1. North American institutional ownership analysis in CAC 40 companies
Phuong-Dan Pham Associate
North American institutional ownership analysis in CAC 40 companies

2. North American investments in CAC 40 vs. DAX 30
Ipreo analysed the aggregated trend of North American institutional ownership in CAC 40 companies over the period Q to Q using publicly available data, focusing on:
Investment analysis by region and investment styles of investors
Top holders, buyers and sellers
Largest hedge fund ownership
CAC 40 vs. DAX 30
North American investments in CAC 40 companies increased more than a third between Q and Q4 2015, showing their fastest growth between Q and Q (+11%), in line with the CAC 40 (up 18% in the same period) if at a lower level. The CAC 40 index increased nearly 50% between Q and Q while remaining flat between Q and Q4 2014, after experiencing a 35% increase between Q and Q
The DAX 30 saw investments from North American institutions going up at a much lower rate during the same period (+10%), with the peak of the buying happening between Q and Q (+7%) following a slight 1% decline between Q and Q The DAX 30 index rose more than 50% over the same period.
Historical North American institutional ownership in CAC 40 & DAX 30
Main findings
The results show the Northeast heavily invested in CAC 40 companies (led by New York and Boston), as well as the Pacific Coast (led by Los Angeles and San Francisco), followed by some distance by the Midwest (with Chicago) and Canada (with Toronto). New York and Toronto had the highest number of identified institutions using an active management style in Q4 2015, with 82 and 41 respectively, followed by Boston, Los Angeles and San Francisco with more than 20 each.
Index funds massively increased their exposure to CAC 40 companies, experiencing a 63% increase between Q and Q Two institutions largely contributed to this increase, The Vanguard Group and BlackRock Fund Advisors. Value investors reduced their investments by 8% between Q and Q4 2015, while remaining the largest style identified in Q
Hedge funds saw a noticeable ownership increase between Q and Q4 2015, with a total of $1.6B invested in CAC 40 companies in Q The funds are for the most part based in Boston and New York.

3. North American institutional ownership by region (active management)
The Northeast and the Pacific Coast are by far the two largest regions invested in CAC 40 companies since New York and Los Angeles saw record investments in 2011, with more than $24B each.
Boston overtook Los Angeles in 2013 and has since been the second largest city invested in the CAC 40 companies, with $27B in 2014, just behind New York with $31B. The major one third divestment from Los-Angeles based institution Capital World Investors since Q ($10B invested in Q4 2015) partially explains this, on the back of buying from Boston-based Northern Cross ($8B invested in Q4 2015), MFS Investment Management ($7B) and Fidelity Management & Research Company ($3B).
On the Pacific Coast, San Francisco has the highest exposure to CAC 40 companies just behind Los Angeles at $17B, with more than $8B. San-Francisco based Dodge & Cox ($6B) and Franklin Advisers ($1B) saw their investments multiplied by two or more times between Q and Q4 2015, reaching their highest level in Q
In the Midwest, Chicago-based Harris Associates is by far the largest institution invested in CAC 40 companies with $5B in Q4 2015, having more than doubled their investments since Q
In Canada, TD Asset Management located in Toronto had invested the most in CAC 40 companies in Q ($2B), increasing their investments eight fold since Q
Historical North American investments by city (active management)

4. Top North American holders, buyers & sellers (active and passive investors)
Top Holders
$M EUM
2015 Q4
2014 Q4
Change
Style
Metro
The Vanguard Group, Inc.
1,945,315.7
19,320.6
14,687.3
4,633.3
Index
Philadelphia PA
BlackRock Fund Advisors
1,316,666.3
14,257.5
12,220.2
2,037.3
San Francisco CA
Capital World Investors (U.S.)
525,537.3
10,179.6
12,533.2
-2,353.5
Value
Los Angeles CA
Northern Cross, LLC
41,381.4
8,472.5
9,598.3
-1,125.8
Boston MA
MFS Investment Management
237,103.3
7,348.7
9,252.4
-1,903.8
Dodge & Cox
148,578.2
6,604.4
5,076.3
1,528.1
Deep Value
Mellon Capital Management Corporation
168,461.1
5,112.1
2,085.8
3,026.3
Harris Associates, L.P.
89,860.4
5,094.0
6,015.5
-921.5
Chicago IL
OppenheimerFunds, Inc
134,390.4
4,530.7
4,663.1
-132.4
Growth
New York NY
First Eagle Investment Management, LLC
66,235.7
4,399.5
4,780.1
-380.6
TIAA-CREF Investment Management
253,085.2
4,379.3
4,438.0
-58.7
Capital Research Global Investors (U.S.)
387,002.7
3,776.1
3,795.7
-19.6
GARP
State Street Global Advisors (SSgA)
979,051.3
3,534.6
3,141.9
392.7
Fidelity Management & Research Company
777,103.0
3,484.5
3,825.6
-341.0
Dimensional Fund Advisors, L.P. (U.S.)
282,296.5
3,381.0
2,748.5
632.5
Total:
103,875.1
98,861.7
5,013.4
Top Buyers
TD Asset Management, Inc.
88,998.0
2,077.5
557.8
1,519.7
Toronto CAN
Franklin Mutual Advisers, LLC
52,892.4
2,377.5
1,636.1
741.4
Morgan Stanley Investment Management Inc.
62,086.7
1,238.2
597.8
640.4
Lazard Asset Management, LLC (U.S.)
73,902.6
957.5
368.2
589.2
Orbis Investment Management, LTD
22,883.8
477.9
0.0
Hamilton ON
Mason Capital Management, LLC
2,102.6
316.1
Alternative
Charles Schwab Investment Management, Inc.
91,029.9
837.8
527.7
310.1
Janus Capital Management, LLC
82,172.9
423.5
125.3
298.1
Aggressive Growth
Denver CO
Davis Selected Advisers, L.P.
23,999.1
400.7
114.2
286.4
61,316.9
43,887.2
17,429.7
Top Sellers
Grantham Mayo Van Otterloo & Co., LLC
56,514.8
2,109.9
4,046.5
-1,936.6
Manning & Napier Advisors, LLC
20,838.4
392.6
1,202.1
-809.5
Rochester NY
William Blair & Company, LLC (Investment Management)
48,045.3
561.7
1,102.5
-540.8
Thornburg Investment Management, Inc.
33,205.0
2,063.6
2,580.9
-517.3
Albuquerque NM
Artisan Partners, L.P.
78,539.7
951.3
1,463.4
-512.1
Milwaukee WI
Scout Investments, Inc.
5,069.2
160.7
488.1
-327.4
Kansas City MO
BlackRock Advisors, LLC
249,907.1
3,218.9
3,486.7
-267.7
New York State Common Retirement Fund
76,087.4
783.2
997.4
-214.1
Albany NY
AllianceBernstein, L.P. (U.S.)
137,368.4
1,465.9
1,670.8
-204.8
50,686.6
63,043.3
-12,356.7

