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BlackRock Taxable Municipal Bond Trust
BBN

63 hedge funds and large institutions have $172M invested in BlackRock Taxable Municipal Bond Trust in 2013 Q4 according to their latest regulatory filings, with 20 funds opening new positions, 22 increasing their positions, 14 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

67% more first-time investments, than exits

New positions opened: 20 | Existing positions closed: 12

57% more repeat investments, than reductions

Existing positions increased: 22 | Existing positions reduced: 14

16% more capital invested

Capital invested by funds: $148M → $172M (+$23.3M)

15% more funds holding

Funds holding: 55 → 63 (+8)

1.54% more ownership

Funds ownership: 13.84% → 15.38% (+1.5%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

Holders
63
Holders Change
+8
Holders Change %
+14.55%
% of All Funds
1.83%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
20
Increased
22
Reduced
14
Closed
12
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
PRCM
Pine River Capital Management
Minnesota
+$10.5M
2
Wells Fargo
Wells Fargo
California
+$5.74M
3
PNC Financial Services Group
PNC Financial Services Group
Pennsylvania
+$3.23M
4
OHA
Oak Hill Advisors
New York
+$2.87M
5
LI
Longer Investments
Arkansas
+$2.14M

Top Sellers

Rank Fund Capital Flow
1
Bank of America
Bank of America
North Carolina
-$6.13M
2
SONJCPFB
State of New Jersey Common Pension Fund B
New Jersey
-$4.51M
3
Morgan Stanley
Morgan Stanley
New York
-$4.37M
4
Ameriprise
Ameriprise
Minnesota
-$3.89M
5
RCM
Rivernorth Capital Management
Florida
-$2.72M
Name Holding Trade Value Shares
Change 		Change in
Stake
GEM
26
Global Endowment Management
North Carolina
$1.4M +$738K +39,300 +117%
RCM
27
Rivernorth Capital Management
Florida
$1.32M -$2.72M -144,994 -68%
FFA
28
First Foundation Advisors
California
$1.16M +$13.8K +733 +1%
ACI
29
Alpha Cubed Investments
California
$858K +$841K +44,817 New
MIC
30
Meridian Investment Counsel
California
$739K +$725K +38,600 New
RJA
31
Raymond James & Associates
Florida
$721K +$377K +20,080 +114%
CI
32
Conning Inc
Connecticut
$650K +$197K +10,500 +45%
Cohen & Steers
33
Cohen & Steers
New York
$552K +$65.7K +3,500 +14%
EIA
34
Edgemoor Investment Advisors
Maryland
$498K -$328K -17,460 -40%
HCM
35
Hollencrest Capital Management
California
$497K +$487K +25,954 New
SAM
36
SignalPoint Asset Management
Missouri
$418K +$410K +21,818 New
WS
37
Wedbush Securities
California
$408K +$50.4K +2,685 +14%
PAG
38
Private Advisor Group
New Jersey
$402K +$394K +21,012 New
Commonwealth Equity Services
39
Commonwealth Equity Services
Massachusetts
$346K +$107K +5,690 +46%
HCMT
40
Highland Capital Management (Texas)
Texas
$335K +$329K +17,500 New
Citigroup
41
Citigroup
New York
$320K -$152K -8,085 -33%
VKH
42
Virtu KCG Holdings
New York
$277K +$271K +14,460 New
PAA
43
Peregrine Asset Advisers
Oregon
$243K +$2.06K +110 +0.9%
LCM
44
Landscape Capital Management
New Jersey
$239K +$235K +12,492 New
WEC
45
Winslow Evans & Crocker
Massachusetts
$229K +$224K +11,938 New
AIG
46
American International Group
New York
$221K +$25.5K +1,358 +13%
TRCT
47
Tower Research Capital (TRC)
New York
$168K +$64.7K +3,445 +65%
US Bancorp
48
US Bancorp
Minnesota
$57K – – –
Northwestern Mutual Wealth Management
49
Northwestern Mutual Wealth Management
Wisconsin
$53K +$51.8K +2,760 New
Deutsche Bank
50
Deutsche Bank
Germany
$48K -$63.7K -3,393 -58%
1
2
3

BBN Hedge Fund Activity: Q4 2013 in Review

63 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in BlackRock Taxable Municipal Bond Trust (BBN) for Q4 2013, worth a combined $172M — up 16% from $148M a quarter earlier.

Buyers outnumbered sellers: 20 funds opened new BBN positions and 12 closed out — a net gain of 8 holders — while 22 added to existing stakes and 14 trimmed.

The largest buyer was Pine River Capital Management, opening a new position worth an estimated $10.5M. The largest seller was Bank of America, cutting an estimated $6.13M.

  • 63 institutional investors held BlackRock Taxable Municipal Bond Trust (BBN) as of Q4 2013, up from 55 in Q3 2013.
  • Funds reported $172M of BlackRock Taxable Municipal Bond Trust stock for Q4 2013, up 16% quarter-over-quarter.
  • 20 funds opened new BlackRock Taxable Municipal Bond Trust positions in Q4 2013 and 12 closed out, a net change of +8 holders.
  • The largest BlackRock Taxable Municipal Bond Trust buyer in Q4 2013 was Pine River Capital Management, an estimated $10.5M added.
  • The largest BlackRock Taxable Municipal Bond Trust seller in Q4 2013 was Bank of America, an estimated $6.13M sold.

Based on aggregated 13F filings for Q4 2013.