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Intuitive Surgical
ISRG

470 hedge funds and large institutions have $12.9B invested in Intuitive Surgical in 2013 Q3 according to their latest regulatory filings, with 58 funds opening new positions, 164 increasing their positions, 178 reducing their positions, and 88 closing their positions.

New
Increased
Maintained
Reduced
Closed

8% less repeat investments, than reductions

Existing positions increased: 164 | Existing positions reduced: 178

7% less funds holding

Funds holding: 505 → 470 (-35)

31% less capital invested

Capital invested by funds: $18.6B → $12.9B (-$5.74B)

33% less call options, than puts

Call options by funds: $564M | Put options by funds: $842M

34% less first-time investments, than exits

New positions opened: 58 | Existing positions closed: 88

38% less funds holding in top 10

Funds holding in top 10: 13 → 8 (-5)

Holders
470
Holders Change
-35
Holders Change %
-6.93%
% of All Funds
15.24%
Holding in Top 10
8
Holding in Top 10 Change
-5
Holding in Top 10 Change %
-38.46%
% of All Funds
0.26%
New
58
Increased
164
Reduced
178
Closed
88
Calls
$564M
Puts
$842M
Net Calls
-$278M
Net Calls Change
+$27.2M

Top Buyers

1
Bank of New York Mellon
Bank of New York Mellon
New York
+$446M
2
Fidelity Investments
Fidelity Investments
Massachusetts
+$324M
3
Morgan Stanley
Morgan Stanley
New York
+$302M
4
Brown Advisory
Brown Advisory
Maryland
+$163M
5
Sands Capital Management
Sands Capital Management
Virginia
+$154M

Top Sellers

1
Capital World Investors
Capital World Investors
California
-$838M
2
Viking Global Investors
Viking Global Investors
Connecticut
-$596M
3
LPC
Lone Pine Capital
Connecticut
-$588M
4
Jennison Associates
Jennison Associates
New York
-$501M
5
Winslow Capital Management
Winslow Capital Management
Minnesota
-$402M
Name Holding Trade Value Shares
Change 		Change in
Stake
Baillie Gifford & Co
1
Baillie Gifford & Co
United Kingdom
$875M +$6.99M +158,301 +0.8%
Capital World Investors
2
Capital World Investors
California
$812M -$838M -18,972,846 -49%
Vanguard Group
3
Vanguard Group
Pennsylvania
$714M +$7.25M +164,286 +1%
Morgan Stanley
4
Morgan Stanley
New York
$636M +$302M +6,848,550 +82%
Sands Capital Management
5
Sands Capital Management
Virginia
$617M +$154M +3,477,960 +31%
Bank of New York Mellon
6
Bank of New York Mellon
New York
$616M +$446M +10,091,295 +218%
State Street
7
State Street
Massachusetts
$600M +$2.02M +45,729 +0.3%
Brown Advisory
8
Brown Advisory
Maryland
$595M +$163M +3,694,257 +35%
BIT
9
BlackRock Institutional Trust
California
$430M +$32.9M +744,372 +8%
Fidelity Investments
10
Fidelity Investments
Massachusetts
$398M +$324M +7,345,152 +338%
AllianceBernstein
11
AllianceBernstein
Tennessee
$374M +$49.5M +1,121,220 +14%
Edgewood Management
12
Edgewood Management
Connecticut
$363M +$113M +2,559,114 +42%
Northern Trust
13
Northern Trust
Illinois
$205M -$15.3M -345,456 -7%
UBS AM
14
UBS AM
Illinois
$176M +$27.8M +630,468 +18%
Invesco
15
Invesco
Georgia
$174M +$7.31M +165,582 +4%
Renaissance Technologies
16
Renaissance Technologies
New York
$171M +$89.3M +2,022,300 +97%
BFA
17
BlackRock Fund Advisors
California
$159M +$4.12M +93,231 +3%
Coatue Management
18
Coatue Management
New York
$159M +$44.5M +1,007,082 +36%
SCA
19
SAC Capital Advisors
Connecticut
$139M +$147M +3,321,396 +76,249%
BG
20
BlackRock Group
United Kingdom
$128M +$25.8M +585,297 +24%
DCP
21
DSM Capital Partners
Florida
$122M -$18.6M -421,164 -13%
Norges Bank
22
Norges Bank
Norway
$116M -$3.35M -75,870 -3%
Geode Capital Management
23
Geode Capital Management
Massachusetts
$105M +$2.53M +57,312 +2%
SPC
24
Slate Path Capital
New York
$99.7M +$105M +2,385,000 New
T. Rowe Price Associates
25
T. Rowe Price Associates
Maryland
$95M +$17M +386,010 +20%
1
2 3 4 5

ISRG Hedge Fund Activity: Q3 2013 in Review

470 of the 3,084 institutional investors tracked by Wall St. Rank reported a position in Intuitive Surgical (ISRG) for Q3 2013, worth a combined $12.9B — down 31% from $18.6B a quarter earlier.

Sellers outnumbered buyers: 88 funds closed out of ISRG and 58 opened new positions — a net loss of 30 holders — while 178 trimmed existing stakes and 164 added.

The largest buyer was Bank of New York Mellon, adding an estimated $446M. The largest seller was Capital World Investors, cutting an estimated $838M.

  • 470 institutional investors held Intuitive Surgical (ISRG) as of Q3 2013, down from 505 in Q2 2013.
  • Funds reported $12.9B of Intuitive Surgical stock for Q3 2013, down 31% quarter-over-quarter.
  • 58 funds opened new Intuitive Surgical positions in Q3 2013 and 88 closed out, a net change of -30 holders.
  • The largest Intuitive Surgical buyer in Q3 2013 was Bank of New York Mellon, an estimated $446M added.
  • The largest Intuitive Surgical seller in Q3 2013 was Capital World Investors, an estimated $838M sold.

Based on aggregated 13F filings for Q3 2013.