Excalibur Management Exits ConocoPhillips Positions, But Many Still Holding On


At Holdings Channel , we have reviewed the latest batch of the 28 most recent 13-F filings for the 06/30/2014 reporting period, and noticed that ConocoPhillips (Symbol: COP) was held by 15 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.

Before we proceed, it is important to point out that 13-F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13-F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen .

Having given that caveat, we believe that looking at groups of 13-F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in COP positions, for this latest batch of 13-F filers:

Fund New Position? Change In Share Count Change In Market Value($ in 1000's)
MU Investments Co. Ltd. Existing -700 +$99
Appleton Partners Inc. MA Existing +203 +$674
Grace & White Inc. NY Existing UNCH +$59
Weatherstone Capital Management Existing UNCH +$52
Pinnacle Advisory Group Inc. NEW +4,967 +$425
Aviance Capital Management LLC Existing +97,751 +$19,420
ParenteBeard Wealth Management LLC Existing -195 +$54
Virginia Retirement Systems ET AL Existing +159,994 +$17,632
Capital Advisors Ltd. LLC Existing UNCH +$704
Adirondack Trust Co. Existing +40 +$371
Schmidt P J Investment Management Inc. Existing UNCH $UNCH
Coastline Trust Co Existing -405 +$251
Duncker Streett & Co. Inc. Existing +2,605 +$366
Weatherstone Capital Management Existing UNCH +$52
Founders Financial Securities LLC NEW +28,900 +$2,478
Aggregate Change: +293,160 +$42,637

In terms of shares owned, we count 5 of the above funds having increased existing COP positions from 03/31/2014 to 06/30/2014, with 3 having decreased their positions and 2 new positions. Worth noting is that Excalibur Management Corp , included in this recent batch of 13-F filers, exited COP common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the COP share count in the aggregate among all of the funds which held COP at the 06/30/2014 reporting period (out of the 509 we looked at in total). We then compared that number to the sum total of COP shares those same funds held back at the 03/31/2014 period, to see how the aggregate share count held by hedge funds has moved for COP. We found that between these two periods, funds increased their holdings by 2,399,831 shares in the aggregate, from 21,835,431 up to 24,235,262 for a share count increase of approximately 10.99%. The overall top three funds holding COP on 06/30/2014 were:

Fund Shares of COP Held
1. Acadian Asset Management LLC 5,230,399
2. Atalanta Sosnoff Capital LLC 1,866,752
3. Nordea Investment Management AB 1,154,274
4-10 Find out the full Top 10 Hedge Funds Holding COP

We'll keep following the latest 13-F filings by hedge fund managers and bring you interesting stories derived from a look at the aggregate information across groups of managers between filing periods. While looking at individual 13-F filings can sometimes be misleading due to the long-only nature of the information, the sum total across groups of funds from one reporting period to another can be a lot more revealing and relevant, providing interesting stock ideas that merit further research, like ConocoPhillips (Symbol: COP).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Options

Referenced Stocks: COP

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