Quarterly Crowding Report

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Quarterly Crowding Report
2013Q3

September 2013
WelcometothelatesteditionofCorreGroup'sQuarterlyCrowdingReport("QCR").Aspartofourongoingmissionistoprovidegreatertransparencyintohedgefunds,weexplorethedifferentelementsof crowdingwithinsecurities,andthefundsthathavecontributedmosttothatoverconcentration.Thereareseveralresearchfirmsthatprovidedataoncrowding,butwhereCorrestandsapartisinourGLOBAL VIEWandFUNDCENTRICfocus. CorreGroupisaleaderindisclosurebasedanalytics.Weworkwithavarietyofhedgefunds,fundoffunds,familyoffices,pensions,andendowmentstoprovidecuttingedgeresearchforsourcing,monitoring andevaluatingouruniverseoffunds.Whileourplatformcoversalmost3,000hedgefundsandinvestmentadvisors,wehaveprovidedthisresearchreportbasedonacustomfundgroupof250funds.
Coverage
International Coverage
AbuDhabi Argentina Australia Austria Bahrain Belgium Brazil Bulgaria Canada Chile China Colombia Croatia CzechRepublic Denmark Dubai Egypt Estonia Finland France Germany Greece HongKong Hungary Iceland India Indonesia Ireland Israel Italy Japan Jordan Korea Kuwait Latvia Lebanon Lithuania Luxembourg Malta Malaysia Mexico Morocco Netherlands NewZealand Norway Oman Peru Philippines Poland Portugal Qatar Romania Russia SaudiArabia Singapore Slovakia Slovenia SouthAfrica Spain Sweden Switzerland Taiwan Thailand Turkey UnitedKindgom
Data Sources
Form13F Form13D Form13G UKRegisters RegNewsSvcs RegStatements JPN5% JPNDetailedHold SEDICanadian CanadianInsider ChinaInsider TaiwanInsider AustraliaInsider AustriaInsider BelgiumInsider DenmarkInsider EstoniaInsider FinlandInsider FranceInsider GermanyInsider HKInsider HungaryInsider IcelandInsider ItalyInsider JapanInsider KoreaInsider LatviaInsider LithuaniaInsider NorwayInsider PolandInsider SingaporeInsider SpanInsider SwedenInsider ShortDisclosures AFMA BFSMA DFSA FFSA FranceAMF Bundesanzeiger HFSA CBofIreland CONSOB AFMNetherlands KNFPoland CMVMPortugal CNMVSpain SFSA UKFCA 10K 10Q Form3,4,5 Form144 Proxy ProxyCA EWRCA ALTCA 20F 8K MaterialChange ShareholderRep AggregateMFs InsiderUpdates PrivateHoldings HFP
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WhilethisReportwaspreparedusingsources,models,informationanddatabelievedtobereliable,theinformationcontainedherein,including,withoutlimitation,anyresultsordataprovidedtoyoubyCorreGroup,LLC(Corre),areprovidedtoyouASIS.AllexpressedorimpliedrepresentationsorwarrantiesofanykindwithrespecttotheReportortheinformation