White Pine Investment CO has expanded its holdings in the iShares TIPS Bond ETF (NYSEARCA: TIP) by 6.7% during the third quarter of 2023, as detailed in its recent Form 13F filing with the Securities and Exchange Commission. The investment firm now owns 91,408 shares of the exchange-traded fund (ETF) after acquiring an additional 5,758 shares during this period. This investment represents approximately 2.4% of White Pine’s overall portfolio, making it the firm’s 12th largest holding.
As of the end of September, White Pine Investment CO’s stake in the iShares TIPS Bond ETF is valued at about $10,166,000, equivalent to 0.07% of the total shares outstanding. This move is part of a broader trend, as numerous institutional investors and hedge funds have been adjusting their positions in this ETF.
In the second quarter of 2023, Bank of America Corp DE increased its position in the iShares TIPS Bond ETF by 11.0%, now holding 12,965,639 shares valued at approximately $1.43 billion after acquiring an additional 1,281,679 shares. Similarly, Hsbc Holdings PLC saw a dramatic increase in its stake, raising it by an impressive 4,627.6% to now own 2,910,259 shares worth $320.27 million after purchasing an additional 2,848,700 shares.
Envestnet Asset Management Inc. also made notable adjustments, increasing its holdings by 0.9% to 2,180,866 shares, valued at $239.96 million after an additional purchase of 19,125 shares. Ameriprise Financial Inc. raised its stake by 43.0% to 1,388,933 shares, now worth $152.99 million after acquiring an extra 417,901 shares. Assetmark Inc. increased its holdings by 4.1%, now owning 1,304,696 shares valued at about $143.57 million after buying 50,824 shares.
Overall, institutional investors now own approximately 63.62% of the iShares TIPS Bond ETF.
Market Performance and ETF Overview
On October 3, 2023, shares of the iShares TIPS Bond ETF opened at $109.78. The fund boasts a market capitalization of $13.94 billion, a price-to-earnings (PE) ratio of 12.40, and a beta of 0.26. Its 50-day moving average price stands at $111.00, while the 200-day moving average price is $110.53. Over the past year, the ETF has seen a low of $106.09 and a high of $112.26.
The iShares TIPS Bond ETF, previously known as the iShares Barclays Treasury Inflation Protected Securities Bond Fund, aims to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index. This index tracks the performance of public obligations of the United States Treasury that are designed to protect investors from inflation.
The ongoing adjustments by institutional investors highlight the growing interest in inflation-protected securities, reflecting broader economic trends and investor strategies.
