Thursday, February 18, 2016

Top Funds' Activity in Q4 2015

Svea Herbst-Bayliss and Sam Forgione of Reuters report, Top U.S. hedge funds bet on Morgan Stanley and AIG:
Top U.S. hedge fund management firms, including Dan Loeb's Third Point LLC, took new positions in Morgan Stanley (MS.N) during the fourth quarter, ahead of the bank's cost-cutting measures and bond-management reshuffling.

Third Point purchased 3 million shares, while Carlson Capital bought 2.2 million shares to own 2.3 million shares during the last three months of 2015, regulatory filings showed Friday and Tuesday.

Adage Capital added to its position, buying 1.6 million shares to own 4.5 million shares at the end of the quarter, SEC filings showed.

So far this year, Morgan Stanley shares are down more than 27 percent. In January, Morgan Stanley named Sam Kellie-Smith to head its fixed-income trading unit as it seeks to turn around the struggling business. The bank said it was cutting 25 percent of its fixed income jobs because increased regulation has made trading bonds less profitable.

These hedge-fund SEC 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 investment opportunities.

The filings do not disclose short positions, or bets that a stock will fall. As a result, the public filings do not always present a complete picture of a management firm'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 stakes in the fourth quarter.


Omega Advisors increased its stake in the insurer by 731,200 shares to 4.1 million shares. Jana Partners, the hedge fund founded by Barry Rosenstein, bought 4.3 million shares with a market value of $263.6 million at the end of the quarter. So far this year, AIG shares are down 14.5 percent.

AIG has been facing pressure from activist investors Carl Icahn and John Paulson since October to split up, and last week nominated Paulson and an Icahn representative to serve on its board after posting two straight quarterly losses.

Icahn increased his stake in AIG in the fourth quarter to 42.2 million shares from 1.4 million shares.


Activist investor Jeff Smith's Starboard Value nearly doubled its holding in the healthcare company to 2.4 million shares. Hedge fund Visium Asset Management bought roughly 1 million shares to own 1.03 million shares. Fellow activist investor Jana Partners, however, had a different view, slashing its stake by half to own 5.7 million at the end of the quarter.


Farallon Capital Management sold its 4.5 million stake in the online marketplace. Meanwhile, Third Point cut its stake by 5 million shares to 4 million shares.


John Burbank's Passport Capital, one of 2016's best performers, opened a new position of 4.9 million shares in the industrial conglomerate.


Huber Capital trimmed its stake in the nutrition company by selling 96,800 shares to own 1.2 million shares now.


Jana Partners exited the car-rental company, selling 39.2 million shares.


Omega Advisors, overseen by Leon Cooperman and Steven Einhorn, sold its entire stake of 500,000 shares in the department store chain.


Farallon Capital Management took a new stake of 1.6 million shares in the maker of coffee-brewing machines.


Distressed investor Marc Lasry exited the bond insurer, selling 75,000 shares.


Some existing investors in candy and food maker Mondelez, which has caught the attention of activists Pershing Square Capital and Trian Partners, raised their stakes, including Passport Capital, which owned 1.2 million at the end of the quarter.

Zweig-Dimenna Associates bought 187,900 additional shares to own 394,650 shares. But Boston-based Adage Capital Partners cut its stake nearly in half, selling 2.2 million shares to own 2.7 million at the end of the quarter.


Jana added a new stake of 9.2 million shares in the drug maker. Suvretta Capital added 1.9 million shares to own 2.5 million. Omega Advisors cut its stake by 3.5 mln shares to 1.3 million shares.


Seth Klarman’s Baupost Group exited the stock of the oil and gas exploration company, selling 4.1 million shares. Senator Investment Group exited its 500,000-share position.


Activist investor Starboard Value cut its stake in the packaging company by 26 percent to 4.5 million shares.


Jana Partners took a new position of 3.8 million shares in the energy company.


Jet Capital added a new position, buying 2.1 million shares of the Internet company, while Carlson Capital bought 2.9 million shares, also a new position. Yahoo shares are down 18.7 percent year-to-date.


Serengeti took a new position in the restaurant company, buying 135,000 shares. Third Point slashed its stake by 11.5 million shares to just 75,300 shares.


