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Research Frontiers
REFR

36 hedge funds and large institutions have $21M invested in Research Frontiers in 2014 Q4 according to their latest regulatory filings, with 3 funds opening new positions, 12 increasing their positions, 4 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

200% more repeat investments, than reductions

Existing positions increased: 12 | Existing positions reduced: 4

121% more call options, than puts

Call options by funds: $161K | Put options by funds: $73K

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

10% less capital invested

Capital invested by funds: $23.4M → $21M (-$2.37M)

12% less funds holding

Funds holding: 41 → 36 (-5)

50% less first-time investments, than exits

New positions opened: 3 | Existing positions closed: 6

Holders
36
Holders Change
-5
Holders Change %
-12.2%
% of All Funds
0.96%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
3
Increased
12
Reduced
4
Closed
6
Calls
$161K
Puts
$73K
Net Calls
+$88K
Net Calls Change
+$310K

Top Buyers

Rank Fund Capital Flow
1
SC
Sophrosyne Capital
New York
+$413K
2
VKH
Virtu KCG Holdings
New York
+$83.3K
3
Bank of America
Bank of America
North Carolina
+$33.2K
4
Citadel Advisors
Citadel Advisors
Florida
+$29.8K
5
BFA
BlackRock Fund Advisors
California
+$29K

Top Sellers

Rank Fund Capital Flow
1
Fidelity Investments
Fidelity Investments
Massachusetts
-$256K
2
CCM
Condor Capital Management
New Jersey
-$157K
3
ST
Spot Trading
Illinois
-$25K
4
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$19.8K
5
SFSIG
San Francisco Sentry Investment Group
California
-$17K
Name Holding Trade Value Shares
Change 		Change in
Stake
GCM
1
Goldman Capital Management
New York
$8.27M – – –
BIT
2
BlackRock Institutional Trust
California
$3.44M +$5.28K +1,043 +0.2%
Vanguard Group
3
Vanguard Group
Pennsylvania
$2.75M +$13.2K +2,600 +0.5%
Fidelity Investments
4
Fidelity Investments
Massachusetts
$1.33M -$256K -50,520 -16%
SRC
5
Shufro Rose & Co
New York
$1.09M -$5.06K -1,000 -0.5%
Geode Capital Management
6
Geode Capital Management
Massachusetts
$439K – – –
SC
7
Sophrosyne Capital
New York
$418K +$413K +81,629 New
BFA
8
BlackRock Fund Advisors
California
$411K +$29K +5,724 +8%
California Public Employees Retirement System
9
California Public Employees Retirement System
California
$320K – – –
UBS Group
10
UBS Group
Switzerland
$255K +$252K +49,774 New
Cambridge Investment Research Advisors
11
Cambridge Investment Research Advisors
Iowa
$216K – – –
Northern Trust
12
Northern Trust
Illinois
$205K – – –
OA
13
Outfitter Advisors
Virginia
$184K – – –
T. Rowe Price Associates
14
T. Rowe Price Associates
Maryland
$169K – – –
UCFA
15
United Capital Financial Advisors
Texas
$169K – – –
Susquehanna International Group
16
Susquehanna International Group
Pennsylvania
$155K -$19.8K -3,910 -11%
Dimensional Fund Advisors
17
Dimensional Fund Advisors
Texas
$140K – – –
Bank of New York Mellon
18
Bank of New York Mellon
New York
$137K +$1.32K +261 +1%
SI
19
Stephens Inc
Arkansas
$102K – – –
Wells Fargo
20
Wells Fargo
California
$97K – – –
Morgan Stanley
21
Morgan Stanley
New York
$87K +$547 +108 +0.6%
VKH
22
Virtu KCG Holdings
New York
$84K +$83.3K +16,449 New
AQR Capital Management
23
AQR Capital Management
Connecticut
$77K – – –
PG
24
PEAK6 Group
Illinois
$60K +$6.28K +1,241 +12%
Bank of America
25
Bank of America
North Carolina
$60K +$33.2K +6,550 +128%
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REFR Hedge Fund Activity: Q4 2014 in Review

36 of the 3,749 institutional investors tracked by Wall St. Rank reported a position in Research Frontiers (REFR) for Q4 2014, worth a combined $21M — down 10% from $23.4M a quarter earlier.

Sellers outnumbered buyers: 6 funds closed out of REFR and 3 opened new positions — a net loss of 3 holders — while 4 trimmed existing stakes and 12 added.

The largest buyer was Sophrosyne Capital, opening a new position worth an estimated $413K. The largest seller was Fidelity Investments, cutting an estimated $256K.

  • 36 institutional investors held Research Frontiers (REFR) as of Q4 2014, down from 41 in Q3 2014.
  • Funds reported $21M of Research Frontiers stock for Q4 2014, down 10% quarter-over-quarter.
  • 3 funds opened new Research Frontiers positions in Q4 2014 and 6 closed out, a net change of -3 holders.
  • The largest Research Frontiers buyer in Q4 2014 was Sophrosyne Capital, an estimated $413K added.
  • The largest Research Frontiers seller in Q4 2014 was Fidelity Investments, an estimated $256K sold.

Based on aggregated 13F filings for Q4 2014.