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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
ASN
126
Advisory Services Network
Georgia
$2K +$3.12K +165 New
NL
127
NWAM LLC
Washington
$287 +$361K +19,105 New
Millennium Management
128
Millennium Management
New York
– -$12.1M -590,966 Closed
CIM
129
Centersquare Investment Management
Pennsylvania
– -$3.72M -182,070 Closed
DG
130
DigitalBridge Group
Florida
– -$2.67M -130,757 Closed
WAM
131
Wolverine Asset Management
Illinois
– -$2.56M -125,246 Closed
Voloridge Investment Management
132
Voloridge Investment Management
Florida
– -$1.44M -70,429 Closed
Allianz Asset Management
133
Allianz Asset Management
Germany
– -$1.07M -52,585 Closed
AG
134
AlphaSimPlex Group
Massachusetts
– -$1.02M -49,912 Closed
OAM
135
Orinda Asset Management
California
– -$981K -48,033 Closed
Balyasny Asset Management
136
Balyasny Asset Management
Illinois
– -$837K -41,000 Closed
SSA
137
Schonfeld Strategic Advisors
New York
– -$811K -39,700 Closed
VRS
138
Virginia Retirement Systems
Virginia
– -$753K -36,900 Closed
P
139
&Partners
Tennessee
– -$567K -27,761 Closed
AIM
140
Aigen Investment Management
New York
– -$544K -26,646 Closed
SCM
141
Shapiro Capital Management
Georgia
– -$511K -25,000 Closed
Two Sigma Investments
142
Two Sigma Investments
New York
– -$509K -24,916 Closed
Connor, Clark & Lunn Investment Management (CC&L)
143
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
– -$406K -19,900 Closed
QC
144
Quadrature Capital
United Kingdom
– -$378K -18,515 Closed
ASRS
145
Arizona State Retirement System
Arizona
– -$329K -16,100 Closed
JG
146
Jefferies Group
New York
– -$314K -15,400 Closed
DTL
147
Dynamic Technology Lab
Singapore
– -$281K -13,765 Closed
FC
148
FORA Capital
Florida
– -$208K -10,193 Closed
SIC
149
Samalin Investment Counsel
New York
– -$152K -7,471 Closed
PCM
150
Prelude Capital Management
New York
– -$141K -6,900 Closed
3 4 5
6
7

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.