Tuesday, August 16, 2016

Top Funds' Activity in Q2 2016

Julia La Roche of Yahoo Finance reports, Legends of finance have big bets on the stock market going down:
Famous global macro hedge fund manager Paul Tudor Jones, the founder of Tudor Investment Corp, doubled-down on his bet against the stock market, according to his fund’s most recent 13-F filing.

During the second quarter, Tudor Investment bought put options on over 5.95 million shares of the SPDR S&P 500 ETF (SPY). The fund now owns puts on 8.34 million shares of the exchange-traded fund, making it the fund’s largest position, the filing shows.

Puts gain value when the price of an asset falls. Buying these SPY puts gives the fund the right, but not the obligation, to sell shares at a set price. If the S&P 500 or the ETF that it tracks falls, Tudor Investment should profit handsomely as it would effectively be able to buy at a low price and then sell at the put’s price.

Tudor Investment also owns call options on just over 1.43 million shares of the SPDR S&P 500 ETF. The fund added call options on approximately 420,700 more shares during the second quarter, the filing shows. Calls give the fund the right to buy at a certain set price.

Jones, who is famous for nailing the “Black Monday” October 1987 stock market crash, is not alone in his bet against the S&P.

Jones joined George Soros

Legendary hedge fund manager George Soros also doubled down on his bet against the S&P, buying put options on just over 1.9 million shares the SPDR S&P 500 ETF, making it so he owns puts on just over 4 million shares. It’s his fund’s biggest holding in the filing too.

Soros, 86, is widely known as the man who “broke the Bank of England” following his short bet against the British Pound in 1992 while running the Quantum Fund alongside Stanley Druckenmiller. Ahead of the June 23rd Brexit vote, Soros had warned that a decision to leave the EU would be more disruptive than “Black Wednesday.”

On June 30, the last day of the second quarter, Soros gave a grim speech to the EU Parliament where he highlighted these concerns.

Soros warned that the Brexit may be a “greater calamity” than the refugee crisis. He added that the UK’s shocking decision has “unleashed a crisis in the financial markets comparable in severity only to that of 2007/8.”

Markets initially sold off following the UK’s stunning decision to leave the EU. However, they have since rallied back. Stocks lately have been hitting all-time highs.

Hedge funds of a certain size are required to disclose their long stock holdings in filings known as 13-Fs. Of course, the filings only provide a partial picture since they do not show short positions or wagers on commodities and currencies. What’s more is these filings come out 45 days after the end of each quarter, so it’s possible they could have traded in and out of the position. Still, it does provide a glimpse into where some of the top money managers have been placing money in the stock market.
Things aren't not going well for Tudor Jones as Bloomberg reports the billionaire dismissed about 15 percent of the workforce in a shakeup at his hedge fund that’s reeling from more than $2 billion in investor withdrawals this year. And he's not the only macro fund reeling in this environment.

In my last comment on the stock market rally everyone hates, I stated the following:
So are the world's billionaires right to hoard so much cash? Maybe they've been listening to George Soros's dire warnings but so far he's been wrong on China and he was wrong calling for another 2008 crisis earlier this year and more recently, he was wrong about Brexit being a cataclysmic event.

In June, Soros came out of retirement to manage his fortune, a move that received a lot of attention in the press, and last week we learned Ted Burdick is stepping down as chief investment officer for Soros’s $25 billion family office after less than a year in the role:
Burdick, who had been head of distressed debt and arbitrage groups before his promotion in January, will remain in his current post until a replacement is found and then will return to running a credit portfolio at the firm, according to people familiar with the matter. Soros Fund Management is looking for a CIO candidate with experience in macroeconomic investing, said one of the people, asking not to be identified because the information is private.
What do I read into this latest CIO move at Soros Fund Management? Not much, Soros changes CIOs and portfolio managers more often than he changes his shoes. He's got a reputation for being ruthless when it comes to his internal and external managers.

But it's a tough macro environment and even the great George Soros is having difficulty making sense figuring out markets that are confounding smart money.

The question is Soros really bearish or is he playing everyone for fools while he goes long risk assets? This week I will go over top funds' activity for Q2 2016 in detail but one thing that worries me is the surging yen because it could trigger another crisis, in particular another Asian financial crisis. This is why back in early May I said it feels more like 1997 than 2007.
Now we know Soros doubled down on his bet against the S&P, buying put options on just over 1.9 million shares the SPDR S&P 500 ETF, making it his fund’s biggest holding in the filing.

What else do we know? Soros slashed his gold shares in the second quarter of 2016:
Soros Fund Management LLC sharply cut its shares in SPDR Gold Trust and Barrick Gold Corp in the second quarter of 2016, 13F-HR filings with the U.S. Securities and Exchange Commission showed on Monday.

