FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
GLOBAL INVESTMENT GRADE CORPORATE PAPER TOTAL INVESTMENT IN INVESTMENT GRADE CORPORATE PAPER: Global holdings of IG corporate debt totaled $2.7 trillion by those institutions that publicly filed their fixed income positions. Net purchases were $165.6 billion, and net sells totaled $276.9 billion. TOP HOLDERS OF GLOBAL IG CORP PAPER: At the end of Q3 2010, PIMCO held the most investment grade corporate paper by owning $157.7 billion. Vanguard was the next largest holder with $78.7 billion invested. Investment Advisors hold two thirds of the assets held by institutions, and Insurance companies make up a quarter. Investors in the Americas hold the most high grade corporate paper, particularly those in the New York Metro area. TOP BUYERS OF GLOBAL IG CORP PAPER: In addition to holding the most IG Corporate paper, PIMCO was the top institutional buyer, increasing its holdings by $13.2 billion, $6 billion more than the next top investor, TD Asset Management. Mutual Funds and Insurance companies each represent 15% of the buyers. Investors in the Americas made up two thirds of institutional buyers, and EMEA buyers made up almost 30%. TOP SELLERS OF GLOBAL IG CORP PAPER: LUX Investment Advisors led the selling institutions by nearly selling out of its position in IG Corporates due to BCEE firm rebranding. The next top seller was Lemanik of Switzerland. Foreign institutions made up the majority of sell-offs in this asset class.
