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 |
Zoetis
ZTS
|
+$177M |
| 2 |
Lowe's Companies
LOW
|
+$108M |
| 3 |
STJ
St Jude Medical
STJ
|
+$95.4M |
| 4 |
Newell Brands
NWL
|
+$88.6M |
| 5 |
Constellation Brands
STZ
|
+$87.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC CORPORATION
EMC
|
+$136M |
| 2 |
UnitedHealth
UNH
|
+$99.3M |
| 3 |
PayPal
PYPL
|
+$85.4M |
| 4 |
Starbucks
SBUX
|
+$78.1M |
| 5 |
Cigna
CI
|
+$64.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.87% |
| 2 | Consumer Discretionary | 12.7% |
| 3 | Communication Services | 12.19% |
| 4 | Technology | 10.38% |
| 5 | Industrials | 9.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Zoetis
ZTS
$34.4B
| $658M | 4.68% |
12,647,653
+3,487,675
| +38% | +$177M |
2013 Q2
13 quarters
|
|
2
T-Mobile US
TMUS
$170B
| $407M | 2.9% |
8,719,354
+966,375
| +12% | +$44.4M |
2013 Q2
13 quarters
|
|
3
Alphabet (Google) Class A
GOOGL
$3.43T
| $279M | 1.98% |
6,941,080
+1,337,760
| +24% | +$52.3M |
2015 Q3
4 quarters
|
|
4
iShares MSCI Emerging Markets ETF
EEM
$28.3B
| $240M | 1.7% |
6,396,965
+1,347,345
| +27% | +$49.3M |
2016 Q1
2 quarters
|
|
5
Charter Communications
CHTR
$13.2B
| $202M | 1.44% |
749,277
-213,884
| -22% | -$54M |
2015 Q1
6 quarters
|
|
6
Meta Platforms (Facebook)
META
$1.58T
| $186M | 1.32% |
1,449,554
+385,685
| +36% | +$47.9M |
2014 Q1
10 quarters
|
|
7
Advance Auto Parts
AAP
$2.89B
| $176M | 1.25% |
1,178,006
+386,880
| +49% | +$61.8M |
2013 Q2
13 quarters
|
|
|
SHPG
8
DELISTED
Shire pic
SHPG
| $174M | 1.24% |
898,338
-157,535
| -15% | -$30.7M |
2015 Q4
3 quarters
|
|
9
S&P Global
SPGI
$138B
| $174M | 1.23% |
1,372,028
-43,722
| -3% | -$5.25M |
2016 Q2
1 quarter
|
|
|
10
Constellation Brands
STZ
$23.8B
| $172M | 1.22% |
1,034,844
+528,844
| +105% | +$87.2M |
2015 Q3
4 quarters
|
|
11
Estee Lauder
EL
$37.9B
| $172M | 1.22% |
1,939,385
+702,593
| +57% | +$64.1M |
2014 Q1
10 quarters
|
|
12
Comcast
CMCSA
$84.7B
| $148M | 1.05% |
4,467,942
+1,715,012
| +62% | +$57.1M |
2013 Q2
13 quarters
|
|
13
Moody's
MCO
$87.2B
| $140M | 1% |
1,295,602
+86,106
| +7% | +$9.05M |
2014 Q4
7 quarters
|
|
|
14
Lowe's Companies
LOW
$122B
| $137M | 0.97% |
1,891,005
+1,385,672
| +274% | +$108M |
2014 Q1
10 quarters
|
|
15
Boston Scientific
BSX
$64.2B
| $135M | 0.96% |
5,692,264
+2,433,372
| +75% | +$58M |
2016 Q1
2 quarters
|
|
|
16
Newell Brands
NWL
$2.54B
| $130M | 0.93% |
2,475,528
+1,713,771
| +225% | +$88.6M |
2015 Q4
3 quarters
|
|
17
LyondellBasell Industries
LYB
$21.6B
| $129M | 0.92% |
1,599,689
-98,360
| -6% | -$7.6M |
2013 Q2
13 quarters
|
|
18
AutoZone
AZO
$52.4B
| $124M | 0.88% |
161,675
+85,520
| +112% | +$66.6M |
2013 Q2
13 quarters
|
|
19
Sherwin-Williams
SHW
$85.1B
| $111M | 0.79% |
1,204,233
-399,336
| -25% | -$38.7M |
2013 Q2
13 quarters
|
|
20
O'Reilly Automotive
ORLY
$73B
| $109M | 0.78% |
5,850,825
-385,050
| -6% | -$7.22M |
2013 Q2
13 quarters
|
|
21
Universal Health Services
UHS
$10.7B
| $105M | 0.75% |
853,697
-163,795
| -16% | -$20.7M |
2015 Q2
5 quarters
|
|
22
Affiliated Managers Group
AMG
$9.6B
| $103M | 0.73% |
709,541
+106,850
| +18% | +$15.3M |
2015 Q4
3 quarters
|
|
23
Molson Coors Class B
TAP
$8.06B
| $103M | 0.73% |
933,834
+401,386
| +75% | +$40.8M |
2014 Q3
8 quarters
|
|
24
Hewlett Packard
HPE
$67.9B
| $102M | 0.72% |
7,679,440
-380,350
| -5% | -$4.7M |
2015 Q4
3 quarters
|
|
25
Domino's
DPZ
$10.6B
| $101M | 0.72% |
666,576
+1,645
| +0.2% | +$240K |
2015 Q1
6 quarters
|
|
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Marshall Wace's Q3 2016 Portfolio in Review
As of Q3 2016, Marshall Wace held 1,309 positions worth $14.1B, up 18% from $11.9B the previous quarter. Its ten largest holdings account for 19% of the portfolio.
Marshall Wace deployed $1.72B of net new capital in Q3 2016, opening 346 new positions and adding to 287 existing holdings. Its largest new stake was St Jude Medical: 1,181,595 shares worth $94.2M.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 20% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was UnitedHealth, an estimated $99.3M trimmed.
- Marshall Wace's largest Q3 2016 buy was St Jude Medical: 1,181,595 shares worth $94.2M.
- Marshall Wace added most to Zoetis in Q3 2016, an estimated $177M increase.
- Marshall Wace's biggest Q3 2016 reduction was UnitedHealth, cutting an estimated $99.3M.
- Marshall Wace fully exited EMC CORPORATION in Q3 2016, selling an estimated $136M.
- Marshall Wace's ten largest holdings make up 19% of its $14.1B portfolio in Q3 2016.
- Marshall Wace opened 346 new positions and closed 392 in Q3 2016.
- Marshall Wace's portfolio value rose 18% quarter-over-quarter to $14.1B.
Based on Marshall Wace's 13F filing for Q3 2016, filed 10 Nov 2016.