The fund reduced its holdings in SPDR Gold Trust, the world's biggest gold exchange-traded fund, to 240,000 shares worth $30.4 million, from 1.05 million shares in the first quarter.

It cut its shares in Barrick Gold Corp to 1.07 million shares worth $22.9 million, from 19.4 million shares in the first three months of 2016, the filing showed.
Soros's bearish bets on the S&P have yet to pan out, which is why his fund is underperforming so far this year, but he wisely took his profits in gold shares during the second quarter of the year.

And he wasn't alone. Even Paulson & Co cut its stake in the gold-backed exchange-traded fund SPDR Gold Trust in the first quarter of 2016. I warned all you beware of anyone telling you to sell everything except gold!

It's that time of the year again when we all get to peek into the activity of top funds, with a 45-day lag. Unlike previous comments tracking top funds, I began this comment on a sobering macro note because too many people focus on what stocks to buy without paying attention to the macro environment, and this can cost them dearly.

Still, the way stocks have been grinding higher, making record highs, you wonder if the smart money is as smart as it claims or maybe it's just very confused, getting killed by central banks desperately trying to reflate risk assets at all cost.

That was my preamble to my comment on top funds' Q2 activity. You can read many articles on 13F filings on Barron's, Reuters, Bloomberg, CNBC, Forbes and other sites like Insider Monkey, Holdings Channel, and whale wisdom.

My favorite service for tracking top funds is Symmetric run by Sam Abbas and David Moon but there are other services offered by market folly and you can track tweets from Hedgemind and subscribe to their services too. I also like Dataroma which offers a lot of excellent and updated information on top funds and a lot more on insider activity and crowded trades (for free).

Julia La Roche of Yahoo Finance did a good job going over a lot of activity in her comment, Here are the stocks the hedge fund titans have been buying and selling:
The stocks that hedge funds bought and sold during the second quarter are being revealed throughout the day, and some big names have made big moves.

Hedge funds of a certain size are required to disclose their long stock holdings in filings known as 13-Fs. Of course, the filings only provide a partial picture since they do not show short positions or wagers on commodities and currencies. What’s more is these filings come out 45 days after the end of each quarter, so it’s possible they could have traded in and out of the position. Still, it does provide a glimpse into where some of the top money managers have been placing money in the stock market.

Facebook loses a friend

Billionaire David Tepper of Appaloosa Management sold his fund’s 1.62 million shares of Facebook (FB), while billionaire Daniel Loeb’s Third Point LLC bought 3.75 million shares of the social network in the second quarter, a position valued at $428,550,000 on June 30. Shares of Facebook have risen more than 9% since the end of the quarter. Year-to-date, the stock is up more than 19%.

Billionaire Julian Robertson’s Tiger Management reduced its position in Facebook in the quarter, selling 25,500 shares, leaving the fund with a 186,500 shares, a position valued at $21.3 million at the end of the quarter.

Citi gains favor

Billionaire value investor Seth Klarman of Baupost Group and billionaire Leon Cooperman of Omega Advisors both initiated new positions in Citigroup (C) in the second quarter. Shares of Citigroup have gained more than 9% since the end of the second quarter.

Omega’s Cooperman also initiated a new position in Netflix (NFLX), while Robertson’s Tiger Management exited its stake that it first initiated in the fourth quarter of 2014. Shares of Netflix saw a monstrous rise since Robertson opened his stake, climbing around 88% through the end of the second quarter. So far, shares of Netflix have risen close to 5% since the end of the second quarter.

Tiger Global’s public equities business also ditched its entire stake in Netflix, a position that had been worth around $1.8 billion at the end of the first quarter.

Baupost’s Klarman and Appaloosa’s Tepper both added to their stakes in Allergan (AGN) in the second quarter. The pharma stock has risen more than 9% since the end of the second quarter.

Funds split on Apple

Warren Buffett’s Berkshire Hathaway boosted its stake in Apple by 55%, bringing its position to north of 15.2 million shares from 9.8 million.

George Soros’ family-office hedge fund Soros Fund Management sold its entire stake in Apple during the second quarter. Soros had held 3,100 shares of Apple, which he bought in the first quarter.

