Top Funds' Activity in Q3 2021

Ksenia Galouchko of Bloomberg News reports top fund managers make biggest bet on US stocks since 2013:

Global fund managers are ending the year with the biggest overweight in U.S. stocks since August 2013 as risk appetite outweighs inflation and tapering woes.
According to a Bank of America Corp. survey conducted Nov. 5 to 11, investors are now more constructive on global growth and earnings, and 51% expect lower inflation. Fund managers increased their allocation to U.S. equities by 13 percentage points from the previous month to a 29% overweight, the survey showed.
Clients are “convinced” inflation is transitory and expect the Federal Reserve to remain “well behind-the-curve,” BofA strategists led by Michael Hartnett wrote in a note on Tuesday.
Emerging-market and U.S. equities are seen providing the best returns next year, while most investors expect Bitcoin to remain within the $50,000 to $75,000 range in the next 12 months, according to BofA. The largest digital token currently trades at a little over $60,000.

Global equities have been rallying since the start of October, trading near a record high, as a robust earnings season and strong corporate outlooks have fueled optimism that companies can overcome surging costs and supply constraints.
Fund managers reduced their cash holdings to 4.4% from 4.7% in October as investors bought the dip in stocks, the survey showed.
BofA surveyed 345 participants with $1.1 trillion under management.
Other survey highlights include:
Most-crowded trades in November survey were long tech stocks, long Bitcoin, long ESG, short U.S. Treasuries, short China and EM stocks, and long oil
Bitcoin is a bubble, according to 59% of surveyed investors
Biggest tail risks are inflation, central bank rate hikes, China
More investors want companies to boost spending on capex
For Fed rate hikes in 2022, 39% of investors expect two hikes, while 37% expect one, and 13% expect none
Allocation to Eurozone stocks declined 1 percentage point versus October to net 33% overweight, allocation to EM equities rose 3 percentage points to a net 2% underweight, while exposure to U.K. stocks fell 3 percentage points to 15% underweight, the largest since January 2021

I began with the article above to give you a high level overview of what global fund managers think.

I don't read too much into these articles, they talk about positioning mostly, and that's often (but not always) a contrarian indicator (ie. when everyone agrees on something, it typically doesn't materialize!).

It's that time of the year again where we get a sneak peek into the portfolios of the world's best money managers, with the customary 45-day lag.

Below, some article on 13-F filings for you to skim through:

And on and on, you can read more 13-F news here.

Earlier this week, Zero Hedge did a decent job providing a complete 13F summary:

