Exchange-traded fund investors ploughed $923 million into the Vanguard Financials ETF (VFH) in 2015. During this past December, investors have poured in $220.7 million in the VFH ETF while they also allocated $781 million to the Financial Select Sector SPDR ETF (XLF). During the week ended December 31, 2015, the fund recorded asset outflows of $24.4 million. Additionally, the shares of VFH have been weak in 2015, falling 4%.
Institutional investors liquidate exposure to VFH in 3Q15
The 13F filings of major institutional asset managers for the third quarter of 2015 give a negative picture for the VFH ETF.
In 3Q15, trade activity by 13F filers displayed a 9.4% fall in aggregate shares held by institutional investors and hedge funds. Among the 128 13F filers holding the stock, 33 funds reduced their exposure to VFH, while 17 funds sold all their holdings of VFH. However, 21 funds created new positions, and 52 funds raised their exposure to the ETF.
Major institutional asset management firms like Bank of America (BAC), Morgan Stanley (MS), Bank Hapoalim, Quantitative Advantage, and UBS added VFH to their portfolios in 3Q15. Among these, two took fresh positions in the ETF while three added to their existing portfolios.
Meanwhile, institutions like 1832 Asset Management, Beacon Capital Management, and M&T Bank (MTB) sold their shares of VFH.