Top Holders
Investor Type
1 Pacific Invt Mgmt Co LLC (PIMCO)
Investment Adviser
Val ($MM) Chg ($MM) City 157,719
State
13,167 Newport Beach
CA
Country United States
2 Vanguard Grp Inc, The
Mutual Fund
78,707
4,769 Malvern
PA
United States
3 Metropolitan Life Ins Co (Invts) (MetLife)
Insurance Co
59,026
1,469 Morristown
NJ
United States
4 CNP Assurances (Caisse Nat'le de Prévoyance)
Insurance Co
58,858
5 AIG Asset Mgmt (U.S.), LLC
Insurance Co
54,445
NY
United States
Investor Type Breakdown of Institutional Holders
Mutual Fund 9%
Investment Adviser 66%
(3,232) Paris
France
1,424 New York
Global Region Breakdown of Institutional Holders
US Region Breakdown of Institutional Holders
Asia 2%
Bank & Broker 1% Insurance Co 24%
Mid-Atlantic 7%
EMEA 27%
Midwest 10%
Foreign/Other 32%
Americas 71%
Boston Metro Area 7%
New York Metro Area 23%
Other MidweVW 5% West Coast 14%
Southeast 2%
FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
GLOBAL INVESTMENT GRADE CORPORATE PAPER Top Buyers
Investor Type
Val ($MM) Chg ($MM) City
1 Pacific Invt Mgmt Co LLC (PIMCO)
Investment Adviser
157,719
2 TD Asset Mgmt Inc
Investment Adviser
17,733
7,135 Toronto
5,829
5,829 Rouen
3 Matmut (Mutuelle assurance des travailleurs mutualistes Insurance Co
13,167 Newport Beach
Country
CA
United States
ON
Canada France
4 Vanguard Grp Inc, The
Mutual Fund
78,707
4,769 Malvern
PA
United States
5 ING Invt Mgmt Co.
Investment Adviser
27,037
4,042 New York
NY
United States
Investor Type Breakdown of Institutional Buyers
Mutual Fund 15%
State
Bank & Broker 1%
Global Region Breakdown of Institutional Buyers
US Region Breakdown of Institutional Buyers
Asia 6% Insurance Co 15%
Mid-Atlantic 6%
Midwest 8%
Foreign/Other 43%
EMEA 28%
New York Metro Area 16% Americas 66% Investment Adviser 69%
Top Sellers
Investor Type Investment Adviser
2 Lemanik SA 3 SEB Wealth Mgmt (Sweden)
West Coast 16%
State
(51,555) Luxembourg
Investment Adviser
137
(20,889) Lugano
Investment Adviser
3,076
4 Crédit Suisse Asset Mgmt (CSAM) (Zurich)
Investment Adviser
10,365
(13,965) Zurich
Switzerland
5 BSI SA (Lugano)
Bank
1,441
(13,400) Lugano
Switzerland
Bank & Broker Insurance Co 9% 6%
Investment Adviser 67%
Asia 7%
Sweden
US Region Breakdown of Institutional Sellers Foreign/Other 99%
Americas 2%
EMEA 91%
Luxembourg Switzerland
(14,381) Stockholm
Global Region Breakdown of Institutional Sellers
Southeast 2%
Country
560
Investor Type Breakdown of Institutional Sellers
Mutual Fund 18%
Val ($MM) Chg ($MM) City
1 LUX-Invt Adv SA
Other Midwest 3%
Boston Metro Area 6%
US Regions 1%
FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
Region and Filing Definitions Institutional Investor Global Regions:
Institutional Investor US Regions:
AMERICAS
NEW YORK METRO AREA - NY, CT, NJ
North America, Central America, South America
BOSTON METRO AREA - MA, ME, RI, VT, NH
EMEA
MID-ATLANTIC - VA, WV, DC, DE, MD, NC, PA
Europe, Middle East, Africa
SOUTHEAST - AL, AR, FL, GA, KY, LA, MS, SC, TN
ASIA
MIDWEST - IL, TX, CO, KS, MO, MN, WI, OK
Asia, Australasia
OTHER MIDWEST - IA, ID, IN, MI, MT, ND, NE, OH, SD, WY WEST COAST - CA, OR, UT, WA, AZ, NM, NV FOREIGN/OTHER - HI, AK, Caribbean Islands, Puerto Rico, all other non-US countries
• All ownership data is based on institutions' public filings. • Due to varied global disclosure regulations, publicly available ownership data differs greatly based on country. These differences impact and can limit the total ownership exposure generalizations we provide. • For instance, certain countries like the United States ensure more visibility by requiring large institutional money managers to disclose most fixed income ownership holdings via mutual fund (N30-D) and insurance company (NAIC) filings. • However, many countries lack such stringent disclosure requirements, thereby limiting the amount of ownership information we can capture and expose for a given investor's country. • Hedge funds are not required to report fixed income holdings, so the available data for this investor type is limited. • All data in this report exclude pension fund holdings • Investment Grade defined as debt with Standard & Poor’s credit ratings of BBB- and higher • High Yield defined as debt with Standard & Poor’s credit ratings of BB+ and lower
FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
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Thomson Reuters On Demand offers you cost-effective access to virtually all Thomson Reuters content sets and applications delivered by our team of expert analysts. Whether you are a boutique firm with diverse content needs or short-handed, Thomson Reuters On Demand can provide you with information and analytics from our industry leading content sets and third party sources. Comprised of 3 legacy Thomson Financial teams with 10+ years of existence, Thomson Reuters On Demand has a team of analysts experienced in harnessing the power of best-in-industry content sets and capabilities, including: Ownership - fixed income and equity
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Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto Stock Exchange and New York Stock Exchange.
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For more information, go to www.thomsonreuters.com.
