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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
KAM
201
Keeley Asset Management
Illinois
– -$25.2M -2,013,925 Closed
Thrivent Financial for Lutherans
202
Thrivent Financial for Lutherans
Minnesota
– -$22.5M -1,794,411 Closed
DKCM
203
Davidson Kempner Capital Management
New York
– -$22.4M -1,790,276 Closed
Wellington Management Group
204
Wellington Management Group
Massachusetts
– -$21M -1,677,334 Closed
TAM
205
Toscafund Asset Management
United Kingdom
– -$20.3M -1,618,336 Closed
Susquehanna International Group
206
Susquehanna International Group
Pennsylvania
– -$19.6M -1,426,205 Closed
AA
207
Ancient Art
Texas
– -$12.3M -983,512 Closed
TAM
208
Timucuan Asset Management
Florida
– -$9.41M -751,910 Closed
TA
209
Teton Advisors
New York
– -$8.26M -659,735 Closed
CP
210
Covalent Partners
Massachusetts
– -$7.75M -619,220 Closed
RCMC
211
RK Capital Management (Colorado)
Colorado
– -$7.68M -613,912 Closed
CCM
212
Catapult Capital Management
New York
– -$5.98M -477,675 Closed
PCM
213
Palisade Capital Management
New Jersey
– -$5.6M -447,501 Closed
SAM
214
Scopus Asset Management
New York
– -$5.54M -442,300 Closed
CGI
215
Caerus Global Investors
New York
– -$4.98M -398,004 Closed
PCM
216
Penn Capital Management
Pennsylvania
– -$4.74M -378,507 Closed
6CM
217
683 Capital Management
New York
– -$4.63M -370,179 Closed
EA
218
Emerald Advisers
Pennsylvania
– -$4.35M -347,665 Closed
TI
219
Turner Investments
Pennsylvania
– -$2.74M -218,585 Closed
SI
220
Standard Investments
New York
– -$2.02M -161,329 Closed
EAM
221
Eagle Asset Management
Florida
– -$1.93M -152,921 Closed
AIMCA
222
Alberta Investment Management Corp (AIMCo)
Alberta, Canada
– -$1.77M -141,536 Closed
SH
223
Scepter Holdings
Texas
– -$1.75M -139,692 Closed
IIM
224
Ivory Investment Management
New York
– -$1.25M -99,442 Closed
LCS
225
Levin Capital Strategies
New York
– -$1.19M -95,320 Closed
7 8
9
10 11

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.