Top 10 CIBC WORLD MARKETS INC Positions in Q3 2015

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Cibc World Markets Inc Quarterly Filing

Cibc World Markets Inc just filed its Q3 2015 13F. Dated 23/10/2015, the 13f report shows the investment manager has a portfolio value of $19.91 billion, representing a decrease of $3.16 billion from the previous quarter when it was $23.07 billion. Note: This filling reprents only assets that which are listed in the US.

Portfolio Q32015
Market Value:$19,909,025,000
Previous Mkt Value:$23,066,817,000
Chg Mkt Value %:-13.69%
Sentiment:
Turnover %:16.92%
Stocks Activity
New Purchases:102
Additional Purchases:357
Sold out:127
Reduced:369
Top 10 Holdings %:67.55%

Fund New Purchases

During this quarter, Cibc World Markets Inc new positions included Ambev Sa (ABEV) for $10.63 million, Constellation Brands Inc (STZ) for $9.81 million, Kraft Heinz Co for $7.56 million, Nvidia Corp (NVDA) for $6.20 million and Genpact Limited (G) for $4.87 million. These were the 5 biggest new positions. In total the investment manager bought 102 new stocks.

Portfolio New Buys

Top 5 New Buys
Ambev Sa0.05%
Constellation Brands Inc0.05%
Kraft Heinz Co0.04%
Nvidia Corp0.03%
Genpact Limited0.02%
13F Sector Allocation
Finance59%
Energy13%
Health Care5%
Materials5%
Utilities & Telecommunications5%

Increased Positions

Based on this 13f report the investment manager increased its stakes in Telus Corp (TU) by 9% to $324.07 million, Thomson Reuters Corp (TRI) by 7% to $209.44 million, Crescent Pt Energy Corp (CPG) by 6% to $88.87 million, Cdn Imperial Bk Comm Toronto (CM) by 17% to $90.70 million and At&T Inc (T) by 8% to $26.36 million. Cibc World Markets Inc also acquired smaller stakes in Berkshire Hathaway Inc Del (BRKB) by 19.81% to $28.69 million, Johnson & Johnson (JNJ) by 16.43% to $29.52 million and Home Depot Inc (HD) by 31.42% to $28.66 million. Building positions gradually is normal investing strategy for many institutional investors.

Sold Holdings

This fund disposed its stakes in Catamaran Corp (CTRX), Regeneron Pharmaceuticals (REGN), Google Inc (GOOG), Ishares (EWS) and Ishares Tr (IWO). These securities constituted 0.73%, 0.03%, 0.02%, 0.02% and 0.02% of the fund’s portfolio, respectively. We can only speculate about the reasons for the dumping but we believe it has to do with either value, momentum or a better place for Cibc World Markets Inc’s capital.

Portfolio Sold All

Reduced Positions

The fund also slashed its postitons in Bank Montreal Que (BMO) by -0.04%, Valeant Pharmaceuticals Intl (VRX) by -1.74%, Manulife Finl Corp (Put) (MFC) by -99.90%, Manulife Finl Corp (MFC) by -1.15% and Transcanada Corp (TRP) by -0.46%.

Top Holdings

Royal Bk Cda Montreal Que (RY), Toronto Dominion Bk Ont (TD) and Bank N S Halifax (BNS) made up the majority of Cibc World Markets Inc’s total US long portfolio in this quarter. These holdings were top 3 and constitute 41.67% of Cibc World Markets Inc’s US-listed securities. The top 10 holdings make about 67.55% of the reported fund’s portfolio.

Portfolio Top Holdings

It seems Cibc World Markets Inc holds concentrated portfolio. We wonder do they believe, same as many legendary traders, that diversification is wrong trading approach? The table above provides an overview of Cibc World Markets Inc’s top 10 US-listed equity positions in this quarter.

Sector Positions

Finance Sector Cibc World Markets Inc - Cibc World Markets Inc increased the finance sector from 57% to 59%. According to the 13f report, the institutional investor also has securities for 5% in the utilities & telecommunications sector. The consumer discretionary sector is 4% of Cibc World Markets Inc’s 13f assets. The fund slashed the Materials, Health Care and Energy sector positions by 5%, 10% and 23%, respectively.

So these are Q3 2015 fund’s sector weights now: finance 59% for $11.75 billion, energy 13% for $2.59 billion, health care 5% for $995.45 million, materials 5% for $995.45 million, utilities & telecommunications 5% for $995.45 million, consumer discretionary 4% for $796.36 million, transports 4% for $796.36 million, information technology 2% for $398.18 million, industrials 1% for $199.09 million and consumer staples 1% for $199.09 million.

Important Position Changes

Top 10 Q3 2015 New Positions: Ambev Sa (ABEV), Constellation Brands Inc (STZ), Kraft Heinz Co, Nvidia Corp (NVDA), Genpact Limited (G), Flowers Foods Inc (FLO), Ss&C Technologies Hldgs Inc (SSNC), Amerco (UHAL), Ishares Tr (TLH) and Ishares Tr (IEI).

Top 10 Q3 2015 Sold Out Completely: Catamaran Corp (CTRX), Regeneron Pharmaceuticals (REGN), Google Inc (GOOG), Ishares (EWS), Ishares Tr (IWO), Ishares Tr (INDA), Rollins Inc (ROL), Sherwin Williams Co (SHW), Spdr Index Shs Fds (GMF) and T Mobile Us Inc (TMUS).

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Download the full 13F form in CSV: Q3-2015-Cibc-World-Markets-Inc-13F-Portfolio-Stock-Holdings.csv

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13F Filing Link: 000142122415000014

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