Contact Information: GLOBAL Doug Taylor I +1 646 822 6458 I
[email protected]
AMERICAS Rich Werkudara I +1 646 822 3539 I
[email protected]
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FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
GLOBAL HIGH YIELD CORPORATE PAPER TOTAL INVESTMENT IN HIGH YIELD CORPORATE PAPER: Global holdings of HY corporate debt totaled $608.2 billion by those institutions that publicly filed their fixed income positions. Net purchases were $57.1 billion, and net sells totaled $22.2 billion. TOP HOLDERS OF GLOBAL HY CORP PAPER: Franklin Advisers tops all global holders of junk corporate debt with $40 billion in assets, less than $1 billion more than the next top holder, PIMCO. Using a broad overlook, Investment Advisors are the majority holders by investor type. Investors in the Americas, and, in terms of US institutions, those in the New York Metro and West Coast regions, hold the most high yield corporate paper. TOP BUYERS OF GLOBAL HY CORP PAPER: PIMCO was the top institutional buyer, increasing its holdings by $8.3 billion, $6 billion more than the next top investor, Signature Global Advisers. Mutual Fund investors represent 9% of the buyers, though they made up only 5% of all holders. Insurance companies account for just 4% of the value increase by institutions. Compared to US institutions, those classified as Foreign/Other represent 33% of the buying institutions, whereas they represent only 19% of high yield holders. TOP SELLERS OF GLOBAL HY CORP PAPER: PineBridge Taiwan led the selling institutions by lowering its investment in HY corporate paper by $3.5 billion. The next top seller was First Securities Investment Trust, also of Taiwan. MacKay Shields was the largest US seller, decreasing its junk corporate by $1.3 billion. Top Holders