containedherein,including,withoutlimitation,warrantiesastoaccuracy,completeness,timeliness,suitability,merchantabilityoruseforaparticularpurposeareherebydisclaimed.NeitherCorrenorCorre'ssoftwareordataprovidersshallberesponsibleorliableforresultsobtainedfromuseoftheReport,oranyinformationoranalysescontainedtherein,oranylosses, (whetherdirect,indirect,incontract,tortorotherwise)arisingfromanydecisionmadeoractiontakenbyanypartyinrelianceupontheReport,orforanydelays,inaccuracies,errorsin,oromissionsoftheReport.Thisreportisstrictlyconfidentialandnottobedistributed.
2013Q3
Overview
Term
Crowding CrowdingByValue CrowdingByOwnership CrowdingByOwners Value Security Position Fund Category CustomFundGroup
Definition
Crowdingreferstotheoverconcentrationofinvestingintoaselectgroupofsecurities. ThemostinvestedsecuritiesbytotaldollarsinvestedbytheCorreGroupfunds. ThemostinvestedsecuritiesbythepercentageofsharesheldamongsttheCorreGroupfunds.Alsoreferredtoas"mostowned". Thesecuritieswiththehighestnumberofuniqueowners,i.e.fundsinvested. Thedollarinvestmentbyafundintoasecurity.Alsoreferredtoas"marketvalue". Aninvestablesecurityfromasingleissuer.Alsoreferredtoasa"stock","company"and"name". Acapitalallocationbyafundtoasecurity.Eachseparateallocationisauniqueposition. Amanagementcompanywithatleastoneposition.Alsoreferredtoasan"owner"or"manager". Aclassificationbytype,suchassector,marketcaporgeography. These250fundsrepresentthelargesthedgefundsintheCorreUniverse.
Assumptions
Thisreportispreparedexclusivelyfrompublicdisclosuredata,and thereforealldataisassumedtobecorrectandprovided"asis". Additionaltermsareincludedatthebottomofeverypage. >> Allfundsthathavemorethan33.3%oftheirportfolio inasinglepositionwillbeexcludedfromthisanalysis. >> Inaddition,fundsthatarelikelytoskewtheresultsof thisanalysisarealsoexcluded.Theseinclude: ESLInvestments,Inc. IcahnAssociatesCorp. BridgewaterAssociatesLP
Purpose
Thisreportseekstounderstandtheaggregatetradingthemes thatexistacrosscertainsecurities.Wealsohopetounderstand whichfundsarethekeycontributorstocertaintypesof crowdingbyevaluatingthetop10mostcrowdedfundstoeach categorythatweevaluate. Webelievethatunderstandingwherehedgefundassetsare beingoverconcentratedandhowmuchoverlapyouhaveto thesesecuritiesiscriticalintryingtoaccuratelyanalyzeportfolio risk,whetherthisisaportfoliooffundsorsecurities.
Data Properties
Funds Securities Countries DataSources TotalMarketValue 250 118,763 65 125 $906.74 Bln
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2013Q3
Top 50 securities by total value invested

