Marshall Wace Portfolio holdings
Marshall Wace is a British firm that runs long/short hedge funds. Its strategies combine computer-driven and traditional company analysis, applied worldwide and mostly to long/short equity. Paul Marshall, formerly head of European equities at Mercury Asset Management, and Ian Wace, formerly head of equities trading at Deutsche Bank, founded it in 1997. In 2002 it launched TOPS, a system that gathers investment ideas from equity professionals and uses algorithms to turn them into stock portfolios. In 2015 Marshall Wace formed a long-term partnership with KKR, a private equity and credit investor that took an ownership interest in the firm.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lazard
LAZ
|
+$67.3M |
| 2 |
PPG Industries
PPG
|
+$49.7M |
| 3 |
Apple
AAPL
|
+$46.8M |
| 4 |
Micron Technology
MU
|
+$42.1M |
| 5 |
H&R Block
HRB
|
+$41.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
|
+$54.9M |
| 2 |
Blackstone
BX
|
+$36.2M |
| 3 |
SANDISK CORP
SNDK
|
+$35.8M |
| 4 |
International Flavors & Fragrances
IFF
|
+$34.2M |
| 5 |
KKR & Co
KKR
|
+$33.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 13.44% |
| 2 | Industrials | 12.8% |
| 3 | Communication Services | 12.4% |
| 4 | Materials | 11.46% |
| 5 | Financials | 11.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Zoetis
ZTS
$33.3B
| $147M | 2.16% |
4,551,454
-374,548
| -8% | -$11.5M |
2013 Q2
4 quarters
|
|
|
2
Micron Technology
MU
$885B
| $146M | 2.15% |
4,428,251
+1,544,411
| +54% | +$42.1M |
2013 Q2
4 quarters
|
|
3
T-Mobile US
TMUS
$179B
| $129M | 1.9% |
3,838,421
-523,059
| -12% | -$16.9M |
2013 Q2
4 quarters
|
|
4
Alphabet (Google) Class C
GOOG
$3.54T
| $119M | 1.76% |
4,110,755
+950,514
| +30% | +$25.8M |
2013 Q2
4 quarters
|
|
|
5
PPG Industries
PPG
$27.5B
| $94M | 1.38% |
894,942
+500,788
| +127% | +$49.7M |
2013 Q2
4 quarters
|
|
6
Comcast
CMCSA
$88B
| $89.3M | 1.31% |
3,325,644
-728,720
| -18% | -$18.7M |
2013 Q2
4 quarters
|
|
7
FedEx
FDX
$75.3B
| $88.9M | 1.31% |
587,177
+283,840
| +94% | +$39.6M |
2013 Q2
4 quarters
|
|
8
Liberty Global Class C
LBTYK
$3.38B
| $88.9M | 1.31% |
2,596,201
+1,085,038
| +72% | +$35.9M |
2013 Q2
4 quarters
|
|
9
HP
HPQ
$26.3B
| $87.7M | 1.29% |
5,733,975
+2,757,089
| +93% | +$41.4M |
2013 Q2
4 quarters
|
|
10
American Airlines Group
AAL
$9.28B
| $85.6M | 1.26% |
1,992,841
+496,788
| +33% | +$19.4M |
2014 Q1
1 quarter
|
|
11
Baidu
BIDU
$27.1B
| $83.1M | 1.22% |
444,939
+138,261
| +45% | +$22.6M |
2013 Q2
4 quarters
|
|
12
AutoZone
AZO
$51.4B
| $80.3M | 1.18% |
149,814
+38,223
| +34% | +$20.2M |
2013 Q2
4 quarters
|
|
13
Rockwell Automation
ROK
$45B
| $78.4M | 1.15% |
626,673
-31,173
| -5% | -$3.84M |
2013 Q2
4 quarters
|
|
14
Union Pacific
UNP
$179B
| $76.5M | 1.13% |
767,158
+169,920
| +28% | +$16.5M |
2013 Q2
4 quarters
|
|
|
15
Lazard
LAZ
$4.53B
| $75.5M | 1.11% |
1,465,223
+1,365,955
| +1,376% | +$67.3M |
2014 Q1
1 quarter
|
|
16
Sherwin-Williams
SHW
$85.4B
| $70.1M | 1.03% |
1,016,943
+313,935
| +45% | +$21M |
2013 Q2
4 quarters
|
|
|
MON
17
DELISTED
Monsanto Co
MON
| $69.4M | 1.02% |
556,342
+353,104
| +174% | +$41.3M |
2013 Q2
4 quarters
|
|
18
Canadian Pacific Kansas City
CP
$81.6B
| $69.4M | 1.02% |
1,914,475
-246,285
| -11% | -$8.08M |
2013 Q2
4 quarters
|
|
19
DELISTED
Praxair Inc
PX
| $65.6M | 0.97% |
493,993
+34,091
| +7% | +$4.47M |
2013 Q2
4 quarters
|
|
20
Cooper Companies
COO
$11.9B
| $65.1M | 0.96% |
1,922,436
+147,968
| +8% | +$4.89M |
2014 Q1
1 quarter
|
|
21
Liberty Global Class A
LBTYA
$3.46B
| $65M | 0.96% |
1,781,415
+172,506
| +11% | +$6.05M |
2013 Q2
4 quarters
|
|
22
Hershey
HSY
$35B
| $64.8M | 0.95% |
665,488
+300,765
| +82% | +$29.5M |
2013 Q2
4 quarters
|
|
23
Assured Guaranty
AGO
$3.21B
| $61.2M | 0.9% |
2,496,729
+1,656,515
| +197% | +$41.1M |
2014 Q1
1 quarter
|
|
24
Avient
AVNT
$4.19B
| $58M | 0.85% |
1,375,216
+464,575
| +51% | +$18.2M |
2013 Q2
4 quarters
|
|
25
Ball Corp
BALL
$17.2B
| $57.4M | 0.85% |
1,832,062
+1,360,382
| +288% | +$39.8M |
2013 Q2
4 quarters
|
|
Similar funds
Marshall Wace's Q2 2014 Portfolio in Review
As of Q2 2014, Marshall Wace held 1,205 positions worth $6.79B, up 24% from $5.5B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Marshall Wace deployed $933M of net new capital in Q2 2014, opening 433 new positions and adding to 209 existing holdings. Its largest new stake was H&R Block: 1,400,000 shares worth $46.9M.
By sector, the portfolio is most concentrated in Healthcare at 13% of assets, up from 11% a quarter earlier, followed by Industrials and Communication Services.
On the sell side, the largest reduction was SANDISK CORP, an estimated $35.8M trimmed.
- Marshall Wace's largest Q2 2014 buy was H&R Block: 1,400,000 shares worth $46.9M.
- Marshall Wace added most to Lazard in Q2 2014, an estimated $67.3M increase.
- Marshall Wace's biggest Q2 2014 reduction was SANDISK CORP, cutting an estimated $35.8M.
- Marshall Wace fully exited SANTANDER CONSUMER USA HOLDINGS INC in Q2 2014, selling an estimated $54.9M.
- Marshall Wace's ten largest holdings make up 16% of its $6.79B portfolio in Q2 2014.
- Marshall Wace opened 433 new positions and closed 295 in Q2 2014.
- Marshall Wace's portfolio value rose 24% quarter-over-quarter to $6.79B.
Based on Marshall Wace's 13F filing for Q2 2014, filed 14 Aug 2014.