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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
Neuberger Berman Group
1
Neuberger Berman Group
New York
$21.6M +$222K +16,594 +1%
RIM
2
RS Investment Management
California
$21.1M +$21.1M +1,574,530 New
Boston Partners
3
Boston Partners
Massachusetts
$16.7M +$66.3K +4,952 +0.4%
BFA
4
BlackRock Fund Advisors
California
$15.1M +$974K +72,732 +7%
DFG
5
Delphi Financial Group
Delaware
$14.9M +$9.85M +735,411 +195%
ICM
6
Indaba Capital Management
California
$14.9M – – –
BIT
7
BlackRock Institutional Trust
California
$11.1M +$2.43M +181,123 +28%
Vanguard Group
8
Vanguard Group
Pennsylvania
$10.6M +$1.44M +107,762 +16%
FCM
9
Frontier Capital Management
Massachusetts
$10.6M +$1.3M +96,792 +14%
FM
10
Forward Management
California
$7.92M +$67K +5,000 +0.9%
O
11
OppenheimerFunds
New York
$6.66M +$432K +32,270 +7%
Renaissance Technologies
12
Renaissance Technologies
New York
$6.01M +$1.71M +127,785 +40%
FPA
13
First Pacific Advisors
California
$5.62M – – –
State Street
14
State Street
Massachusetts
$5.37M +$804K +60,038 +18%
SCM
15
Silver Capital Management
New York
$5.1M -$24.1K -1,800 -0.5%
PAIM
16
Punch & Associates Investment Management
Minnesota
$4.5M +$3.83M +285,620 +576%
Northern Trust
17
Northern Trust
Illinois
$3.8M -$410K -30,629 -10%
CS
18
Credit Suisse
Switzerland
$3.75M -$553K -41,300 -13%
Morgan Stanley
19
Morgan Stanley
New York
$3.72M -$3.18M -237,482 -46%
EWM
20
Edge Wealth Management
New York
$3.58M +$1.61M +120,268 +82%
BCM
21
Buckhead Capital Management
Georgia
$3.45M +$3.44M +257,060 New
Bank of America
22
Bank of America
North Carolina
$3.15M +$1.93M +144,442 +160%
Geode Capital Management
23
Geode Capital Management
Massachusetts
$2.6M +$209K +15,581 +9%
CCMLC
24
Cardinal Capital Management LLC (Connecticut)
Connecticut
$2.52M +$421K +31,400 +20%
Wells Fargo
25
Wells Fargo
California
$2.39M +$935K +69,812 +64%
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.