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KREF

KKR Real Estate Finance Trust
KREF

103 hedge funds and large institutions have $909M invested in KKR Real Estate Finance Trust in 2019 Q2 according to their latest regulatory filings, with 15 funds opening new positions, 47 increasing their positions, 22 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

114% more repeat investments, than reductions

Existing positions increased: 47 | Existing positions reduced: 22

50% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 10

3.76% more ownership

Funds ownership: 75.67% → 79.43% (+3.8%)

3% more funds holding

Funds holding: 100 → 103 (+3)

1% more capital invested

Capital invested by funds: $898M → $909M (+$10.7M)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

Holders
103
Holders Change
+3
Holders Change %
+3%
% of All Funds
2.24%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.04%
New
15
Increased
47
Reduced
22
Closed
10
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
CGM
Capital Growth Management
Massachusetts
+$17.7M
2
CCM
Callodine Capital Management
Massachusetts
+$5.71M
3
N
Nuveen
North Carolina
+$5.1M
4
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$3.9M
5
BlackRock
BlackRock
New York
+$2.33M

Top Sellers

Rank Fund Capital Flow
1
EM
Elliott Management
New York
-$10.4M
2
Renaissance Technologies
Renaissance Technologies
New York
-$5M
3
Bank of America
Bank of America
North Carolina
-$2.78M
4
Deutsche Bank
Deutsche Bank
Germany
-$2.62M
5
First Trust Advisors
First Trust Advisors
Illinois
-$2.17M
Name Holding Trade Value Shares
Change 		Change in
Stake
SG Americas Securities
26
SG Americas Securities
New York
$2.45M -$101K -4,999 -4%
VanEck Associates
27
VanEck Associates
New York
$2.44M +$326K +16,144 +15%
Schroder Investment Management Group
28
Schroder Investment Management Group
United Kingdom
$2.41M -$159K -7,866 -6%
Allianz Asset Management
29
Allianz Asset Management
Germany
$2.31M -$902K -44,665 -28%
YMRC
30
Yorktown Management & Research Company
Virginia
$1.99M – – –
Bank of New York Mellon
31
Bank of New York Mellon
New York
$1.97M +$209K +10,336 +12%
Citadel Advisors
32
Citadel Advisors
Florida
$1.83M +$570K +28,214 +44%
VRS
33
Virginia Retirement Systems
Virginia
$1.79M – – –
Bank of America
34
Bank of America
North Carolina
$1.74M -$2.78M -137,687 -61%
CS
35
Credit Suisse
Switzerland
$1.71M +$480K +23,747 +38%
Invesco
36
Invesco
Georgia
$1.61M +$52.7K +2,610 +3%
First Trust Advisors
37
First Trust Advisors
Illinois
$1.59M -$2.17M -107,240 -57%
Marshall Wace
38
Marshall Wace
United Kingdom
$1.43M +$872K +43,152 +150%
PPA
39
Parametric Portfolio Associates
Washington
$1.42M +$116K +5,758 +9%
AG
40
AlphaSimPlex Group
Massachusetts
$1.39M +$102K +5,049 +8%
Principal Financial Group
41
Principal Financial Group
Iowa
$1.21M +$498K +24,633 +68%
Wells Fargo
42
Wells Fargo
California
$1.14M +$153K +7,579 +15%
WG
43
Winton Group
United Kingdom
$1.01M +$644K +31,862 +170%
Goldman Sachs
44
Goldman Sachs
New York
$998K -$136K -6,719 -12%
OAM
45
Orinda Asset Management
California
$996K – – –
Swiss National Bank
46
Swiss National Bank
Switzerland
$988K +$246K +12,200 +33%
Jane Street
47
Jane Street
New York
$869K +$881K +43,620 New
Barclays
48
Barclays
United Kingdom
$800K +$81.2K +4,020 +11%
California State Teachers Retirement System (CalSTRS)
49
California State Teachers Retirement System (CalSTRS)
California
$775K +$121K +5,984 +18%
Two Sigma Advisers
50
Two Sigma Advisers
New York
$739K -$1.48M -73,300 -66%
1
2
3 4 5

KREF Hedge Fund Activity: Q2 2019 in Review

103 of the 4,605 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q2 2019, worth a combined $909M — up 1.2% from $898M a quarter earlier.

Buyers outnumbered sellers: 15 funds opened new KREF positions and 10 closed out — a net gain of 5 holders — while 47 added to existing stakes and 22 trimmed.

The largest buyer was Capital Growth Management, adding an estimated $17.7M. The largest seller was Elliott Management, exiting entirely with an estimated $10.4M sold.

  • 103 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q2 2019, up from 100 in Q1 2019.
  • Funds reported $909M of KKR Real Estate Finance Trust stock for Q2 2019, up 1.2% quarter-over-quarter.
  • 15 funds opened new KKR Real Estate Finance Trust positions in Q2 2019 and 10 closed out, a net change of +5 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q2 2019 was Capital Growth Management, an estimated $17.7M added.
  • The largest KKR Real Estate Finance Trust seller in Q2 2019 was Elliott Management, an estimated $10.4M sold.

Based on aggregated 13F filings for Q2 2019.