Investor Type
Val ($MM) Chg ($MM) City
State
1 Franklin Advisers, Inc.
Investment Adviser
39,949
2 Pacific Invt Mgmt Co LLC (PIMCO)
Investment Adviser
39,291
8,324 Newport Beach
CA
United States
3 Fidelity Mgmt & Research
Investment Adviser
29,804
2,129 Boston
MA
United States
4 The Capital Grp Cos (US)
Investment Adviser
23,921
5 AllianceBernstein L.P.
Investment Adviser
14,368
Investor Type Breakdown of Institutional Holders
Mutual Fund 5%
Bank & Broker 0%
Insurance Co 9%
(1,016) San Mateo
909 Los Angeles 2,124 New York
Global Region Breakdown of Institutional Holders
EMEA 15%
CA
Country United States
CA
United States
NY
United States
US Region Breakdown of Institutional Holders
Asia 2%
Mid-Atlantic 4% Foreign/Other 19%
Midwest 9%
New York Metro Area 24%
Other Midw 2%
Investment Adviser 86%
Americas 83%
Boston Metro Area 16%
West Coast 25%
Southeast 1%
FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
GLOBAL HIGH YIELD CORPORATE PAPER Top Buyers
Investor Type
1 Pacific Invt Mgmt Co LLC (PIMCO)
Investment Adviser
2 Signature Global Adv
Mutual Fund
3 Fidelity Mgmt & Research
Val ($MM) Chg ($MM) City
Country
8,324 Newport Beach
CA
2,294
2,238 Toronto
ON
Canada
Investment Adviser
29,804
2,129 Boston
MA
United States
4 AllianceBernstein L.P.
Investment Adviser
14,368
2,124 New York
NY
United States
5 JP Morgan Asset Mgmt
Investment Adviser
12,462
1,891 New York
NY
United States
Investor Type Breakdown of Institutional Buyers Mutual Fund 9%
Bank & Broker Insurance Co 1% 4%
39,291
State
Global Region Breakdown of Institutional Buyers
Mid-Atlantic 2%
Investment Adviser 86%
Top Sellers
Investor Type Mutual Fund
Val ($MM) Chg ($MM) City 110
State
Mutual Fund
169
(1,875) Taipei
Investment Adviser
892
(1,745) London
4 MacKay Shields LLC
Investment Adviser
9,328
5 Loomis, Sayles & Company, L.P.
Investment Adviser
13,081
Bank & Broker 0%
Asia 26%
Insurance Co 6%
Country Taiwan Taiwan United Kingdom
(1,295) New York
NY
United States
(1,260) Boston
MA
United States
Global Region Breakdown of Institutional Sellers
Americas 41%
Southeast 1%
West Coast 24%
(3,470) Taipei
2 First Securities Invt Trust Co Ltd
New York Metro Area 21% Other Midwest 1%
Boston Metro Area 9%
3 JPMorgan Asset Mgmt (UK) Ltd
Investor Type Breakdown of Institutional Sellers
Midwest 8%
Foreign/Other 34%
Americas 78%
1 PineBridge Invts Mgmt Taiwan Ltd
US Region Breakdown of Institutional Buyers
Asia 2%
EMEA 20%
United States
US Region Breakdown of Institutional Sellers Foreign/Other 62% Mid-Atlantic 2%
Mutual Fund 34%
Midwest 4%
Investment Adviser 60%
EMEA 33%
Boston Metro Area 7% West Coast 8%
New York Metro Area 16% Southeast 0%
Other Midwest 1%
FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
Region and Filing Definitions Institutional Investor Global Regions:
Institutional Investor US Regions:
AMERICAS
NEW YORK METRO AREA - NY, CT, NJ
North America, Central America, South America
BOSTON METRO AREA - MA, ME, RI, VT, NH
EMEA
MID-ATLANTIC - VA, WV, DC, DE, MD, NC, PA
Europe, Middle East, Africa
SOUTHEAST - AL, AR, FL, GA, KY, LA, MS, SC, TN
ASIA
MIDWEST - IL, TX, CO, KS, MO, MN, WI, OK
Asia, Australasia
OTHER MIDWEST - IA, ID, IN, MI, MT, ND, NE, OH, SD, WY WEST COAST - CA, OR, UT, WA, AZ, NM, NV FOREIGN/OTHER - HI, AK, Caribbean Islands, Puerto Rico, all other non-US countries
• All ownership data is based on institutions' public filings. • Due to varied global disclosure regulations, publicly available ownership data differs greatly based on country. These differences impact and can limit the total ownership exposure generalizations we provide. • For instance, certain countries like the United States ensure more visibility by requiring large institutional money managers to disclose most fixed income ownership holdings via mutual fund (N30-D) and insurance company (NAIC) filings. • However, many countries lack such stringent disclosure requirements, thereby limiting the amount of ownership information we can capture and expose for a given investor's country. • Hedge funds are not required to report fixed income holdings, so the available data for this investor type is limited. • All data in this report exclude pension fund holdings • Investment Grade defined as debt with Standard & Poor’s credit ratings of BBB- and higher • High Yield defined as debt with Standard & Poor’s credit ratings of BB+ and lower
FIXED INCOME OWNERSHIP INTELLIGENCE I Q3 2010
Thomson Reuters Thomson Reuters On Demand
About Thomson Reuters
Thomson Reuters On Demand offers you cost-effective access to virtually all Thomson Reuters content sets and applications delivered by our team of expert analysts. Whether you are a boutique firm with diverse content needs or short-handed, Thomson Reuters On Demand can provide you with information and analytics from our industry leading content sets and third party sources. Comprised of 3 legacy Thomson Financial teams with 10+ years of existence, Thomson Reuters On Demand has a team of analysts experienced in harnessing the power of best-in-industry content sets and capabilities, including: Ownership - fixed income and equity
Fundamentals
Filings - featuring a collection of international and SEC filings going back to the 1960s
Economics Events
Deals - M&A, Equity, Debt, Loans
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto Stock Exchange and New York Stock Exchange.
Transcripts Analyst Research News Private Equity Confidential Research Estimates And, much more....
Thomson ONE for Investment Banking One Solution. One Framework Thomson ONE is a revolutionary desktop solution that combines real-time market data and news with authoritative content from industry leading sources. Critical information that previously needed to be coordinated and collected from internal and external sources is now at your finger tips in a remarkably easy-to-use format.
Open Framework Thomson ONE's open framework puts you in control of your workflow. View content sets from disparate databases side by side for over 60,000 domestic and global companies. You have the flexibility to integrate your own proprietary or other third party information. Simply select the content you'd like to view and designate how and where you want it to be displayed on your pages.
For more information, go to www.thomsonreuters.com.
Contact Information: GLOBAL Doug Taylor I +1 646 822 6458 I
[email protected]
AMERICAS Rich Werkudara I +1 646 822 3539 I
[email protected]
ASIA Faith Lumicao l (63) 2 789 6547 l
[email protected]
Follow our Blog: http://bit.ly/NERxOk
Follow us on Twitter: http://twitter.com/#!/Ownershipintel