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KREF

KKR Real Estate Finance Trust
KREF

130 hedge funds and large institutions have $732M invested in KKR Real Estate Finance Trust in 2020 Q1 according to their latest regulatory filings, with 32 funds opening new positions, 46 increasing their positions, 30 reducing their positions, and 31 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

53% more repeat investments, than reductions

Existing positions increased: 46 | Existing positions reduced: 30

3% more first-time investments, than exits

New positions opened: 32 | Existing positions closed: 31

0.35% less ownership

Funds ownership: 85.14% → 84.79% (-0.35%)

1% less funds holding

Funds holding: 131 → 130 (-1)

27% less capital invested

Capital invested by funds: $1,000M → $732M (-$268M)

Holders
130
Holders Change
-1
Holders Change %
-0.76%
% of All Funds
2.86%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.04%
New
32
Increased
46
Reduced
30
Closed
31
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
+$13.5M
2
SCP
Steamboat Capital Partners
New York
+$7.86M
3
Mirae Asset Global Investments
Mirae Asset Global Investments
South Korea
+$5.94M
4
JP Morgan Chase
JP Morgan Chase
New York
+$3.43M
5
JIC
JRM Investment Counsel
Nebraska
+$3.19M

Top Sellers

Rank Fund Capital Flow
1
UBS Group
UBS Group
Switzerland
-$14.5M
2
Millennium Management
Millennium Management
New York
-$12.1M
3
Bessemer Group
Bessemer Group
New Jersey
-$3.82M
4
CIM
Centersquare Investment Management
Pennsylvania
-$3.72M
5
Morgan Stanley
Morgan Stanley
New York
-$3.61M
Name Holding Trade Value Shares
Change 		Change in
Stake
State of New Jersey Common Pension Fund D
26
State of New Jersey Common Pension Fund D
New Jersey
$2.21M – – –
PPA
27
Parametric Portfolio Associates
Washington
$2.01M +$838K +44,324 +50%
D.E. Shaw & Co
28
D.E. Shaw & Co
New York
$2.01M -$2.69M -142,264 -52%
Renaissance Technologies
29
Renaissance Technologies
New York
$1.97M +$860K +45,472 +53%
Ameriprise
30
Ameriprise
Minnesota
$1.95M -$108K -5,735 -4%
CS
31
Credit Suisse
Switzerland
$1.86M -$2.64M -139,702 -53%
Russell Investments Group
32
Russell Investments Group
United Kingdom
$1.77M +$215K +11,351 +11%
VI
33
Vestcor Inc
New Brunswick, Canada
$1.73M +$39.3K +2,076 +2%
Citadel Advisors
34
Citadel Advisors
Florida
$1.72M +$861K +45,503 +66%
VanEck Associates
35
VanEck Associates
New York
$1.65M -$69.5K -3,674 -3%
Schroder Investment Management Group
36
Schroder Investment Management Group
United Kingdom
$1.53M -$523K -27,637 -20%
Morgan Stanley
37
Morgan Stanley
New York
$1.4M -$3.61M -190,990 -67%
HSBC Holdings
38
HSBC Holdings
United Kingdom
$1.36M +$23.8K +1,259 +1%
Prudential Financial
39
Prudential Financial
New Jersey
$1.35M -$1.55M -82,100 -48%
Federated Hermes
40
Federated Hermes
Pennsylvania
$1.33M +$1.67M +88,395 New
RhumbLine Advisers
41
RhumbLine Advisers
Massachusetts
$1.29M +$91.6K +4,843 +6%
First Trust Advisors
42
First Trust Advisors
Illinois
$1.14M -$152K -8,048 -10%
GTCM
43
Gyon Technologies Capital Management
New Jersey
$1.06M +$1.33M +70,357 New
MCM
44
Matarin Capital Management
New York
$943K +$1.19M +62,795 New
Legal & General Group
45
Legal & General Group
United Kingdom
$913K -$1.63K -86 -0.1%
Public Sector Pension Investment Board (PSP Investments)
46
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$809K – – –
PI
47
Putnam Investments
Massachusetts
$766K +$965K +51,014 New
Swiss National Bank
48
Swiss National Bank
Switzerland
$754K +$13.2K +700 +1%
6M
49
6 Meridian
Kansas
$701K +$884K +46,711 New
California Public Employees Retirement System
50
California Public Employees Retirement System
California
$686K +$503K +26,600 +139%
1
2
3 4 5

KREF Hedge Fund Activity: Q1 2020 in Review

130 of the 4,538 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q1 2020, worth a combined $732M — down 27% from $1,000M a quarter earlier.

Buyers outnumbered sellers: 32 funds opened new KREF positions and 31 closed out — a net gain of 1 holder — while 46 added to existing stakes and 30 trimmed.

The largest buyer was Goldman Sachs, adding an estimated $13.5M. The largest seller was UBS Group, cutting an estimated $14.5M.

  • 130 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q1 2020, down from 131 in Q4 2019.
  • Funds reported $732M of KKR Real Estate Finance Trust stock for Q1 2020, down 27% quarter-over-quarter.
  • 32 funds opened new KKR Real Estate Finance Trust positions in Q1 2020 and 31 closed out, a net change of +1 holder.
  • The largest KKR Real Estate Finance Trust buyer in Q1 2020 was Goldman Sachs, an estimated $13.5M added.
  • The largest KKR Real Estate Finance Trust seller in Q1 2020 was UBS Group, an estimated $14.5M sold.

Based on aggregated 13F filings for Q1 2020.