It was already well-known that many hedge funds got mangled on several occasions in the third quarter - most notably as a result of their high gross and net exposure to China during the Evergrande/property crisis - before getting hammered by the VaR shock and other cross-asset fireworks in October and other Q4 months. And, as discussed previously, even though the S&P kept rising for much of the quarter, hedge funds had no choice but to reduce gross leverage as single-name stock picking became extremely challenging, if not painful, as historical correlations broke apart.
That probably explains why institutional investors increased the amount of ETFs in their portfolios in the third quarter, while decreasing their exposure to single stocks, with consumer discretionary and industrial sectors taking the biggest hit, Bloomberg reported today after the end of the latest 13F filing deadline.
The last two weeks of September before the filing deadline saw an increase in ETF volume amid a number of events affecting the market including Evergrande and the Chinese property bubble, central bank decisions from the Fed, BoE and others, a natural gas shortage and the end the U.S. government’s fiscal year (ETFs are often used by funds as way to express macro views).
Overall, investors increased their ETF holdings by 1.4% in 3Q with the SPY (SPDR S&P 500) ETF and VOO (Vanguard 500 Index Fund) ETF the two most added ETFs in terms of total market cap. Meanwhile, holdings in consumer discretionary stocks dropped by 0.4%.
In the single-name space, Alibaba and Amazon.com were the biggest aggregate sales in the sector. Investors cut holdings of industrial stocks by 0.4%, with Fedex Corp. and Union Pacific tallying up the biggest sales.
Shifts to ETFs and selling of certain Chinese and tech names notwithstanding, here are some of the main themes observed in Q3 courtesy of Bloomberg:
Chinese shares were a mixed bag for firms as the companies face heightened scrutiny. Philippe Laffont’s Coatue increased its positions in Kanzhun, the owner of a Chinese online recruitment platform, and Beijing-based JD.Com. Meanwhile, Lee Ainslie’s Maverick Capital exited its position in Alibaba, which lost about a third of its value this year.
George Soros’s family office boosted its bets on real estate and financial stocks during the period, while the value of its U.S. equity portfolio dipped to less than $5 billion. The firm disclosed new positions in Hill-Rom Holdings, MGM Growth Properties, JPMorgan and Goldman Sachs.
Not all firms added to financial stocks. Viking Global exited its position in Bank of America, a stake that was valued at $295.8 million as of June 30. Andreas Halvorsen’s firm made a few big bets in the quarter, including a stake worth $721 million in restaurant chain McDonald’s. Others who were loving McDonald’s included Melvin Capital and Balyasny.
Tiger Global and D1 Capital were among the names that listedRobinhood and Warby Parker among top new buys in the quarter. The online broker and eyeglass maker each made their public debuts in the period. Both names were actually companies that Tiger Global and D1 Capital had backed pre-IPO, a common theme as funds delve deeper into private wagers.
Warren Buffett’s Berkshire Hathaway ended up cutting back on two of its payment bets -- Visa and Mastercard-- as well as two of its recent pharma bets -- Bristol-Myers and AbbVie.
Dan Sundheim’s D1 Capital and Andreas Halvorsen’s Viking Global Investors both significantly boosted their holdings in exercise-equipment maker Peloton in the third quarter, ahead of this month’s 48% plunge. D1 padded its stake in New York-based Peloton by almost 75%, making it the firm’s sixth-biggest shareholder. Viking increased its position by more than 10-fold, becoming the seven-largest investor. Each of the hedge funds held stakes worth about $500 million at the end of September. Peloton plummeted the most on record on Nov. 5, after the company cut its annual revenue forecast and lowered its projections for subscribers and profit margins.
Bill Ackman’s Pershing Square Capital Management LP exited Agilent Technologies and boosted its holdings of Chipotle Mexican Grill Inc. in the third quarter. Lowe’s Cos. was the biggest holding, representing 22% of disclosed assets.
David Tepper’s Appaloosa almost doubled its stake in Macy’s adding 3.39 million shares for a stake worth $158.2 million.
Gabe Plotkin’s Melvin Capital increased its holding in Snap Inc., while paring Amazon.com. In Q4, SNAP crashed while AMZN surged.
Lone Pine Capital added to its holding of Twitter Inc. and trimmed its stake in Facebook parent Meta Platforms Inc.

