Top Funds' Activity in Q3 2019

Wayne Duggan of Benzinga reports on the Q3 13F roundup looking into how Buffett, Einhorn, Ackman and others adjusted their portfolios:
The latest round of 13F filings from institutional investors is out, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling.

Takeaways From 13F Season

Investors who follow particular fund managers can easily look up what each was buying and selling in the quarter, but other investors may be more interested in overall themes from 13F filings. Overall, it appears buying and selling among fund managers was split relatively evenly in the third quarter.
  • Surprisingly, despite a 27.1% drop in Netflix, Inc. (NASDAQ: NFLX) shares in the third quarter, no major fund manager mentioned below was buying or selling shares.
  • The FANG group didn’t get much attention at all in the third quarter aside from David Tepper buying Facebook, Amazon and Google.
  • Carl Icahn took a gamble on Caesars Entertainment, while George Soros dialed back his position.
  • Several fund managers made major adjustments to their ETF positions, including Tepper selling the XOP ETF, Leon Cooperman buying the GLD ETF, and Soros selling both the QQQ and the IWB funds.
  • As interest rates fell, dividend stocks were getting some love this quarter, with fund managers buying stocks like General Motors, BP and Carnival, each of which yield more than 4%.
Here’s a rundown of how the smart money was playing some of the most popular stocks last quarter.

David Einhorn’s Greenlight Capital

Notable Q3 Buys/Increases:
  • Chemours Co (NYSE: CC)
  • Brighthouse Financial Inc (NASDAQ: BHF)
  • General Motors Company (NYSE: GM)
  • Neubase Therapeutics Inc (NASDAQ: NBSE)
  • Adient PLC (NYSE: ADNT)
David Tepper’s Appaloosa Management
  • Hilton Grand Vacations Inc (NYSE: HGV)
  • KAR Auction Services Inc (NYSE: KAR)
  • Valaris PLC (NYSE: VAL)
  • Dillard's, Inc. (NYSE: DDS)
Notable Q3 Buys/Increases:
  • Alphabet Inc Class C (NASDAQ: GOOG)
  • Micron Technology, Inc. (NASDAQ: MU)
  • Alibaba Group Holding Ltd - ADR (NYSE: BABA)
  • Facebook, Inc. (NASDAQ: FB)
  • Amazon.com, Inc. (NASDAQ: AMZN)
  • PG&E Corporation (NYSE: PCG)
  • Boeing Co (NYSE: BA)
Notable Q3 Sells/Reductions:
  • SPDR S&P Oil & Gas Explore & Prod. (NYSE: XOP)
Leon Cooperman’s Omega Advisors

