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Pavle Sabic, S&P Global Market Intelligence

Hedge funds exit energy, consumer discretionary, and healthcare in Q4


The latest Hedge Fund Tracker analysis from S&P Global Market Intelligence shows the top funds managed approximately USD153 billion in equity holdings, an increase from the USD145 billion under management in Q3. 

However, because these funds saw a slight drop in the total number of positions to 420 from 424 in Q3, the increase in assets under management is more than likely due to the end-of-year equity market rally.

The quarterly S&P Global Market Intelligence Hedge Fund Tracker is an aggregate analysis of hedge fund equity ownership that highlights hedge fund investments in specific stocks and sectors based on a review of 13F filings by pure play hedge funds. 

“For the biggest hedge funds, Q4 was a little less volatile than previous quarters,” says Pavle Sabic (pictured), Head of Market Development, S&P Global Market Intelligence. “There was another sell off in healthcare stocks, reflecting the overall uncertainty in that sector, and buys into financials, info tech, and industrials. But the overall amount of assets these funds manage didn’t change all that much. Perhaps they are in a ‘wait and see’ period as they attempt to gain a greater sense of where the markets are headed.”

According to the Q4 tracker, top funds dropped their holdings of energy (-USD2.695 billion), consumer discretionary (-USD2.333 billion), and healthcare (-USD1.218 billion). Materials (-USD568 million), utilities (-USD361 million), and telecom services (-USD119 million) were also sold off.

Amazon (-USD1.022 billion), The Williams Companies, Inc. (-USD910 million), AB InBev (-USD902 million), Teva Pharmaceuticals (-USD875 million), and Allergan (-USD786 million) were the most sold off among the top funds, reflecting decreases and exited positions.

Top funds also increased their holdings of financials (+USD1.221 billion), info tech (+USD1.213 billion), and industrials (+USD1.126 billion). Real estate (+USD546 million) and consumer staples (+USD499 million) were also bought.

Dow Chemical (+1.239 billion), Deere & Company (USD874 million), Visa (+USD834 million), Bank of America (USD752 million), and Walgreens Boots Alliance (USD+705 million) were the most bought stocks for the top funds, reflecting increases and new positions.

The top hedge fund, as measured by equity assets, was Viking Global with about USD24,149.6 billion, and it held 63 stocks. Meanwhile, Gardener Russo & Gardener held 93 positions and had USD11,681.7 billion in assets under management

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