Duke & Duke, Alive and Well By Another Name: State Street

This commentary was provoked by today's Investment News article titled SPDR Gold Trust surpasses $30B in assets.

The SPDR Gold Trust (GLD) exchange traded fund has surpassed $30 billion in assets, making it the second-largest ETF by assets in the world, State Street Global Markets LLC and World Gold Trust Services LLC, a wholly owned subsidiary of the World Gold Council of London, said today.

The largest ETF in terms of assets is State Street’s SPDR S&P 500 ETF (SPY), which has more than $60 billion in assets.

First, take a look at a comparision of the last five years of GLD and SP500:

If you don't know the movie Trading Places (after all, it was released in 1983, 24 years ago) Duke & Duke was the name of the investment firm that bragged about how they generated their income.

Relevent to this commentary is the following dialouge from the script:

Mortimer Duke:
Now, some of our clients are speculating
that the price of gold will rise in the future.
We have other clients who are speculating
that the price of gold is going to fall.

They've placed their orders with us
and we buy or sell their gold for them.

Randolph Duke:
Tell him the good part.

Mortimer Duke:
The good part is that no matter whether
our clients make money, or lose money,
Duke & Duke get the commissions.

Well, what do you think, Valentine?

Billy Ray Valentine:
Sounds to me like you guys
are a couple of bookies.

Mortimer to Randolph:
I told you he'd understand.

Here are the links to the major holders of State Street, JP Morgan Chase, and Barrick Gold:
Notice the commonality of major holders? Very interesting, to say the least.
Who says our financial markets are not manipulated?

NOTE:
It is also important that Trading Places was produced by Aaren Russo, who also produced (released in 2006) America: Freedom to Facism.
I think the man was trying hard to tell us something.

Sometimes The Dragon Wins, but it's everyone else that suffers.

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Symbol Name Of Corporation STT Major Holders State Street Corp. (As of 30-Jun-2008) (As of 30-Jun-2007) Top 10 Institutional Holders Shares Pct. Value Price (T.Rowe) Associates Inc 25,419,732 5.89 $1,626,608,650 State Street Corporation 18,804,129 4.36 $1,203,276,214 FMR LLC (Fidelity) 18,163,434 4.21 $1,162,278,141 Massachusetts Financial Services Co - Other 17,017,821 3.94 $1,088,970,365 Barclays Global Investors UK Holdings Ltd 16,351,201 3.79 $1,046,313,351 Wellington Management Company, LLP 14,148,668 3.28 $905,373,265 Vanguard Group, Inc. (The) 13,395,758 3.10 $857,194,554 Capital Research Global Investors 9,575,000 2.22 $612,704,250 Wells Fargo & Company 7,359,624 1.70 $470,942,339 General Electric Company 6,552,049 1.52 $419,265,615 % of Shares Held by All Insider and 5% Owners: 0% Top 10 [1.3%] of 792 Institutional Holders Control 34.01% Percentage of Barclays and "Associates" Control 17.26%

NOTE: Vanguard manages three funds that control 2.63%.
T.Rowe Price manages two funds that controls 1.83%.
Therefore, the TOP 10 Major Holders control 38.47%, and
Barclays/Associates control 19.09% of State Street.

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Symbol Name Of Corporation JPM Major Holders JP Morgan Chase Co. (As of 30-Jun-2008) (As of 30-Jun-2007) Top 10 Institutional Holders Shares Pct. Value Barclays Global Investors UK Holdings Ltd 157,667,999 4.59 $5,409,589,045 AXA (Paris, France) 140,498,887 4.09 $4,820,516,812 State Street Corporation 131,086,954 3.81 $4,497,593,391 Vanguard Group, Inc. (The) 107,840,912 3.14 $3,700,021,690 FMR LLC (Fidelity) 97,127,149 2.83 $3,332,432,482 Davis Selected Advisers, LP 74,560,855 2.17 $2,558,182,935 Morgan Stanley 55,908,016 1.63 $1,918,204,028 Bank of New York Mellon Corporation 54,224,873 1.58 $1,860,455,392 Capital Research Global Investors 51,293,900 1.49 $1,759,893,709 Northern Trust Corporation 42,740,560 1.24 $1,466,428,613 % of Shares Held by All Insider and 5% Owners: 1% Top 10 [0.7%] of 1373 Institutional Holders Control 26.57% Percentage of Barclays and "Associates" Control 12.85%

NOTE: Vanguard manages four funds that control 2.97%.
Capital Group manages a fund that controls 1.49%.
Davis Advisers manages a fund that controls 0.96%.
Therefore, the TOP 10 Major Holders control 31.99% of JP Morgan Chase.

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Symbol Name Of Corporation ABX Major Holders Barrick Gold Corp. (As of 30-Jun-2008) (As of 30-Jun-2007) Top 10 Institutional Holders Shares Pct. Value Capital World Investors 78,065,318 9.43% $3,551,972,000 FMR LLC (Fidelity) 44,796,638 5.41% $2,048,397,000 Barclays Global Investors UK Holdings Ltd 37,420,890 4.52% $1,702,655,000 Tradewinds Global Investors, LLC 27,503,415 3.32% $1,251,405,000 Canada Pension Plan Investment Board 21,802,519 2.63% $1,001,642,000 Capital Guardian Trust Co 21,180,494 2.56% $964,360,000 NWQ Investment Management Co LLC 20,367,528 2.46% $926,723,000 Blackrock Group Limited 16,028,640 1.94% $729,304,000 Harris Financial Corp 18,698,250 2.26% $686,973,000 Lord Abbett & Co Llc 14,560,096 1.76% $662,484,000 % of Shares Held by All Insider and 5% Owners: 0% Top 10 [2.4%] of 412 Institutional Holders Control 36.29% Percentage of Barclays and "Associates" Control 14.50%

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© 2009 by Edward Ulysses Cate
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