McDonald’s Corp. was also a popular buy for hedge funds during the period, with Viking, Melvin and Balyasny establishing new positions
Soros increased its stake in IHS Markit Ltd. by about 80% to 2.44 million shares. IHS is up 2.5% Monday. Soros also took new positions in General Motors calls (1.53 million share equivalent) and Energy Select Sector SPDR Fund (XLE) calls (1.5 million share equivalent). GM shares are up over 19% since the end of 3Q while XLE has risen 12% over the same time frame.
Starboard Value took a new 11.6 million share position in Hunstman Corp. The industrial conglomerate is up 12% since the end of 3Q. Starboard is betting on small cap stocks and increased its position in the iShares Russell 2000 ETF by 159% to 1.5 million shares.
Jana Partners took a new 1.28 million share position in Valvoline Inc. The maker of motor oil advanced 3.3% on Monday. It also disclosed a new 1 million share position in analytics software platform Blacksky Technology Inc., which is trading up 6.4%.
Sachem Head Capital Management added 2.5 million shares of Dell Technologies Inc. to its portfolio. Dell is trading up by 1.2%. Sachem Head also took new positions in Bottomline Technologies Inc. (1.73 million shares, stock up 4.5% Monday), Lithia Motors Inc. (422,000 shares, up 1.1% Monday) and Post Holdings Inc (1.45 million shares, up 1.1% Monday).
Soroban Capital Partners sold its entire 27 million share stake in Altice USA Inc., which is down 0.7% on Monday. The fund increased the stake in its second-largest holding, CSX Corp. by 22% to 39.6 million shares. The railroad operator is little changed.
Finally, here is a detaioled breakdown of the most notable position changes among marquee hedge funds:
APPALOOSA
Top new buys: ALIT, WMT, OVV
Top exits: EMR, NFLX, BP, RDS/A, RDS/B
Boosted stakes in: M, GT, EQT, AR, GOOG, XOP, OXY, KSS, DHI, PHM
Cut stakes in: MU, AMZN, BABA, PCG, FB, ET, TWTR, UBER, FCX, XLE
BAUPOST GROUP
Top new buys: DBX, JOBY, LFG, OB
Top exits: AUR, CZOO
Boosted stakes in: SSNC, VRNT, TBPH
Cut stakes in: EBAY, PCG, WLTW, QRVO, INTC, IFF, PSTH
BERKSHIRE HATHAWAY
Top new buys: RPRX, FND
Top exits: MRK, LBTYK, OGN
Boosted stakes in: CVX
Cut stakes in: ABBV, CHTR, BMY, V, MA, MMC, USB
COATUE MANAGEMENT
Top new buys: MSFT, BLND, AFRM, BEKE, NTLA, ABSI, HOOD, TOST, CRBU, SUNL
Top exits: DDOG, CHPT, ROOT, AI, LMND, SKLZ, LAZR, COIN, MVIS, SOFI
Boosted stakes in: BZ, MQ, JD, CFLT, DDL, SNAP, GH, CVAC, LI, RBLX
Cut stakes in: AMZN, NUAN, RUN, SQ, PYPL, TSLA, SHOP, PTON, Z, FB
CORVEX MANAGEMENT
Top new buys: FIVN, UBER, USFD, SMFR, SLGC, SKYA, SRAD, APO
Top exits: DOMA, TWND, HZON, ROVR, CZOO, LIDR, XME, LGV
Boosted stakes in: ZNGA, CRM, MSFT, JPM, FB, DIS, CCEP
Cut stakes in: ATUS, EXC, TMUS, BLMN, AMZN, GOOGL
D1 CAPITAL PARTNERS
Top new buys: HOOD, WRBY, TXRH, NFLX, OPEN, PH, TPX, MASI, NTES, SGHT
Top exits: BKNG, U, CMG, DECK, TUYA, BHG, LTCH, BZ, FUTU, WDH
Boosted stakes in: EXPE, STNE, TMUS, DIS, BBWI, BLL, FTV, PTON, PODD, PINS
Cut stakes in: AMZN, FB, SNOW, EW, MSFT, CVNA, PCOR, DHR, CRWD, SQSP
DUQUESNE FAMILY OFFICE
Top new buys: CPNG, LYV, ZM, PRCT, OSCR, STNE, ABCL, FSLY, LAD, CFLT