Here’ a rundown of what the hedge fund titans have been buying and selling:

Appaloosa Management (David Tepper)
New: Western Digital (WDC)
Trimmed: HCA Holdings (HCA)
Added: Allergan (AGN), Alphabet (GOOG), Allstate Corp (ALL), Mohawk Industries (MHK), Western Digital (WDC)
Exited: Bank of America (BAC), Cabot Oil & Gas (COG), Southwestern Energy Company (SWN), Range Resources Corporation (RRC), Pfizer (PFE), Teekay Offshore Partners (TOO), Delta Airlines (DAL), Facebook (FB), Tenet Healthcare Corp (THC), United Rentals (URI), Antero Resources Corporation (AR), Valeant (VRX)

Baupost Group (Seth Klarman)
New: Citigroup (C), Liberty Ventures (LVNTA), The Liberty Braves Group (BATRK), Paratek Pharmaceuticals (PRTK), Cascadian Therpeutics (CASC), Och-Ziff Capital Management (OZM), The Liberty Braves Group (BATRA)
Trimmed:  Antero Resources (AR), PayPal Holdings (PYPL), Innoviva (INVA), NovaGold Resources (NG)
Added: EMC Corporation (EMC), Allergan (AGN)
Exited: La Quinta Holdings (LQ), Genworth Financial (GNW), Bellatrix Exploration (BXE)

JANA Partners (Barry Rosenstein)
New: Liberty Broadband Corporation (LBRDK), Coca-Cola European Partners (CCE), Expedia (EXPE), Harris Corp. (HRS), Pinnacle Foods (PF)
Trimmed: Walgreens Boots Alliance (WBA), ConAgra Foods (CAG)
Exited: Pfizer (PFE)

Omega Advisors (Leon Cooperman)
New: Arris Group (ARRS), Shire Plc (SHPG), Citigroup (C), Netflix (NFLX)
Trimmed: Realogy Holdings Corp (RLGY)
Added: PVH Corp (PVH), Chimera Investment Corporation (CIM), Ashland (ASH)
Exited: Sirius XM Radio (SIRI), Gilead Sciences (GILD)

Starboard Value (Jeff Smith)
New: Infoblox Inc (BLOX), Medivation Inc. (MDVN) Delek US Holdings (DK), Pinnacle Entertainment (PNK)
Trimmed: Darden Restaurants (DRI), Macy’s (M), Insperity (NSP), Four Corners Property Trust (FCPT)
Added: Advanced Auto Parts (AAP), WestRock (WRK), Brinks Company (BCO)
Exited: Aecom Technology Corp (ACM)
Svea Herbst-Bayliss of Reuters also reports, Loeb's Third Point makes more new bets on energy, cuts stake in Dow:
Billionaire investor Daniel Loeb's hedge fund Third Point added new bets in the energy and information technology sectors with investments in Whiting Petroleum Corp., Facebook and Activision Blizzard Inc, according to regulatory filings on Friday.

Third Point, which invests roughly $16 billion and is widely followed because of its years of strong returns, also made new bets on Tesoro Petroleum and Devon Energy Corp. Last month Loeb wrote to investors that savvy bets on the energy market had helped the portfolio gain 4.6 percent in the second quarter, beating the broader Standard & Poor's stock market.

"We came into the year with a short credit portfolio that we reversed sharply in February, getting long over $1B in energy credit," Third Point said in its latest quarterly letter to clients. Loeb also said he sold out of Amgen because he saw better opportunities in other companies.

Among Loeb's biggest holdings, he cut his stake in Dow Chemical Co by 20 percent as the firm sold 5 million shares. At the end of the second quarter he owned 20 million shares.

Third Point made nearly two dozen new investments in U.S. stocks, which were revealed in quarterly 13F filings made with the Securities and Exchange Commission.

The filings show what stocks funds owned at the end of the last quarter.

Third Point also exited Signet Jewelers, a widely owned stock that fell 34 percent in the second quarter.
And Matt Turner and Rachael Levy of Business Insider report, A giant hedge fund could be about to shake up Morgan Stanley:
Morgan Stanley may be about to get the activist-investor treatment.

ValueAct, the activist hedge fund run by Jeff Ubben, disclosed a chunky position in the stock in the fund's 13F filing
The fund bought 38 million shares in the second quarter, according to the filing. The stake is valued at over $1.1 billion at Morgan Stanley's current share price.

ValueAct is an activist fund, meaning that it takes stakes in companies and lobbies for changes — everything from a new CEO or a stock buyback — in order to increase stock value. The firm managed about $17.4 billion, including borrowed money, as of earlier this year, according to a regulatory filing.

Morgan Stanley, which has a valuation of about $56 billion, is by no means the largest company that ValueAct has targeted. It has also run campaigns against Microsoft, Adobe Systems, and Valeant Pharmaceuticals.

It isn't immediately clear what ValueAct will ask Morgan Stanley for. Bloomberg News cited a letter to the bank that praised its recent moves efforts to cut lending risks and raise capital. Bloomberg's Beth Jinks said that the letter described Morgan Stanley as an activist holding.