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Ticker AIG AAPL GOOG PCLN FOXA MSFT VRX FB CHTR EQIX DG TMO CBS AMZN GM QCOM HES TWX CP BIDU MU CMCSA LBTYK MSI CCI C V HCA LBTYA PG WMB TWC MON ELN VOD WFC MDLZ JPM LNG RLGY ADBE APD EBAY ESRX DLPH MA DAL MHFI STZ MET Issuer AmericanInternationalGroup,I AppleInc. GoogleInc. priceline.comIncorporated TwentyFirstCenturyFox,Inc. MicrosoftCorporation ValeantPharmaceuticalsIntern Facebook,Inc. CharterCommunications,Inc. Equinix,Inc. DollarGeneralCorporation ThermoFisherScientificInc. CBSCorporation Amazon.com,Inc. GeneralMotorsCompany QUALCOMMIncorporated HessCorporation TimeWarnerInc. CanadianPacificRailway Baidu,Inc. MicronTechnology,Inc. ComcastCorporation LibertyGlobalPlc MotorolaSolutions,Inc. CrownCastleInternationalCorp CitigroupInc. VisaInc. HCAHoldings,Inc. LibertyGlobalPlc TheProcter&GambleCompany TheWilliamsCompanies,Inc. TimeWarnerCableInc. MonsantoCompany ElanCorp.Plc VodafoneGroupPlc WellsFargo&Company MondelezInternational,Inc. JPMorganChase&Co. CheniereEnergy,Inc. RealogyHoldingsCorp. AdobeSystemsIncorporated AirProductsandChemicals,Inc eBayInc. ExpressScriptsHoldingCompan DelphiAutomotivePlc MasterCardIncorporated DeltaAirLines,Inc. McGrawHillFinancial,Inc. ConstellationBrands,Inc. MetLife,Inc. Total Value $7.33 Bln $6.32 Bln $6.11 Bln $6.10 Bln $5.94 Bln $5.69 Bln $5.59 Bln $5.21 Bln $4.66 Bln $4.62 Bln $4.60 Bln $4.38 Bln $4.24 Bln $3.73 Bln $3.68 Bln $3.62 Bln $3.58 Bln $3.58 Bln $3.53 Bln $3.48 Bln $3.48 Bln $3.35 Bln $3.22 Bln $3.17 Bln $3.15 Bln $3.13 Bln $3.03 Bln $2.94 Bln $2.76 Bln $2.75 Bln $2.75 Bln $2.65 Bln $2.64 Bln $2.62 Bln $2.59 Bln $2.58 Bln $2.57 Bln $2.53 Bln $2.51 Bln $2.48 Bln $2.41 Bln $2.39 Bln $2.28 Bln $2.28 Bln $2.23 Bln $2.19 Bln $2.09 Bln $2.09 Bln $2.09 Bln $2.07 Bln Change ($1.16)Bln ($.85)Bln ($2.66)Bln ($.39)Bln ($2.11)Bln $.26 Bln $.36 Bln $3.74 Bln ($.00)Bln ($.12)Bln $.15 Bln ($.30)Bln $.30 Bln $.02 Bln $.47 Bln ($.58)Bln $.03 Bln ($.73)Bln ($.46)Bln $2.22 Bln $.60 Bln ($.41)Bln ($.12)Bln ($.07)Bln $.22 Bln ($1.79)Bln ($1.75)Bln $.23 Bln ($1.52)Bln $.51 Bln ($.04)Bln $.56 Bln ($.23)Bln $.69 Bln $1.14 Bln ($.90)Bln ($.62)Bln ($.91)Bln $.28 Bln ($.52)Bln $.02 Bln $1.40 Bln ($.69)Bln ($.64)Bln ($.25)Bln ($.21)Bln ($.20)Bln $.50 Bln ($.23)Bln $.14 Bln S&P 500 Weighting
422% (25%) 30% 499% 501% 5% NotS&P500 NotS&P500 NotS&P500 NotS&P500 1189% 575% 595% 34% 278% 60% 590% 202% NotS&P500 NotS&P500 881% 78% NotS&P500 926% 653% 8% 58% NotS&P500 NotS&P500 (32%) 465% 325% 143% NotS&P500 NotS&P500 (40%) 134% (33%) NotS&P500 NotS&P500 372% 447% 61% 132% 529% 44% 429% 491% 1026% 106%
Commentary
ConstellationBrands,Inc.(STZ),awineandspiritscompany, completedthepurchaseofGrupoModelosU.S.beerbusiness fromAnheuserBuschInBevinearlyJune. Theinitialreactionfrom investorswasrathertepidduetothelargepricetagofthe transaction($4.75b)andtheresultingeffectithadonSTZs balancesheet,whichcurrentlycarriesover$7bindebtandamere $120mmincash. Whilethisamountofleverageisconcerning,the effectontheoperationsofSTZhasbeentremendous. STZsaw almostimmediaterevenueandearningsgrowthasaresultofthe deal. Consequently,STZsharesbeganasteadymarchhigherfrom $50neartheendofJuly,upto$58justbeforetheirQ2earnings releaseinearlyOctober. Theearningsreleaseandcallvalidated themoveintheshareswithbeerrevenuesup3%y/yandEBITup 60%y/y,causingSTZtoboostitsguidanceforFY14. Sincethen, STZshareshaveralliedanadditional15%andhaventshownany signsofpullingback. SeveralhedgefundswerelargebuyersofSTZ duringQ3includingPennant,EtonPark(newposition),Conatus (newposition),MerchantsGate(morethantriplingtheirstake), andVikingGlobal. Withinflowsfromsomeverynotableinvestors, combinedwithstronggrowthandreasonablevaluations,STZcould beanametokeepaneyeonforfurthercrowdingfromthe investmentcommunity.
Fund Overlaps
Thefollowingfundshavethehighestoverlaptothe50mostcommonly heldsecuritiesinthiscustomfundgroup.
Top 10 Most Overlapped Funds

