Which funds own SMH

Managers holding

5

at least, of 91 current

Combined value

$1.4bn

as reported

Opened

2

new this quarter

Added to

3

already held

Trimmed or sold out

5

5 sold out entirely

Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.

Sold out of this quarter

Valued at what the position was worth in the previous filing, because by this one it is gone.

• Renaissance Technologies LLC · Quantitative$142m held before
• D. E. Shaw & Co. · Quantitative$77m held before
• Soros Fund Management LLC · Macro$25m held before
• Moore Capital Management LP · Macro$23m held before
• Third Point LLC · Activist$15m held before

Reported as options rather than shares

A put or a call on a name is not a position in it, and the filing states the notional rather than what the option cost. These lines are listed apart for that reason and are not counted in anything above.

• Susquehanna International Group LLP · puts$18.9bn notional
• Citadel Advisors LLC · puts$11.6bn notional
• Susquehanna International Group LLP · calls$9.9bn notional
• Jane Street Group LLC · puts$9.7bn notional
• Citadel Advisors LLC · calls$4.9bn notional
• Jane Street Group LLC · calls$3.3bn notional
• Millennium Management LLC · puts$1.4bn notional
• Squarepoint Ops LLC · puts$948m notional
• Balyasny Asset Management LLC · puts$673m notional
• Millennium Management LLC · calls$654m notional
• Squarepoint Ops LLC · calls$591m notional
• Marshall Wace LLP · puts$508m notional
• Tudor Investment Corp · puts$359m notional
• Schonfeld Strategic Advisors LLC · puts$351m notional
• Artisan Partners LP · puts$273m notional
• Verition Fund Management LLC · puts$225m notional
• ExodusPoint Capital Management LP · calls$223m notional
• Elliott Investment Management LP · puts$164m notional
• Marshall Wace LLP · calls$153m notional
• Hudson Bay Capital Management LP · puts$135m notional
• Balyasny Asset Management LLC · calls$100m notional
• Tudor Investment Corp · calls$81m notional
• ExodusPoint Capital Management LP · puts$22m notional
• Brevan Howard Capital Management LP · calls$15m notional

What is inside it

Knowing who bought a fund is half the question. The other half is what the fund holds, which is the manager’s actual exposure rather than the wrapper they reached for.

How much of the picture this is

A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.