Tue, Feb. 23, 3:55 PM
- According to Goldman Sachs,, the average hedge fund had 68% of its long funds in their top 10 holdings heading into 2016 - that's the highest on record.
- The FANG names - Facebook, Amazon, Netflix, and Alphabet - represented a full 3.5% of total hedge fund stock holdings at year-end (up from 1.5% a year earlier). While Facebook has managed to stay flat in 2016, the other three are down sizable amounts.
- Still, the average hedge fund is down just 4% YTD - that's 200 basis points better than the S&P 500.
- ETFs: GURU, IBLN, ALFA, CSM, BTAL, VALX, CHEP, GURI, RALS, GURX, FTLS, CSLS, LALT, ACTX, SIZ, QMN, DIVA
Fri, Feb. 19, 9:25 AM
- Goldman Sach's (NYSE:GS) Hedge Fund Monitor is a popular report. Diving into 13F filings, the Monitor tracks the positions of hundreds of funds controlling in total nearly $2T in assets.
- The bank has filed for a Goldman Sachs Hedge Fund VIP ETF which will be based on Hedge Fund Monitor. It wouldn't be the first ETF to track hedge fund holdings (GURU comes to mind), but it would be the first time a bank has used its own research as the basis for an ETF.
- Back in 2013, Goldman said a basket of the 20 "most concentrated" hedge fund stocks had outperformed the S&P 500 69% of time, and by an average of 263 basis point per quarter, going back to 2001. Updated numbers aren't known at the moment.
Nov. 24, 2015, 12:46 PM
- The Global X Guru ETF (NYSEARCA:GURU) - which tracks hedge funds' top holdings via 13F filings - is lower by 10% since the start of August, nearly 900 basis points worse than the S&P 500.
- The AlphaClone Alternative Alpha ETF (NYSEARCA:ALFA) - which tracks performance of U.S. stocks to which hedge funds and institutional investors have disclosed "significant" exposure - is down a whopping 19% over the same period.
- It's the "hedge fund hotel" effect, and those names popular with the Greenwich crowd - think Valeant, Community Health Systems, Ally Financial - are among those which have been especially punished in the last four months.
- Goldman tracks these favorites, and they outperformed the market from 2012 to 2014, but this year they've trailed the S&P 500 by 500 basis points.
- Previously: Rough time for hedge fund hotels (Nov. 23)
- ETFs: VQT, PHDG, VIXH, QAI, VSPY, MCRO, SPXH, HDG, VQTS, QEH, ALTS, TRSK, MULT, HHDG, DRVN, HHFR
Jun. 1, 2015, 3:18 PM
- Dallas-based Highland Capital today debuts the Highland HFR Global ETF (NYSEARCA:HHFR), the Highland HFR Event Driven ETF (NYSEARCA:DRVN), and the Highland HFR Equity Hedge ETF (NYSEARCA:HHDG) - all tracking indexes created by Hedge Fund Research.
- Each fund charges a management fee of 0.85%.
- Other hedge fund replicating ETFs include the IQ Merger Arbitrage ETF (NYSEARCA:MNA), the AlphaClone Alternative Alpha ETF (NYSEARCA:ALFA), and the Global X Guru Index (NYSEARCA:GURU).
- Source: Barron's
Dec. 12, 2014, 11:47 AM
Aug. 1, 2014, 10:34 AM
- The Direxion iBillionaire Index ETF (NYSEARCA:IBLN) tracks the iBillionaire Index comprising 30 U.S. large- and midcap securities favored by the likes of Warren Buffett, Carl Icahn and George Soros, as stated in 13F filings.
- "It democratizes a lot of the information that very wealthy institutional investors have had for a long time," said Brian Jacobs, president of Direxion Investments.
- IBLN will likely compete with the Global X Guru ETF (NYSEARCA:GURU) for assets, as GURU also attempts to mimic equity positions taken by large hedge funds; however, IBLN will feature a cheaper expense ratio of 0.65%, which could help attract investors.
- Other ETFs which track the holdings of well known investors: GURX, GURI
Mar. 11, 2014, 12:54 PM
- The First Trust RBA Quality Income ETF (QINC) and RBA American Industrial Renaissance ETF (AIRR) will track their respective Richard Bernstein Advisors indexes; QINC will focus on total return through global firms with strong dividends and capital appreciation potential, while AIRR will invest in both small and mid-cap domestic firms in the industrial and community banking sectors.
- High dividend ETFs and capital strength ETFs: VYM, HDV, KBWD, PEY, DIV, RDIV, FTCS
- Regional banking ETFs: KRE, KBE, IAT, RKH, QABA, KRU, KBWR, KRS
- The Global X Guru Small Cap Index ETF (GURX) and Guru International Index ETF (GURI) are hoping to capitalize on the success of GURU by offering exposure to small-cap and international (respectively) stocks that large hedge fund managers hold.
- Broad hedge fund replication ETFs: QAI, MCRO, HDG, QEH
Mar. 10, 2014, 10:07 AM
- To those who remember the risk on/risk off days of 2011 when the entire universe of assets seemingly moved together based on the utterings of some politician here or across the pond, today is quite a different matter. The instances of days in which more than 90% of S&P 500 stocks move together have all but vanished late last year and this year.
- The 65-day average correlation of stocks fell to 0.52% in January vs. an average of 0.63% between 2009 and 2013 (it rose as high as 0.84% late in 2011).
- Investors have responded by moving money into so-called actively managed strategies, with those funds seeing inflows of $1.3B this year on top of $9.8B in 2013. It's a small amount, but contrasts with $360B pulled out of such funds between 2009-2012.
- Related ETFs: GURU, ALFA, CSM, QAI, ONN, OFF, BTAL, MCRO, CHEP, RALS, HDG, QEH, AGLS, CSLS, SIZ, QMN, CSMN
Jun. 4, 2013, 3:59 PMThe Global X Top Guru Holdings ETF (GURU) turns 1 year old today, having gained 35.8% since inception, outpacing the S&P 500 by more than 1K basis points. It's not bad considering the criticism leveled at the fund for its stock picks relying on data several weeks old (it selects stocks based on hedge funds' 13F disclosures). Part of the fund's secret coud be equal-weighting - the largest current holding makes up just 2.29% of assets, while the smallest accounts for 1.64%. | Jun. 4, 2013, 3:59 PM
May 24, 2013, 9:52 AMAUM at the year-old Global X Top Guru Holdings ETF (GURU) are up more than 1,000% YTD as its strong performance (up more than 40% since inception vs. about 30% for the SPY) lures investors. The fund invests by studying 13F filings and rebalances quarterly. Other funds based on hedge fund positions - ALFA and QAI - are also trailing GURU. | May 24, 2013, 9:52 AM
Feb. 8, 2013, 3:23 PM
ProShares lowered fees yesterday on its Credit Suisse 130/30 ETF (CSM) to 0.45% from an earlier 0.95%. ProShares is the first to cut fees for ETFs in this class, where investors are looking to outperform large-cap indexes. The fund's also getting a truer name (ProShares Large Cap Core Plus), but no change to holdings and strategy. Competitors: JFT, HDG, ALFA, GURU| Feb. 8, 2013, 3:23 PM
See more details on sponsor's website