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ACRE

Ares Commercial Real Estate
ACRE

109 hedge funds and large institutions have $216M invested in Ares Commercial Real Estate in 2018 Q1 according to their latest regulatory filings, with 11 funds opening new positions, 37 increasing their positions, 39 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

70% more call options, than puts

Call options by funds: $124K | Put options by funds: $73K

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

1% less funds holding

Funds holding: 110 → 109 (-1)

5% less repeat investments, than reductions

Existing positions increased: 37 | Existing positions reduced: 39

8% less first-time investments, than exits

New positions opened: 11 | Existing positions closed: 12

1.25% less ownership

Funds ownership: 63.95% → 62.7% (-1.2%)

9% less capital invested

Capital invested by funds: $236M → $216M (-$20.1M)

Holders
109
Holders Change
-1
Holders Change %
-0.91%
% of All Funds
2.5%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
11
Increased
37
Reduced
39
Closed
12
Calls
$124K
Puts
$73K
Net Calls
+$51K
Net Calls Change
+$264K

Top Buyers

1
MAM
Martingale Asset Management
Massachusetts
+$1.87M
2
SFM
Systematic Financial Management
New Jersey
+$1.12M
3
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$994K
4
GIM
Greenwich Investment Management
Connecticut
+$809K
5
AC
Athanor Capital
New York
+$598K

Top Sellers

1
BlackRock
BlackRock
New York
-$2.13M
2
Millennium Management
Millennium Management
New York
-$1.42M
3
Boston Partners
Boston Partners
Massachusetts
-$1.34M
4
GCP
GSA Capital Partners
United Kingdom
-$1.18M
5
Wells Fargo
Wells Fargo
California
-$1.03M
Name Holding Trade Value Shares
Change 		Change in
Stake
BlackRock
1
BlackRock
New York
$30.6M -$2.13M -169,405 -6%
Boston Partners
2
Boston Partners
Massachusetts
$28.2M -$1.34M -106,778 -4%
DFG
3
Delphi Financial Group
Delaware
$18.2M – – –
Vanguard Group
4
Vanguard Group
Pennsylvania
$15.6M +$176K +13,980 +1%
State Street
5
State Street
Massachusetts
$9.78M +$316K +25,132 +3%
AllianceBernstein
6
AllianceBernstein
Tennessee
$7.6M +$407K +32,346 +6%
TC
7
Telemus Capital
Michigan
$6.84M +$431K +34,275 +7%
Morgan Stanley
8
Morgan Stanley
New York
$6.4M +$149K +11,828 +2%
Neuberger Berman Group
9
Neuberger Berman Group
New York
$4.09M -$484K -38,478 -10%
Wells Fargo
10
Wells Fargo
California
$3.94M -$1.03M -81,761 -20%
Northern Trust
11
Northern Trust
Illinois
$3.77M -$24.2K -1,925 -0.6%
Bank of America
12
Bank of America
North Carolina
$3.45M -$879K -69,828 -20%
ACM
13
Advisors Capital Management
New Jersey
$3.32M +$21.6K +1,719 +0.6%
Millennium Management
14
Millennium Management
New York
$3.21M -$1.42M -112,765 -30%
RVPG
15
Relative Value Partners Group
$2.96M +$134K +10,631 +5%
Geode Capital Management
16
Geode Capital Management
Massachusetts
$2.96M +$57.1K +4,539 +2%
BCM
17
Buckhead Capital Management
Georgia
$2.94M – – –
YMRC
18
Yorktown Management & Research Company
Virginia
$2.84M – – –
N
19
Nuveen
North Carolina
$2.67M -$46.9K -3,727 -2%
AAMU
20
AEGON Asset Management (UK)
United Kingdom
$2.64M -$857K -68,110 -24%
LSV Asset Management
21
LSV Asset Management
Illinois
$2.55M +$258K +20,500 +11%
D.E. Shaw & Co
22
D.E. Shaw & Co
New York
$2.5M +$994K +78,933 +64%
KCM
23
Kennedy Capital Management
Missouri
$2.28M -$1.02M -81,112 -30%
DM
24
Delphi Management
Massachusetts
$2.21M +$54K +4,290 +2%
CHAM
25
Clear Harbor Asset Management
Connecticut
$2.17M +$22.3K +1,770 +1%
1
2 3 4 5

ACRE Hedge Fund Activity: Q1 2018 in Review

109 of the 4,363 institutional investors tracked by Wall St. Rank reported a position in Ares Commercial Real Estate (ACRE) for Q1 2018, worth a combined $216M — down 8.5% from $236M a quarter earlier.

Sellers outnumbered buyers: 12 funds closed out of ACRE and 11 opened new positions — a net loss of 1 holder — while 39 trimmed existing stakes and 37 added.

The largest buyer was Martingale Asset Management, opening a new position worth an estimated $1.87M. The largest seller was BlackRock, cutting an estimated $2.13M.

  • 109 institutional investors held Ares Commercial Real Estate (ACRE) as of Q1 2018, down from 110 in Q4 2017.
  • Funds reported $216M of Ares Commercial Real Estate stock for Q1 2018, down 8.5% quarter-over-quarter.
  • 11 funds opened new Ares Commercial Real Estate positions in Q1 2018 and 12 closed out, a net change of -1 holder.
  • The largest Ares Commercial Real Estate buyer in Q1 2018 was Martingale Asset Management, an estimated $1.87M added.
  • The largest Ares Commercial Real Estate seller in Q1 2018 was BlackRock, an estimated $2.13M sold.

Based on aggregated 13F filings for Q1 2018.