Jana Partners sold 3.9 million shares to exit the animal health company, which was spun off by Pfizer.
Bill Peters of Investor's Business Daily also reports, Top Funds Reshuffle Apple, Facebook, Northrop Stock In Q4 Moves:
Shares of tech giants Apple (AAPL) and Facebook (FB) and defense giants Raytheon (RTN) and Northrop Grumman (NOC) saw notable action by top funds in the fourth quarter.

Here’s a roundup of who’s building or cutting their stake in what, following regulatory disclosures late Tuesday:
Greenlight Capital, Carl Icahn Shed Apple

Greenlight Capital, run by billionaire David Einhorn, cut its stake in Apple last quarter by around 46%, while the hedge fund unloaded its entire stake in Micron Technology (MU). The fund also added a stake in Macy’s (M).

Meanwhile, activist investor Carl Icahn reduced his stake in Apple by 7 million shares to 45.8 million shares. He previously has added to his stake in Apple as he pushed for a bigger investor payout from the iPhone maker.

Apple last month reported fiscal-Q1 iPhone sales that were essentially flat, and forecast its first sales drop in some 13 years as demand slows in China.

Apple shares closed up 1.5% in the stock market today. Micron jumped 5.7% after Mizuho upgraded the stock to buy, while Macy’s rallied 1.55%.
Tiger Global, However, Bulks Up On Apple

Hedge fund Tiger Global Management opened new positions in Apple and Priceline (PCLN).

The firm slashed its stake in Chinese auto-information website Autohome (ATHM), which has tempered its sales forecasts as China’s economy decelerates.

Priceline shares spiked 11.2% Wednesday after the company reported strong quarterly results. Autohome rose 2% after reporting strong Q4 results and guidance.
Soros Bails On Netflix, Facebook

Soros Fund Management, the investment fund run by billionaire financier George Soros, abandoned its stake in Netflix (NFLX) in Q4, raised its stake in Amazon (AMZN) and cut its stake in Facebook.

The fund also trimmed its stake in Dow Chemical (DOW) and rid itself of its positions in Chevron (CVX) and Chesapeake Energy (CHK), amid a collapse in commodity prices.

Netflix rallied 6.4%, Amazon gained 2.5%. Dow Chemical added 2.5%, Chevron climbed 4.1%, and Chesapeake rose 1%.
Duquesne Also Sheds Facebook Shares

Duquesne Family Office, run by former Soros employee Stanley Druckenmiller, lowered its stake in Facebook, but added stakes in Alphabet (GOOGL), Northrop Grumman and Raytheon to its portfolio.

Alphabet closed up 2%. Northrop rallied 3.2% a day after the government upheld its contract to build the long-range strike bomber for the Air Force. Raytheon ticked up 0.7%.
Nelson Peltz Cuts GM, DuPont Positions

Nelson Peltz’s Trian Fund Management shed its stake in Ingersoll-Rand (IR) and cut its stake in General Electric (GE) and DuPont (DD).

Ingersoll-Rand rose 1.4%, and GM gained 2.4%.
Elliott Moves Away From Media?

Elliott Management sold off its stakes in Comcast (CMCSA) and 21st Century Fox (FOXA). The investment firm, founded by Paul Singer, hiked its stake in metal giant Alcoa (AA).

Comcast rose 0.4%, while Fox surged 3.3% and Alcoa leapt 4.9%.
It's that time of the year again when we get to peek into the activity of top hedge funds, with a 45-day lag. And a lot has happened since the end of 2015 as most hedge funds got crushed, incapable of escaping the recent market carnage.

Worse still, the Financial Times reports that financial engineers are reverse engineering hedge funds' secret sauce and packaging it into low cost ETFs (something Bridgewater has been saying for a long time and even wrote a paper on Selling Beta as Alpha). The only ETF on gurus I know is the Global X Guru ETF (GURU) but it's performing as miserably as hedge funds and it's very illiquid.

What else? The Oracle of Omaha lost a little ground in the eighth year of his $1 million 10-year wager that an inexpensive plain stock index fund will outperform high-fee hedge funds. But, as Fortune's Carol Loomis reports in her annual update, Buffett still has a big lead.

