Institutional investors had combined shares valued at $9.4 billion in the handful of publicly traded auto finance companies, as of midyear, according to an Auto Finance News analysis of Securities and Exchange Commission filings.
The SEC filings record the quarterly U.S. equity holdings of institutional investment managers with at least $100 million in equity assets under management.
The 400 auto finance investors collectively held 271 million shares in Ally Financial, Consumer Portfolio Services, Credit Acceptance, and Nicholas Financial, as of June 30. Form 13F SEC filings were unavailable for Santander Consumer USA.
Vanguard Group Inc. topped the list of institutional investors; its shares – spread between all four auto lenders – were valued at $1.4 billion at quarter’s end. The bulk of the shares – 38.2 million of 40.2 million – were held in Ally.
BlackRock Inc., which also had investments in all four lenders, placed second. Its tally at midyear was 28 million shares valued at $881.3 million.
New York-based Ruane Cunniff & Goldfarb LP concentrated its investments in subprime lender Credit Acceptance. The investment firm’s 1.1 million shares were worth $388.8 million as of June 30.
Bank of New York Mellon Corp. had the fourth-largest auto finance investment: 13.8 million shares valued at $377.9 million.
Eight other firms had investments worth more than $200 million at midyear:
- First Pacific Advisors LLC – $274.6 million
- Dimensional Fund Advisors LP – $266.5 million
- Wellington Management Group LLP – $242.9 million
- Canada Pension Plan Investment Board – $237 million
- Wedge Capital Management LLP – $212.6 million
- Invesco Ltd. – $211.6 million
- Allianz Asset Management GMBH – $206.4 million
- AJO LP – $205.4 million
Ally and Credit Acceptance were the most popular auto finance investments for non-U.S. firms.