Top exits: NFLX, CMI, GE, MA, V, USFD, CAT, GM, ON, BLDR
Boosted stakes in: GOOGL, EXPE, BKNG, DISH, OPCH, FTCH, COUP, AMZN, RETA
Cut stakes in: MSFT, TMUS, CVNA, PLTR, TECK, FB, FCX, INTU, PENN, SMAR
ELLIOTT INVESTMENT MANAGEMENT
Top new buys: SC, CTXS, HTA, VAL, APA, 1865300D
Top exits: EDR, SNAP, DBX, PINS, TTD, HRB
Cut stakes in: ARNC, FYBR, ETWO, BTU
GREENLIGHT CAPITAL
Top new buys: SLV, FREY, SNAX
Top exits: SPY, JOBY, SNX, OPAD, DNA, CCCS, APG, IONQ, XOS, UWMC
Boosted stakes in: TECK, ODP, BHF, LIVN, MYPS, SONO, GLD, CPRI, JACK, CHNG
Cut stakes in: CNXC, CC, REZI, FUBO, SATS, AER, EXPE, ADMP, AGCB, GPOR
ICAHN
Top new buys: SWX
Boosted stakes in: DAN, IEP
Cut stakes in: OXY
JANA PARTNERS
Top new buys: M, VVV, BKSY
Boosted stakes in: THS, VG, CONE
Cut stakes in: SPY, LH, EHC
LANSDOWNE
Top new buys: WRK, FSLR, CTRA, CF, AGI, CCJ
Top exits: LRCX, MU, AER, UAL, LUV, ENIA, TMUS, RBLX, SSO, UVXY
Boosted stakes in: NVT, ILMN, GE, TSM, ADI, BKNG, IEUR
Cut stakes in: FCX, CARR, ETN, VMC, AMAT, DAL, RYAAY, EGO, OTIS, WMG
MAVERICK CAPITAL
Top new buys: INST, CRBU, EHTH, SPIR, STZ, CCL, AAP, SHW, OLPX, PZZA
Top exits: BABA, AON, BECN, CZOO, TSM, HIMS, DGNS, SBUX, XMTR, KVSA
Boosted stakes in: V, WDAY, SE, ATVI, CRIS, LRCX, RCKT, NFLX, TWLO, DECK
Cut stakes in: CPNG, FB, LIVN, ALNY, ADSK, FLT, IFF, GOOG, CCK, MELI
MELVIN CAPITAL MANAGEMENT
Top new buys: AFRM, MAR, SQ, MCD, ASML, VSCO, WMG, CRL, BURL, OLPX
Top exits: V, JD, PYPL, LVS, ADSK, CRWD, NTES, TGT, UBER, SHOP
Boosted stakes in: SNAP, BILL, MA, BBWI, LYV, HLT, FB, DT, EFX, DDOG
Cut stakes in: AMZN, EXPE, FICO, GOOGL, ALGN, ATVI, USFD, VMEO, VAC, IAA
OMEGA ADVISORS
Top new buys: LVS
Top exits: FOE, CS, PNTM, CRBN, JWSM, ANAC, APSG
Boosted stakes in: CTRA, BHC, PFSI, WSC, GM, DMAC, VRT, SRGA, FLMN, ASPU
Cut stakes in: NAVI, MP, OCN, BBDC, TRN, FCRD, ABR
SOROBAN CAPITAL
Top new buys: RKLB, ALCC, LICY, CPAR, POND
Top exits: ATUS, DOMA, SPIR, ATIP, VYGG, ME, PAYO, SUNL, BGRY, TALK
Boosted stakes in: UNP, PLNT, WAB, MA, CSX, LOW, FB, V, KIND, ML
Cut stakes in: ADI, AMZN, MSFT, NFLX
SOROS FUND MANAGEMENT
Top new buys: HRC, JPM, UNH, CPNG, EQT, XLE, GS, HYZN, MTB, INTU
Top exits: OTIS, QS, CLVT, IFF, W, UPST, AXTA, TXN, S, NXPI
Boosted stakes in: INFO, NUAN, PPD, ARMK, CRM, ACN, GM, SYF, BKNG, VICI
Cut stakes in: FIGS, QQQ, ATVI, MGLN, ELAN, AMZN, DIS, LBRDK, GOOGL, XLU
STARBOARD VALUE
Top new buys: HUN, CYXT, BRDS, ENFA, VPCC, TREB, DKDCA, BTTX, HCIC, CPAR
Top exits: IWN, KVSC, ROIV, STRC, OPAD, LILM, RBOT, SPIR, ROVR, GDEV
Boosted stakes in: IWM, AUS, MTAC, KVSB, LNFA, FVT, TWND, PLMI, PRPB, ACAH
Cut stakes in: MD, BOX, CTVA, IWR, ELAN, PZZA, ACM, MMSI, ON
TEMASEK HOLDINGS
Top new buys: ETWO, USIG, ONEM, BLND, POSH, DUOL, IRNT, HLTH, PATH, MNDY
Top exits: CTVA, SOFI, COPX, PICK, KREF, BIDU, TAL, BZ, EDU, MSFT
Boosted stakes in: GOVT, SCHP, GRCL, BGNE, SNOW, IAU, XME, FIXX, EWY, AFRM
Cut stakes in: BABA, INFO, RBLX, DIDI, ABNB, MA, DCT, NTLA, LCTU, CRM
TIGER GLOBAL
Top new buys: WRBY, HOOD, BLND, VTEX, MTTR, SPIR, TOST, BKSY, AVPT, ALCC
Top exits: TAL
Boosted stakes in: SNOW, SE, DASH, DDOG, OZON, WDAY, XM, SQ, OSCR, ONTF
Cut stakes in: RBLX, APO, PTON, JD, SPOT, YSG, UBER, CVNA, INTU, DESP