Rank 1 2 3 4 5 6 7 8 9 10 Fund Name ValueActCapitalManagementLP PershingSquareCapitalManagementLP CoatueManagementLLC ValiantCapitalManagementLP EgertonCapitalLtd. SorobanCapitalPartnersLLC KensicoCapitalManagementCorp. EtonParkCapitalManagementLP SteadfastCapitalManagementLP FirTree,Inc. Overlap 68.04% 65.75% 62.90% 62.30% 54.73% 54.07% 53.41% 52.85% 52.14% 49.61% Names 4of50 3of50 17of50 8of50 13of50 10of50 10of50 13of50 14of50 11of50
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2013Q3
Top 50 securities by % shares owned by HFs

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Ticker EQIX LVNTA RLGY VSAT LAMR IDIX CHTR CPF SPR XOMA LNG CRI NTK ODP RPRX HMA LBTYK ELOS GRA PENN DG WEN TDG CAR CWH EEQ JCP ACAD FDO MASWF BWC OIS BID HTZ P CYH STZ OUTR FLT IMMR YELP ENDP PHH CTB SEMG THRX NVR HHC STEI THC Issuer Equinix,Inc. LibertyInteractiveCorporation RealogyHoldingsCorp. ViaSat,Inc. LamarAdvertisingCompany IdenixPharmaceuticals,Inc. CharterCommunications,Inc. CentralPacificFinancialCorp. SpiritAeroSystemsHoldings,Inc. XOMACorporation CheniereEnergy,Inc. Carter's,Inc. Nortek,Inc. OfficeDepot,Inc. ReprosTherapeuticsInc. HealthManagementAssociates,Inc. LibertyGlobalPlc SyneronMedicalLtd W.R.Grace&Co. PennNationalGaming,Inc. DollarGeneralCorporation TheWendy'sCompany TransDigmGroupIncorporated AvisBudgetGroup,Inc. CommonWealthREIT EnbridgeEnergyManagement,L.L.C. J.C.PenneyCompany,Inc. ACADIAPharmaceuticalsInc. FamilyDollarStores,Inc. MasoniteInternationalCorp. TheBabcock&WilcoxCompany OilStatesInternational,Inc. Sotheby's HertzGlobalHoldings,Inc. PandoraMedia,Inc. CommunityHealthSystems,Inc. ConstellationBrands,Inc. OuterwallInc. FleetCorTechnologies,Inc. ImmersionCorporation YelpInc. EndoHealthSolutionsInc. PHHCorporation CooperTire&RubberCompany SemGroupCorporation Theravance,Inc. NVR,Inc. TheHowardHughesCorporation StewartEnterprises,Inc. TenetHealthcareCorporation % Owned 50.86% 40.11% 39.42% 37.22% 36.74% 34.85% 34.05% 33.33% 33.24% 31.52% 30.73% 29.91% 29.56% 26.61% 26.45% 26.27% 25.68% 25.65% 25.41% 25.33% 25.20% 25.18% 25.00% 24.60% 24.57% 23.80% 23.33% 23.16% 23.09% 22.99% 22.96% 22.52% 22.50% 22.46% 22.23% 22.22% 22.02% 21.93% 21.86% 21.74% 21.74% 21.71% 21.12% 20.98% 20.97% 20.89% 20.74% 20.64% 20.62% 20.61% Prv Qtr 44.06% 38.16% 38.54% 41.04% 36.02% 31.49% 33.53% 32.74% 27.02% 24.47% 28.10% 36.10% 27.94% 18.46% 21.15% 30.39% 23.23% 12.44% 25.58% 19.79% 25.14% 25.78% 23.52% 21.49% 31.32% 25.07% 30.00% 25.06% 20.20% 22.91% 22.74% 7.50% 27.81% 18.45% 16.52% 22.34% 7.74% 25.64% 22.56% 24.16% 19.36% 15.52% 17.61% 16.19% 19.23% 16.18% 21.65% 21.49% 18.02%
Most Owned Securities

