Top Funds' Activity in Q2 2016
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.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.
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.
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.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.
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.
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.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.
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.
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.Svea Herbst-Bayliss of Reuters also reports, Loeb's Third Point makes more new bets on energy, cuts stake in Dow:
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)
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.And Matt Turner and Rachael Levy of Business Insider report, A giant hedge fund could be about to shake up Morgan Stanley:
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.
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%.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.
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.
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):
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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