Cresset Asset Management Reduces Stake in iShares Russell 1000 Growth ETF

Cresset Asset Management LLC has decreased its holdings in the iShares Russell 1000 Growth ETF (NYSEARCA:IWF) by 1.8% during the third quarter of 2023. According to its recent Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor sold 9,183 shares, leaving it with a total of 489,921 shares. At this point, the iShares Russell 1000 Growth ETF represents approximately 0.9% of Cresset’s overall portfolio, ranking as its 18th largest holding.

As of the end of the latest quarter, Cresset’s stake in the iShares Russell 1000 Growth ETF was valued at about $229,484,000. The ETF’s performance has drawn attention from various institutional investors, prompting several to adjust their positions.

Breakwater Capital Group increased its holdings by 3.0% during the same quarter, now owning 38,154 shares worth approximately $17,872,000 after acquiring an additional 1,095 shares. First Horizon Corp also entered the market, purchasing a new stake valued at around $39,629,000. Other firms, including Dynasty Wealth Management LLC and Bright Futures Wealth Management LLC, have made similar moves, investing around $16,626,000 and $532,000, respectively. In total, hedge funds and institutional investors now control 75.33% of the ETF’s shares.

On Wednesday, the iShares Russell 1000 Growth ETF opened at $448.66 per share. Over the past year, the stock has seen a low of $308.67 and a high of $493.00. The ETF, which carries a market capitalization of $115.40 billion, has a price-to-earnings (P/E) ratio of 33.43 and a beta of 1.13. Currently, its 50-day moving average stands at $464.20, while the 200-day moving average is $466.02.

The iShares Russell 1000 Growth ETF aims to generate investment returns that closely align with the price and yield performance of the Russell 1000 Growth Index. This index measures the performance of equity securities from issuers in the Russell 1000 index, particularly those with higher price-to-book ratios and anticipated growth. It encompasses roughly 50% of the total market capitalization of the Russell 1000 Index.

For those interested in tracking institutional movements in the iShares Russell 1000 Growth ETF, further insights can be found on financial platforms that provide updates on 13F filings and insider trades.