Swan Global Investments Q3 vs Q4 2022: Changes in Fund Holdings Across Sectors and Markets

Swan Global Investments has recently released their 13F filings, revealing the latest quarterly changes in their holdings across various ETFs. The Q3 2022 vs Q4 2022 13F Holdings Comparison presents an interesting overview of the fund’s investments in major sectors such as technology, healthcare, financials, consumer staples, and energy, as well as emerging markets and treasury bonds. In this article, we will analyze the key takeaways from the report and discuss what they mean for investors.

Starting with the largest holding, the SPDR S&P 500 ETF TR (SPY), the report shows a 16.7% increase in shares from Q3 to Q4 2022, resulting in a $66,921 increase in value. However, it’s worth noting that a significant portion of the fund’s shares in SPY were in the form of options. The report reveals that Swan Global Investments sold 1,354,700 call options and bought 1,598,800 put options on SPY, which indicates a bearish outlook on the S&P 500 in the coming months.

Moving on to the technology sector, we can see a decrease in shares of the Select Sector SPDR TR (XLK) and the Select Sector SPDR TR (XLC) by 10% and 11.7%, respectively. This shift may reflect a move away from mega-cap tech stocks that have been driving the market in recent years and a focus on smaller, more growth-oriented tech companies. The iShares MSCI Emerging Markets Indx ETF (EEM) also saw a significant reduction in shares, down 66.6% in Q4 2022. This drop is likely a reflection of the fund’s bearish view on emerging markets amid concerns about inflation and supply chain disruptions.

In contrast, there are some notable increases in shares in certain sectors. In the healthcare sector, the fund increased its holdings in the Select Sector SPDR TR (XLV) by 1.2% and saw an increase in shares of the iShares ETF - CORE MSCI EMKT (IEMG) by 7.3%. In the financials sector, the fund increased its holdings in the Select Sector SPDR TR (XLF) by 5.8% and in the energy sector, it increased its holdings in the Select Sector SPDR TR (XLE) by 14.3%.

The report also shows some interesting options activity within smaller positions. For instance, the fund bought 1,502 put options on the iShares MSCI EAFE ETF (EFA), which indicates a bearish outlook on the international equity market. Additionally, the fund purchased 3,600 put options on the IShares ETF-20yr (TLT), reflecting a bearish outlook on long-term treasury bonds.

Finally, the report shows that the fund completely sold its shares of the POWERSHARES QQQ TRUST (QQQ) in Q4 2022, indicating a lack of faith in the tech-heavy Nasdaq index.

Overall, it’s clear that Swan Global Investments made significant changes to its portfolio in Q4 2022, shifting away from certain tech and emerging market stocks and focusing more on healthcare, financials, and energy. While it’s difficult to predict the exact reasons behind these shifts, the report provides valuable insights into the fund’s investment strategy. Investors should always do their own research and analysis before making any investment decisions, but the Swan Global Investments Q3 vs Q4 2022 13F Holdings Comparison can be a helpful starting point.