2021 Q3 Smart Money Report
What institutional investors did with their portfolios in 2021 Q3. Data from SEC 13F filings across 551+ tracked funds.
Updated September 30, 2021
Biggest New Positions
Largest fresh entries initiated this quarter by dollar value.
| Fund | Stock | Value | Weight | Conviction |
|---|---|---|---|---|
 BNP PARIBAS FINANCIAL MARKETS | PAPALO ALTO NETWORKS INC | $89.1B | +0.1% | 53 |
| BNP PARIBAS FINANCIAL MARKETS | ZSZSCALER INC | $55.9B | +0.1% | 44 |
 Optiver Holding B.V. | STSTATE STREET SPDR S&P 500 ETF | $34.6B | +33.9% | 98 |
| BNP PARIBAS FINANCIAL MARKETS | ZIZILLOW GROUP INC | $32.8B | +0.0% | 44 |
 PUBLIC INVESTMENT FUND |  LUCID GROUP INC | $25.8B | +58.8% | 99 |
| BNP PARIBAS FINANCIAL MARKETS | BOBOOKING HOLDINGS INC | $23.4B | +0.0% | 44 |
| BNP PARIBAS FINANCIAL MARKETS | ROROYAL CARIBBEAN GROUP | $22.4B | +0.0% | 44 |
| Optiver Holding B.V. | STSTATE STREET SPDR S&P 500 ETF | $16.2B | +15.9% | 98 |
| BNP PARIBAS FINANCIAL MARKETS | LELENDINGTREE INC NEW | $15B | +0.0% | 44 |
| BNP PARIBAS FINANCIAL MARKETS | FIFIVE9 INC | $13.8B | +0.0% | 44 |
Notable Exits
Positions completely sold this quarter, ranked by previous value.
Top Double-Downs
Funds increasing positions into price weakness - contrarian conviction.
| Fund | Stock | Position Increase | Price Drop | DD Score |
|---|---|---|---|---|
 Parallax Volatility Advisers, L.P. |  BAIDU INC - SPON ADR | +48.7Kx | -26.9% | 130,618,006 |
 UBS Group AG |  TANTECH HLDGS LTD | +17.5Kx | -42.5% | 74,481,250 |
 NISA INVESTMENT ADVISORS, LLC |  ALIBABA GROUP HOLDING-SP ADR | +18.4Kx | -34.7% | 64,008,076 |
 CANADA PENSION PLAN INVESTMENT BOARD |  PITNEY BOWES INC | +31.6Kx | -17.2% | 54,466,877 |
 HARDING LOEVNER LP | BAIDU INC - SPON ADR | +19.5Kx | -26.9% | 52,478,900 |
| Parallax Volatility Advisers, L.P. |  MICRON TECHNOLOGY INC | +26.0Kx | -13.6% | 35,434,846 |
| CANADA PENSION PLAN INVESTMENT BOARD |  DXC TECHNOLOGY CO | +28.8Kx | -12.2% | 35,036,482 |
 FEDERATED HERMES, INC. |  RIGEL PHARMACEUTICALS INC | +17.2Kx | -18.4% | 31,751,506 |
 DEUTSCHE BANK AG\ |  NEWTEKONE INC | +18.4Kx | -17.2% | 31,500,763 |
 Candriam S.C.A. |  NKARTA INC | +17.0Kx | -10.1% | 17,238,538 |
Highest Conviction Moves
The positions funds are most committed to this quarter.
| Fund | Stock | Type | Value | Conviction |
|---|---|---|---|---|
 LOOMIS SAYLES & CO L P |  NVIDIA CORP | Increased | $4.2B | 100 |
 GQG Partners LLC | NVIDIA CORP | Increased | $3.1B | 100 |
| NMNational Mutual Insurance Federation of Agricultural Cooperatives |  ISHARES CORE S&P 500 ETF | Increased | $1.9B | 100 |
 Bridgewater Associates, LP |  ISHARES MSCI EMERGING MARKETS INDEX FUND | Increased | $1B | 100 |
 THOMA BRAVO, L.P. |  N-ABLE INC | New | $621.6M | 100 |
 Blackstone Inc. |  TASKUS INC | Increased | $3.7B | 100 |
| PUBLIC INVESTMENT FUND | LUCID GROUP INC | New | $25.8B | 99 |
 HHLR ADVISORS, LTD. |  Legend Biotech Corp. Sponsored ADR | Increased | $558.9M | 99 |
 ING GROEP NV |  APPLE INC | Increased | $610.3M | 99 |
| Bridgewater Associates, LP |  VANGUARD FTSE EMERGING MARKETS | Increased | $1.2B | 99 |
Fund Spotlight
This quarter's top-ranked fund: TPG Group Holdings (SBS) Advisors, Inc.
Best & Worst Trades
Top 5 winners and losers by estimated P&L.
Top Winners
GPAEFSteward Partners Investment Advisory, LLCNVDABLACKROCK ADVISORS LLC
QNCXVanguard Global Advisers, LLCQNCXBelvedere Trading LLCQNCXVANGUARD CAPITAL MANAGEMENT LLCTop Losers
NVVEPrivate Advisor Group, LLC
RNAZMILLENNIUM MANAGEMENT LLC
EVFMSIMPLEX TRADING, LLC
FRCBCOMMONWEALTH EQUITY SERVICES, LLC
ATXINEW YORK STATE COMMON RETIREMENT FUNDCongress × Smart Money Overlap
Stocks where members of Congress AND institutional investors both bought — disclosed in Q2 2026. 10 stocks overlapped this quarter.
| Stock | Congress | Funds |
|---|---|---|
 DVNDEVON ENERGY CORP | 1 members | 268 funds |
 TSLATESLA INC | 1 members | 229 funds |
 KVUEKENVUE INC | 1 members | 158 funds |
 SPGSIMON PROPERTY GROUP INC | 1 members | 156 funds |
 COOCOOPER COS INC/THE | 1 members | 150 funds |
 SPHRSPHERE ENTERTAINMENT CO | 1 members | 105 funds |
 TCBITEXAS CAPITAL BANCSHARES INC | 1 members | 104 funds |
 QNTQUANTINUUM INC | 1 members | 90 funds |
 MTNVAIL RESORTS INC | 1 members | 88 funds |
 FOURSHIFT4 PAYMENTS INC-CLASS A | 1 members | 70 funds |
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer