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PENN Entertainment
PENN

187 hedge funds and large institutions have $1B invested in PENN Entertainment in 2013 Q4 according to their latest regulatory filings, with 62 funds opening new positions, 12 increasing their positions, 113 reducing their positions, and 71 closing their positions.

New
Increased
Maintained
Reduced
Closed

201% more call options, than puts

Call options by funds: $6.64M | Put options by funds: $2.21M

5% less funds holding

Funds holding: 197 → 187 (-10)

13% less first-time investments, than exits

New positions opened: 62 | Existing positions closed: 71

75% less capital invested

Capital invested by funds: $3.94B → $1B (-$2.94B)

89% less repeat investments, than reductions

Existing positions increased: 12 | Existing positions reduced: 113

91% less funds holding in top 10

Funds holding in top 10: 11 → 1 (-10)

Holders
187
Holders Change
-10
Holders Change %
-5.08%
% of All Funds
5.43%
Holding in Top 10
1
Holding in Top 10 Change
-10
Holding in Top 10 Change %
-90.91%
% of All Funds
0.03%
New
62
Increased
12
Reduced
113
Closed
71
Calls
$6.64M
Puts
$2.21M
Net Calls
+$4.43M
Net Calls Change
+$34.5M

Top Buyers

Rank Fund Capital Flow
1
HI
HBK Investments
Texas
+$19.2M
2
DCM
Discovery Capital Management
Connecticut
+$13.9M
3
GC
Greenlight Capital
New York
+$13.7M
4
Citadel Advisors
Citadel Advisors
Florida
+$13.2M
5
BlackRock
BlackRock
New York
+$12.8M

Top Sellers

Rank Fund Capital Flow
1
BAMCO Inc
BAMCO Inc
New York
-$371M
2
Harris Associates
Harris Associates
Illinois
-$231M
3
PCM
PAR Capital Management
Massachusetts
-$220M
4
TCIM
TIAA CREF Investment Management
New York
-$186M
5
Fidelity Investments
Fidelity Investments
Massachusetts
-$175M
Name Holding Trade Value Shares
Change 		Change in
Stake
Daiwa Securities Group
76
Daiwa Securities Group
Japan
$1.02M -$3.8M -276,648 -80%
DCMA
77
Daiwa Capital Markets America
New York
$1.02M +$975K +71,000 New
EAM
78
EULAV Asset Management
Florida
$966K -$3.17M -230,710 -77%
PP
79
Paloma Partners
Connecticut
$926K +$887K +64,578 New
UMA
80
USA Mutuals Advisors
Texas
$831K -$2.7M -196,323 -77%
EMG
81
Ellington Management Group
Connecticut
$824K +$790K +57,500 New
Swiss National Bank
82
Swiss National Bank
Switzerland
$818K -$2.69M -195,453 -77%
ACM
83
Advent Capital Management
New York
$815K -$2.61M -190,189 Closed
DCM
84
Dynamic Capital Management
Jersey
$777K +$80.3K +5,843 +12%
TAM
85
Tocqueville Asset Management
New York
$717K +$687K +50,000 New
BF
86
BOK Financial
Oklahoma
$708K +$678K +49,343 New
State of Wisconsin Investment Board
87
State of Wisconsin Investment Board
Wisconsin
$693K -$2.37M -172,562 -78%
RhumbLine Advisers
88
RhumbLine Advisers
Massachusetts
$678K -$2.5M -182,124 -79%
CP
89
Centerbridge Partners
New York
$638K -$2.09M -152,371 -77%
GI
90
GAMCO Investors
Connecticut
$631K -$2.07M -150,612 -77%
Axa
91
Axa
France
$603K +$578K +42,073 New
AllianceBernstein
92
AllianceBernstein
Tennessee
$600K -$3.62M -263,626 -86%
Two Sigma Advisers
93
Two Sigma Advisers
New York
$599K +$575K +41,835 New
CIP
94
Convergence Investment Partners
Florida
$596K +$571K +41,578 New
BG
95
BlackRock Group
United Kingdom
$544K -$1.63M -118,952 -76%
HK
96
Horizon Kinetics
New York
$540K +$157K +11,409 +43%
Ohio Public Employees Retirement System (OPERS)
97
Ohio Public Employees Retirement System (OPERS)
Ohio
$528K -$993K -72,278 -66%
SCM
98
Stevens Capital Management
Pennsylvania
$528K +$506K +36,819 New
Goldman Sachs
99
Goldman Sachs
New York
$504K -$3.4M -247,261 -88%
UBS AM
100
UBS AM
Illinois
$499K -$1.78M -129,712 -79%
2 3
4
5 6

PENN Hedge Fund Activity: Q4 2013 in Review

187 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in PENN Entertainment (PENN) for Q4 2013, worth a combined $1B — down 75% from $3.94B a quarter earlier.

Sellers outnumbered buyers: 71 funds closed out of PENN and 62 opened new positions — a net loss of 9 holders — while 113 trimmed existing stakes and 12 added.

The largest buyer was HBK Investments, opening a new position worth an estimated $19.2M. The largest seller was BAMCO Inc, cutting an estimated $371M.

  • 187 institutional investors held PENN Entertainment (PENN) as of Q4 2013, down from 197 in Q3 2013.
  • Funds reported $1B of PENN Entertainment stock for Q4 2013, down 75% quarter-over-quarter.
  • 62 funds opened new PENN Entertainment positions in Q4 2013 and 71 closed out, a net change of -9 holders.
  • The largest PENN Entertainment buyer in Q4 2013 was HBK Investments, an estimated $19.2M added.
  • The largest PENN Entertainment seller in Q4 2013 was BAMCO Inc, an estimated $371M sold.

Based on aggregated 13F filings for Q4 2013.