Still, everyone wants to know what the real smart money is doing, especially top hedge funds which are typically able to deliver alpha (more like leveraged beta!) in good and bad times. This is why they are able to collect 2 & 20 in fees and amass extraordinary wealth which they can then use to fund Super PACs against progressive candidates like Bernie Sanders (I wonder what public sector unions funding these mega hedge funds via their pension contributions think of this).

Welcome to the crazy world of hedge funds! It's all so sexy, so fast-paced, that Andrew Ross Sorkin co-created a hit show called Billions so Joe and Jane Smith can be transported into this crazy world they can only dream of. And while I too am hooked on the show, loving the tension between Bobby "Axe" Axelrod and Charles "Chuck" Rhoades Jr., the show is full of shit and adds a lot of sauce to the real world of hedge funds and the "exciting lives" of their "larger than life" managers.

Anyways, you don't care about  Bobby the "Axe" Axelrod and some hit show on hedge funds. You're reading this comment because you're all hooked on the real life drama of crazy, schizoid markets and want to look at the portfolios of top funds to gain some insights on where they "invest" their clients' money.

You should start by reading my last quarterly comment covering top funds' activity. You can also read many articles on 13F filings on Barron's, Reuters, Bloomberg, CNBC, Forbes and other sites like Insider Monkey, Holdings Channel, and whale wisdom.

Those of you who want to delve more deeply into these filings can subscribe to services offered by market folly and 13D monitor whose principals also offer the 13D Activist Fund incorporating the best ideas from top activist funds. You can also track tweets from Hedgemind and subscribe to their services.

My favorite service for tracking top funds is Symmetric run by Sam Abbas and David Moon. In my opinion, Sam and David have created one of the best services to track hedge fund holdings and more importantly to dynamically rank hedge funds based on their holdings and their alpha generation. CNBC pro subscribers can read more on where they see hedge fund activity here and you should all read their latest blog comment here where they discuss top funds and crowded trades.

But when it comes to hedge funds, you need someone like me to grill the hell out of "superstar managers" and their positions. By the time I'm done with the Bobby "Axe" Axelrods of this world, they'll be glad it's over, feeling tired but also happy because my grilling is unlike anything they've ever experienced (just ask Ray Dalio).

When I used to sit in front of hedge fund managers, I was always polite but very prepared. Once I started asking questions, I'd listen carefully to their responses and often play devil's advocate using information from other hedge funds as well as my reading of macro trends.  If I didn't like something or was uncomfortable with a certain position, I definitely voiced my concerns.

And if they didn't like my questions and got annoyed or arrogant, I'd grill them even harder. It's one thing managing your own money, taking huge risks, but when you're managing institutional money and charging hefty fees, you better be able to answer tough questions on investment risk, operational risk and risk management even if you have skin in the game.

Some hedge fund managers are tired of dealing with institutions and regulators. A few are actively looking to convert their operations into a family office so they can run their own monies without the oversight of the SEC. George Soros, Carl Icahn, Stan Druckenmiller, Julian Robertson, Steve Cohen have done this but they're part of the few. Most hedge funds still need and want institutional billions so they can continue collecting that all-important 2% (or 1.5%) management fee in good and bad times.

And converting into a family office doesn't mean you can stop reporting your holdings, especially when you're managing billions.

Below, I provide you with links of top funds where you can look at their top holdings as of the end of last year. Keep in mind a lot of things have happened since then and it will be a lot more interesting to see what top funds bought and sold in Q1 2016 but that data won't be available till mid-May. This is why I keep you up-to-date with my market comments like here, here and here.

Still, there is a lot of information here and if you use it wisely, it can help you make decisions. For example, look at the top positions of Andreas Halvorsen's Viking Global Investors (click on image):

You will see the fund increased its stake in Teva Pharmaceuticals, Pioneer Natural Resources, and Valeant Pharmaceuticals. And Viking wasn't the only hedge fund buying more Valeant. Paulson Capital, Brahman Capital, and Iridian Asset Management all increased their stake in Valeant (see top holders of this stock here).

Now, we all heard about Bill Ackman's woes on Valeant, but when you see other top funds increasing their stake, you should start looking at the stock more closely for a possible pop (click on image):

Interestingly, the stock has been consolidating around its 50-week moving average but it's still technically weak and in a downtrend. I wouldn't touch it yet but if it reports good news, it can easily pop from here. And once momentum starts building in this biotech stock, watch out, it can move up very quickly as short sellers cover and big buyers come in.