Before you rush to buy or sell what the world's most famous mney managers are buying and selling, have a look at Apple's shares, hitting a record after a report says the company wants to build self-driving car as soon as 2025:

Apple shares hit record after report says the company wants to build self-driving car as soon as 2025 https://t.co/1U3aDObaUs
— Leo Kolivakis (@PensionPulse) November 19, 2021

Sweet but I'm pretty sure the Swiss National Bank (aka, the Fed's Swiss surrogate) is helping to drive Apple's shares higher (see its holdings here) along with other portfolio managers scared to death here, going for safe, liquid tech names in uncertain times.

Money managers are worried here, inflation is picking up, there is a sense of uneasiness that the Fed is behind the infation curve, and if so, will it be forced to respond early next year by aggressively hiking rates?

In his weekly comment, Francois Trahan of Trahan Macro Research notes this:

The inflation story intensified once again this week. I am not referring to the 33% rise in chicken prices highlighted in the media. Rather, I am talking about public comments made by former Fed officials questioning the current course of policy and whether this is all one big mistake. Surely, former Fed governors have been vocal in the past but this almost felt like a coordinated effort.
It's clear there are signs of cracks in the plaster at the Fed. This is not the unity seen last Spring around the word "transitory". That ship has clearly sailed. Inflation is not just a Fed problem, however. It is now an economic problem that impacts everyone to a varying degree. On that note, housing starts slowed again in October despite low rates. We believe housing is the ultimate early cyclical industry and currently it is giving us a heads up on what will eventually happen to the broader economy. It appears the world needs some reminding that inflation is a job killer and kindle for recessions.
It's not just housing that is showing the consequences of inflation. Equity markets around the world have been impacted by inflation. Roughly speaking, the greater the rise in inflation an economy has witnessed the greater the P/E compression its equity market has suffered. The impact of inflation is typically quicker in EM countries than in the developed world where it often works with a lag. In other words, this year's inflation is next year's economic problems! This is not a simple backdrop, admittedly. The effects of inflation on equities are well documented however, and clearly having an impact.

I highly recommend you read Francois' full report, it's excellent, and register for his upcoming conference call on December 8th:

Will stagflation spell the end of equities and hit global markets and economies next year?

Stay tuned, nobody knows for sure but you really need to pay attention to the macro backdrop, top money managers are doing so because they know that's what ultimately matters most right now.

