capital

5) Pointstate Capital Partners 

6) Marathon Asset Management

7) JAT Capital Management

8) Coatue Management

9) Leon Cooperman's Omega Advisors

10) Artis Capital Management

11) Fox Point Capital Management

12) Jabre Capital Partners

13) Lone Pine Capital

14) Paulson & Co.

15) Brigade Capital Management

16) Discovery Capital Management

17) LSV Asset Management

18) Hussman Strategic Advisors

19) Cantillon Capital Management

20) Brookside Capital Management

21) Blue Ridge Capital

22) Iridian Asset Management

23) Clough Capital Partners

24) GLG Partners LP

25) Cadence Capital Management

26) Karsh Capital Management

27) Brahman Capital

28) Andor Capital Management

29) Silver Point Capital

30) Steadfast Capital Management

31) Brookside Capital Management

32) PAR Capital Capital Management

33) Gilder, Gagnon, Howe & Co

34) Brahman Capital

35) Bridger Management 

36) Kensico Capital Management

37) Kynikos Associates

38) Soroban Capital Partners

39) Passport Capital

40) Pennant Capital Management

41) Mason Capital Management

42) SAB Capital Management

43) Sirios Capital Management 

44) Hayman Capital Management

45) Highside Capital Management

46) Tremblant Capital Group

47) Decade Capital Management

48) T. Boone Pickens BP Capital 

49) Bronson Point Management

50) Senvest Partners


51) Point72 Asset Management (Steve Cohen after SAC Capital)
 

52) Viking Global Investors

53) Zweig-Dimenna Associates

Top Sector and Specialized Funds

I like tracking activity funds that specialize in real estate, biotech, retail and other sectors like mid, small and micro caps. Here are some funds worth tracking closely.

1) Baker Brothers Advisors

2) SIO Capital Management

3) Broadfin Capital

4) Healthcor Management

5) Orbimed Advisors

6) Deerfield Management

7) Sectoral Asset Management

8) Perceptive Advisors

9) Redmile Group

10) Bridger Capital Management

11) Southeastern Asset Management

12) Bridgeway Capital Management

13) Cohen & Steers

14) Cardinal Capital Management

15) Munder Capital Management

16) Diamondhill Capital Management 

17) Tiger Consumer Management

18) Geneva Capital Management

19) Criterion Capital Management

20) Highland Capital Management

21) Lee Munder Capital Group

Mutual Funds and Asset Managers

Mutual funds and large asset managers are not hedge funds but their sheer size makes them important players. Some asset managers have excellent track records. Below, are a few funds investors track closely.

1) Fidelity

2) Blackrock Fund Advisors

3) Wellington Management

4) AQR Capital Management

5) Sands Capital Management

6) Brookfield Asset Management

7) Dodge & Cox

8) Eaton Vance Management

9) Grantham, Mayo, Van Otterloo & Co.

10) Geode Capital Management

11) Goldman Sachs Group

12) JP Morgan Chase & Co.

13) Morgan Stanley

14) Manulife Asset Management

15) RCM Capital Management

16) UBS Asset Management

17) Barclays Global Investor

18) Epoch Investment Partners

19) Thornburg Investment Management

20) Legg Mason Capital Management

21) Kornitzer Capital Management

22) Batterymarch Financial Management

23) Tocqueville Asset Management

24) Neuberger Berman

25) Winslow Capital Management

26) Herndon Capital Management

27) Artisan Partners

28) Great West Life Insurance Management

29) Lazard Asset Management 

30) Janus Capital Management

31) Franklin Resources

32) Capital Research Global Investors

33) T. Rowe Price

34) First Eagle Investment Management

35) Hexavest

36) Frontier Capital Management

Pension Funds, Endowment Funds, and Sovereign Wealth Funds

Last but not least, I track activity of some pension funds, endowment funds and sovereign wealth funds. I like to focus on funds that invest in top hedge funds and have internal alpha managers. Below, a sample of pension and endowment funds I track closely:

1) Alberta Investment Management Corporation (AIMco)

2) Ontario Teachers' Pension Plan

3) Canada Pension Plan Investment Board

4) Caisse de dépôt et placement du Québec

5) OMERS Administration Corp.

6) British Columbia Investment Management Corporation (bcIMC)

7) Public Sector Pension Investment Board (PSP Investments)

8) PGGM Investments

9) APG All Pensions Group

10) California Public Employees Retirement System (CalPERS)

11) California State Teachers Retirement System (CalSTRS)

12) New York State Common Fund

13) New York State Teachers Retirement System

14) State Board of Administration of Florida Retirement System

15) State of Wisconsin Investment Board

16) State of New Jersey Common Pension Fund

17) Public Employees Retirement System of Ohio

18) STRS Ohio

19) Teacher Retirement System of Texas

20) Virginia Retirement Systems

21) TIAA CREF investment Management

22) Harvard Management Co.

23) Norges Bank

24) Nordea Investment Management

25) Korea Investment Corp.

26) Singapore Temasek Holdings 

27) Yale Endowment Fund

Below,
CNBC's Kate Kelly reports on David Tepper's 13F filing, as well as the holdings of Leon Cooperman and David Einhorn.You can view the top holdings of these three funds by clicking on the links above.

Tepper is nervous? I wouldn't be so quick to conclude this as he upped his stake in Facebook (FB) by more than 600% in Q2 and maintained or increased other risky positions. I think too many funds worried about another stock market crash will continue to underperform as they fail to understand the macro environment and the liquidity tsunami that has been unleashed by the Fed and other central banks. Enjoy your weekend and remember to support my blog, thanks! :)

No comments:

Post a Comment