But remember what I told you about hedge fund hotels. When big hedge funds clamor into a stock, it can turn out to be a disaster if things don't pan out the way they want. And when they exit a position, it's destruction all the way around (especially for the poor retail and institutional bag holders). That's why David Einhorn came out recently with his best advice: "Don't blindly follow me."

What else? Look at the top holdings of Icahn Associates (click on image):

Icahn is a heavy hitter who takes very concentrated bets. He's got real chutzpah with his money which is why people track his moves closely. But he's gotten whacked hard on many of his energy and commodity plays like Chesapeake and TransOcean. He also got clobbered on Freeport McMoran where he didn't sell a single share last quarter and remains the top holder with over 100 million shares (Icahn should of heeded his own dire warning of a looming catastrophe ahead and steered clear of or shorted these stocks).

Freeport's shares have bounced back from their lows but all these energy and commodity names swing wildly with the price of oil and they're all bets on a global recovery (click on image):

It's worth noting, however, that other well-known hedge fund managers dipped into energy and commodity names last quarter. Reuters reports that David Tepper's Appaloosa Management bet on the embattled energy sector during the fourth quarter, buying stocks including Kinder Morgan, Southwestern Energy Co., Freeport-McMoRan, and Williams Partners.

Given my outlook on global deflation and the new negative normal, I still recommend investors steer clear of energy and commodity names, but as I keep saying, there will be strong, tradeable countertrend rallies in these sectors and on specific stocks.

In these markets, you have to pick your spots carefully. If you want more information on how to use these 13-F filings properly or if you need help grilling Bobby the "Axe" Axelrod (lol), feel free to contact me at

More importantly, please take the time to donate or subscribe to my blog on the right hand side. There is nobody on this planet that covers pensions and investments quite like I do, and unlike these fabulously wealthy hedge fund asset gatherers, I'm not charging you 2 & 20 for leveraged beta, so get to it already and please donate or subscribe to show your support.

Have fun peering into the portfolios of top funds but be warned, in these markets, things move so fast that a lot of this information is useless or worse, deadly in the hands of amateurs. I'll add some funds over the next few days (feel free to send names not covered below).

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) Highland Capital Management

11) Pentwater Capital Management

12) Och-Ziff Capital Management

13) Pine River Capital Capital Management

14) Carlson Capital Management

15) Magnetar Capital

16) Mount Kellett Capital Management 

17) Whitebox Advisors

18) QVT Financial 

19) Perry Capital

20) Visium Asset Management

21) Weiss Multi-Strategy Advisors

22) York Capital Management

Top Global Macro Hedge Funds and Family Offices

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.

George Soros, Carl Icahn, Stanley Druckenmiller, Julian Robertson and now Steve Cohen have converted their hedge funds into family offices to manage their own money and basically only answer to themselves (that is my definition of true investment success).

1) Soros Fund Management

2) Icahn Associates

3) Duquesne Family Office (Stanley Druckenmiller)

4) Bridgewater Associates

5) Caxton Associates (Bruce Covner)

6) Tudor Investment Corporation

7) Tiger Management (Julian Robertson)

8) Moore Capital Management

9) Point72 Asset Management (Steve Cohen)

10) Bill and Melinda Gates Foundation Trust (Michael Larson, the man behind Gates)

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

11) Oxford Asset Management

Top Deep Value,
Activist, Event Driven and Distressed Debt 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. Distressed debt funds typically invest in debt of a company but sometimes take equity positions.

