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HIO

Western Asset High Income Opportunity Fund
HIO

65 hedge funds and large institutions have $83.9M invested in Western Asset High Income Opportunity Fund in 2013 Q4 according to their latest regulatory filings, with 18 funds opening new positions, 15 increasing their positions, 21 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

80% more first-time investments, than exits

New positions opened: 18 | Existing positions closed: 10

19% more capital invested

Capital invested by funds: $70.4M → $83.9M (+$13.5M)

14% more funds holding

Funds holding: 57 → 65 (+8)

2.79% more ownership

Funds ownership: 14.12% → 16.9% (+2.8%)

29% less repeat investments, than reductions

Existing positions increased: 15 | Existing positions reduced: 21

Holders
65
Holders Change
+8
Holders Change %
+14.04%
% of All Funds
1.89%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
18
Increased
15
Reduced
21
Closed
10
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
EVM
Eaton Vance Management
Massachusetts
+$5.25M
2
Bank of America
Bank of America
North Carolina
+$4.12M
3
SCM
Saba Capital Management
New York
+$2.31M
4
EAM
Eagle Asset Management
Florida
+$1.47M
5
Morgan Stanley
Morgan Stanley
New York
+$1.22M

Top Sellers

1
RCM
Rivernorth Capital Management
Florida
-$1.57M
2
GC
Guggenheim Capital
Illinois
-$558K
3
SPC
Silver Point Capital
Connecticut
-$537K
4
Wells Fargo
Wells Fargo
California
-$401K
5
Invesco
Invesco
Georgia
-$396K
Name Holding Trade Value Shares
Change 		Change in
Stake
Morgan Stanley
1
Morgan Stanley
New York
$13.3M +$1.22M +203,792 +10%
SCM
2
Saba Capital Management
New York
$10.3M +$2.31M +384,794 +28%
Bank of America
3
Bank of America
North Carolina
$10.2M +$4.12M +687,393 +66%
U
4
UBS
Switzerland
$7.92M -$378K -63,056 -5%
EVM
5
Eaton Vance Management
Massachusetts
$5.2M +$5.25M +876,897 New
PRCM
6
Pine River Capital Management
Minnesota
$4.83M +$899K +150,000 +23%
EIA
7
Edgemoor Investment Advisors
Maryland
$3.84M +$797K +133,035 +26%
GC
8
Guggenheim Capital
Illinois
$3.24M -$558K -93,155 -15%
Invesco
9
Invesco
Georgia
$2.7M -$396K -66,163 -13%
EAM
10
Eagle Asset Management
Florida
$2.5M +$1.47M +245,338 +140%
Grantham, Mayo, Van Otterloo & Co (GMO)
11
Grantham, Mayo, Van Otterloo & Co (GMO)
Massachusetts
$2.08M – – –
LPL Financial
12
LPL Financial
California
$2.06M +$120K +20,053 +6%
CS
13
Credit Suisse
Switzerland
$1.73M -$27K -4,500 -2%
WA
14
WFG Advisors
Texas
$1.49M +$31K +5,179 +2%
Wells Fargo
15
Wells Fargo
California
$1.34M -$401K -66,986 -23%
TAM
16
Third Avenue Management
New York
$1.06M – – –
1IC
17
1919 Investment Counsel
Maryland
$1.03M +$18.9K +3,159 +2%
HK
18
Horizon Kinetics
New York
$932K -$4.18K -697 -0.4%
KSCM
19
Kamunting Street Capital Management
Florida
$764K +$772K +128,839 New
MC
20
Mathes Company
New York
$682K +$689K +115,000 New
OA
21
Oxbow Advisors
Texas
$668K -$54.8K -9,144 -8%
RCM
22
Rivernorth Capital Management
Florida
$459K -$1.57M -262,249 -77%
PPA
23
Parametric Portfolio Associates
Washington
$451K -$4.44K -741 -1%
Janney Montgomery Scott
24
Janney Montgomery Scott
Pennsylvania
$420K -$8.99K -1,500 -2%
PP
25
Paloma Partners
Connecticut
$372K +$376K +62,735 New
1
2 3

HIO Hedge Fund Activity: Q4 2013 in Review

65 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in Western Asset High Income Opportunity Fund (HIO) for Q4 2013, worth a combined $83.9M — up 19% from $70.4M a quarter earlier.

Buyers outnumbered sellers: 18 funds opened new HIO positions and 10 closed out — a net gain of 8 holders — while 15 added to existing stakes and 21 trimmed.

The largest buyer was Eaton Vance Management, opening a new position worth an estimated $5.25M. The largest seller was Rivernorth Capital Management, cutting an estimated $1.57M.

  • 65 institutional investors held Western Asset High Income Opportunity Fund (HIO) as of Q4 2013, up from 57 in Q3 2013.
  • Funds reported $83.9M of Western Asset High Income Opportunity Fund stock for Q4 2013, up 19% quarter-over-quarter.
  • 18 funds opened new Western Asset High Income Opportunity Fund positions in Q4 2013 and 10 closed out, a net change of +8 holders.
  • The largest Western Asset High Income Opportunity Fund buyer in Q4 2013 was Eaton Vance Management, an estimated $5.25M added.
  • The largest Western Asset High Income Opportunity Fund seller in Q4 2013 was Rivernorth Capital Management, an estimated $1.57M sold.

Based on aggregated 13F filings for Q4 2013.