Notable Q3 Buys/Increases:
  • Fiserv Inc (NASDAQ: FISV)
  • SPDR Gold Trust (NYSE: GLD)
  • Nabors Industries Ltd. (NYSE: NBR)
  • Carnival Corp (NYSE: CCL)
  • Navient Corp (NASDAQ: NAVI)
Notable Q3 Sells/Decreases:
  • Nielsen Holdings PLC (NYSE: NLSN)
  • Thermo Fisher Scientific Inc. (NYSE: TMO)
  • AMC NETWORKS INC (NASDAQ: AMCX)
Barry Rosenstein’s Jana Partners
Notable Q3 Buys/Increases:
  • Instructure Inc (NYSE: INST)
  • Bloomin' Brands Inc (NASDAQ: BLMN)
Notable Q3 Sells/Reductions:
  • Axalta Coating Systems Ltd (NYSE: AXTA)
  • Zimmer Biomet Holdings Inc (NYSE: ZBH)
  • HD Supply Holdings Inc (NASDAQ: HDS)
  • Jack in the Box Inc. (NASDAQ: JACK)
  • Falcon Minerals Corp (NASDAQ: FLMN)
Jeff Smith’s Starboard Value
Notable Q3 Buys/Increases:
  • Perrigo Company PLC (NYSE: PRGO)
  • Natus Medical Inc (NASDAQ: NTUS)
  • Marvell Technology Group Ltd. (NASDAQ: MRVL)
  • Dollar Tree, Inc. (NASDAQ: DLTR)
  • Cars.com Inc (NYSE: CARS)
Notable Q3 Sells/Reductions:
  • Box Inc (NYSE: BOX)
Warren Buffett’s Berkshire Hathaway
Notable Q3 Buys/Increases:
  • Occidental Petroleum Corporation (NYSE: OXY)
  • Restoration Hardware Holdings, Inc (NYSE: RH)
Notable Q3 Sells/Reductions:
  • Wells Fargo & Co (NYSE: WFC)
  • Apple Inc. (NASDAQ: AAPL)
  • Phillips 66 (NYSE: PSX)
  • Sirius XM Holdings Inc (NASDAQ: SIRI)
George Soros’ Soros Fund Management
Notable Q3 Buys/Increases:
  • Peloton Interactive Inc (NASDAQ: PTON)
  • Ally Financial Inc (NYSE: ALLY)
  • BP plc (NYSE: BP)
  • Citigroup Inc (NYSE: C)
  • Celgene Corporation (NASDAQ: CELG)
Notable Q3 Sells/Reductions:
  • PowerShares QQQ Trust, Series 1 (NASDAQ: QQQ)
  • Caesars Entertainment Corporation (NASDAQ: CZR)
  • Walt Disney Co (NYSE: DIS)
  • iShares Russell 1000 Index (NYSE: IWB)
  • Morgan Stanley (NYSE: MS)
  • Slack Technologies Inc (NYSE: WORK)
  • LYFT Inc (NASDAQ: LYFT)
Carl Icahn’s Icahn Capital
Notable Q3 Buys/Increases:
  • HP Inc (NYSE: HPQ)
  • Cloudera Inc (NYSE: CLDR)
  • Icahn Enterprises LP (NASDAQ: IEP)
  • Hertz Global Holdings Inc (NYSE: HTZ)
  • Conduent Inc (NYSE: CNDT)
  • Caesars Entertainment
Notable Q3 Sells/Reductions:
  • Cheniere Energy, Inc. (NYSE: LNG)
  • Freeport-McMoRan Inc (NYSE: FCX)
  • Occidental Petroleum
Bill Ackman’s Pershing Square Capital
Notable Q3 Buys/Increases:
  • Berkshire Hathaway Inc. Class B (NYSE: BRK-B)
Notable Q3 Sells/Reductions:
  • Automatic Data Processing (NASDAQ: ADP)
  • Chipotle Mexican Grill, Inc. (NYSE: CMG)
  • Hilton Hotels Corporation (NYSE: HLT)
  • Restaurant Brands International Inc (NYSE: QSR)
  • Lowe's Companies, Inc. (NYSE: LOW)
  • United Technologies Corporation (NYSE: UTX)
Nelson Peltz’s Trian Partners
Notable Q3 Buys/Increases:
  • Procter & Gamble Co (NYSE: PG)
  • MONDELEZ INTERNATIONAL INC (NASDAQ: MDLZ)
  • Legg Mason Inc (NYSE: LM)
  • General Electric Company (NYSE: GE)
Notable Q3 Sells/Decreases:
  • PPG Industries, Inc. (NYSE: PPG)
  • Wendys Co (NASDAQ: WEN)
  • Bank of New York Mellon Corp (NYSE: BK)
It's that time of the year again when we get a sneak peek at what the world's richest and most powerful fund managers bought and sold last quarter, with the customary 45-day lag.

Before we begin, I'm going to warn you once again to take all this 13F stuff with a grain of salt as markets are continuously moving for all sorts of reasons and blindly buying what the "gurus" bought last quarter can lead you into a whole lot of trouble.

Also, before I share with you more insights on top funds' activity, I thought I'd share some very simple technical analysis advice with all you newbies and some of you veterans who really don't know how to analyze stock movements properly.

Let's begin by looking at shares of Apple (AAPL) which have been on a tear this year. I want you to go to Stockcharts.com and type in the symbol "AAPL" at the very top of the page where it prompts you type in symbol or name.

I took a screenshot of what should appear on your tablet or computer (click on image):


As you can see, the default settings are daily (at the top) and they include moving averages (defaults are 50 and 200-day moving averages) as well as the relative strength indicator (RSI) which is above the chart and moving average divergence/convergence indicator (MACD) which is below the chart. The RSI and MACD have their own defaults below the moving averages which I show you below:


The important thing to remember is these defaults are based on daily price signals, which is fine when looking at short-term movements of stocks.

