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Bruce Kovner’s Caxton Associates Revealed a New Position in $SMH

Bruce Kovner’s Caxton Associates revealed on October 14th that the firm now has 936 thousand depository receipts in Semiconductor HOLDRs Trust (SMH), corresponding to a 5.2% ownership of all SMH’s depository receipts. Since Caxton Associates previously did not have any equity in SMH, this is a brand new position. The depository receipt is issued by the Semiconductor HOLDRS Trust, representing an undivided beneficial ownership in the United States-traded common stock of companies know as semiconductors.


In the second quarter, four hedge funds invested in SMH. Jeffrey Vinik’s Vinik Asset Management had 2.4 million depository receipts, up by 243% from Q1. George Soros’ Soros Fund Management had 578 thousand depository receipts. Brian Stark’s Stark Investments and Ian G. Banwell’s Round Table Investment Management each had some option position in SMH.

Caxton Associates LP mainly uses a global macro strategy to trade and is considered among the world’s top and largest 10 hedge funds. Bruce Kovner is the founder and chairman of Caxton Associates. He was born in 1945 in Brooklyn, NY. He established Caxton Associates in 1983, which managed over $10 billion at its peak and was closed to new investors in 1992.

According to Bloomberg, Semiconductor HOLDRs Trust issues depositary receipts called Semiconductor HOLDRs. The Trust holds common shares issued by “companies that develop, manufacture and market integrated circuitry and other products made from semiconductors which allow for increased speed and functionality in components for computers and other electronic devices”.