1) Abrams Capital Management

2) Berkshire Hathaway

3) Baron Partners Fund (click here to view other Baron funds)

4) BHR Capital

5) Fisher Asset Management

6) Baupost Group

7) Fairfax Financial Holdings

8) Fairholme Capital

9) Trian Fund Management

10) Gotham Asset Management

11) Fir Tree Partners

12) Elliott Associates

13) Jana Partners

14) Schneider Capital Management

15) Highfields Capital Management 

16) Eminence Capital

17) Pershing Square Capital Management

18) New Mountain Vantage  Advisers

19) Atlantic Investment Management

20) Scout Capital Management

21) Third Point

22) Marcato Capital Management

23) Glenview Capital Management

24) Apollo Management

25) Avenue Capital

26) Armistice Capital

27) Blue Harbor Group

28) Brigade Capital Management

29) Caspian Capital

30) Kerrisdale Advisers

31) Knighthead Capital Management

32) Relational Investors

33) Roystone Capital Management

34) Scopia Capital Management

35) ValueAct Capital

36) Vulcan Value Partners

37) Okumus Fund Management

38) Eagle Capital Management

39) Sasco Capital

40) Lyrical Asset Management

41) Gabelli Funds

42) Brave Warrior Advisors

43) Matrix Asset Advisors

44) Jet Capital

45) Starboard Value

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) Adage Capital Management

2) Appaloosa Capital Management

3) Greenlight Capital

4) Maverick Capital

5) Pointstate Capital Partners 

6) Marathon Asset Management

7) JAT Capital Management

8) Coatue Management

9) Omega Advisors (Leon Cooperman)

10) Artis Capital Management

11) Fox Point Capital Management

12) Jabre Capital Partners

13) Lone Pine Capital

14) Paulson & Co.

15) Bronson Point Management

16) Hoplite 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) New Mountain Vantage

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) Bloom Tree Partners

50) Cadian Capital Management

51) Matrix Capital Management

52) Senvest Partners

53) Falcon Edge Capital Management

54) Melvin Capital Partners

55) Owl Creek Asset Management

56) Portolan Capital Management

57) Proxima Capital Management

58) Tiger Global Management

59) Tourbillon Capital Partners

60) Impala Asset Management

61) Valinor Management

62) Viking Global Investors

63) Marshall Wace

64) York Capital Management

65) Zweig-Dimenna Associates

Top Sector and Specialized Funds

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

1) Armistice Capital

2) Baker Brothers Advisors

3) Palo Alto Investors

4) Broadfin Capital

5) Healthcor Management

6) Orbimed Advisors

7) Deerfield Management

8) BB Biotech AG

9) Ghost Tree Capital

10) Sectoral Asset Management

11) Oracle Investment Management

12) Perceptive Advisors

13) Consonance Capital Management

14) Camber Capital Management

15) Redmile Group

16) RTW Investments

17) Bridger Capital Management

18) Southeastern Asset Management

19) Bridgeway Capital Management

20) Cohen & Steers

21) Cardinal Capital Management

22) Munder Capital Management

23) Diamondhill Capital Management 

24) Cortina Asset Management

25) Geneva Capital Management

26) Criterion Capital Management

27) Daruma Capital Management

28) 12 West Capital Management

29) RA Capital Management

30) Sarissa Capital Management

31) SIO Capital Management

32) Senzar Asset Management

33) Sphera Funds

34) Tang Capital Management

35) Thomson Horstmann & Bryant

36) Venbio Select Advisors

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) Frontier Capital Management

36) Akre Capital Management

Canadian Asset Managers

Here are a few Canadian funds I track closely:

1) Letko, Brosseau and Associates

2) Fiera Capital Corporation

3) West Face Capital

4) Hexavest

5) 1832 Asset Management

6) Jarislowsky, Fraser

7) Connor, Clark & Lunn Investment Management

8) TD Asset Management

9) CIBC Asset Management

10) Beutel, Goodman & Co

11) Greystone Managed Investments

12) Mackenzie Financial Corporation

13) Great West Life Assurance Co

14) Guardian Capital

15) Scotia Capital

16) AGF Investments

17) Montrusco Bolton

18) Venator 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 Landon Dowdy takes a look at how some of the Street's biggest money managers are investing their funds. And CNBC's "Worldwide Exchange" crew discusses the morning's top attention-grabbing headlines, including a letter hedge fund investor Ray Dalio wrote to investors, stating to expect lower returns and higher risk (tell us something we don't know Ray!).

Lastly, Bloomberg View columnist Barry Ritholtz and Bloomberg's Julie Hyman examine the hedge fund winners and losers in the latest 13F filings. They speak on "Bloomberg Markets." Listen to Ritholtz, he's incredibly arrogant and annoying, but he says it like it is.

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