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BlackRock Credit Allocation Income Trust
BTZ

92 hedge funds and large institutions have $497M invested in BlackRock Credit Allocation Income Trust in 2013 Q4 according to their latest regulatory filings, with 16 funds opening new positions, 26 increasing their positions, 37 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

20% more funds holding in top 10

Funds holding in top 10: 5 → 6 (+1)

14% more first-time investments, than exits

New positions opened: 16 | Existing positions closed: 14

11% more capital invested

Capital invested by funds: $447M → $497M (+$50M)

3.83% more ownership

Funds ownership: 31.66% → 35.49% (+3.8%)

1% more funds holding

Funds holding: 91 → 92 (+1)

30% less repeat investments, than reductions

Existing positions increased: 26 | Existing positions reduced: 37

Holders
92
Holders Change
+1
Holders Change %
+1.1%
% of All Funds
2.67%
Holding in Top 10
6
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+20%
% of All Funds
0.17%
New
16
Increased
26
Reduced
37
Closed
14
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
SCM
Saba Capital Management
New York
+$26.7M
2
OA
Oxbow Advisors
Texas
+$11.2M
3
PRCM
Pine River Capital Management
Minnesota
+$8.56M
4
1CP
1607 Capital Partners
Virginia
+$7.49M
5
TAM
Third Avenue Management
New York
+$7.15M

Top Sellers

1
Morgan Stanley
Morgan Stanley
New York
-$14M
2
AIM
Assured Investment Management
New York
-$5.22M
3
Wells Fargo
Wells Fargo
California
-$4M
4
SIA
Sit Investment Associates
Minnesota
-$2.31M
5
1832 Asset Management
1832 Asset Management
Ontario, Canada
-$1.25M
Name Holding Trade Value Shares
Change 		Change in
Stake
Wells Fargo
1
Wells Fargo
California
$72.3M -$4M -312,405 -5%
RVP
2
Relative Value Partners
Illinois
$57.5M +$1.92M +150,081 +4%
RCM
3
Rivernorth Capital Management
Florida
$42.1M +$285K +22,265 +0.7%
SCM
4
Saba Capital Management
New York
$40.6M +$26.7M +2,085,961 +203%
Bank of America
5
Bank of America
North Carolina
$25.1M +$5.49M +429,505 +29%
Morgan Stanley
6
Morgan Stanley
New York
$25M -$14M -1,091,130 -36%
SIA
7
Sit Investment Associates
Minnesota
$21.4M -$2.31M -180,804 -10%
FIMG
8
Financial & Investment Management Group
Michigan
$18.6M -$402K -31,448 -2%
1CP
9
1607 Capital Partners
Virginia
$17M +$7.49M +585,144 +81%
SAMC
10
Spectrum Asset Management (Connecticut)
Connecticut
$16M – – –
PPA
11
Parametric Portfolio Associates
Washington
$15.5M +$301K +23,561 +2%
TAM
12
Third Avenue Management
New York
$13.1M +$7.15M +558,723 +125%
GC
13
Guggenheim Capital
Illinois
$12M -$1.24M -96,715 -9%
OA
14
Oxbow Advisors
Texas
$11.7M +$11.2M +872,448 +4,364%
Royal Bank of Canada
15
Royal Bank of Canada
Ontario, Canada
$10.7M -$288K -22,523 -3%
Invesco
16
Invesco
Georgia
$10.3M -$785K -61,373 -7%
AQR Capital Management
17
AQR Capital Management
Connecticut
$9.99M +$1.18M +92,195 +14%
PRCM
18
Pine River Capital Management
Minnesota
$8.74M +$8.56M +669,355 New
RCM
19
Robinson Capital Management
Michigan
$6.91M +$6.46M +504,905 New
U
20
UBS
Switzerland
$5.46M +$256K +20,029 +5%
CA
21
Commerzbank Aktiengesellschaft
Germany
$5.39M +$5.33M +417,000 New
1832 Asset Management
22
1832 Asset Management
Ontario, Canada
$5.3M -$1.25M -97,478 -19%
MCC
23
Mid Continent Capital
Illinois
$4.43M -$431K -33,700 -9%
AAM
24
Advisors Asset Management
Colorado
$3.87M -$270K -21,141 -7%
LPL Financial
25
LPL Financial
California
$3.14M -$196K -15,300 -6%
1
2 3 4 5

BTZ Hedge Fund Activity: Q4 2013 in Review

92 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in BlackRock Credit Allocation Income Trust (BTZ) for Q4 2013, worth a combined $497M — up 11% from $447M a quarter earlier.

Buyers outnumbered sellers: 16 funds opened new BTZ positions and 14 closed out — a net gain of 2 holders — while 26 added to existing stakes and 37 trimmed.

The largest buyer was Saba Capital Management, adding an estimated $26.7M. The largest seller was Morgan Stanley, cutting an estimated $14M.

  • 92 institutional investors held BlackRock Credit Allocation Income Trust (BTZ) as of Q4 2013, up from 91 in Q3 2013.
  • Funds reported $497M of BlackRock Credit Allocation Income Trust stock for Q4 2013, up 11% quarter-over-quarter.
  • 16 funds opened new BlackRock Credit Allocation Income Trust positions in Q4 2013 and 14 closed out, a net change of +2 holders.
  • The largest BlackRock Credit Allocation Income Trust buyer in Q4 2013 was Saba Capital Management, an estimated $26.7M added.
  • The largest BlackRock Credit Allocation Income Trust seller in Q4 2013 was Morgan Stanley, an estimated $14M sold.

Based on aggregated 13F filings for Q4 2013.