Itau USA Asset Management Inc. Q4 2015 vs. Q1 2016: An Overview of 13F Holdings Comparison

Investors frequently rely on SEC Form 13F for an inside peek into the investment portfolios of some of the world's most premier hedge funds. The data in the form, presented on a quarterly basis, provides a glimpse of the fund's equity holdings and a sense of the fund's investment strategy.

This article examines the Form 13F investment filings of Itau USA Asset Management Inc. for the fourth quarter of 2015, compared to Q1 2016, highlighting the significant changes in their portfolio that have transpired during the period.

Itau USA Asset Management Inc. Q4 2015 vs. Q1 2016 Investment Changes

Itau USA Asset Management Inc. reported 21 total holdings in the Q4 2015 and Q1 2016 13F filings, with the total value of its holdings decreasing from $277.9 million to $245.1 million. The company sold off a considerable portion of its holdings during the period, with the percentage of shares sold, in some cases, reaching 100%.

Among the holdings in Q4 2015 were SPDR S&P 500 ETF TR (SPY), iShares 7-10 Year Treasury Bond ETF (IEF), and Vanguard International Equity Index F (VGK), with the company holding 317,474 shares, 542,750 shares, and 716,870 shares, respectively. The Q1 2016 filings showed that the company increased its holdings of SPY and IEF, with the number of shares reaching 368,301 and 587,783, respectively. In contrast, the company reduced its holdings of VGK, with the number of shares decreasing by 6.9% to 787,744.

The company’s second-largest investment in both Q4 2015 and Q1 2016 was Itau Unibanco Hldg S.A. (ITUB), with 3,296,295 shares in Q4 2015 and 3,373,195 shares in Q1 2016. The value of the shares increased by 35% during the period, from $21,458,000 to $28,975,000.

Banca Bradesco S.A. (BBD) was one of the most notable holdings in the company’s portfolio until it reduced its holdings by 76.6% in Q1 2016, compared to the Q4 2015 period. In contrast, the value of the shares increased from $16,252,000 to $28,709,000.

Conclusion

In conclusion, Itau USA Asset Management Inc. reduced the number of holdings in its portfolio and sold off shares of holdings during the Q4 2015 and Q1 2016 periods. Some of the most significant changes were a considerable increase in holdings of SPY and IEF, an increase in the value of ITUB, and a significant reduction in holdings of BBD. The 13F filings provide a useful tool for investors and analysts to identify the significant trends in investment strategies of some of the most prominent market participants.