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ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT

140 hedge funds and large institutions have $255M invested in ProShares Trust UltraShort Lehman 20+ Year Treasury in 2018 Q1 according to their latest regulatory filings, with 23 funds opening new positions, 42 increasing their positions, 30 reducing their positions, and 25 closing their positions.

New
Increased
Maintained
Reduced
Closed

200% more funds holding in top 10

Funds holding in top 10: 2 → 6 (+4)

40% more repeat investments, than reductions

Existing positions increased: 42 | Existing positions reduced: 30

39% more call options, than puts

Call options by funds: $252M | Put options by funds: $182M

8% less first-time investments, than exits

New positions opened: 23 | Existing positions closed: 25

1.78% less ownership

Funds ownership: 13.94% → 12.16% (-1.8%)

2% less funds holding

Funds holding: 143 → 140 (-3)

9% less capital invested

Capital invested by funds: $280M → $255M (-$25.3M)

Holders
140
Holders Change
-3
Holders Change %
-2.1%
% of All Funds
3.21%
Holding in Top 10
6
Holding in Top 10 Change
+4
Holding in Top 10 Change %
+200%
% of All Funds
0.14%
New
23
Increased
42
Reduced
30
Closed
25
Calls
$252M
Puts
$182M
Net Calls
+$70.2M
Net Calls Change
+$6.27M

Top Buyers

Rank Fund Capital Flow
1
AAP
Ardsley Advisory Partners
Connecticut
+$42.5M
2
MVP
Miller Value Partners
Florida
+$9.29M
3
TB
Terril Brothers
Missouri
+$9.03M
4
Parallax Volatility Advisers
Parallax Volatility Advisers
California
+$5.93M
5
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$5.75M

Top Sellers

Rank Fund Capital Flow
1
NSLI
Nan Shan Life Insurance
Taiwan
-$87.8M
2
CCM
Cobalt Capital Management
New Jersey
-$10.3M
3
QFA
Quattro Financial Advisors
Texas
-$7.7M
4
TAM
Trust Asset Management
Texas
-$7.48M
5
Wolverine Trading
Wolverine Trading
Illinois
-$4.13M
Name Holding Trade Value Shares
Change 		Change in
Stake
CS
26
Credit Suisse
Switzerland
$1.63M -$2.75M -73,900 -62%
GC
27
Gruss & Co
Florida
$1.63M +$1.67M +45,000 New
US Bancorp
28
US Bancorp
Minnesota
$1.56M +$1.16M +31,100 +259%
PAM
29
PVG Asset Management
Colorado
$1.55M -$3.32M -89,235 -68%
CICI
30
Capital Investment Counsel Inc
North Carolina
$1.53M -$52.8K -1,422 -3%
FSCM
31
Front Street Capital Management
Montana
$1.14M +$929 +25 +0.1%
JWA
32
JFS Wealth Advisors
Pennsylvania
$1.09M – – –
IIA
33
IPG Investment Advisors
California
$1.02M -$706K -18,992 -40%
Wolverine Trading
34
Wolverine Trading
Illinois
$976K -$4.13M -111,201 -81%
SIM
35
SSI Investment Management
California
$893K – – –
SCM
36
Southport Capital Management
Tennessee
$856K -$22.5K -605 -3%
EWM
37
Endurance Wealth Management
Rhode Island
$798K +$37.2K +1,000 +5%
FIM
38
Freedom Investment Management
Connecticut
$777K +$337K +9,077 +73%
P3I
39
Progeny 3 Inc
Washington
$773K +$791K +21,300 New
HIC
40
Holderness Investments Company
North Carolina
$745K -$7.91K -213 -1%
QCIG
41
Quad-Cities Investment Group
Iowa
$656K +$676K +18,200 New
AG
42
Advisor Group
Arizona
$591K +$340K +9,138 +127%
EDRH
43
Edmond de Rothschild Holding
Switzerland
$587K -$187K -5,028 -24%
CA
44
CastleArk Alternatives
Illinois
$544K -$409K -11,000 -42%
Renaissance Technologies
45
Renaissance Technologies
New York
$530K +$542K +14,600 New
Neuberger Berman Group
46
Neuberger Berman Group
New York
$518K – – –
GCM
47
Gables Capital Management
Florida
$496K +$508K +13,670 New
SHCM
48
Stokes & Hubbell Capital Management
Louisiana
$476K +$74 +2 +0%
LRPA
49
L. Roy Papp & Associates
Arizona
$453K +$242K +6,500 +108%
OIM
50
Orca Investment Management
Oregon
$447K -$82.2K -2,212 -15%
1
2
3 4 5

TBT Hedge Fund Activity: Q1 2018 in Review

140 of the 4,364 institutional investors tracked by Wall St. Rank reported a position in ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) for Q1 2018, worth a combined $255M — down 9% from $280M a quarter earlier.

Sellers outnumbered buyers: 25 funds closed out of TBT and 23 opened new positions — a net loss of 2 holders — while 30 trimmed existing stakes and 42 added.

The largest buyer was Ardsley Advisory Partners, adding an estimated $42.5M. The largest seller was Nan Shan Life Insurance, exiting entirely with an estimated $87.8M sold.

  • 140 institutional investors held ProShares Trust UltraShort Lehman 20+ Year Treasury (TBT) as of Q1 2018, down from 143 in Q4 2017.
  • Funds reported $255M of ProShares Trust UltraShort Lehman 20+ Year Treasury stock for Q1 2018, down 9% quarter-over-quarter.
  • 23 funds opened new ProShares Trust UltraShort Lehman 20+ Year Treasury positions in Q1 2018 and 25 closed out, a net change of -2 holders.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury buyer in Q1 2018 was Ardsley Advisory Partners, an estimated $42.5M added.
  • The largest ProShares Trust UltraShort Lehman 20+ Year Treasury seller in Q1 2018 was Nan Shan Life Insurance, an estimated $87.8M sold.

Based on aggregated 13F filings for Q1 2018.