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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
Lazard Asset Management
51
Lazard Asset Management
New York
$101K – – –
VNB
52
Valley National Bancorp
New York
$67K +$64.3K +3,100 New
Northwestern Mutual Wealth Management
53
Northwestern Mutual Wealth Management
Wisconsin
$62K -$10.4K -500 -15%
TRCT
54
Tower Research Capital (TRC)
New York
$50K +$24.9K +1,200 +109%
FFC
55
First Financial Corp
Indiana
$49K – – –
FHA
56
First Horizon Advisors
Tennessee
$42K +$9.39K +453 +29%
Creative Planning
57
Creative Planning
Kansas
$41K -$10.4K -500 -21%
CFS
58
Community Financial System
New York
$33K – – –
NES
59
New England Securities
New York
$28K – – –
OIA
60
Optimum Investment Advisors
Illinois
$26K – – –
FANJ
61
Financial Architects (New Jersey)
New Jersey
$22K +$20.7K +1,000 New
WTB
62
Washington Trust Bank
Washington
$19K – – –
ClearBridge Investments
63
ClearBridge Investments
New York
$11K – – –
MAM
64
Meeder Asset Management
Ohio
$11K – – –
MFS
65
MSI Financial Services
Massachusetts
$11K – – –
US Bancorp
66
US Bancorp
Minnesota
$7K -$40.1K -1,936 -86%
FMB
67
Field & Main Bank
Kentucky
$4K – – –
Envestnet Asset Management
68
Envestnet Asset Management
Illinois
$1K – – –
AllianceBernstein
69
AllianceBernstein
Tennessee
– -$4.32M -213,284 Closed
KIM
70
Karpus Investment Management
New York
– -$1.87M -92,533 Closed
TJHA
71
Thomas J. Herzfeld Advisors
Florida
– -$1.8M -88,890 Closed
RCM
72
Rivernorth Capital Management
Florida
– -$1.62M -80,053 Closed
MIG
73
Mariner Investment Group
New York
– -$1.07M -52,875 Closed
PPA
74
Parametric Portfolio Associates
Washington
– -$1.01M -49,864 Closed
ACM
75
Avalon Capital Management
California
– -$544K -26,889 Closed
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.