Outflows of $848 Million from the XLF ETF in 2015



Fund flows

Exchange-traded fund (or ETF) investors have withdrawn $848 million from the Financial Select Sector SPDR ETF (XLF) portfolio in 2015. During December, the ETF witnessed inflows of $781 million. During the year, XLF underperformed the broad-markets-based SPDR S&P 500 ETF (SPY) and returned -3.6%.

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Institutional investor holdings

The 13F filings of major institutional asset managers for the third quarter of 2015 give a mixed picture for the Financial Select Sector SPDR ETF (XLF).

In 3Q15, trade activity by 13F filers displays a 7.6% reduction in aggregate shares that were held by institutional investors and hedge funds. Among the 580 13F filers holding the stock, 200 funds reduced their exposure to XLF, while 69 funds sold all their holdings of XLF. However, 57 funds created new positions, and 231 funds raised their exposure to XLF.

Major institutional holders like Nomura (N), Passport Capital, Bank of America (BAC), Goldman Sachs (GS), and BNP Paribas have raised their exposure to XLF in the third quarter of 2015. Among these holders, Passport Capital has added fresh holdings of XLF to its portfolio.

Institutions that have significantly reduced their exposure to the ETF include UBS, Moore Capital, Morgan Stanley (MS), and Gruss Capital. Among these, Moore Capital and Gruss Capital have sold all their shares of XLF.


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