What do the RSI and MACD picture on the daily chart of Apple tell me? They tell me the stock is overbought on a short-term basis and is due for a correction as the Both the RSI and MACD is weakening.

Now, I am going to change the daily default at the top to "weekly" and add a 20-week moving average and change the period where it says "fill in the range" to go back five years and then click on "update".

You can all easily do this, I can teach a six-year-old child to do it. Here is the chart you will see once you change these settings (click on image):


Again, this is a very bullish chart, shares of Apple remain above their 20, 50 and 200-week moving averages and unlike the daily chart, the weekly RSI and MACD are overbought but not turning down, signalling more gains are likely ahead.

I typically use 5-year weekly charts to go over any stock and make quick decisions as to whether it's overbought, oversold or getting set to rip higher or plunge lower.

[Note: if you're a paying subscriber to Stockcharts.com, you can even do this analysis using monthly indicators going back a lot further.]

This doesn't mean shares of Apple will go higher as I firmly believe the big money in Apple was already made this year, but it shows you how momentum feeds stocks and once a certain level is breached, they can go a lot higher than your daily charts suggest.

Now, let me share something else with you but to do this, we need to go to the old Nasdaq website which is available here. The new Nasdaq website doesn't contain the fund data yet.

Anyway, again enter the Apple's symbol (AAPL) at the very top of the page and it will take you to this page where you will see this (click on image):


Now, see that blue box on the left-hand side, scroll all the way to the bottom and click on "Institutional Holdings" to take you to this page where you will see this:


On this page, you see the top holders of Apple shares. Obviously, given its weighting in the overall indexes, ETF providers like Vanguard and BlackRock are the top holders followed by Warren Buffett's Berkshire which comes in number 3.

You will notice Buffett didn't sell his large stake in Apple in Q3 (marginally sold some but it's trivial), but this doesn't tell us what his fund is doing right now as I write this comment.

For all we know, he might be booking profits right now after this incredible run-up or he might wait till Q1 2020 to sell a sizable stake (I'd be booking my profits just based on my technical analysis above but Buffett may have an in-depth fundamental story as to why he thinks shares remain considerably undervalued at these levels. Interestingly, Buffett is sitting on $128 billion, raising questions about whether the market is overvalued).

Anyway, when I click on the column heading "Change (%)" twice I get to this page where I can see which funds added big to their Apple holdings during the last quarter:


Sometimes this data is wonky. For example, Berkshire is at the top but it didn't add big last quarter as Buffett already held those shares and didn't add big last quarter.

But I did notice top hedge funds like Bluecrest Capital Management run by Michael Platt (it returned all outside capital to investors in 2015 but is still widely followed) and Balyasny Asset Management run by Dmitry Balyasny.

Keep in mind, these are top hedge funds but it's also important to note that many of them have struggled this year. Last month, Bloomberg published an article on how Steve Cohen's Point72 and Balyasny led decline among big multi-strategy funds.

You might be surprised to learn in a year where stocks are melting up, a lot of top hedge funds are struggling and some, like Louis Bacon's Moore Capital Management, are closing shop after disappointing returns in his top funds.

Believe it or not, this is a very brutal environment for top hedge funds. Central banks have made their lives miserable and consequently, many are forced to close their doors (but many elite funds are doing just fine and the ones that are closing have bilked their clients on fees over many years so don't shed a tear for them).

Anyway, before I end this comment with the list of links to top funds' Q3 activity, I thought it would be useful to look at some of the stocks in biotech land that that caught my attention lately, namely, Arrowhead Pharmaceuticals (ARWR) and Clovis Oncology (CLVS):



Clovis has literally come back from a death spiral over the last 5 trading sessions, almost doubling in share price, and not surprisingly, Arrowhead is one of the best-performing stocks this year:


I can literally kick myself because at one point I owned 5,000 shares of Arrowhead at $5 just like at one point I owned 5,000 shares of Mirati Therapeutics (MRTX) at $5 a share and just like Arrowhead, sold it way too early:


Another biotech stock that shot up big recently was Karuna Therapeutics (KRTX), another one of the best-performing stocks this year, soaring after reporting an upbeat trial results of schizophrenia treatment:


By the way, my father and brother are both psychiatrists, haven't asked them about this drug but one thing I do know is schizophrenia is a notoriously difficult illness to treat and there haven't been any breakthrough treatments in decades (hope this drug is a game changer but I remain cautious).

