Goldman Sachs Updated Equity Holdings Analysis
The updated Goldman Sachs 13F is out. With 10,244 security holdings, amounting to $180 billion in gross exposure, split among 7 institutional investment managers (Goldman Sachs & Co; Goldman Sachs Asset Management; Goldman Sachs International; Goldman Sachs AG; Goldman Sachs Execution and Clearing; The Ayco Company; Goldman Sachs Trust Company), it presents an interesting picture of Goldman's core equity positions. The bulk of the security holdings are held at GS & Co. ($94.5 billion of market value), followed by Goldman Sachs Asset Management ($80 billion of market value). Furthermore, Goldman breaks down holdings based on value of Calls and Puts, in addition to underlying stock.
Here is the breakdown:
Goldman Sachs & Co. top 10 net positive holdings:
Goldman's largest position by a huge margin is a net positive exposure in the SPY, for a total exposure of $3.5 billion. Following far behind are positions in the EFA, and EEM ETFs ($650 million and $590 million), followed by Philip Morris and the S&P Retail ETF (XRT). The other names that round out GS&Co.'s holdings include Altria Group, the Investment Grade Bond Fund (LQD), the rather under the radar Allied World Assurance, Validus Holdings, and lastly JP Morgan at $356 million.
Goldman Sachs & Co. top 10 net negative holdings:
The biggest net negative position is the Q's, and surprisingly Goldman seems to have a rather negative opinion of Wells Fargo and PNC, which are #2 and #5 in the list, at ($290) and ($202) million exposure. Other financial names that round up Goldman's most negative exposure include Mastercard ($267) million and AIG ($152) million. The balance of the names that round up the list include the FXE ETF (FXE is a long Euro bet - is Goldman positioning for Euro weakness?), two gold names: Agnico Eagle Mines and Barrick Gold, as well as the Brazil ETF index and Exxon Mobil.
In terms of gross negative exposure (via Puts), the top 5 names were SPY, RUT, QQQQ, AAPL, and Google.
Whether the hedged puts/share combinations are delta hedged (-1 puts =?= +1 calls) is unknown as there is no data on the strikes or the maturity of the various call families: merely the market value of the option exposure is available.
A full representation of the top 50 net exposures is provided below:
In the more boring side of things, at Goldman Sachs Asset Management, the top 20 names accounted for 20% of the total AUM ($80 billion). The top names held by GSAM include Microsoft, J&J, Cisco, JPM and Exxon. Full list of Goldman's "mutual fund" below:
We hope that soon Goldman, which has stressed the need for increased transparency, will commence breaking out its cash and CDS fixed income exposure as we are confident that the trillions in gross CDS exposure on Goldman's books deserve a much more detailed analysis.