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ACRE

Ares Commercial Real Estate
ACRE

93 hedge funds and large institutions have $239M invested in Ares Commercial Real Estate in 2014 Q1 according to their latest regulatory filings, with 18 funds opening new positions, 34 increasing their positions, 26 reducing their positions, and 13 closing their positions.

New
Increased
Maintained
Reduced
Closed

38% more first-time investments, than exits

New positions opened: 18 | Existing positions closed: 13

31% more repeat investments, than reductions

Existing positions increased: 34 | Existing positions reduced: 26

8% more capital invested

Capital invested by funds: $221M → $239M (+$17.8M)

6% more funds holding

Funds holding: 88 → 93 (+5)

3.13% more ownership

Funds ownership: 59.35% → 62.48% (+3.1%)

25% less funds holding in top 10

Funds holding in top 10: 4 → 3 (-1)

83% less call options, than puts

Call options by funds: $186K | Put options by funds: $1.13M

Holders
93
Holders Change
+5
Holders Change %
+5.68%
% of All Funds
2.69%
Holding in Top 10
3
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-25%
% of All Funds
0.09%
New
18
Increased
34
Reduced
26
Closed
13
Calls
$186K
Puts
$1.13M
Net Calls
-$940K
Net Calls Change
+$2.41M

Top Buyers

1
RIM
RS Investment Management
California
+$21.1M
2
DFG
Delphi Financial Group
Delaware
+$9.85M
3
PAIM
Punch & Associates Investment Management
Minnesota
+$3.83M
4
BCM
Buckhead Capital Management
Georgia
+$3.44M
5
BIT
BlackRock Institutional Trust
California
+$2.43M

Top Sellers

1
Wellington Management Group
Wellington Management Group
Massachusetts
-$25.3M
2
Morgan Stanley
Morgan Stanley
New York
-$3.18M
3
MCA
Mendon Capital Advisors
Florida
-$2.34M
4
AIM
ADAR Investment Management
New Jersey
-$1.87M
5
JP Morgan Chase
JP Morgan Chase
New York
-$1.82M
Name Holding Trade Value Shares
Change 		Change in
Stake
RFC
26
Russell Frank Company
Washington
$2.16M +$421K +31,400 +24%
Deutsche Bank
27
Deutsche Bank
Germany
$1.99M +$1.34M +99,728 +206%
AC
28
Alleghany Corporation
New York
$1.68M – – –
MCP
29
Moab Capital Partners
New York
$1.57M +$1.57M +117,402 New
Bank of New York Mellon
30
Bank of New York Mellon
New York
$1.51M +$136K +10,172 +10%
Lord, Abbett & Co
31
Lord, Abbett & Co
New Jersey
$1.41M +$1.41M +105,000 New
SONJCPFA
32
State of New Jersey Common Pension Fund A
New Jersey
$1.34M -$601K -44,875 -31%
TCIM
33
TIAA CREF Investment Management
New York
$1.25M – – –
CA
34
Corrado Advisors
New Jersey
$1.14M +$123K +9,191 +12%
CHAM
35
Clear Harbor Asset Management
Connecticut
$1.02M +$128K +9,582 +14%
MCA
36
Mendon Capital Advisors
Florida
$1.01M -$2.34M -175,000 -70%
Citadel Advisors
37
Citadel Advisors
Florida
$1M +$616K +45,970 +160%
BIM
38
BlackRock Investment Management
Delaware
$999K +$22.5K +1,681 +2%
Prudential Financial
39
Prudential Financial
New Jersey
$963K -$240K -17,900 -20%
GC
40
Guggenheim Capital
Illinois
$867K -$15.9K -1,188 -2%
D.E. Shaw & Co
41
D.E. Shaw & Co
New York
$824K +$54.6K +4,073 +7%
PCM
42
Prelude Capital Management
New York
$769K -$155K -11,600 -17%
ARC
43
Absolute Return Capital
Massachusetts
$708K +$707K +52,806 New
CCP
44
Clough Capital Partners
Massachusetts
$689K – – –
Susquehanna International Group
45
Susquehanna International Group
Pennsylvania
$582K -$1.24M -92,214 -68%
CP
46
Camelot Portfolios
Ohio
$560K +$102K +7,589 +22%
PPA
47
Parametric Portfolio Associates
Washington
$523K +$117K +8,741 +29%
California State Teachers Retirement System (CalSTRS)
48
California State Teachers Retirement System (CalSTRS)
California
$519K – – –
TA
49
Teachers Advisors
New York
$427K – – –
Charles Schwab
50
Charles Schwab
California
$410K – – –
1
2
3 4 5

ACRE Hedge Fund Activity: Q1 2014 in Review

93 of the 3,462 institutional investors tracked by Wall St. Rank reported a position in Ares Commercial Real Estate (ACRE) for Q1 2014, worth a combined $239M — up 8.1% from $221M a quarter earlier.

Buyers outnumbered sellers: 18 funds opened new ACRE positions and 13 closed out — a net gain of 5 holders — while 34 added to existing stakes and 26 trimmed.

The largest buyer was RS Investment Management, opening a new position worth an estimated $21.1M. The largest seller was Wellington Management Group, exiting entirely with an estimated $25.3M sold.

  • 93 institutional investors held Ares Commercial Real Estate (ACRE) as of Q1 2014, up from 88 in Q4 2013.
  • Funds reported $239M of Ares Commercial Real Estate stock for Q1 2014, up 8.1% quarter-over-quarter.
  • 18 funds opened new Ares Commercial Real Estate positions in Q1 2014 and 13 closed out, a net change of +5 holders.
  • The largest Ares Commercial Real Estate buyer in Q1 2014 was RS Investment Management, an estimated $21.1M added.
  • The largest Ares Commercial Real Estate seller in Q1 2014 was Wellington Management Group, an estimated $25.3M sold.

Based on aggregated 13F filings for Q1 2014.