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KREF

KKR Real Estate Finance Trust
KREF

129 hedge funds and large institutions have $801M invested in KKR Real Estate Finance Trust in 2020 Q2 according to their latest regulatory filings, with 23 funds opening new positions, 52 increasing their positions, 39 reducing their positions, and 24 closing their positions.

New
Increased
Maintained
Reduced
Closed

33% more repeat investments, than reductions

Existing positions increased: 52 | Existing positions reduced: 39

9% more capital invested

Capital invested by funds: $732M → $801M (+$69.2M)

2.23% more ownership

Funds ownership: 84.79% → 87.01% (+2.2%)

1% less funds holding

Funds holding: 130 → 129 (-1)

4% less first-time investments, than exits

New positions opened: 23 | Existing positions closed: 24

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
129
Holders Change
-1
Holders Change %
-0.77%
% of All Funds
2.65%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.02%
New
23
Increased
52
Reduced
39
Closed
24
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
+$24.4M
2
Vanguard Group
Vanguard Group
Pennsylvania
+$8.32M
3
Mirae Asset Global Investments
Mirae Asset Global Investments
South Korea
+$7.67M
4
WG
Winton Group
United Kingdom
+$4.43M
5
JP Morgan Chase
JP Morgan Chase
New York
+$3.01M

Top Sellers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
-$28.2M
2
Acadian Asset Management
Acadian Asset Management
Massachusetts
-$10.7M
3
CCM
Callodine Capital Management
Massachusetts
-$8.31M
4
SCP
Steamboat Capital Partners
New York
-$5.08M
5
State of New Jersey Common Pension Fund D
State of New Jersey Common Pension Fund D
New Jersey
-$2.21M
Name Holding Trade Value Shares
Change 		Change in
Stake
ABC
126
Associated Banc-Corp
Wisconsin
$2K +$1.53K +97 New
SPIA
127
Steward Partners Investment Advisory
New York
$2K +$1.58K +100 New
TPCW
128
TD Private Client Wealth
New York
$564 +$538 +34 New
State of New Jersey Common Pension Fund D
129
State of New Jersey Common Pension Fund D
New Jersey
– -$2.21M -147,188 Closed
D.E. Shaw & Co
130
D.E. Shaw & Co
New York
– -$2.01M -133,804 Closed
VI
131
Vestcor Inc
New Brunswick, Canada
– -$1.73M -114,898 Closed
GTCM
132
Gyon Technologies Capital Management
New Jersey
– -$1.06M -70,357 Closed
MCM
133
Matarin Capital Management
New York
– -$943K -62,795 Closed
Capital Fund Management (CFM)
134
Capital Fund Management (CFM)
France
– -$657K -43,749 Closed
BFM
135
Boothbay Fund Management
New York
– -$566K -37,709 Closed
AM
136
Ares Management
California
– -$461K -30,706 Closed
Jane Street
137
Jane Street
New York
– -$422K -28,104 Closed
GI
138
GAMCO Investors
Connecticut
– -$405K -27,000 Closed
PC
139
PA Capital
Virginia
– -$403K -26,820 Closed
CSS
140
Cubist Systematic Strategies
Connecticut
– -$292K -19,470 Closed
SCM
141
Symons Capital Management
Pennsylvania
– -$254K -16,898 Closed
SEI Investments
142
SEI Investments
Pennsylvania
– -$207K -13,474 Closed
Susquehanna International Group
143
Susquehanna International Group
Pennsylvania
– -$166K -11,087 Closed
Victory Capital Management
144
Victory Capital Management
Texas
– -$144K -9,560 Closed
MERSOM
145
Municipal Employees' Retirement System of Michigan
Michigan
– -$110K -7,310 Closed
PHK
146
Point72 Hong Kong
Hong Kong
– -$41K -2,707 Closed
AS
147
Altshuler Shaham
Israel
– -$31K -2,008 Closed
NIT
148
NumerixS Investment Technologies
British Columbia, Canada
– -$8K -500 Closed
BCA
149
Berman Capital Advisors
Georgia
– -$6K -417 Closed
ASN
150
Advisory Services Network
Georgia
– -$2K -165 Closed
2 3 4 5
6

KREF Hedge Fund Activity: Q2 2020 in Review

129 of the 4,877 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q2 2020, worth a combined $801M — up 9.5% from $732M a quarter earlier.

Sellers outnumbered buyers: 24 funds closed out of KREF and 23 opened new positions — a net loss of 1 holder — while 39 trimmed existing stakes and 52 added.

The largest buyer was Goldman Sachs, adding an estimated $24.4M. The largest seller was Invesco, cutting an estimated $28.2M.

  • 129 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q2 2020, down from 130 in Q1 2020.
  • Funds reported $801M of KKR Real Estate Finance Trust stock for Q2 2020, up 9.5% quarter-over-quarter.
  • 23 funds opened new KKR Real Estate Finance Trust positions in Q2 2020 and 24 closed out, a net change of -1 holder.
  • The largest KKR Real Estate Finance Trust buyer in Q2 2020 was Goldman Sachs, an estimated $24.4M added.
  • The largest KKR Real Estate Finance Trust seller in Q2 2020 was Invesco, an estimated $28.2M sold.

Based on aggregated 13F filings for Q2 2020.