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 |
Amazon
AMZN
|
+$124M |
| 2 |
Texas Instruments
TXN
|
+$113M |
| 3 |
UnitedHealth
UNH
|
+$106M |
| 4 |
Philip Morris
PM
|
+$106M |
| 5 |
TJX Companies
TJX
|
+$93.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$240M |
| 2 |
Zoetis
ZTS
|
+$221M |
| 3 |
Constellation Brands
STZ
|
+$123M |
| 4 |
Moody's
MCO
|
+$112M |
| 5 |
Estee Lauder
EL
|
+$104M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.53% |
| 2 | Consumer Discretionary | 12.4% |
| 3 | Technology | 12.24% |
| 4 | Communication Services | 11.12% |
| 5 | Financials | 10.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
T-Mobile US
TMUS
$179B
| $483M | 3.17% |
8,392,754
-326,600
| -4% | -$17.1M |
2013 Q2
14 quarters
|
|
|
2
Zoetis
ZTS
$33.5B
| $444M | 2.92% |
8,296,280
-4,351,373
| -34% | -$221M |
2013 Q2
14 quarters
|
|
3
Alphabet (Google) Class A
GOOGL
$3.53T
| $319M | 2.1% |
8,043,380
+1,102,300
| +16% | +$44.1M |
2015 Q3
5 quarters
|
|
|
4
Amazon
AMZN
$2.93T
| $195M | 1.28% |
5,205,140
+3,157,880
| +154% | +$124M |
2013 Q2
14 quarters
|
|
|
SHPG
5
DELISTED
Shire pic
SHPG
| $176M | 1.16% |
1,035,554
+137,216
| +15% | +$24.3M |
2015 Q4
4 quarters
|
|
6
Lowe's Companies
LOW
$130B
| $174M | 1.14% |
2,441,272
+550,267
| +29% | +$38.9M |
2014 Q1
11 quarters
|
|
7
Comcast
CMCSA
$87.9B
| $165M | 1.09% |
4,783,882
+315,940
| +7% | +$10.6M |
2013 Q2
14 quarters
|
|
8
Charter Communications
CHTR
$15.3B
| $158M | 1.04% |
550,038
-199,239
| -27% | -$53.7M |
2015 Q1
7 quarters
|
|
9
Humana
HUM
$52.6B
| $151M | 0.99% |
738,557
+451,823
| +158% | +$86.2M |
2015 Q1
7 quarters
|
|
10
S&P Global
SPGI
$137B
| $148M | 0.97% |
1,377,591
+5,563
| +0.4% | +$665K |
2016 Q2
2 quarters
|
|
11
Meta Platforms (Facebook)
META
$1.64T
| $131M | 0.86% |
1,136,233
-313,321
| -22% | -$38.5M |
2014 Q1
11 quarters
|
|
|
12
Philip Morris
PM
$303B
| $130M | 0.85% |
1,416,549
+1,145,602
| +423% | +$106M |
2016 Q1
3 quarters
|
|
13
Bank of America
BAC
$350B
| $129M | 0.85% |
5,849,296
+2,661,050
| +83% | +$51.3M |
2016 Q1
3 quarters
|
|
|
MON
14
DELISTED
Monsanto Co
MON
| $122M | 0.8% |
1,163,299
+177,934
| +18% | +$18.2M |
2013 Q2
14 quarters
|
|
15
Citigroup
C
$202B
| $122M | 0.8% |
2,053,656
+320,256
| +18% | +$17.3M |
2013 Q2
14 quarters
|
|
|
16
UnitedHealth
UNH
$363B
| $116M | 0.76% |
721,804
+712,343
| +7,529% | +$106M |
2015 Q3
5 quarters
|
|
|
17
Texas Instruments
TXN
$275B
| $115M | 0.76% |
+1,581,130
| New | +$113M |
2016 Q4
0 quarters
|
|
18
Cigna
CI
$79.9B
| $114M | 0.75% |
858,278
+632,499
| +280% | +$82.8M |
2014 Q2
10 quarters
|
|
19
Southwest Airlines
LUV
$22.7B
| $110M | 0.72% |
2,207,361
-70,649
| -3% | -$3.17M |
2014 Q4
8 quarters
|
|
|
20
TJX Companies
TJX
$151B
| $109M | 0.71% |
2,893,078
+2,469,032
| +582% | +$93.3M |
2015 Q3
5 quarters
|
|
21
Advance Auto Parts
AAP
$2.77B
| $108M | 0.71% |
639,569
-538,437
| -46% | -$84.6M |
2013 Q2
14 quarters
|
|
22
Danaher
DHR
$166B
| $108M | 0.71% |
1,563,946
+861,888
| +123% | +$59.8M |
2014 Q4
8 quarters
|
|
|
MJN
23
DELISTED
Mead Johnson Nutrition Company
MJN
| $106M | 0.7% |
1,504,924
+399,133
| +36% | +$29.7M |
2015 Q4
4 quarters
|
|
|
BCR
24
DELISTED
CR Bard Inc.
BCR
| $102M | 0.67% |
456,166
+71,747
| +19% | +$15.6M |
2014 Q2
10 quarters
|
|
25
Intuit
INTU
$91B
| $101M | 0.66% |
879,987
+188,387
| +27% | +$21.1M |
2014 Q1
11 quarters
|
|
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Marshall Wace's Q4 2016 Portfolio in Review
As of Q4 2016, Marshall Wace held 1,269 positions worth $15.2B, up 8.1% from $14.1B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Marshall Wace deployed $780M of net new capital in Q4 2016, opening 352 new positions and adding to 317 existing holdings. Its largest new stake was Texas Instruments: 1,581,130 shares worth $115M.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, down from 22% a quarter earlier, followed by Consumer Discretionary and Technology.
On the sell side, the largest reduction was Zoetis, an estimated $221M trimmed.
- Marshall Wace's largest Q4 2016 buy was Texas Instruments: 1,581,130 shares worth $115M.
- Marshall Wace added most to Amazon in Q4 2016, an estimated $124M increase.
- Marshall Wace's biggest Q4 2016 reduction was Zoetis, cutting an estimated $221M.
- Marshall Wace fully exited iShares MSCI Emerging Markets ETF in Q4 2016, selling an estimated $240M.
- Marshall Wace's ten largest holdings make up 16% of its $15.2B portfolio in Q4 2016.
- Marshall Wace opened 352 new positions and closed 320 in Q4 2016.
- Marshall Wace's portfolio value rose 8.1% quarter-over-quarter to $15.2B.
Based on Marshall Wace's 13F filing for Q4 2016, filed 10 Feb 2017.