Monthly Roundup: US Financials
In November 2015, exchange-traded fund investors have added $731 million in the Financial Select Sector SPDR ETF (XLF) portfolio. During the week ended November 25, the ETF witnessed inflows of $18 million.
So far in 2015, investors have pulled out $15.8 billion from the XLF portfolio. Year-to-date, XLF has underperformed the broad market–based SPDR S&P 500 ETF (SPY) and has returned -0.6%. During the week ended November 27, the XLF ETF lost 0.4% due to light trading surrounding the Thanksgiving holiday.
Institutional investors’ holdings
The 13F filings of major institutional asset managers for 3Q15 gave a mixed picture for the Financial Select Sector SPDR ETF (XLF).
In 3Q15, trade activity by 13F filers displayed a 7.6% reduction in aggregate shares held by institutional investors and hedge funds. Among the 580 13F filers holding the stock, 200 funds reduced their exposure to XLF, while 69 funds sold all their holdings of XLF. However, 57 funds created new positions and 231 funds increased their exposure to XLF.
Among the major institutional holders, Nomura (N), Passport Capital, Bank of America (BAC), Goldman Sachs (GS), and BNP Paribas have increased their exposure to XLF in 3Q15. Among these, Passport Capital has added fresh holdings of XLF to its portfolio.
Institutions that have significantly reduced their exposure are UBS, Moore Capital, Morgan Stanley (MS), and Gruss Capital. Among these, Moore Capital and Gruss Capital have sold all their shares of XLF.
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