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KREF

KKR Real Estate Finance Trust
KREF

97 hedge funds and large institutions have $827M invested in KKR Real Estate Finance Trust in 2018 Q4 according to their latest regulatory filings, with 25 funds opening new positions, 46 increasing their positions, 14 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

525% more first-time investments, than exits

New positions opened: 25 | Existing positions closed: 4

229% more repeat investments, than reductions

Existing positions increased: 46 | Existing positions reduced: 14

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

28% more funds holding

Funds holding: 76 → 97 (+21)

1.5% more ownership

Funds ownership: 72.45% → 73.94% (+1.5%)

2% less capital invested

Capital invested by funds: $848M → $827M (-$21M)

Holders
97
Holders Change
+21
Holders Change %
+27.63%
% of All Funds
2.16%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.04%
New
25
Increased
46
Reduced
14
Closed
4
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
EM
Elliott Management
New York
+$10.2M
2
BlackRock
BlackRock
New York
+$10M
3
Alyeska Investment Group
Alyeska Investment Group
Illinois
+$7.68M
4
Acadian Asset Management
Acadian Asset Management
Massachusetts
+$5.36M
5
Prudential Financial
Prudential Financial
New Jersey
+$2.76M

Top Sellers

Rank Fund Capital Flow
1
KKRC
Kohlberg Kravis Roberts & Co
New York
-$34.5M
2
N
Nuveen
North Carolina
-$5.87M
3
Balyasny Asset Management
Balyasny Asset Management
Illinois
-$4.09M
4
Vanguard Group
Vanguard Group
Pennsylvania
-$2.57M
5
Bessemer Group
Bessemer Group
New Jersey
-$1.76M
Name Holding Trade Value Shares
Change 		Change in
Stake
RhumbLine Advisers
51
RhumbLine Advisers
Massachusetts
$569K +$243K +12,326 +71%
Thrivent Financial for Lutherans
52
Thrivent Financial for Lutherans
Minnesota
$564K +$580K +29,442 New
Deutsche Bank
53
Deutsche Bank
Germany
$547K -$333K -16,927 -37%
SCM
54
Shapiro Capital Management
Georgia
$479K – – –
OAM
55
Oxford Asset Management
United Kingdom
$468K -$380K -19,277 -44%
Allianz Asset Management
56
Allianz Asset Management
Germany
$450K +$463K +23,481 New
P
57
&Partners
Tennessee
$438K +$455K +23,115 New
CS
58
Credit Suisse
Switzerland
$358K +$368K +18,700 New
KPW
59
Kore Private Wealth
New York
$352K +$355K +18,000 New
New York State Common Retirement Fund
60
New York State Common Retirement Fund
New York
$341K – – –
SCM
61
Symons Capital Management
Pennsylvania
$324K +$333K +16,902 New
LPL Financial
62
LPL Financial
California
$287K – – –
AIG
63
American International Group
New York
$271K +$50.6K +2,569 +22%
Connor, Clark & Lunn Investment Management (CC&L)
64
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$266K +$273K +13,875 New
UBS AM
65
UBS AM
Illinois
$263K +$271K +13,758 New
D.E. Shaw & Co
66
D.E. Shaw & Co
New York
$259K -$117K -5,962 -31%
EMG
67
Ellington Management Group
Connecticut
$205K -$501K -25,412 -70%
MIM
68
MetLife Investment Management
New Jersey
$193K +$47.5K +2,409 +31%
Squarepoint
69
Squarepoint
New York
$193K +$198K +10,059 New
CAM
70
ClariVest Asset Management
California
$173K +$178K +9,026 New
MLICM
71
Metropolitan Life Insurance Company (MetLife)
New York
$141K +$39.2K +1,989 +37%
Russell Investments Group
72
Russell Investments Group
United Kingdom
$129K – – –
SO
73
STRS Ohio
Ohio
$111K +$27.6K +1,400 +32%
Citigroup
74
Citigroup
New York
$105K +$95.2K +4,833 +773%
QT
75
Quantamental Technologies
New York
$101K +$104K +5,300 New
1 2
3
4

KREF Hedge Fund Activity: Q4 2018 in Review

97 of the 4,488 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q4 2018, worth a combined $827M — down 2.5% from $848M a quarter earlier.

Buyers outnumbered sellers: 25 funds opened new KREF positions and 4 closed out — a net gain of 21 holders — while 46 added to existing stakes and 14 trimmed.

The largest buyer was Elliott Management, opening a new position worth an estimated $10.2M. The largest seller was Kohlberg Kravis Roberts & Co, cutting an estimated $34.5M.

  • 97 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q4 2018, up from 76 in Q3 2018.
  • Funds reported $827M of KKR Real Estate Finance Trust stock for Q4 2018, down 2.5% quarter-over-quarter.
  • 25 funds opened new KKR Real Estate Finance Trust positions in Q4 2018 and 4 closed out, a net change of +21 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q4 2018 was Elliott Management, an estimated $10.2M added.
  • The largest KKR Real Estate Finance Trust seller in Q4 2018 was Kohlberg Kravis Roberts & Co, an estimated $34.5M sold.

Based on aggregated 13F filings for Q4 2018.