But The Wall Street Journal cited people familiar with the matter saying that ValueAct is not planning to ask for any major changes. An external spokeswoman for the hedge fund didn't immediately reply to a call seeking clarification.
Shares of Morgan Stanley rose in after-hours trading, gaining about 1.4%.

The bank has focused on wealth management under CEO James Gorman, and in the investment bank it has de-emphasized fixed-income trading.

It is a top player in traditional investment banking and equities, but is an also-ran in fixed income. The bank cut 25% of its fixed-income workforce last year.

The US Department of Justice sued ValueAct earlier this year, accusing it of violating premerger regulations relating to the proposed deal between Baker Hughes and Halliburton in 2014. In July, ValueAct settled the case for $11 million, the highest ever settlement for that charge. ValueAct previously said that it "fundamentally disagrees" with the DOJ's interpretation.
Anyways, those of you who want to read more articles on 13F filings can do so by going to Barron's, Reuters, Bloomberg, CNBC, Forbes and other sites like Insider Monkey, Holdings Channel, and whale wisdom.

Below, I provide you with links which take you directly to the top holdings of various top funds I track as well as mutual fund giants, endowments and pensions. 

I want you to start using this information as a tool, not to mimic these funds blindly, but to understand how they invest and why. 

For example, I trade volatile biotech shares and one of my favorite biotech funds is Kevin Kotler's Broadfin Capital. The fund has roughly $1 billion of assets under management spread over 72 positions. You can view Broadfin's top holdings as of the end of June below (click on image):

You can click on each position to see which other fund holds the company. You can also click on the tabs at the top of each column, in particular, click on the top fifth column on Change (%) twice to see where the fund increased its holdings (click below):


You can do this for every fund in the list below and if you know how to trade markets and are aware of funds adding positions to stocks that got clobbered, you can make excellent money using this information, especially if the beta wind is blowing in the right direction

In addition to this, I regularly look at the YTD performance of stocks, the 12-month leaders, the 52-week highs and 52-week lows. I also like to track the most shorted stocks and highest yielding stocks in various exchanges and I have a list of stocks I track in over 100 industries/ themes to see what is moving in real time.

Do I use the information provided in 13F filings? Yes but I'm careful and want to see if top funds are adding or maintaining to positions that got whacked hard. I also use technical indicators and often buy dips of stocks when they get clobbered before this information becomes available, especially if I know it's a top holding of a top fund.

For example, when Keryx Biopharmaceuticals recently got hit and fell from $7+ to $4, I used that dip to initiate a position knowing it's a top holding of Seth Klarman and David Abrams.

Let me give you another example, I was looking at the top holders of Synergy Pharmaceuticals (SGYP) and noticed that Paulson & Co significantly increased its stake in Q2, which ended up being a great move as the stock is breaking out here (click on image):


All great, however, in these markets, don't chase stocks, you'll get burned, wait patiently and find the right opportunity to buy or add on dips. But again that is easier said than done and if you have no experience trading, scaling in and out of positions, you're better off diversifying your portfolio using stock and bond exchange-traded funds (ETFs).

Enjoy going through the holdings of top funds below but don't take this stuff too seriously, it's a dynamic market where things constantly change and even the best of the best managers find it tough making money in these schizoid markets.

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) Paloma Partners

20) Perry Capital

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 Kovner)

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) Gabelli Funds

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) Schneider Capital Management

36) ValueAct Capital

37) Vulcan Value Partners

38) Okumus Fund Management

39) Eagle Capital Management

40) Sasco Capital

41) Lyrical Asset Management

42) Gabelli Funds

43) Brave Warrior Advisors

44) Matrix Asset Advisors

45) Jet Capital

46) Conatus Capital Management

47) Starboard Value

48) Pzena Investment Management

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 LP

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) Tide Point 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

37) Ecor1 Capital

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 Kate Kelly takes a look at how several big investors re-arranged their holdings last quarter in the latest 13F filings. Kelly also reported on the latest of 13F filings and Appaloosa Management founder David Tepper's guarded mindset on the markets.

Kelly also reports with its flagship fund down more than 2 percent for the year, the hedge fund Tudor Investment is undergoing a major series of layoffs which could ultimately amount to a reduction of more than 20 percent of the staff. Like I said, these are hard times in Hedge Fundistan

Those of you who want to read my latest market thoughts should take the time to read my last comment on the stock rally everyone loves to hate.

Lastly, please remember to show your support for this blog by donating or subscribing via PayPal at the top right-hand side. Thank you and always be careful trading these markets, it's a jungle out there!



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