In his weekly wrap-up, Martin Roberge of Canaccord Genuity notes how COVID is spurring growth again:

We concluded our fall marketing roadshow this week, and the overwhelming feeling among portfolio managers (PMs) is that sentiment appears similar to that seen prior to the technology bubble in 1999-2000. Interestingly, while many PMs we talked to were not around back then, they all remember last year and growth stocks closing the year on a sugar high owing to the unravelling of the 3rd COVID wave. Our Chart of the Week provides a snapshot of the market action in November-December 2020. As one can see, the NY FANG+ index (a proxy for large cap growth), the ARKK Innovation ETF (a proxy for high-flyer speculative stocks), and Shopify (a nightmare for many Canadian PMs) strongly led the S&P 500. The outperformance lasted up until new daily COVID cases worldwide peaked out just before Christmas. Needless to say that PMs that were too low on growth had a tough year-end (and likely a tough calendar year). This brings us back to a large cap growth mania likely building on the back of performance-chasing activity. None of these PMs want to re-live November/December last year as a 5th COVID wave is underway. Like my old parents would say, no way that there will be apples and oranges under the Christmas tree this year.

Great food for thought!

Alright, let me wrap it up there.

Have fun looking into the portfolios of the world's most famous money managers.

The links below take you straight to their top holdings and then click to see where they increased and decreased their holdings (see column headings).

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) Sculptor Capital Management (formerly known as Och-Ziff Capital Management)

15) ExodusPoint Capital Management

16) Carlson Capital Management

17) Magnetar Capital

18) Whitebox Advisors

19) QVT Financial

20) Paloma Partners

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 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

19) Simplex Trading

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) TCI Fund Management

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

5) BHR Capital

6) Fisher Asset Management

7) Baupost Group

8) Fairfax Financial Holdings

9) Fairholme Capital

10) Gotham Asset Management

11) Fir Tree Partners

12) Elliott Investment Management (Paul Singer)

39) Ariel Investments

40) ARK Investment Management

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, Sovereign Wealth Funds and the Fed's Swiss Surrogate

Last but not least, I the track activity of some pension funds, endowment, sovereign wealth funds and the Swiss National Bank (aka the Fed's Swiss surrogate). Below, a sample of the 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) Healthcare of Ontario Pension Pan (HOOPP)

7) British Columbia Investment Management Corporation (BCI)

8) Public Sector Pension Investment Board (PSP Investments)

9) PGGM Investments

10) APG All Pensions Group

11) California Public Employees Retirement System (CalPERS)

12) California State Teachers Retirement System (CalSTRS)

13) New York State Common Fund

14) New York State Teachers Retirement System

15) State Board of Administration of Florida Retirement System

16) State of Wisconsin Investment Board

17) State of New Jersey Common Pension Fund

18) Public Employees Retirement System of Ohio

19) STRS Ohio

20) Teacher Retirement System of Texas

21) Virginia Retirement Systems

22) TIAA CREF investment Management

23) Harvard Management Co.

24) Norges Bank

25) Nordea Investment Management

26) Korea Investment Corp.

27) Singapore Temasek Holdings

28) Yale Endowment Fund

29) Swiss National Bank (aka, the Fed's Swiss surrogate)

Below, in a series of recent tweets, Michael Burry has warned of inflation, stock market overvaluation, and a market crash. Again. Michael Burry has been warning of inflation concerns, and of crash risk, for some time. This also features in Scion Asset Management's portfolio.

In Q3 of 2021, Burry reduced his common stock holdings from $137 million to $42 million but he did purchase 3 interesting new holdings.

And Pete Najarian and Kevin O'Leary join the 'Halftime Report' with their outlook on the market and whether investors should expect any major pullbacks into year-end.

Third, Joyce Chang, JPMorgan chair of global research, joins 'Closing Bell' to discuss trends in investing in China and whether or not it's smart to buy in those markets now.

Lastly, CNBC's Leslie Picker joins 'Closing Bell' to report on why Citadel founder Ken Griffin purchased a copy of the US Constitution at auction for $43 million.

Ken Griffin is running the world's best hedge fund and he outbid a band of more than 17,000 crypto enthusiasts who had crowdfunded more than $40 million via social media earlier this week.

Griffin intends to lend the piece to a free Arkansas art museum (well done, in my opinion, it should be donated to museum for all to enjoy).