Some years ago I did more writing on Institutional Voyeurism. There is something fascinating about taking a peek under the hood of institutional holders' (IH) portfolios. I indulged this fascination this morning upon waking with the idea of wanting to look at the composition of IV's in both GLD and GDX that had these tickers as a top 5 position.
My favorite place to go on IV's is J3SG My data is from their website. Here's the table that I prepared showing institutions group by the ranking of each ticker in their portfolio (click all images for enhanced viewing).
What is this table saying?
GDX: 52.5% of the dollars are held by 6.4% of the total IHs as a top 5 holding.
GLD: 42.8% of the dollars are held by 16.6% of the total IHs as a top 5 holding.
Let's take a closer look at this composition:
GLD is enjoying more diversity of distribution. <1% holders comprise 46% of the holdings. The other notable large holders are Paulson (16%), Northern Trust (8%) with the balance of holders distributed as 5% and less.
What conclusions can be drawn? The obvious is that there appears to be a rather heavy concentration in these funds among just a few AND that concentration is a top holding in the portfolio. In contrast, USO, for example, while having concentrated holding among the big investment banks, does not have such a high percentage of top 5 portfolio ranks.
This may just fall into the category of interesting, not actionable. But I thought I would share it with you.