In this case, we just looked at the ETF.com Fund Flows tool and saw pretty clearly that the October trade was a buy, and the January trade was a sell.
With a few clicks, we can discern the exact investment play being made here: Windhaven made a big bet on Brazil’s currency—the real—in October when the fund was trading around $18.33. Whether unhappy with the trade, or because whatever they were hedging against no longer needed the hedge, they executed in January.
But how they make such an outside trade is the other half of the story. The first stop for me as I seek to unravel the mystery is to look at the intraday chart for the day of the big trade:
But wait! Nowhere in this intraday chart is there anything remotely like 27 million shares trading. The biggest block was 63,000 shares—a decent trade, but not a barnburner.
To really find this trade, you have to look deep into the nerdy weeds of trading: the complete time-and-sales for the day. This is available on most trading platforms, but here’s where you can find the trade on Bloomberg’s version:
There are a few things to note here.