The investment firm owned by the money manager Ken Fisher appeared last week to pull a record amount of cash out of three ETNs in which it's the largest holder.
Roughly $1.4 billion was yanked out of the Credit Suisse FI Large Cap Growth Enhanced ETN, ticker FLGE, a fund that uses leverage to deliver twice the return of the Russell 1000 Growth Total Return Index.
Two different large-cap, leveraged exchange-traded notes in which Fisher is the biggest investor also saw record outflows this week.
While it's impossible to know for sure who withdrew the assets, Fisher is the only firm that had reported stakes of that size in the funds.
The outflow coincided with a sweeping market rotation from large-cap shares into value-oriented stocks, but it's more likely that the money was yanked as part of more general portfolio management, according to Bloomberg Intelligence.
"Given all the money is via Fisher itself, I suspect it was to deal with client outflows or lessen the leverage of their clients' portfolios," said Eric Balchunas, an exchange-traded fund analyst at BI.
"These ETNs are essentially instruments used by Fisher to add a little bit of leverage to client portfolios," he added.
John Dillard, a senior vice president at the $121 billion asset management firm, declined to comment.
