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Golub Capital BDC
GBDC

167 hedge funds and large institutions have $797M invested in Golub Capital BDC in 2019 Q3 according to their latest regulatory filings, with 26 funds opening new positions, 59 increasing their positions, 48 reducing their positions, and 17 closing their positions.

New
Increased
Maintained
Reduced
Closed

103% more capital invested

Capital invested by funds: $393M → $797M (+$405M)

53% more first-time investments, than exits

New positions opened: 26 | Existing positions closed: 17

40% more funds holding in top 10

Funds holding in top 10: 5 → 7 (+2)

23% more repeat investments, than reductions

Existing positions increased: 59 | Existing positions reduced: 48

5% more funds holding

Funds holding: 159 → 167 (+8)

4.57% less ownership

Funds ownership: 37.21% → 32.64% (-4.6%)

84% less call options, than puts

Call options by funds: $294K | Put options by funds: $1.88M

Holders
167
Holders Change
+8
Holders Change %
+5.03%
% of All Funds
3.66%
Holding in Top 10
7
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+40%
% of All Funds
0.15%
New
26
Increased
59
Reduced
48
Closed
17
Calls
$294K
Puts
$1.88M
Net Calls
-$1.59M
Net Calls Change
-$2.34M

Top Buyers

Rank Fund Capital Flow
1
SO
STRS Ohio
Ohio
+$284M
2
SWPG
Strategic Wealth Partners Group
Illinois
+$32.3M
3
SI
Stephens Inc
Arkansas
+$16.2M
4
RC
RegentAtlantic Capital
New Jersey
+$15.1M
5
ZCA
Zeke Capital Advisors
Pennsylvania
+$10.9M

Top Sellers

Rank Fund Capital Flow
1
Thrivent Financial for Lutherans
Thrivent Financial for Lutherans
Minnesota
-$6.25M
2
AIM
Anchor Investment Management
South Carolina
-$3.08M
3
Two Sigma Investments
Two Sigma Investments
New York
-$1.83M
4
AL
Arnhold LLC
New York
-$1.7M
5
AM
Ares Management
California
-$1.25M
Name Holding Trade Value Shares
Change 		Change in
Stake
CFG
26
CNO Financial Group
Indiana
$5.97M – – –
Legal & General Group
27
Legal & General Group
United Kingdom
$5.83M +$105K +5,861 +2%
NRS
28
Neville Rodie & Shaw
New York
$5.71M -$82.8K -4,606 -1%
Citadel Advisors
29
Citadel Advisors
Florida
$5.04M +$446K +24,798 +10%
TYCC
30
Texas Yale Capital Corp
Florida
$4.91M +$60.9K +3,386 +1%
ACM
31
Advisors Capital Management
New Jersey
$4.81M +$175K +9,753 +4%
NEAM
32
New England Asset Management
Connecticut
$4.39M – – –
MCM
33
McKinley Capital Management
Alaska
$3.96M -$5.75K -320 -0.1%
FWIA
34
Fort Washington Investment Advisors
Ohio
$3.95M +$388K +21,581 +11%
AR
35
Advisory Research
Illinois
$3.53M -$337K -18,767 -9%
DC
36
Derby & Company
Massachusetts
$3.49M +$109K +6,066 +3%
LWM
37
Lyell Wealth Management
California
$3.46M -$304K -16,923 -8%
JP Morgan Chase
38
JP Morgan Chase
New York
$3.43M -$332K -18,471 -9%
VEA
39
Virtus ETF Advisers
New York
$3.39M +$256K +14,255 +8%
RA
40
Royce & Associates
New York
$3.26M +$3.17M +176,429 New
MAU
41
MRA Associates USA
Arizona
$3.21M – – –
PC
42
Polar Capital
United Kingdom
$3.09M -$153K -8,500 -5%
CC
43
Cornerstone Capital
California
$3.08M +$894K +49,723 +43%
EIA
44
Edgemoor Investment Advisors
Maryland
$2.46M -$27.5K -1,531 -1%
FIA
45
Foundations Investment Advisors
Arizona
$2.45M +$516K +28,692 +26%
California Public Employees Retirement System
46
California Public Employees Retirement System
California
$2.31M +$716K +39,820 +47%
Brown Advisory
47
Brown Advisory
Maryland
$2.23M +$49.3K +2,741 +2%
RJA
48
Raymond James & Associates
Florida
$2.18M +$54.5K +3,034 +3%
V
49
Veritable
Delaware
$2.14M +$7.96K +443 +0.4%
Susquehanna International Group
50
Susquehanna International Group
Pennsylvania
$2.12M -$139K -7,707 -6%
1
2
3 4 5

GBDC Hedge Fund Activity: Q3 2019 in Review

167 of the 4,561 institutional investors tracked by Wall St. Rank reported a position in Golub Capital BDC (GBDC) for Q3 2019, worth a combined $797M — up 103% from $393M a quarter earlier.

Buyers outnumbered sellers: 26 funds opened new GBDC positions and 17 closed out — a net gain of 9 holders — while 59 added to existing stakes and 48 trimmed.

The largest buyer was STRS Ohio, opening a new position worth an estimated $284M. The largest seller was Thrivent Financial for Lutherans, exiting entirely with an estimated $6.25M sold.

  • 167 institutional investors held Golub Capital BDC (GBDC) as of Q3 2019, up from 159 in Q2 2019.
  • Funds reported $797M of Golub Capital BDC stock for Q3 2019, up 103% quarter-over-quarter.
  • 26 funds opened new Golub Capital BDC positions in Q3 2019 and 17 closed out, a net change of +9 holders.
  • The largest Golub Capital BDC buyer in Q3 2019 was STRS Ohio, an estimated $284M added.
  • The largest Golub Capital BDC seller in Q3 2019 was Thrivent Financial for Lutherans, an estimated $6.25M sold.

Based on aggregated 13F filings for Q3 2019.