These50securitieshavethelargestpercentageoftheiroutstandingsharesownedbythe250 hedgefundsinthiscustomfundgroup.
Commentary
Sothebys(BID),anauctioneeroffineartandjewelry,hasfounditselfinthemidstofwhat couldbedescribedassomewhatofaperfectstorm.Ononeside,easymoneyprovidedby theworldscentralbanksintheformofQEisdrivingthepricesofassets(stocks,bonds,real estate,etc.)aroundtheworldhigherasinvestorsareinafranticsearchforyield.Atthesame time,newlymintedbillionairesfromemergingmarketsaroundtheglobeareflockingtothe worldofhighendartandjewelry,eitherduetoalackoftraditionalinvestmentopportunities (likelyasaresultofQEpolicies),orasanalternativestoreofwealthtoprotecttheirfortunes fromuncertainconditionsintheirlocalcurrenciesandotherglobalmarkets. Whateverthecasemaybe,BIDisridingtheboomingartmarkettonewhighs.Hedgefunds havetakennoticeandarepilingintotheshares.Duringthe3rdquarter,thelargest250funds intheCorreUniversehavetripledtheirholdingsinBIDsharesandcurrentlyown22.5%ofthe outstandingshares(upfrom7.5%duringthe2ndquarter).BIDsharesrallied30%inQ3and arenowupover50%YTD.Withactivistinvestors(includingThirdPoint)pushingfor operationalchangesatthecompany,itsagoodbetthatBIDshareswillseealargeamount activityfromhedgefunds.
Fund Overlaps
Understandingwherehedgefundassetsarebeingoverconcentratedandhowmuchoverlap youhavetothesesecuritiesiscriticalwhentryingtoaccuratelyanalyzeportfoliorisk.The following10fundshavethehighestpercentageoftheirportfoliosinvestedinthemost overconcentratedsecurities.

Rank 1 2 3 4 5 6 7 8 9 10 Fund Name AnchorageCapitalGroupLLC SPOPartners&Co. OwlCreekAssetManagementLP EtonParkCapitalManagementLP HoundPartnersLLC BakerBros.AdvisorsLLC SRSInvestmentManagementLLC TheBaupostGroupLLC FPRPartnersLLC JANAPartnersLLC Overlap 41.10% 39.18% 38.18% 36.86% 32.27% 32.15% 28.36% 26.09% 24.42% 24.00% Names 6of50 5of50 4of50 11of50 4of50 5of50 2of50 4of50 2of50 9of50
IncreaseFromPreviousQtr DecreaseFromPreviousQtr
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2013Q3
Top 50 securities by # of HFs invested

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Ticker AIG GOOG GM AAPL FB C FOXA CHTR PCLN JPM V CBS HTZ DG EQIX MET LBTYK AMZN HCA ACT ELN QCOM LBTYA RLGY VOD MSFT STZ LNG DISH APC CMCSA BIDU HES LYB PFE WFC MA YHOO TMO TWC ESRX DAL NFLX CCI GRA SPY VRX DLTR MU EBAY Issuer AmericanInternationalGroup,Inc. GoogleInc. GeneralMotorsCompany AppleInc. Facebook,Inc. CitigroupInc. TwentyFirstCenturyFox,Inc. CharterCommunications,Inc. priceline.comIncorporated JPMorganChase&Co. VisaInc. CBSCorporation HertzGlobalHoldings,Inc. DollarGeneralCorporation Equinix,Inc. MetLife,Inc. LibertyGlobalPlc Amazon.com,Inc. HCAHoldings,Inc. Actavis,Inc. ElanCorp.Plc QUALCOMMIncorporated LibertyGlobalPlc RealogyHoldingsCorp. VodafoneGroupPlc MicrosoftCorporation ConstellationBrands,Inc. CheniereEnergy,Inc. DISHNetworkCorporation AnadarkoPetroleumCorporation ComcastCorporation Baidu,Inc. HessCorporation LyondellBasellIndustriesNV PfizerInc. WellsFargo&Company MasterCardIncorporated Yahoo!Inc. ThermoFisherScientificInc. TimeWarnerCableInc. ExpressScriptsHoldingCompany DeltaAirLines,Inc. Netflix,Inc. CrownCastleInternationalCorp. W.R.Grace&Co. TheSPDRS&P500ETF ValeantPharmaceuticalsInternational,Inc. DollarTree,Inc. MicronTechnology,Inc. eBayInc. # of Owners 46of206 45of206 37of206 37of206 36of206 34of206 32of206 32of206 29of206 28of206 27of206 27of206 26of206 26of206 25of206 25of206 24of206 23of206 22of206 22of206 22of206 22of206 22of206 22of206 22of206 21of206 21of206 20of206 20of206 19of206 18of206 18of206 18of206 18of206 18of206 18of206 17of206 17of206 17of206 16of206 16of206 16of206 16of206 16of206 16of206 16of206 15of206 15of206 15of206 15of206 Change 5 10 +11 +1 +21 4 0 +3 0 0 4 +4 1 +3 +1 +4 +3 +1 +2 6 +1 1 8 +2 +13 0 3 +1 +4 +1 +4 +7 +2 +3 11 3 6 1 4 +1 5 2 +3 +1 0 0 3 +2 +2 3
Most Owned Securities

