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SJT

San Juan Basin Royalty Trust
SJT

94 hedge funds and large institutions have $227M invested in San Juan Basin Royalty Trust in 2013 Q4 according to their latest regulatory filings, with 13 funds opening new positions, 21 increasing their positions, 30 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

16% more capital invested

Capital invested by funds: $196M → $227M (+$31M)

2.78% more ownership

Funds ownership: 26.34% → 29.12% (+2.8%)

8% more first-time investments, than exits

New positions opened: 13 | Existing positions closed: 12

0% more funds holding

Funds holding: 94 → 94 (0)

30% less repeat investments, than reductions

Existing positions increased: 21 | Existing positions reduced: 30

51% less call options, than puts

Call options by funds: $1.16M | Put options by funds: $2.38M

Holders
94
Holders Change
–
Holders Change %
0%
% of All Funds
2.73%
Holding in Top 10
1
Holding in Top 10 Change
+1
Holding in Top 10 Change %
% of All Funds
0.03%
New
13
Increased
21
Reduced
30
Closed
12
Calls
$1.16M
Puts
$2.38M
Net Calls
-$1.22M
Net Calls Change
+$1.21M

Top Buyers

1
BMO
Beck Mack & Oliver
New York
+$5.8M
2
GC
Guggenheim Capital
Illinois
+$4.62M
3
MWR
McAdams Wright Ragen
Washington
+$4.28M
4
PCM
Palisade Capital Management
New Jersey
+$2.7M
5
CIBC World Market
CIBC World Market
Ontario, Canada
+$794K

Top Sellers

1
Morgan Stanley
Morgan Stanley
New York
-$693K
2
UCFA
United Capital Financial Advisors
Texas
-$366K
3
Millennium Management
Millennium Management
New York
-$184K
4
VFS
VSR Financial Services
Kansas
-$169K
5
NL
NWAM LLC
Washington
-$166K
Name Holding Trade Value Shares
Change 		Change in
Stake
First Eagle Investment Management
1
First Eagle Investment Management
New York
$92M +$362K +22,050 +0.4%
BMO
2
Beck Mack & Oliver
New York
$36.6M +$5.8M +352,715 +19%
Bank of America
3
Bank of America
North Carolina
$19.5M -$21.3K -1,294 -0.1%
MTC
4
McDaniel Terry & Co
Texas
$10.8M – – –
CIBC World Market
5
CIBC World Market
Ontario, Canada
$7.68M +$794K +48,280 +12%
OA
6
Oxbow Advisors
Texas
$6.42M -$15.3K -933 -0.2%
GC
7
Guggenheim Capital
Illinois
$4.71M +$4.62M +281,178 New
PCM
8
Palisade Capital Management
New Jersey
$4.59M +$2.7M +164,238 +149%
MWR
9
McAdams Wright Ragen
Washington
$4.36M +$4.28M +260,655 New
FRM
10
Foundation Resource Management
Arkansas
$2.4M – – –
MAA
11
Mraz Amerine & Associates
California
$2.16M +$422K +25,646 +25%
Wells Fargo
12
Wells Fargo
California
$2.13M -$155K -9,414 -7%
First Manhattan
13
First Manhattan
New York
$2.07M -$32.7K -1,991 -2%
California Public Employees Retirement System
14
California Public Employees Retirement System
California
$2.05M +$21.4K +1,300 +1%
PRHC
15
P.R. Herzig & Co
New York
$1.91M +$1.64K +100 +0.1%
Morgan Stanley
16
Morgan Stanley
New York
$1.83M -$693K -42,172 -28%
PP
17
Prospector Partners
Connecticut
$1.67M – – –
CIA
18
Capital Investment Advisors
Georgia
$1.6M +$1.57M +95,767 New
BA
19
Bard Associates
Illinois
$1.53M -$11.1K -675 -0.7%
Citadel Advisors
20
Citadel Advisors
Florida
$1.53M -$111K -6,776 -7%
ANTB
21
AMG National Trust Bank
Colorado
$1.4M -$87.4K -5,314 -6%
OC
22
Oppenheimer & Co
New York
$1.14M +$13.8K +838 +1%
SCCM
23
Schafer Cullen Capital Management
New York
$1.07M +$58.5K +3,560 +6%
Citigroup
24
Citigroup
New York
$956K -$6.58K -400 -0.7%
CCS
25
Crosspoint Capital Strategies
California
$898K +$863K +52,496 New
1
2 3 4 5

SJT Hedge Fund Activity: Q4 2013 in Review

94 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in San Juan Basin Royalty Trust (SJT) for Q4 2013, worth a combined $227M — up 16% from $196M a quarter earlier.

Buyers outnumbered sellers: 13 funds opened new SJT positions and 12 closed out — a net gain of 1 holder — while 21 added to existing stakes and 30 trimmed.

The largest buyer was Beck Mack & Oliver, adding an estimated $5.8M. The largest seller was Morgan Stanley, cutting an estimated $693K.

  • 94 institutional investors held San Juan Basin Royalty Trust (SJT) as of Q4 2013, unchanged from Q3 2013.
  • Funds reported $227M of San Juan Basin Royalty Trust stock for Q4 2013, up 16% quarter-over-quarter.
  • 13 funds opened new San Juan Basin Royalty Trust positions in Q4 2013 and 12 closed out, a net change of +1 holder.
  • The largest San Juan Basin Royalty Trust buyer in Q4 2013 was Beck Mack & Oliver, an estimated $5.8M added.
  • The largest San Juan Basin Royalty Trust seller in Q4 2013 was Morgan Stanley, an estimated $693K sold.

Based on aggregated 13F filings for Q4 2013.