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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
SIM
101
Sonora Investment Management
Arizona
$36.3K – – –
SSB
102
Sandy Spring Bank
Maryland
$36K +$22.3K +600 +150%
FPF
103
FNY Partners Fund
New York
$36K +$33.4K +900 +900%
AWM
104
AllSquare Wealth Management
New York
$36K +$37.2K +1,000 New
Envestnet Asset Management
105
Envestnet Asset Management
Illinois
$35K -$22.3K -601 -39%
CAM
106
CenterStar Asset Management
Illinois
$34K – – –
SWM
107
SeaCrest Wealth Management
New York
$31K +$13K +350 +70%
AFIA
108
America First Investment Advisors
Nebraska
$29K – – –
LF
109
Lee Financial
Texas
$25K +$37 +1 +0.1%
HDIM
110
Hanson & Doremus Investment Management
Vermont
$25K +$26K +700 New
FANJ
111
Financial Architects (New Jersey)
New Jersey
$23K – – –
SFG
112
SevenBridge Financial Group
Pennsylvania
$22K – – –
VIA
113
Vantage Investment Advisors
Pennsylvania
$20K – – –
RFC
114
Regions Financial Corp
Alabama
$19K – – –
CAPTRUST Financial Advisors
115
CAPTRUST Financial Advisors
North Carolina
$18K – – –
GWM
116
Geneos Wealth Management
Colorado
$13K – – –
SFFS
117
Stonehage Fleming Financial Services
Jersey
$9K -$37.2K -1,000 -80%
CC
118
Cassaday & Co
Virginia
$9K – – –
JCM
119
Jacobi Capital Management
Pennsylvania
$9K – – –
PFO
120
Pathstone Family Office
New Jersey
$9K +$8.81K +237 New
Wells Fargo
121
Wells Fargo
California
$8K -$2.42K -65 -22%
RE
122
RBC Europe
United Kingdom
$7.8K – – –
UBS Group
123
UBS Group
Switzerland
$7K -$105K -2,824 -94%
Bank of Montreal
124
Bank of Montreal
Ontario, Canada
$6K – – –
HCM
125
Highlander Capital Management
New Jersey
$5K – – –
3 4
5
6 7

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.