CorreGroupanalyzestheuniquenessofhedgefundsbylookingatthenumberoffundsthat areholdingthesamesecurity.Oftenreferredtoas'herding',thefollowing50securitiesare themostcommonlyheldbythe250fundsinthiscustomfundgroup.
Commentary
Thefollowing10fundsarethemostoverlappedfundsacrossouruniverse.Thesefundseach havemorethan50%oftheirportfoliosinvestedinthemostcommonlyheldsecurities.Valiant CapitalManagementLPistheleastuniqueofallofthefundsweanalyzewith58%ofits portfolioinvestedacrossthesesecurities.

Rank 1 2 3 4 5 6 7 8 9 10 Fund Name ValiantCapitalManagementLP CoatueManagementLLC ThirdPointLLC EtonParkCapitalManagementLP ThelemePartnersLLP KensicoCapitalManagementCorp. AndorCapitalManagementLLC SlatePathCapitalLP EgertonCapitalLtd. TigerGlobalManagementLLC Overlap 58.44% 58.16% 57.42% 55.12% 53.47% 53.41% 52.09% 50.44% 50.38% 49.71% Names 7of50 17of50 11of50 14of50 6of50 9of50 10of50 5of50 13of50 13of50
Commentary cont.
Facebook(FB)hasbeenonquitearollercoasterrideinitsshorthistoryasapubliccompany. FollowingitsIPOandsubsequentcrash,FBsharestradedinarelativelysmallrangeforthe entire1sthalfof2013.FollowingitsQ2earningsreportinlateJuly,whichdemonstrateda significantincreaseinmobileadsales(whichhadbeenamajorareaofpessimismamong analystsandinvestorsatthetimeofitsIPO),FBsharesspikedover25%inasingleday. MobileadsalesnowaccountfornearlyhalfofFBstotalrevenue,anumberwhichhasseen dramaticgrowthoverthepastyear.FBisnowtradingaboveitsIPOpriceandinvestors,who largelyabandonedFBfollowingitsIPOdebacle,arereturningtothesharesinpacks.Several hedgefundsinitiatedverylargenewpositionsinFB,includingTigerCubs/GrandCubsCoatue, DiscoveryCapital,SRS,andVikingGlobal.Additionally,LonePinesignificantlyincreasedits exposuretoFBduringthequarter.Clearlytheentranceofthesefundshaspushedtheshares ofFBtoitsnewheights.Whatisconcerning,however,isthespeedatwhichthesefundsare jumpingin,whichisbestexemplifiedbyCoatue,whoinitiatedanearly$500mmposition duringQ3alone.Youngtechcompaniesareknowntogothroughfitsandstarts.Investors shouldbecognizantofthenewshareholderbasethatnowoccupiesFB.
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2013Q3
Fund Trend Analysis
Quarter 2013Q3 2013Q2 2013Q1 2012Q4 2012Q3 2012Q2 2012Q1 2011Q4 2011Q3 2011Q2 1,000,000,000,000 900,000,000,000 800,000,000,000 700,000,000,000 600,000,000,000 500,000,000,000 400,000,000,000 300,000,000,000 200,000,000,000 100,000,000,000
Portfolio Value $906.74 Bln $897.75 Bln $889.72 Bln $759.96 Bln $708.84 Bln $648.33 Bln $693.45 Bln $583.07 Bln $527.71 Bln $665.49 Bln
Avg Position Size $16.93 MM $16.24 MM $16.75 MM $14.61 MM $13.85 MM $12.52 MM $13.15 MM $11.82 MM $11.13 MM $13.05 MM
Avg # of Positions 214 221 213 208 205 207 211 197 190 204
Quarter 2011Q1 2010Q4 2010Q3 2010Q2 2010Q1 2009Q4 2009Q3 2009Q2 2009Q1 2008Q4
Avg # of Positions 193 187 181 178 181 177 177 168 158 159
Quarter 2008Q3 2008Q2 2008Q1 2007Q4 2007Q3 2007Q2 2007Q1 2006Q4 2006Q3 2006Q2
Avg # of Positions 163 185 172 178 162 199 187 180 159 157
Total Value Invested Across Top 250 Funds
Average Position Size of the top 250 funds since Q4'2008
16,243,786 16,747,660
16,929,819
12,720,375
13,790,182 12,180,793 12,750,893
12,129,037 11,692,522 14,479,421 8,470,395

