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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
KKRC
1
Kohlberg Kravis Roberts & Co
New York
$365M – – –
BlackRock
2
BlackRock
New York
$77.4M +$1.41M +89,365 +2%
NSLI
3
Nan Shan Life Insurance
Taiwan
$58M – – –
Vanguard Group
4
Vanguard Group
Pennsylvania
$48.3M +$8.32M +525,523 +22%
Temasek Holdings
5
Temasek Holdings
Singapore
$40.4M – – –
Goldman Sachs
6
Goldman Sachs
New York
$40.1M +$24.4M +1,544,567 +177%
Mirae Asset Global Investments
7
Mirae Asset Global Investments
South Korea
$30.5M +$7.67M +484,378 +36%
State Street
8
State Street
Massachusetts
$18.4M +$631K +39,859 +4%
WG
9
Winton Group
United Kingdom
$11M +$4.43M +279,914 +73%
JP Morgan Chase
10
JP Morgan Chase
New York
$7.96M +$3.01M +190,304 +66%
Barclays
11
Barclays
United Kingdom
$7.16M -$99.2K -6,269 -1%
Geode Capital Management
12
Geode Capital Management
Massachusetts
$6.41M +$525K +33,185 +9%
Bank of New York Mellon
13
Bank of New York Mellon
New York
$5.88M +$1.37M +86,721 +32%
Northern Trust
14
Northern Trust
Illinois
$5.7M +$477K +30,129 +10%
N
15
Nuveen
North Carolina
$4.2M -$302K -19,098 -7%
Wells Fargo
16
Wells Fargo
California
$4.15M +$1.59M +100,566 +67%
JIC
17
JRM Investment Counsel
Nebraska
$3.9M -$971K -61,338 -21%
Principal Financial Group
18
Principal Financial Group
Iowa
$3.58M -$437K -27,602 -11%
Millennium Management
19
Millennium Management
New York
$2.91M +$2.78M +175,457 New
Charles Schwab
20
Charles Schwab
California
$2.72M +$132K +8,325 +5%
TD Asset Management
21
TD Asset Management
Ontario, Canada
$2.65M +$2.52M +159,500 New
CS
22
Credit Suisse
Switzerland
$2.41M +$334K +21,119 +17%
VanEck Associates
23
VanEck Associates
New York
$2.36M +$518K +32,712 +30%
PPA
24
Parametric Portfolio Associates
Washington
$2.08M -$132K -8,326 -6%
Ameriprise
25
Ameriprise
Minnesota
$1.96M -$187K -11,817 -9%
1
2 3 4 5

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.