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ACRE

Ares Commercial Real Estate
ACRE

129 hedge funds and large institutions have $143M invested in Ares Commercial Real Estate in 2020 Q1 according to their latest regulatory filings, with 20 funds opening new positions, 55 increasing their positions, 38 reducing their positions, and 31 closing their positions.

New
Increased
Maintained
Reduced
Closed

45% more repeat investments, than reductions

Existing positions increased: 55 | Existing positions reduced: 38

35% more call options, than puts

Call options by funds: $275K | Put options by funds: $203K

2.46% less ownership

Funds ownership: 63.55% → 61.09% (-2.5%)

9% less funds holding

Funds holding: 142 → 129 (-13)

35% less first-time investments, than exits

New positions opened: 20 | Existing positions closed: 31

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

51% less capital invested

Capital invested by funds: $291M → $143M (-$148M)

Holders
129
Holders Change
-13
Holders Change %
-9.15%
% of All Funds
2.84%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.02%
New
20
Increased
55
Reduced
38
Closed
31
Calls
$275K
Puts
$203K
Net Calls
+$72K
Net Calls Change
+$476K

Top Buyers

1
SCP
Steamboat Capital Partners
New York
+$14.4M
2
WAM
Wolverine Asset Management
Illinois
+$12.1M
3
CCM
Callodine Capital Management
Massachusetts
+$7.08M
4
Millennium Management
Millennium Management
New York
+$5.31M
5
BlackRock
BlackRock
New York
+$4.08M

Top Sellers

1
TC
Telemus Capital
Michigan
-$11M
2
Morgan Stanley
Morgan Stanley
New York
-$7.51M
3
CIM
Centersquare Investment Management
Pennsylvania
-$5.21M
4
Mackenzie Financial
Mackenzie Financial
Ontario, Canada
-$2.27M
5
Citadel Advisors
Citadel Advisors
Florida
-$1.44M
Name Holding Trade Value Shares
Change 		Change in
Stake
BlackRock
1
BlackRock
New York
$23.1M +$4.08M +288,237 +10%
Vanguard Group
2
Vanguard Group
Pennsylvania
$10.3M +$1.07M +75,774 +5%
DFG
3
Delphi Financial Group
Delaware
$10.3M – – –
Acadian Asset Management
4
Acadian Asset Management
Massachusetts
$7.11M -$497K -35,066 -3%
SCP
5
Steamboat Capital Partners
New York
$7.1M +$14.4M +1,015,821 New
Boston Partners
6
Boston Partners
Massachusetts
$6.54M +$498K +35,149 +4%
State Street
7
State Street
Massachusetts
$6.51M +$816K +57,555 +7%
WAM
8
Wolverine Asset Management
Illinois
$5.94M +$12.1M +850,457 New
Millennium Management
9
Millennium Management
New York
$4.38M +$5.31M +374,998 +149%
CCM
10
Callodine Capital Management
Massachusetts
$3.5M +$7.08M +500,000 New
Geode Capital Management
11
Geode Capital Management
Massachusetts
$3.18M +$1.35M +95,216 +26%
Northern Trust
12
Northern Trust
Illinois
$2.61M +$623K +43,966 +13%
KCM
13
Kennedy Capital Management
Missouri
$2.5M +$1.57M +111,104 +45%
LSV Asset Management
14
LSV Asset Management
Illinois
$2.35M -$80.8K -5,700 -2%
GIM
15
Greenwich Investment Management
Connecticut
$2.35M +$1.38M +97,595 +41%
Goldman Sachs
16
Goldman Sachs
New York
$2.31M +$2.04M +143,918 +77%
Two Sigma Advisers
17
Two Sigma Advisers
New York
$2.28M +$3.12M +220,474 +209%
Two Sigma Investments
18
Two Sigma Investments
New York
$2.25M +$2.58M +182,024 +130%
WG
19
Winton Group
United Kingdom
$2.17M +$2.13M +150,346 +94%
N
20
Nuveen
North Carolina
$1.91M +$330K +23,299 +9%
Wells Fargo
21
Wells Fargo
California
$1.67M -$1.29M -90,878 -28%
RA
22
Resource America
New York
$1.65M – – –
Bank of America
23
Bank of America
North Carolina
$1.4M -$674K -47,568 -19%
Victory Capital Management
24
Victory Capital Management
Texas
$1.28M +$1.54M +108,975 +147%
PPA
25
Parametric Portfolio Associates
Washington
$1.26M +$45.4K +3,201 +2%
1
2 3 4 5

ACRE Hedge Fund Activity: Q1 2020 in Review

129 of the 4,538 institutional investors tracked by Wall St. Rank reported a position in Ares Commercial Real Estate (ACRE) for Q1 2020, worth a combined $143M — down 51% from $291M a quarter earlier.

Sellers outnumbered buyers: 31 funds closed out of ACRE and 20 opened new positions — a net loss of 11 holders — while 38 trimmed existing stakes and 55 added.

The largest buyer was Steamboat Capital Partners, opening a new position worth an estimated $14.4M. The largest seller was Telemus Capital, exiting entirely with an estimated $11M sold.

  • 129 institutional investors held Ares Commercial Real Estate (ACRE) as of Q1 2020, down from 142 in Q4 2019.
  • Funds reported $143M of Ares Commercial Real Estate stock for Q1 2020, down 51% quarter-over-quarter.
  • 20 funds opened new Ares Commercial Real Estate positions in Q1 2020 and 31 closed out, a net change of -11 holders.
  • The largest Ares Commercial Real Estate buyer in Q1 2020 was Steamboat Capital Partners, an estimated $14.4M added.
  • The largest Ares Commercial Real Estate seller in Q1 2020 was Telemus Capital, an estimated $11M sold.

Based on aggregated 13F filings for Q1 2020.