6,785,282 6,772,317
13,493,849 11,676,746 13,265,226 13,052,655
11,822,676 13,148,721 12,519,682
14,614,940 13,845,410
9,950,033 10,919,310 10,100,787 9,449,635
11,132,729
10,699,401 10,660,952 9,894,478
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2013Q3
Overweight/Underweight Difference between Corre Funds and S&P500 Thischartshowsthesectorsacrossthecustomfundgroupthatare overweightandunderweightrelativetotheS&P500forthecurrent quarter.
Technology Financials Utilities
-5.7% 2.3% 2.2% 0.8% -1.9% -1.5% -2.1% 4.8% -0.4% 2.2%
Sector Trends
For2013Q3,the250largesthedgefundsbyassetswereoverweightEnergy,Telecommunicationsand ConsumerDiscretionaryandunderweightUtilities. Thesectorswiththemostincreasedallocationsfrom2013Q2includedConsumerDiscretionary, IndustrialsandTelecommunications.Sectorswhichexperiencedthelargestoutflowsfromtheprior quarterwereFinancialsandHealthcare. Sector Weightings: S&P500 vs Corre Universe
12.0% Technology 14.2% 14.0% Financials 13.6% 7.7% Utilities 2.0% 1.0% Telecom 3.3% 20.9% ConDiscretionary 23.1% 11.6% Healthcare 12.4% 8.5% ConStaples 6.6% 10.1% Industrials 8.6% 7.6% BasicMaterials 5.6% 5.8% Energy 10.6% SP500 Corre
Telecom ConDisc Healthcare ConStaples Industrials BasicMaterials Energy
Investment Flows Change in Weighting from Q2 to Q3 Thischartshowstheaggregatechangeinsectorweightingacrossallofthe fundsinthecustomfundgroupoverthelastquarter.

Technology Financials Utilities Telecom ConDisc Healthcare ConStaples Industrials BasicMaterials Energy
0.1% 0.2% -0.8% 0.4% 0.5% -1.5% -0.1% 0.5% 1.3% -0.7%
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2013Q3
Most Overlapped Sectors

