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Research Frontiers
REFR

45 hedge funds and large institutions have $22.4M invested in Research Frontiers in 2014 Q1 according to their latest regulatory filings, with 6 funds opening new positions, 16 increasing their positions, 6 reducing their positions, and 3 closing their positions.

New
Increased
Maintained
Reduced
Closed

167% more repeat investments, than reductions

Existing positions increased: 16 | Existing positions reduced: 6

100% more first-time investments, than exits

New positions opened: 6 | Existing positions closed: 3

66% more call options, than puts

Call options by funds: $271K | Put options by funds: $163K

7% more funds holding

Funds holding: 42 → 45 (+3)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

8% less capital invested

Capital invested by funds: $24.5M → $22.4M (-$2.03M)

Holders
45
Holders Change
+3
Holders Change %
+7.14%
% of All Funds
1.3%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
6
Increased
16
Reduced
6
Closed
3
Calls
$271K
Puts
$163K
Net Calls
+$108K
Net Calls Change
-$21K

Top Buyers

Rank Fund Capital Flow
1
GCM
Goldman Capital Management
New York
+$1.05M
2
Morgan Stanley
Morgan Stanley
New York
+$424K
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$286K
4
Fidelity Investments
Fidelity Investments
Massachusetts
+$203K
5
BIT
BlackRock Institutional Trust
California
+$195K

Top Sellers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
-$633K
2
PG
PEAK6 Group
Illinois
-$137K
3
Group One Trading
Group One Trading
Illinois
-$137K
4
Renaissance Technologies
Renaissance Technologies
New York
-$98K
5
TAM
Telluride Asset Management
Minnesota
-$94K
Name Holding Trade Value Shares
Change 		Change in
Stake
GCM
1
Goldman Capital Management
New York
$6.28M +$1.05M +165,106 +14%
BIT
2
BlackRock Institutional Trust
California
$3.32M +$195K +30,814 +5%
Vanguard Group
3
Vanguard Group
Pennsylvania
$2.73M +$186K +29,296 +6%
HCS
4
Harvest Capital Strategies
California
$2.6M – – –
SRC
5
Shufro Rose & Co
New York
$1.08M +$30.4K +4,800 +2%
EI
6
EAM Investors
California
$1.07M -$38.2K -6,038 -3%
Fidelity Investments
7
Fidelity Investments
Massachusetts
$834K +$203K +32,100 +25%
Geode Capital Management
8
Geode Capital Management
Massachusetts
$422K +$18.3K +2,884 +4%
Morgan Stanley
9
Morgan Stanley
New York
$416K +$424K +66,954 +509%
BFA
10
BlackRock Fund Advisors
California
$403K +$59.6K +9,405 +14%
California Public Employees Retirement System
11
California Public Employees Retirement System
California
$320K – – –
U
12
UBS
Switzerland
$239K -$81.4K -12,852 -22%
Susquehanna International Group
13
Susquehanna International Group
Pennsylvania
$234K +$286K +45,102 New
Cambridge Investment Research Advisors
14
Cambridge Investment Research Advisors
Iowa
$216K -$17.1K -2,700 -6%
Northern Trust
15
Northern Trust
Illinois
$210K +$2.39K +378 +0.9%
OA
16
Outfitter Advisors
Virginia
$187K – – –
Wells Fargo
17
Wells Fargo
California
$175K +$79.7K +12,589 +60%
UCFA
18
United Capital Financial Advisors
Texas
$172K – – –
T. Rowe Price Associates
19
T. Rowe Price Associates
Maryland
$166K – – –
CCM
20
Condor Capital Management
New Jersey
$150K – – –
Dimensional Fund Advisors
21
Dimensional Fund Advisors
Texas
$142K – – –
Bank of New York Mellon
22
Bank of New York Mellon
New York
$137K – – –
SI
23
Stephens Inc
Arkansas
$104K – – –
FAAS
24
First Allied Advisory Services
California
$93K – – –
AQR Capital Management
25
AQR Capital Management
Connecticut
$78K +$95.6K +15,100 New
1
2

REFR Hedge Fund Activity: Q1 2014 in Review

45 of the 3,464 institutional investors tracked by Wall St. Rank reported a position in Research Frontiers (REFR) for Q1 2014, worth a combined $22.4M — down 8.3% from $24.5M a quarter earlier.

Buyers outnumbered sellers: 6 funds opened new REFR positions and 3 closed out — a net gain of 3 holders — while 16 added to existing stakes and 6 trimmed.

The largest buyer was Goldman Capital Management, adding an estimated $1.05M. The largest seller was Invesco, exiting entirely with an estimated $633K sold.

  • 45 institutional investors held Research Frontiers (REFR) as of Q1 2014, up from 42 in Q4 2013.
  • Funds reported $22.4M of Research Frontiers stock for Q1 2014, down 8.3% quarter-over-quarter.
  • 6 funds opened new Research Frontiers positions in Q1 2014 and 3 closed out, a net change of +3 holders.
  • The largest Research Frontiers buyer in Q1 2014 was Goldman Capital Management, an estimated $1.05M added.
  • The largest Research Frontiers seller in Q1 2014 was Invesco, an estimated $633K sold.

Based on aggregated 13F filings for Q1 2014.