Icon Advisers' Portfolio Shift
Icon Advisers dramatically increases RH stake amid broader institutional buying trends
Anonymous
Key Points
1
RH among other hedge funds showing broader institutional activity: Senvest Management LLC increased its RH stake by 30.1% to 842,577 shares; Durable Capital Partners LP up 125.1% to 646,097 shares; AllianceBernstein L.P. up 66.1% to 573,666 shares; Two Sigma Investments LP up 40.9% to 359,093 shares; and Morgan Stanley up 0.8% to 353,996 shares, with institutions owning about 90.17% of RH.
2
EFR: 1607 Capital Partners LLC significantly boosted its stake by 331.3% in the fourth quarter to 1,432,147 shares (adding 1,100,058 shares); Pathstone Holdings LLC also opened a new stake in Eaton Vance Senior Floating-Rate Trust valued at roughly $9.52 million.
3
TMUS: COO Jon Freier sold 4,799 shares on May 21 at an average price of $190, reducing his direct stake to 217,168 shares.
4
VVR: Icon Advisers established a new stake of 518,888 shares in Invesco Senior Income Trust, valued at about $1.671 million; the stock opened at $3.00 with a 52-week range of $2.93 to $3.79.
Icon Advisers Inc. Co. made one of its boldest moves in years, boosting its stake in luxury home furnishings retailer RH by 692.1% in the first quarter, according to Watchlist News. The firm now holds 22,180 shares worth about $3.1 million, up from just 2,800 shares at the end of last year.
The dramatic increase in RH comes alongside a broader wave of institutional buying in the stock. Institutions now own about 90.17% of RH, reflecting strong conviction from professional money managers, according to Watchlist News.
A Rush of Institutional Money Into RH
Icon Advisers was far from alone in loading up on RH shares. Senvest Management LLC raised its stake by 30.1% to 842,577 shares. Durable Capital Partners LP more than doubled its position, up 125.1% to 646,097 shares. AllianceBernstein L.P. climbed 66.1% to 573,666 shares, according to Watchlist News.
Two Sigma Investments LP added 40.9% to reach 359,093 shares. Even Morgan Stanley nudged its position up 0.8% to 353,996 shares. The combined buying pushed institutional ownership to roughly 90% of all RH shares outstanding.
Icon Doubles Down on Income-Focused Bond Trusts
Beyond RH, Icon Advisers grew its position in Eaton Vance Senior Floating-Rate Trust by 117.7%, bringing its total to 108,870 shares worth about $1.15 million, according to Watchlist News. Senior floating-rate trusts invest in loans whose interest rates adjust with the market, offering some protection when rates rise.
Icon also opened a brand-new position in Invesco Senior Income Trust, buying 518,888 shares valued at roughly $1.67 million. The stock trades near the low end of its 52-week range, which runs from $2.93 to $3.79, with shares opening at $3.00. The two moves together signal a clear tilt toward income-generating assets.
Icon Slashes T-Mobile Stake by 85%
Not every trade was a buy. Icon Advisers cut its T-Mobile US holdings by 84.9%, dropping from roughly 19,600 shares down to just 2,970 shares worth about $624,000. The sharp reduction stands out against the firm's buying elsewhere and suggests a deliberate move away from large-cap telecom exposure.
T-Mobile's own insiders were also active. COO Jon Freier sold 4,799 shares on May 21 at an average price of $190 per share. After the sale, Freier still holds a direct stake of 217,168 shares, according to Watchlist News.
Other Funds Pile Into Eaton Vance Floating-Rate Trust
Icon was not the only firm building a position in Eaton Vance Senior Floating-Rate Trust. In the fourth quarter, 1607 Capital Partners LLC boosted its stake by 331.3%, adding 1,100,058 shares to reach a total of 1,432,147 shares, according to Watchlist News. That is one of the largest single-quarter additions on record for the trust.
Pathstone Holdings LLC also entered the picture, opening a new position worth roughly $9.52 million. The back-to-back institutional interest in the trust points to growing demand for floating-rate income in an uncertain rate environment.
Sentiment
Mostly PositiveNEGATIVENEUTRALPOSITIVE
Publishers
23
Articles
11
Reach
34
A
AnonymousAuthor