Largest Sector - Consumer Discretionary
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Rank 1 2 3 4 5 6 7 8 9 10 Ticker PCLN FOXA DG CHTR CBS GM AMZN TWX CMCSA LBTYK LBTYA TWC EBAY DLPH LOW FLT MHFI LMCA NFLX FDO DIS HD DLTR DISH LAMR Issuer priceline.comIncorporated TwentyFirstCenturyFox,Inc. DollarGeneralCorporation CharterCommunications,Inc. CBSCorporation GeneralMotorsCompany Amazon.com,Inc. TimeWarnerInc. ComcastCorporation LibertyGlobalPlc LibertyGlobalPlc TimeWarnerCableInc. eBayInc. DelphiAutomotivePlc Lowe'sCompanies,Inc. FleetCorTechnologies,Inc. McGrawHillFinancial,Inc. LibertyMediaCorp. Netflix,Inc. FamilyDollarStores,Inc. TheWaltDisneyCompany TheHomeDepot,Inc. DollarTree,Inc. DISHNetworkCorporation LamarAdvertisingCompany Total Value $6.76 Bln $6.43 Bln $5.24 Bln $5.08 Bln $4.61 Bln $4.57 Bln $4.42 Bln $4.13 Bln $4.01 Bln $3.68 Bln $3.58 Bln $3.44 Bln $2.80 Bln $2.51 Bln $2.39 Bln $2.37 Bln $2.29 Bln $2.27 Bln $2.21 Bln $2.16 Bln $2.12 Bln $2.10 Bln $2.00 Bln $1.93 Bln $1.74 Bln Overlap 52.61% 45.03% 44.82% 39.66% 30.17% 29.86% 28.54% 27.82% 27.24% 26.92% Owners 74 79 67 60 71 84 60 56 63 64 72 68 65 47 59 47 47 42 42 46 55 55 52 59 46 Names 10of25 10of25 9of25 10of25 6of25 11of25 4of25 10of25 5of25 6of25
2nd Largest Sector - Technology

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Rank 1 2 3 4 5 6 7 8 9 10 Ticker GOOG AAPL MSFT FB EQIX MU BIDU ADBE YHOO ORCL CTSH IBM LNKD FIS ACN NTES CSCO ST FISV VRSN SNDK P NTAP A EMC Issuer GoogleInc. AppleInc. MicrosoftCorporation Facebook,Inc. Equinix,Inc. MicronTechnology,Inc. Baidu,Inc. AdobeSystemsIncorporated Yahoo!Inc. OracleCorporation CognizantTechnologySolutionsCorporation InternationalBusinessMachinesCorporation LinkedinCorporation FidelityNationalInformationServices,Inc. AccenturePlc NetEase,Inc. CiscoSystems,Inc. SensataTechnologiesHoldingNV Fiserv,Inc. VeriSign,Inc. SanDiskCorporation PandoraMedia,Inc. NetApp,Inc. AgilentTechnologies,Inc. EMCCorporation Total Value $7.25 Bln $6.77 Bln $6.31 Bln $5.76 Bln $4.98 Bln $3.99 Bln $3.78 Bln $2.83 Bln $2.60 Bln $2.58 Bln $2.34 Bln $1.86 Bln $1.85 Bln $1.78 Bln $1.65 Bln $1.56 Bln $1.53 Bln $1.41 Bln $1.37 Bln $1.35 Bln $1.35 Bln $1.21 Bln $1.19 Bln $1.18 Bln $1.10 Bln Overlap 47.37% 37.85% 36.48% 34.73% 34.61% 32.47% 27.60% 23.05% 20.57% 20.49% Owners 112 89 72 72 66 54 42 46 66 64 54 49 47 37 44 22 64 38 26 46 53 36 50 55 55 Names 7of25 4of25 4of25 2of25 2of25 8of25 8of25 5of25 9of25 1of25
Top 10 Most Overlapped Funds to Consumer Discretionary

Fund Name EtonParkCapitalManagementLP TigerGlobalManagementLLC MiuraGlobalManagementLLC CoatueManagementLLC EgertonCapitalLtd. JATCapitalManagementLP SPOPartners&Co. BlueRidgeCapitalLLC(NewYork) MarbleArchInvestmentsLP SorobanCapitalPartnersLLC
Top 10 Most Overlapped Funds to Technology

Fund Name AndorCapitalManagementLLC ValiantCapitalManagementLP JohoCapitalLLC ValueActCapitalManagementLP TheBaupostGroupLLC ContourAssetManagementLLC CoatueManagementLLC LongviewPartnersLLP JATCapitalManagementLP GreenlightCapital,Inc.
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Quarterly Crowding Report - 2013Q3

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Quarterly Crowding Report - 2013Q3

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Informed Decisions + Smarter Questions + More Transparency