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American Express Global Business Travel
GBTG

64 hedge funds and large institutions have $358M invested in American Express Global Business Travel in 2023 Q3 according to their latest regulatory filings, with 13 funds opening new positions, 22 increasing their positions, 11 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

225% more first-time investments, than exits

New positions opened: 13 | Existing positions closed: 4

100% more repeat investments, than reductions

Existing positions increased: 22 | Existing positions reduced: 11

16% more funds holding

Funds holding: 55 → 64 (+9)

16% less capital invested

Capital invested by funds: $429M → $358M (-$70.7M)

17% less funds holding in top 10

Funds holding in top 10: 6 → 5 (-1)

21% less call options, than puts

Call options by funds: $96K | Put options by funds: $122K

70.87% less ownership

Funds ownership: 84.88% → 14.01% (-71%)

Holders
64
Holders Change
+9
Holders Change %
+16.36%
% of All Funds
1.02%
Holding in Top 10
5
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-16.67%
% of All Funds
0.08%
New
13
Increased
22
Reduced
11
Closed
4
Calls
$96K
Puts
$122K
Net Calls
-$26K
Net Calls Change
-$209K

Top Buyers

Rank Fund Capital Flow
1
Macquarie Group
Macquarie Group
Australia
+$28.4M
2
PCM
PAR Capital Management
Massachusetts
+$3.49M
3
BlackRock
BlackRock
New York
+$2.96M
4
DC
Dendur Capital
New York
+$2.64M
5
Geode Capital Management
Geode Capital Management
Massachusetts
+$1.91M

Top Sellers

Rank Fund Capital Flow
1
Vanguard Group
Vanguard Group
Pennsylvania
-$6.8M
2
HVCM
HG Vora Capital Management
New York
-$2.9M
3
Hudson Bay Capital Management
Hudson Bay Capital Management
Connecticut
-$910K
4
AI
AdvisorShares Investments
Maryland
-$324K
5
BC
Beaconlight Capital
New York
-$279K
Name Holding Trade Value Shares
Change 		Change in
Stake
AMH
1
Apollo Management Holdings
New York
$141M – – –
AM
2
Ares Management
California
$48.3M +$707K +109,748 +1%
HVCM
3
HG Vora Capital Management
New York
$42.6M -$2.9M -450,000 -5%
Macquarie Group
4
Macquarie Group
Australia
$24.3M +$28.4M +4,409,423 New
ZC
5
Zoom Communications
California
$22M – – –
CCM
6
Carronade Capital Management
Connecticut
$19.1M +$1.14M +176,404 +5%
DC
7
Dendur Capital
New York
$13.5M +$2.64M +410,114 +20%
BlackRock
8
BlackRock
New York
$11.1M +$2.96M +458,730 +29%
Vanguard Group
9
Vanguard Group
Pennsylvania
$5.12M -$6.8M -1,056,173 -53%
Geode Capital Management
10
Geode Capital Management
Massachusetts
$4.32M +$1.91M +296,763 +61%
Hudson Bay Capital Management
11
Hudson Bay Capital Management
Connecticut
$4.2M -$910K -141,273 -16%
PCM
12
PAR Capital Management
Massachusetts
$2.98M +$3.49M +541,851 New
State Street
13
State Street
Massachusetts
$2.79M +$165K +25,673 +5%
TCA
14
Taconic Capital Advisors
New York
$2.65M +$781K +121,222 +34%
Charles Schwab
15
Charles Schwab
California
$1.81M +$1.6M +248,418 +309%
ECP
16
Empyrean Capital Partners
California
$1.76M – – –
Northern Trust
17
Northern Trust
Illinois
$1.63M +$303K +47,049 +19%
Goldman Sachs
18
Goldman Sachs
New York
$1.61M +$1.46M +227,116 +348%
BAM
19
Ballast Asset Management
Texas
$1.26M +$1.47M +228,888 New
HF
20
HRT Financial
New York
$894K +$1.05M +162,621 New
BC
21
Beaconlight Capital
New York
$691K -$279K -43,316 -26%
N
22
Nuveen
North Carolina
$617K – – –
Bank of New York Mellon
23
Bank of New York Mellon
New York
$526K +$59.2K +9,197 +11%
CM
24
CastleKnight Management
New York
$249K – – –
OQS
25
Occudo Quantitative Strategies
Florida
$249K +$292K +45,280 New
1
2 3

GBTG Hedge Fund Activity: Q3 2023 in Review

64 of the 6,301 institutional investors tracked by Wall St. Rank reported a position in American Express Global Business Travel (GBTG) for Q3 2023, worth a combined $358M — down 16% from $429M a quarter earlier.

Buyers outnumbered sellers: 13 funds opened new GBTG positions and 4 closed out — a net gain of 9 holders — while 22 added to existing stakes and 11 trimmed.

The largest buyer was Macquarie Group, opening a new position worth an estimated $28.4M. The largest seller was Vanguard Group, cutting an estimated $6.8M.

  • 64 institutional investors held American Express Global Business Travel (GBTG) as of Q3 2023, up from 55 in Q2 2023.
  • Funds reported $358M of American Express Global Business Travel stock for Q3 2023, down 16% quarter-over-quarter.
  • 13 funds opened new American Express Global Business Travel positions in Q3 2023 and 4 closed out, a net change of +9 holders.
  • The largest American Express Global Business Travel buyer in Q3 2023 was Macquarie Group, an estimated $28.4M added.
  • The largest American Express Global Business Travel seller in Q3 2023 was Vanguard Group, an estimated $6.8M sold.

Based on aggregated 13F filings for Q3 2023.