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 |
Alphabet (Google) Class A
GOOGL
|
+$74.2M |
| 2 |
Zoetis
ZTS
|
+$74.2M |
| 3 |
British American Tobacco
BTI
|
+$57.3M |
| 4 |
iShares China Large-Cap ETF
FXI
|
+$38.6M |
| 5 |
Meta Platforms (Facebook)
META
|
+$37.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RAI
Reynolds American Inc
RAI
|
+$192M |
| 2 |
Charter Communications
CHTR
|
+$59.9M |
| 3 |
State Street Health Care Select Sector SPDR ETF
XLV
|
+$58.7M |
| 4 |
Citigroup
C
|
+$53.1M |
| 5 |
Newell Brands
NWL
|
+$47.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 20.42% |
| 2 | Communication Services | 19.84% |
| 3 | Technology | 11.51% |
| 4 | Consumer Discretionary | 10.37% |
| 5 | Financials | 9.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Alphabet (Google) Class A
GOOGL
$3.71T
| $159M | 7.38% |
3,261,700
+1,564,820
| +92% | +$74.2M |
2015 Q3
8 quarters
|
|
|
2
Zoetis
ZTS
$33.7B
| $144M | 6.71% |
2,255,628
+1,184,763
| +111% | +$74.2M |
2013 Q2
17 quarters
|
|
3
Amazon
AMZN
$2.91T
| $84.3M | 3.92% |
1,753,520
+227,540
| +15% | +$11.2M |
2013 Q2
17 quarters
|
|
|
SHPG
4
DELISTED
Shire pic
SHPG
| $74.1M | 3.44% |
484,392
-54,312
| -10% | -$8.51M |
2015 Q4
7 quarters
|
|
|
5
British American Tobacco
BTI
$131B
| $55.1M | 2.56% |
+888,496
| New | +$57.3M |
2017 Q3
0 quarters
|
|
|
MON
6
DELISTED
Monsanto Co
MON
| $53.4M | 2.48% |
444,949
+58,041
| +15% | +$6.83M |
2013 Q2
17 quarters
|
|
7
Dell
DELL
$239B
| $46.2M | 2.15% |
2,138,866
+68,094
| +3% | +$1.31M |
2016 Q3
4 quarters
|
|
8
NXP Semiconductors
NXPI
$67.4B
| $45.3M | 2.11% |
400,840
+75,145
| +23% | +$8.38M |
2016 Q3
4 quarters
|
|
|
9
Meta Platforms (Facebook)
META
$1.6T
| $42.8M | 1.99% |
250,309
+223,786
| +844% | +$37.3M |
2014 Q1
14 quarters
|
|
|
TWX
10
DELISTED
Time Warner Inc
TWX
| $42.2M | 1.96% |
414,139
-16,468
| -4% | -$1.67M |
2013 Q2
17 quarters
|
|
|
11
iShares China Large-Cap ETF
FXI
$3.85B
| $39.6M | 1.84% |
+901,105
| New | +$38.6M |
2017 Q3
0 quarters
|
|
12
Micron Technology
MU
$898B
| $36.8M | 1.71% |
943,035
+472,073
| +100% | +$14.9M |
2016 Q2
5 quarters
|
|
|
13
Charter Communications
CHTR
$15.4B
| $33.8M | 1.57% |
93,228
-160,939
| -63% | -$59.9M |
2015 Q1
10 quarters
|
|
14
T-Mobile US
TMUS
$182B
| $33.4M | 1.55% |
538,249
-245,511
| -31% | -$15.4M |
2013 Q2
17 quarters
|
|
|
ALR
15
DELISTED
Alere Inc
ALR
| $28.9M | 1.34% |
566,419
+49,466
| +10% | +$2.47M |
2015 Q4
7 quarters
|
|
16
Lowe's Companies
LOW
$128B
| $28M | 1.3% |
349,449
-336,472
| -49% | -$25.8M |
2014 Q1
14 quarters
|
|
17
LivaNova
LIVN
$4.97B
| $26.9M | 1.25% |
383,946
+2,402
| +0.6% | +$152K |
2016 Q1
6 quarters
|
|
|
BCR
18
DELISTED
CR Bard Inc.
BCR
| $24.1M | 1.12% |
+75,037
| New | +$24M |
2017 Q3
0 quarters
|
|
|
BBL
19
DELISTED
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
| $22.9M | 1.06% |
653,160
-45,983
| -7% | -$1.64M |
2016 Q1
6 quarters
|
|
|
RICE
20
DELISTED
Rice Energy Inc.
RICE
| $22.8M | 1.06% |
+787,862
| New | +$21.5M |
2017 Q3
0 quarters
|
|
|
BRCD
21
DELISTED
Brocade Communications Systems, Inc. NEW
BRCD
| $21.4M | 0.99% |
1,780,279
+624,193
| +54% | +$7.71M |
2015 Q2
9 quarters
|
|
|
VWR
22
DELISTED
VWR Corporation
VWR
| $19.9M | 0.93% |
+603,287
| New | +$19.9M |
2017 Q3
0 quarters
|
|
23
Baidu
BIDU
$26.6B
| $19.3M | 0.9% |
+77,700
| New | +$16.9M |
2017 Q3
0 quarters
|
|
|
TRCO
24
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $19M | 0.88% |
463,238
+427,258
| +1,187% | +$17.4M |
2017 Q2
1 quarter
|
|
25
Grifois
GRFS
$5.97B
| $18.9M | 0.88% |
+859,298
| New | +$17.8M |
2017 Q3
0 quarters
|
|
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Marshall Wace's Q3 2017 Portfolio in Review
As of Q3 2017, Marshall Wace held 462 positions worth $2.15B, down 5.2% from $2.27B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Marshall Wace withdrew a net $194M in Q3 2017, closing 129 positions and reducing 72 holdings. Its most notable exit was Reynolds American Inc, an estimated $192M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 20% of assets, up from 14% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Marshall Wace opened a new position in British American Tobacco worth $55.1M.
- Marshall Wace's largest Q3 2017 buy was British American Tobacco: 888,496 shares worth $55.1M.
- Marshall Wace added most to Alphabet (Google) Class A in Q3 2017, an estimated $74.2M increase.
- Marshall Wace's biggest Q3 2017 reduction was Charter Communications, cutting an estimated $59.9M.
- Marshall Wace fully exited Reynolds American Inc in Q3 2017, selling an estimated $192M.
- Marshall Wace's ten largest holdings make up 35% of its $2.15B portfolio in Q3 2017.
- Marshall Wace opened 161 new positions and closed 129 in Q3 2017.
- Marshall Wace's portfolio value fell 5.2% quarter-over-quarter to $2.15B.
Based on Marshall Wace's 13F filing for Q3 2017, filed 13 Nov 2017.