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5 Largest Investors

The largest investor in ParkerVision is the Wellington Management Company, who focus on short term trading strategies in primarily troubled small cap companies. Heartland Advisors is the second biggest investor. KOM Capital Management and Knoll Capital Management are the next largest investors, and have identical ownership positions. The fifth biggest investor is Barclay’s Global Investors. There is a new 5% holder (1,221,806 shares) disclosed in a 13G filed on 3/28/07, namely Gem Investment Advisors LLC. We will be adding information on this investor in the near future. Please keep posted on who the top 5 investors are!

 

Wellington Management Company: 3,237,202 shares of ParkerVision
Wellington Management Company manages US, international and global equity, fixed income, and multi-asset portfolios for institutional clients and mutual fund sponsors in over 40 countries. As of March 31, 2006, they had client assets under management totaling over $542 billion. Approximately 67% of those assets were invested in equity portfolios. These portfolios include multiple styles (growth, core and value) and the full capitalization spectrum (large, medium and small), as well as concentrated, multisector, regional and single country portfolios. Founded in 1928, they remain an independent, private partnership based in Boston with US offices in Atlanta, Radnor (Pennsylvania), Chicago, and San Francisco, and affiliate offices in London, Singapore, Sydney, Tokyo, and Hong Kong. Wellington prides itself on being a leading sub-advisor, managing niche funds for other fund companies when they have no expertise in a market or area. In this case, Wellington (or at least Jamie Rome) appears to have little expertise in the power amplifier and wireless markets.

 

Wellington Management continues to manage the Wellington Fund and various of other mutual funds for Vanguard. Note that the Vanguard Group has continued increasing its investment in ParkerVision along with Wellington, although at 1/10th the exposure.

 

Heartland Advisors: 1,322,300 shares of ParkerVision
Heartland Advisors (Heartland), a Milwaukee investment adviser formed by William Nasgovitz in 1983, manages the Heartland Group complex of mutual funds. Known for its dedication to the value style of investing, as of December 31, 2006, the firm manages approximately $3.2 billion for institutions, individual clients, and investor accounts. Heartland claims to places strong emphasis on value investing and customer satisfaction. “Value investing is our asset management philosophy and our passion,” stated president William Nasgovitz. “It's also our single-minded pursuit and commitment to our investors. We believe this discipline offers our investors the potential for higher returns with lower risk over time.”

 

If in fact, Heartland is following its own philosophy of rigorous 10-point investment selection, then it is simply incomprehensible why it would invest in ParkerVision.

 

The first focus is supposedly in fundamentals (“We pay far more attention to what a company has accomplished than what it promises to do, and we believe nothing reveals a company’s health (and portends its future well-being) better than its balance sheet.”), namely a company’s finances and management, neither of which ParkerVision has demonstrated in the last 3 years.

On the other hand, Heartland does have a tainted reputation. On December 11, 2003, the Securities and Exhange Commission announced civil fraud charges against Heartland Advisors, Inc., its CEO, two portfolio managers, four officers, five directors, a pricing service and one individual for misrepresentations, mispricing and insider trading in two Heartland Group high yield bond funds. Mary E. Keefe, Regional Director of the SEC’s Midwest Regional Office in Chicago, stated, “The fraud in this case touched all levels of the operations of these mutual funds and two areas critical to investor confidence, disclosure and pricing. It illustrates that mutual fund directors must do more than inquire about issues that come to their attention. They have a duty to take affirmative action to follow up and resolve those issues in order to fulfill their obligations to investors under the Investment Company Act.”

 

KOM/Knoll Capital Management: 1,212,434 shares each of ParkerVision
Mr. Fred Knoll is an officer of Knoll Capital Management, LP which is a principal of KOM Capital Management, LLC. Knoll Capital Management, LP, was established 1987 by Fred Knoll, who serves as the fund manager for Knoll Capital Fund II (“KC II”), now closed to new investors. KC II is a $233M long/short fund invested primarily in energy and life science companies. ParkerVision is clearly the exception in the portfolio, and it remains to be seen which strategy KOM/Knoll are adopting in order to maximize their return.