The problem with biotechs is they're binary -- you can make a killing but most of the time you'll lose your shirt (and underwear) -- and even the best biotech funds get whacked hard on some their picks. Witness what happened to La Jolla Pharmaceutical (LJPC) this week:


I almost bought this stock a month ago thinking it is breaking out but thank God I forgot about it and didn't touch it! (probably a good time to buy 1000 shares and forget about it)

One stock that burned me this year following the opioid litigation was Teva Pharmaceuticals (TEVA) which is owned by Buffett's Berkshire (his lieutenant bought it, not him) and David Abrams:


Shares of Teva have been coming back lately but it's way too early to jump back in based on that weekly chart above and the stock has been very frustrating to say the least because of all the headline risk. Still, I am tracking this company very closely as I really like its long-term prospects.

Anyway, all this to show you never follow stock gurus blindly, most of the time, you'll get burned badly. If you enter any position, make sure you haver a clear exit strategy following gains or losses.

This is why most investors don't invest in individual stocks, preferring to invest in the total market (SPY) or in sector ETFs, like Technology (XLK) which has been on fire this year led by stocks like Apple and Microsoft (MSFT) which is also on a tear this year (these two stocks make up 40% of the technology ETF):



Now, if I told you last year, tech shares would surge 42% this year as we enter December, you would have said I'm crazy and rightfully so, but that's where we are going into year-end.

Truth be told, the macro backdrop is great for growth stocks. All that central bank easing (not just the Fed but all central banks) is providing ample liquidity which is going into risk assets like stocks and corporate bonds.

Add a bit of year-end FOMO (fear of missing out) and presto, stocks have quietly melted up in the last quarter of the year, a 180 degree reversal from last year when stocks got killed in Q4.

On that note, have fun looking at the latest quarterly activity of top funds listed below. The links take you straight to their top holdings and then click on the column head "Change (%)" to see where they increased and decreased their holdings (you have to click once or twice to see).

I added Orbis to my list of funds as I recently met two representatives of this fund in Montreal and was very impressed with the history, core values, approach and especially alignment of interests which includes refundable fees.

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. Below are links to the holdings of some top multi-strategy hedge funds I track closely:

1) Appaloosa LP

2) Citadel Advisors

3) Balyasny Asset Management

4) Point72 Asset Management (Steve Cohen)

5) Peak6 Investments

6) Kingdon Capital Management

7) Millennium Management

8) Farallon Capital Management

9) HBK Investments

10) Highbridge Capital Management

11) Highland Capital Management

12) Hudson Bay Capital Management

13) Pentwater Capital Management

14) Och-Ziff Capital Management

15) Carlson Capital Management

16) Magnetar Capital

17) Whitebox Advisors

18) QVT Financial 

19) Paloma Partners

20) Weiss Multi-Strategy Advisors

21) 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 across fixed income, currency, commodity and equity markets.

George Soros, Carl Icahn, Stanley Druckenmiller, Julian Robertson  have converted their hedge funds into family offices to manage their own money.

1) Soros Fund Management

2) Icahn Associates

3) Duquesne Family Office (Stanley Druckenmiller)

4) Bridgewater Associates

5) Pointstate Capital Partners 

6) Caxton Associates (Bruce Kovner)

7) Tudor Investment Corporation (Paul Tudor Jones)

8) Tiger Management (Julian Robertson)

9) Discovery Capital Management (Rob Citrone)

10 Moore Capital Management

11) Element Capital

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

Top Quant and Market Neutral Hedge Funds

These funds use sophisticated mathematical algorithms to make their returns, typically using high-frequency models so they churn their portfolios often. A few of them have outstanding long-term track records and many believe quants are taking over the world. 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. Some are large asset managers that specialize in factor investing.

1) Alyeska Investment Group

2) Renaissance Technologies

3) DE Shaw & Co.

