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KREF

KKR Real Estate Finance Trust
KREF

60 hedge funds and large institutions have $757M invested in KKR Real Estate Finance Trust in 2018 Q2 according to their latest regulatory filings, with 14 funds opening new positions, 25 increasing their positions, 8 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

213% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 8

75% more first-time investments, than exits

New positions opened: 14 | Existing positions closed: 8

11% more funds holding

Funds holding: 54 → 60 (+6)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

0.53% less ownership

Funds ownership: 72.68% → 72.15% (-0.53%)

2% less capital invested

Capital invested by funds: $776M → $757M (-$18.2M)

Holders
60
Holders Change
+6
Holders Change %
+11.11%
% of All Funds
1.37%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.05%
New
14
Increased
25
Reduced
8
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Acadian Asset Management
Acadian Asset Management
Massachusetts
+$2.99M
2
Renaissance Technologies
Renaissance Technologies
New York
+$2.33M
3
BlackRock
BlackRock
New York
+$1.99M
4
Bank of America
Bank of America
North Carolina
+$1.72M
5
Deutsche Bank
Deutsche Bank
Germany
+$1.42M

Top Sellers

Rank Fund Capital Flow
1
Fidelity Investments
Fidelity Investments
Massachusetts
-$13.6M
2
N
Nuveen
North Carolina
-$6.49M
3
KCM
Kennedy Capital Management
Missouri
-$3.15M
4
SSA
Schonfeld Strategic Advisors
New York
-$2.63M
5
Norges Bank
Norges Bank
Norway
-$2.01M
Name Holding Trade Value Shares
Change 		Change in
Stake
Swiss National Bank
26
Swiss National Bank
Switzerland
$647K +$197K +9,800 +43%
TA
27
Teachers Advisors
New York
$574K +$91.4K +4,546 +19%
MAM
28
Martingale Asset Management
Massachusetts
$572K +$581K +28,907 New
Wells Fargo
29
Wells Fargo
California
$548K +$417K +20,712 +295%
Schroder Investment Management Group
30
Schroder Investment Management Group
United Kingdom
$495K -$4.67K -232 -0.9%
California State Teachers Retirement System (CalSTRS)
31
California State Teachers Retirement System (CalSTRS)
California
$483K +$16.9K +839 +4%
Goldman Sachs
32
Goldman Sachs
New York
$427K +$85.4K +4,244 +24%
Susquehanna International Group
33
Susquehanna International Group
Pennsylvania
$400K +$406K +20,208 New
New York State Common Retirement Fund
34
New York State Common Retirement Fund
New York
$352K +$135K +6,699 +60%
RhumbLine Advisers
35
RhumbLine Advisers
Massachusetts
$327K +$64.2K +3,192 +24%
OAM
36
Oxford Asset Management
United Kingdom
$268K +$272K +13,546 New
PPA
37
Parametric Portfolio Associates
Washington
$241K -$17.5K -872 -7%
GCP
38
GSA Capital Partners
United Kingdom
$236K +$240K +11,919 New
UBS Group
39
UBS Group
Switzerland
$220K +$129K +6,415 +136%
AIG
40
American International Group
New York
$206K +$10K +497 +5%
Manulife (Manufacturers Life Insurance)
41
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$175K -$72.2K -3,590 -29%
Bessemer Group
42
Bessemer Group
New Jersey
$158K +$161K +8,000 New
MIM
43
MetLife Investment Management
New Jersey
$152K – – –
Nisa Investment Advisors
44
Nisa Investment Advisors
Missouri
$117K +$119K +5,900 New
MLICM
45
Metropolitan Life Insurance Company (MetLife)
New York
$107K – – –
SO
46
STRS Ohio
Ohio
$87K – – –
JP Morgan Chase
47
JP Morgan Chase
New York
$64K +$2.47K +123 +4%
Legal & General Group
48
Legal & General Group
United Kingdom
$50K +$322 +16 +0.6%
Zurich Cantonal Bank
49
Zurich Cantonal Bank
Switzerland
$37K – – –
SEI Investments
50
SEI Investments
Pennsylvania
$35K +$33.2K +1,650 +2,171%
1
2
3

KREF Hedge Fund Activity: Q2 2018 in Review

60 of the 4,368 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q2 2018, worth a combined $757M — down 2.4% from $776M a quarter earlier.

Buyers outnumbered sellers: 14 funds opened new KREF positions and 8 closed out — a net gain of 6 holders — while 25 added to existing stakes and 8 trimmed.

The largest buyer was Acadian Asset Management, opening a new position worth an estimated $2.99M. The largest seller was Fidelity Investments, exiting entirely with an estimated $13.6M sold.

  • 60 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q2 2018, up from 54 in Q1 2018.
  • Funds reported $757M of KKR Real Estate Finance Trust stock for Q2 2018, down 2.4% quarter-over-quarter.
  • 14 funds opened new KKR Real Estate Finance Trust positions in Q2 2018 and 8 closed out, a net change of +6 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q2 2018 was Acadian Asset Management, an estimated $2.99M added.
  • The largest KKR Real Estate Finance Trust seller in Q2 2018 was Fidelity Investments, an estimated $13.6M sold.

Based on aggregated 13F filings for Q2 2018.