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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
FFC
51
First Financial Corp
Indiana
$43K – – –
Creative Planning
52
Creative Planning
Kansas
$36K -$43.2K -2,300 -55%
FHA
53
First Horizon Advisors
Tennessee
$34K -$2.82K -150 -8%
CFS
54
Community Financial System
New York
$29K – – –
NES
55
New England Securities
New York
$25K +$24.4K +1,300 New
OIA
56
Optimum Investment Advisors
Illinois
$23K – – –
ClearBridge Investments
57
ClearBridge Investments
New York
$10K – – –
MAM
58
Meeder Asset Management
Ohio
$9K – – –
DADC
59
D.A. Davidson & Co
Montana
$9K +$9.39K +500 New
FMB
60
Field & Main Bank
Kentucky
$4K +$3.75K +200 New
MFS
61
MSI Financial Services
Massachusetts
$4K +$3.75K +200 New
Envestnet Asset Management
62
Envestnet Asset Management
Illinois
$1K +$1.03K +55 New
SONJCPFB
63
State of New Jersey Common Pension Fund B
New Jersey
– -$4.51M -240,000 Closed
Ameriprise
64
Ameriprise
Minnesota
– -$3.89M -206,908 Closed
TC
65
TFS Capital
Pennsylvania
– -$1.22M -64,640 Closed
FAAS
66
First Allied Advisory Services
California
– -$622K -32,211 Closed
Comerica Bank
67
Comerica Bank
Texas
– -$401K -21,347 Closed
OFG
68
OTA Financial Group
New York
– -$342 -18,202 Closed
BIM
69
Bridgecreek Investment Management
Oklahoma
– -$276K -14,650 Closed
Jane Street
70
Jane Street
New York
– -$250K -13,268 Closed
Bank of Montreal
71
Bank of Montreal
Ontario, Canada
– -$30K -1,600 Closed
EWM
72
Edge Wealth Management
New York
– -$24K -1,300 Closed
BC
73
Bartlett & Co
Ohio
– -$2K -124 Closed
BIM
74
BlackRock Investment Management
Delaware
– -$113 -6 Closed
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.