Investment Trends

Sector & Industry Sentiment

This module monitors the institutional holdings reported on Form 13F, which is filed within 45 days after each quarter end (i.e. Mar 31st, Jun 30th, Sep 30th, Dec 31st). The results are grouped by sector and by industry, separately.
The data are updated daily around 6:00 AM US CDT.

• Sector Sentiment
• Industry Sentiment

Sector Sentiment

Sector sentiment provides summarization of the institutional holdings in twelve sectors. Two presentation schemes are used. While both schemes determine the proportion of each sector (as denoted by the area size on the treemap) by current market value, different coloration strategies are used to emphasize distinct features of current holdings compare with previous period. As shown below.

• Weights Change

  
  

  The sectors are colored by the change in weights (i.e. proportion of sector to whole market institutional holdings). A sector tile will be colored green if there is an increase in weights, or red if there is a decrease. It is noteworthy that the change in weights reflects overall effect of market appreciation/depreciation of share prices as well as acquisition/disposition at the discretion of portfolio managers.
  In the above example, the "technology" sector has an institutional holding of $5.784 trillion, which accounts for 18.52% (i.e. weights) of all reported institutional holdings on the whole US market. This weights is 0.3 units more than previous period (18.22%), and 1.05 units more than same quarter last year (17.47%). The reported holding value ($5.784 trillion) is 4.94% higher than previous period^*

• Acquisition/Disposition Percentage of Capital

  

  The sectors are colored by the overall acquisition/disposition dollar amount calculated from changes in shares amount multiplying deduced per share price. A sector tile will be colored green if there is an overall capital inflow, or red if there is an outflow. It is noteworthy that the change largely reflects the acquisition/disposition at the discretion of portfolio managers. In another word, there will be no change at all if there is no change in holding shares amount, regardless of any appreciation/depreciation of market price per share.
  In the above example, the "technology" sector has a net capital inflow of $155.76 Billion, which accounts for 2.77% of total reported value of the sector (155.76/(5784.3 - 155.76) * 100%).

  It is noteworthy that weights change and capital flow do not necessarily have the same sign. For example, the "energy" sector has a negative weights change (-0.32%, and actually also a decrease in overall market value (-4.11% as of this writing)) but capital inflow (+0.95%).

The calculations are performed for the most recent period only when there are at least 500 Form 13F filings. Otherwise the panel will show statistics for the previous period. The threshold is set to ensure sufficient statistical power.

Industry Sentiment

Similar to sector sentiment but grouped by industry

^* For the sector and industry level summarization, we do not provide coloration by percentage changes in holding values for the two reasons. First, the reported holding values change rapidly during filing season (i.e. within 45 days after each quarter end), which results in misleading presentation for a quite long period of time. Second, percentage changes in holding values are less meaningful unless all institution reports are available for current and previous period, which is almost not feasible due to late filings and confidential treatments.