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Texas Pacific Land
TPL

58 hedge funds and large institutions have $478M invested in Texas Pacific Land in 2014 Q1 according to their latest regulatory filings, with 12 funds opening new positions, 11 increasing their positions, 19 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

50% more first-time investments, than exits

New positions opened: 12 | Existing positions closed: 8

26% more capital invested

Capital invested by funds: $380M → $478M (+$98M)

25% more funds holding in top 10

Funds holding in top 10: 4 → 5 (+1)

7% more funds holding

Funds holding: 54 → 58 (+4)

8.41% less ownership

Funds ownership: 400.76% → 392.35% (-8.4%)

42% less repeat investments, than reductions

Existing positions increased: 11 | Existing positions reduced: 19

Holders
58
Holders Change
+4
Holders Change %
+7.41%
% of All Funds
1.68%
Holding in Top 10
5
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+25%
% of All Funds
0.14%
New
12
Increased
11
Reduced
19
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
HK
Horizon Kinetics
New York
+$8.33M
2
CC
Cambrian Capital
California
+$1.9M
3
HCM
Hodges Capital Management
Texas
+$1.68M
4
TAM
Third Avenue Management
New York
+$1.05M
5
Citadel Advisors
Citadel Advisors
Florida
+$603K

Top Sellers

1
Select Equity Group
Select Equity Group
New York
-$12.7M
2
FPP
Findlay Park Partners
United Kingdom
-$7.35M
3
U
UBS
Switzerland
-$3.95M
4
Bank of America
Bank of America
North Carolina
-$1.94M
5
Renaissance Technologies
Renaissance Technologies
New York
-$800K
Name Holding Trade Value Shares
Change 		Change in
Stake
HK
1
Horizon Kinetics
New York
$197M +$8.33M +637,218 +5%
HCM
2
Hodges Capital Management
Texas
$67.7M +$1.68M +128,367 +3%
U
3
UBS
Switzerland
$48.6M -$3.95M -302,598 -8%
PHAM
4
Pacific Heights Asset Management
California
$32.4M – – –
Select Equity Group
5
Select Equity Group
New York
$29.8M -$12.7M -969,309 -32%
First Manhattan
6
First Manhattan
New York
$20.8M – – –
LKIM
7
Lawson Kroeker Investment Management
Nebraska
$18.2M -$41.2K -3,150 -0.2%
APCM
8
Arbiter Partners Capital Management
New York
$14.8M – – –
FDS
9
First Dallas Securities
Texas
$8.72M -$127K -9,729 -2%
US Bancorp
10
US Bancorp
Minnesota
$5.28M -$58.8K -4,500 -1%
MRI
11
Mad River Investors
Massachusetts
$5.16M -$85.3K -6,525 -2%
Wells Fargo
12
Wells Fargo
California
$4.15M +$26.9K +2,061 +0.7%
Goldman Sachs
13
Goldman Sachs
New York
$2.75M -$573K -43,857 -19%
CC
14
Cambrian Capital
California
$2.1M +$1.9M +145,800 New
Bank of New York Mellon
15
Bank of New York Mellon
New York
$1.81M -$88.3K -6,759 -5%
Two Sigma Investments
16
Two Sigma Investments
New York
$1.74M +$488K +37,350 +45%
JP Morgan Chase
17
JP Morgan Chase
New York
$1.29M -$235K -18,000 -17%
Brown Advisory
18
Brown Advisory
Maryland
$1.26M -$92.3K -7,065 -7%
TAM
19
Third Avenue Management
New York
$1.16M +$1.05M +80,424 New
HCP
20
Holt Capital Partners
Texas
$1.02M – – –
Two Sigma Advisers
21
Two Sigma Advisers
New York
$931K +$58.8K +4,500 +7%
Morgan Stanley
22
Morgan Stanley
New York
$878K +$259K +19,791 +48%
California Public Employees Retirement System
23
California Public Employees Retirement System
California
$743K +$129K +9,900 +23%
Citadel Advisors
24
Citadel Advisors
Florida
$664K +$603K +46,143 New
GCP
25
GSA Capital Partners
United Kingdom
$660K +$165K +12,600 +38%
1
2 3

TPL Hedge Fund Activity: Q1 2014 in Review

58 of the 3,462 institutional investors tracked by Wall St. Rank reported a position in Texas Pacific Land (TPL) for Q1 2014, worth a combined $478M — up 26% from $380M a quarter earlier.

Buyers outnumbered sellers: 12 funds opened new TPL positions and 8 closed out — a net gain of 4 holders — while 11 added to existing stakes and 19 trimmed.

The largest buyer was Horizon Kinetics, adding an estimated $8.33M. The largest seller was Select Equity Group, cutting an estimated $12.7M.

  • 58 institutional investors held Texas Pacific Land (TPL) as of Q1 2014, up from 54 in Q4 2013.
  • Funds reported $478M of Texas Pacific Land stock for Q1 2014, up 26% quarter-over-quarter.
  • 12 funds opened new Texas Pacific Land positions in Q1 2014 and 8 closed out, a net change of +4 holders.
  • The largest Texas Pacific Land buyer in Q1 2014 was Horizon Kinetics, an estimated $8.33M added.
  • The largest Texas Pacific Land seller in Q1 2014 was Select Equity Group, an estimated $12.7M sold.

Based on aggregated 13F filings for Q1 2014.