Israel Englander Millennium Management
Israel “Izzy” Englander is the founder of Millennium Management, one of the world’s largest multi-strategy hedge fund platforms. Millennium allocates capital across hundreds of independent teams rather than a single house view, with rigorous risk controls at the platform level. Englander’s model has been highly influential in the rise of pod-shop multi-manager structures across the industry.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Electric Power
AEP
|
+$119M |
| 2 |
PPL
PPL Corp
PPL
|
+$104M |
| 3 |
CMS Energy
CMS
|
+$101M |
| 4 |
Johnson & Johnson
JNJ
|
+$75M |
| 5 |
Home Depot
HD
|
+$71.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Duke Energy
DUK
|
+$125M |
| 2 |
Ameren
AEE
|
+$85.8M |
| 3 |
TWX
Time Warner Inc
TWX
|
+$76.1M |
| 4 |
Starwood Property Trust
STWD
|
+$72.3M |
| 5 |
DFS
Discover Financial Services
DFS
|
+$69.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 11.48% |
| 2 | Healthcare | 8.5% |
| 3 | Consumer Discretionary | 7.28% |
| 4 | Utilities | 6.71% |
| 5 | Financials | 6.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
3276
Avnet
AVT
$7.08B
| – | – |
-119,728
| Closed | -$4.62M |
|
|
DCH
3277
PUT
Dauch Corp
DCH
$1.54B
| – | – |
-16,300
| Closed | -$304K |
|
3278
AZZ Inc
AZZ
$4.23B
| – | – |
-54,803
| Closed | -$2.11M |
|
3279
Bank of America Series L
BAC.PRL
$3.97B
| – | – |
-4,622
| Closed | -$5.13M |
|
3280
BBVA Argentina
BBAR
$3.01B
| – | – |
-10,596
| Closed | -$40K |
|
3281
Banco Bradesco
BBD
$34.3B
| – | – |
-1,101,180
| Closed | -$5.62M |
|
3282
Brink's
BCO
$4.64B
| – | – |
-50,056
| Closed | -$1.28M |
|
3283
Barclays
BCS
$90.7B
| – | – |
-22,627
| Closed | -$330K |
|
3284
Belden
BDC
$4.56B
| – | – |
-21,325
| Closed | -$1.06M |
|
3285
Becton Dickinson
BDX
$51.9B
| – | – |
-31,906
| Closed | -$3.08M |
|
3286
CALL
Franklin Templeton
BEN
$17.6B
| – | – |
-6,300
| Closed | -$286K |
|
|
3287
Franklin Templeton
BEN
$17.6B
| – | – |
-678,459
| Closed | -$30.8M |
|
|
3288
PUT
Franklin Templeton
BEN
$17.6B
| – | – |
-5,700
| Closed | -$258K |
|
3289
Bright Horizons
BFAM
$3.6B
| – | – |
-8,500
| Closed | -$295K |
|
|
BFS
3290
Saul Centers
BFS
$845M
| – | – |
-8,807
| Closed | -$392K |
|
3291
B&G Foods
BGS
$284M
| – | – |
-67,746
| Closed | -$2.31M |
|
3292
BHP
BHP
$247B
| – | – |
-198,800
| Closed | -$9.69M |
|
3293
BP
BP
$113B
| – | – |
-24,302
| Closed | -$830K |
|
3294
Broadridge
BR
$21.1B
| – | – |
-158,648
| Closed | -$4.22M |
|
3295
Santander
BSBR
$43.3B
| – | – |
-10,955
| Closed | -$65K |
|
3296
Compañía de Minas Buenaventura
BVN
$8.95B
| – | – |
-284,628
| Closed | -$4.2M |
|
3297
BorgWarner
BWA
$13.1B
| – | – |
-372,147
| Closed | -$15.6M |
|
3298
Blackstone Mortgage Trust
BXMT
$2.38B
| – | – |
-72,130
| Closed | -$1.78M |
|
3299
Avis
CAR
$5.18B
| – | – |
-301,073
| Closed | -$9M |
|
3300
Caterpillar
CAT
$373B
| – | – |
-11,047
| Closed | -$911K |
|
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Israel Englander's Q3 2013 Portfolio in Review
As of Q3 2013, Israel Englander held 3,899 positions worth $31.1B, down 4.8% from $32.6B the previous quarter. Its ten largest holdings account for 22% of the portfolio.
Israel Englander withdrew a net $3.75B in Q3 2013, closing 642 positions and reducing 1,073 holdings. Its most notable exit was BMC SOFTWARE, INC, an estimated $60.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 11% of assets, up from 9.4% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Israel Englander opened a new position in Johnson & Johnson worth $72.5M.
- Israel Englander's largest Q3 2013 buy was Johnson & Johnson: 836,108 shares worth $72.5M.
- Israel Englander added most to American Electric Power in Q3 2013, an estimated $119M increase.
- Israel Englander's biggest Q3 2013 reduction was Duke Energy, cutting an estimated $125M.
- Israel Englander fully exited BMC SOFTWARE, INC in Q3 2013, selling an estimated $60.2M.
- Israel Englander's ten largest holdings make up 22% of its $31.1B portfolio in Q3 2013.
- Israel Englander opened 955 new positions and closed 642 in Q3 2013.
- Israel Englander's portfolio value fell 4.8% quarter-over-quarter to $31.1B.
Based on Millennium Management's 13F filing for Q3 2013, filed 14 Nov 2013.