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BlackRock Taxable Municipal Bond Trust
BBN

68 hedge funds and large institutions have $159M invested in BlackRock Taxable Municipal Bond Trust in 2014 Q2 according to their latest regulatory filings, with 8 funds opening new positions, 19 increasing their positions, 24 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

3.36% less ownership

Funds ownership: 16.01% → 12.64% (-3.4%)

8% less funds holding

Funds holding: 74 → 68 (-6)

15% less capital invested

Capital invested by funds: $188M → $159M (-$28.6M)

21% less repeat investments, than reductions

Existing positions increased: 19 | Existing positions reduced: 24

43% less first-time investments, than exits

New positions opened: 8 | Existing positions closed: 14

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
68
Holders Change
-6
Holders Change %
-8.11%
% of All Funds
1.95%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.03%
New
8
Increased
19
Reduced
24
Closed
14
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
SIA
Sit Investment Associates
Minnesota
+$3.24M
2
Jane Street
Jane Street
New York
+$1.87M
3
CWM
Cabot Wealth Management
Massachusetts
+$1.37M
4
RJA
Raymond James & Associates
Florida
+$953K
5
Invesco
Invesco
Georgia
+$844K

Top Sellers

Rank Fund Capital Flow
1
Wells Fargo
Wells Fargo
California
-$17.5M
2
TG
TCW Group
California
-$6.95M
3
OHA
Oak Hill Advisors
New York
-$4.82M
4
AllianceBernstein
AllianceBernstein
Tennessee
-$4.32M
5
Morgan Stanley
Morgan Stanley
New York
-$2.73M
Name Holding Trade Value Shares
Change 		Change in
Stake
AC
26
Allstate Corporation
Illinois
$1.11M – – –
FFA
27
First Foundation Advisors
California
$1.04M -$327K -15,788 -25%
ACI
28
Alpha Cubed Investments
California
$987K +$1.7K +82 +0.2%
Cohen & Steers
29
Cohen & Steers
New York
$905K +$267K +12,857 +45%
MIC
30
Meridian Investment Counsel
California
$794K – – –
AC
31
Addison Capital
Pennsylvania
$742K +$390K +18,800 +122%
CI
32
Conning Inc
Connecticut
$737K – – –
Commonwealth Equity Services
33
Commonwealth Equity Services
Massachusetts
$691K -$75.5K -3,640 -10%
Deutsche Bank
34
Deutsche Bank
Germany
$596K +$512K +24,720 +899%
PAG
35
Private Advisor Group
New Jersey
$580K -$3.21K -155 -0.6%
FAAS
36
First Allied Advisory Services
California
$514K +$79.5K +3,837 +19%
SAM
37
SignalPoint Asset Management
Missouri
$511K -$10.4K -500 -2%
EIA
38
Edgemoor Investment Advisors
Maryland
$509K – – –
QCMC
39
Quantum Capital Management (California)
California
$498K +$476K +22,953 New
HCM
40
Hollencrest Capital Management
California
$488K +$13K +625 +3%
Citigroup
41
Citigroup
New York
$393K -$11.6K -562 -3%
WS
42
Wedbush Securities
California
$388K -$41.5K -2,000 -10%
HCMT
43
Highland Capital Management (Texas)
Texas
$380K – – –
SA
44
Strategic Advisors
New York
$291K +$278K +13,400 New
PAA
45
Peregrine Asset Advisers
Oregon
$289K +$2.9K +140 +1%
TG
46
TCW Group
California
$260K -$6.95M -335,200 -97%
CS
47
Credit Suisse
Switzerland
$217K +$207K +10,000 New
AIG
48
American International Group
New York
$193K -$2.49K -120 -1%
DADC
49
D.A. Davidson & Co
Montana
$171K +$114K +5,505 +229%
WEC
50
Winslow Evans & Crocker
Massachusetts
$104K +$99.5K +4,800 New
1
2
3 4

BBN Hedge Fund Activity: Q2 2014 in Review

68 of the 3,479 institutional investors tracked by Wall St. Rank reported a position in BlackRock Taxable Municipal Bond Trust (BBN) for Q2 2014, worth a combined $159M — down 15% from $188M a quarter earlier.

Sellers outnumbered buyers: 14 funds closed out of BBN and 8 opened new positions — a net loss of 6 holders — while 24 trimmed existing stakes and 19 added.

The largest buyer was Sit Investment Associates, adding an estimated $3.24M. The largest seller was Wells Fargo, cutting an estimated $17.5M.

  • 68 institutional investors held BlackRock Taxable Municipal Bond Trust (BBN) as of Q2 2014, down from 74 in Q1 2014.
  • Funds reported $159M of BlackRock Taxable Municipal Bond Trust stock for Q2 2014, down 15% quarter-over-quarter.
  • 8 funds opened new BlackRock Taxable Municipal Bond Trust positions in Q2 2014 and 14 closed out, a net change of -6 holders.
  • The largest BlackRock Taxable Municipal Bond Trust buyer in Q2 2014 was Sit Investment Associates, an estimated $3.24M added.
  • The largest BlackRock Taxable Municipal Bond Trust seller in Q2 2014 was Wells Fargo, an estimated $17.5M sold.

Based on aggregated 13F filings for Q2 2014.