4) Two Sigma Investments

5) Cubist Systematic Strategies (a quant division of Point72)

6) Numeric Investors now part of Man Group

7) Analytic Investors

8) AQR Capital Management

9) Dimensional Fund Advisors

10) Quantitative Investment Management

11) Oxford Asset Management

12) PDT Partners

13) Angelo Gordon

14) Quantitative Systematic Strategies

15) Quantitative Investment Management

16) Bayesian Capital Management

17) SABA Capital Management

18) Quadrature Capital

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 (the one-man wealth machine)

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) Polaris 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) Viking Global Investors

3) Greenlight Capital

4) Maverick Capital

5) Pointstate Capital Partners 

6) Marathon Asset Management

7) Tiger Global Management (Chase Coleman)

8) Coatue Management

9) D1 Capital Partners

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) Honeycomb Asset Management

27) New Mountain Vantage

28) Penserra Capital Management

29) Eminence 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) Suvretta Capital Management

49) Bloom Tree Partners

50) Cadian Capital Management

51) Matrix Capital Management

52) Senvest Partners

53) Falcon Edge Capital Management

54) Park West Asset Management

55) Melvin Capital Partners

56) Owl Creek Asset Management

57) Portolan Capital Management

58) Proxima Capital Management

59) Tourbillon Capital Partners

60) Impala Asset Management

61) Valinor Management

62) Marshall Wace

63) Light Street Capital Management

64) Rock Springs Capital Management

65) Rubric Capital Management

66) Whale Rock Capital

67) York Capital Management

68) 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) Avoro Capital Advisors (formerly Venbio Select Advisors)

2) Baker Brothers Advisors

3) Perceptive Advisors

4) Broadfin Capital

5) Healthcor Management

6) Orbimed Advisors

7) Deerfield Management

8) BB Biotech AG

9) Birchview Capital

10) Ghost Tree Capital

11) Sectoral Asset Management

12) Oracle Investment Management

13) Palo Alto Investors

14) Consonance Capital Management

15) Camber Capital Management

16) Redmile Group

17) RTW Investments

18) Bridger Capital Management

19) Boxer Capital

20) Bridgeway Capital Management

21) Cohen & Steers

22) Cardinal Capital Management

23) Munder Capital Management

24) Diamondhill Capital Management 

25) Cortina Asset Management

26) Geneva Capital Management

27) Criterion Capital Management

28) Daruma Capital Management

29) 12 West Capital Management

30) RA Capital Management

31) Sarissa Capital Management

32) Rock Springs Capital Management

33) Senzar Asset Management

34) Southeastern Asset Management

35) Sphera Funds

36) Tang Capital Management

37) Thomson Horstmann & Bryant

38) Ecor1 Capital

39) Opaleye Management

40) NEA Management Company

41) Great Point Partners

42) Tekla Capital Management

43) Van Berkom and Associates

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 (Bill Miller)

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

37) Brandywine Global

38) Brown Capital Management

39) Victory Capital Management

40) Orbis

Canadian Asset Managers

Here are a few Canadian funds I track closely:

1) Addenda Capital

2) Letko, Brosseau and Associates

3) Fiera Capital Corporation

4) West Face Capital

5) Hexavest

6) 1832 Asset Management

7) Jarislowsky, Fraser

8) Connor, Clark & Lunn Investment Management

9) TD Asset Management

10) CIBC Asset Management

11) Beutel, Goodman & Co

12) Greystone Managed Investments

13) Mackenzie Financial Corporation

14) Great West Life Assurance Co

15) Guardian Capital

16) Scotia Capital

17) AGF Investments

18) Montrusco Bolton

19) CI Investments

20) Venator Capital Management

21) Van Berkom and Associates

22) Formula Growth

23) Hillsdale Investment Management

Pension Funds, Endowment Funds, and Sovereign Wealth Funds

Last but not least, I the track activity of some pension funds, endowment 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 (BCI)

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, Berkshire Hathaway's 13F SEC form is out and it revealed its stake in Restoration Hardware (RH) is worth about $210 million. CNBC's Leslie Picker reports.

As shown below, the stock has been on fire since bottoming out in late June, so I wouldn't chase it here even if Mr. Buffett increased his stake:


Second, hedge Fund legend Louis Bacon is calling it quits after three decades. CNBC's Leslie Picker reports. Like I said above, it's a brutal market and even the best of the best are having a tough time “delivering alpha” (who needs alpha when you’re getting ten years of outstanding beta and finding great active managers is becoming harder and harder?).

Lastly, Ian Lyngen, head of U.S. rate strategy at BMO Capital Markets, and David Zervos, chief market strategist at Jefferies, join "Squawk on the Street" to discuss the record-setting market.

Listen carefully to David Zervos, he explains why stocks have been on a tear lately.


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