5. North American institutional ownership by style
Historical North American investments by style
Value, index and growth funds have dominated the landscape since Q4 2013, and hold altogether more than 93.6% of the total invested in CAC 40 companies in Q
Value investors massively increased their investments in 2014 with $78B identified in total, and made up more than 46% of the total identified in 2013 and 2014, before moving down to 41% in This decline can be mainly attributed to selling from six institutions that were part of the top ten sellers overall in Q4 2015, among them Capital World Investors (-$2.3B), Grantham Mayo Van Otterloo & Co. (-$1.9B), MFS Investment Management (-$1.9B) and Northern Cross (-$1.1B).
Index investors doubled their exposure to CAC 40 companies between 2013 and 2015, with The Vanguard Group ($19B in Q4 2015) and BlackRock Fund Advisors ($14B) among the largest institutions identified, both of which as a result were ranked among the top holders in Q These two institutions were also ranked first and third respectively among the largest buyers identified between Q and Q
Growth funds experienced a 5% increase between Q and Q4 2015, with only two institutions being ranked among the top fifteen buyers in Q4 2015, TD Asset Management (+$1B) and Morgan Stanley Investment Management (+$640M).

6. Ipreo Hedge Fund Ranking
North American Hedge Fund Analysis
Top Holding Hedge Funds
Ipreo Hedge Fund Ranking
$M EUM
2015 Q4
2014 Q4
Change
2013 Q4
2012 Q4
2011 Q4
Style
Metro
The Baupost Group, LLC 39
8,217.0
868.3
0.0
578.6
393.2
Alternative
Boston MA
AQR Capital Management, LLC 1
65,528.9
323.1
144.4
178.8
131.9
482.3
New York NY
Mason Capital Management, LLC
143
2,102.6
316.1
Sirios Capital Management, L.P.
107
2,940.0
48.8
68.3
-19.4
10.7
Alkeon Capital Management, LLC 84
3,900.0
18.5
6.0
Ascend Capital, LLC
234
1,167.5
6.3
13.9
-7.6
2.4
San Francisco CA
Hamilton Capital Partners, Inc.
1,262
34.2
5.5
3.0
2.5
Toronto CAN
Breton Hill Capital, LTD
n.a.
623.6
R.H. Bluestein & Company
201
1,385.3
0.7
Detroit MI
Canyon Capital Advisors, LLC
120
2,734.9
0.6
7.9
-7.3
6.9
Los Angeles CA
Perella Weinberg Partners Capital Management, L.P.
658
241.5
0.5
Midocean Credit Partners
630
206.2
0.1
CoreCommodity Management, LLC
871
137.9
0.3
-0.2
1.5
1.7
Trian Fund Management, L.P. 28
10,359.1
435.1
Total:
  ,591.7
1,106.1
485.6
750.4
961.9
Historical North American Hedge Fund investments
North American Hedge Fund investments by city in Q4 2015
Hedge funds, having sold more than 23% of CAC 40 companies between Q and Q4 2013, have since turned positive and experienced a 24% increase between Q and Q reaching $1.6B in Q
The vast majority were based in the Northeast in Q4 2015, first in Boston (58%) then in New York (41%).
New-York based AQR Capital Management, the largest hedge fund by EUM in Ipreo’s annual hedge fund ranking, was ranked second overall with $323M held in CAC 40 companies, well behind The Baupost Group ($868M), which is based in Boston.

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