Napier's ETF Expansion
Napier Financial boosts portfolio with substantial investments across diverse equity and bond ETFs
Anonymous
Napier Financial LLC disclosed in recent SEC filings that it added new positions across a mix of equity and bond ETFs, including the iShares Russell 1000 ETF, First Trust Rising Dividend Achievers ETF, Vanguard Intermediate-Term Corporate Bond ETF, Vanguard Total International Bond ETF, and iShares MSCI EAFE ETF. In the fourth quarter, the firm bought about 152,542 shares of the iShares Russell 1000 ETF (its biggest holding), worth roughly $57 million, and added about 219,623 shares of the rising-dividend fund valued around $15 million. Napier also increased exposure to fixed income by purchasing about 133,721 shares of Vanguard Intermediate-Term Corporate Bond ETF for about $11.2 million and taking a new position of roughly 40,021 shares in Vanguard Total International Bond ETF valued near $1.9 million. For international equity exposure, it bought about 248,082 shares of the iShares MSCI EAFE ETF valued at roughly $23.8 million, where it was described as its third-largest holding. Other institutional investors likewise adjusted their stakes in several of these funds, with notable adds reported for some of the same ETF tickers.
Key Points
1
Napier said its iShares Russell 1000 ETF position represented about 14.2% of its holdings (its largest holding), with the ETF last reported opening around $403.01; iShares Russell 1000 ETF’s article also cites a ~24.71 P/E, beta of 1.00, and 52-week range of $325.31–$415.11.
2
For its international bond exposure, Napier’s new BNDX stake came in the Vanguard Total International Bond ETF, which the article describes as tracking an investment-grade, non-USD-denominated bond index hedged against currency fluctuations for U.S. investors; it was launched on Jun. 4, 2013 and is managed by Vanguard.
3
Napier’s RDVY position was disclosed as about 3.8% of its portfolio (listed as its 7th-largest position), and the article notes other funds also increased RDVY stakes—e.g., AQR Capital Management raised its stake by 70.2% (to 31,071 shares).
4
On EAFE equity exposure, the article provides additional context on institutional participation: it says JPMorgan Chase & Co. owned 21,517,515 shares of iShares MSCI EAFE ETF after buying 1,041,180 more shares in the quarter, lifting its stake by 5.1%.
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