Latest 13-F Filers Hold Express Scripts


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At Holdings Channel , we have reviewed the latest batch of the 47 most recent 13F filings for the 06/30/2014 reporting period, and noticed that Express Scripts Holding Co (Symbol: ESRX) was held by 22 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 13F 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 13F 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 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in ESRX positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value($ in 1000's)
Harvey Capital Management Inc. Existing UNCH -$144
Commerce Bank Existing +2,680 -$2,120
Everett Harris & Co. CA Existing UNCH -$33
Mayo Investment Advisers LLC Existing -28,686 -$7,002
Blackhill Capital Inc. Existing -5,270 -$1,513
TD Capital Management LLC Existing UNCH -$1
Orca Investment Management LLC Existing -983 -$116
LPL Financial LLC Existing +3,289 -$919
Sequoia Financial Advisors LLC NEW +3,947 +$274
Advance Capital I Inc. NEW +24,700 +$1,712
Cullen Frost Bankers Inc. Existing +214 -$82
QCI Asset Management Inc. NY Existing UNCH -$1
Neuberger Berman Group LLC Existing +1,202,393 +$53,808
First Citizens Bank & Trust Co. NEW +4,852 +$336
Thompson Investment Management Inc. Existing +884 -$555
Northwestern Mutual Investment Services LLC NEW +100 +$7
Sky Investment Group LLC Existing -341 -$164
Mason Street Advisors LLC Existing -250,329 -$19,528
Northwestern Mutual Wealth Management Co. Existing +41,733 +$2,287
Nichols & Pratt Advisers LLP MA NEW +5,938 +$411
Hartford Financial Management Inc. Existing UNCH -$13
VSR Financial Services Inc. Existing +3,130 +$200
Aggregate Change: +1,008,251 +$26,844

In terms of shares owned, we count 7 of the above funds having increased existing ESRX positions from 03/31/2014 to 06/30/2014, with 5 having decreased their positions and 5 new positions.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the ESRX share count in the aggregate among all of the funds which held ESRX at the 06/30/2014 reporting period (out of the 1,176 we looked at in total). We then compared that number to the sum total of ESRX 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 ESRX. We found that between these two periods, funds increased their holdings by 3,542,199 shares in the aggregate, from 38,850,505 up to 42,392,704 for a share count increase of approximately 9.12%. The overall top three funds holding ESRX on 06/30/2014 were:

Fund Shares of ESRX Held
1. Manning & Napier Advisors LLC 3,238,540
2. Blair William & Co. IL 1,998,171
3. American Century Companies Inc. 1,983,781
4-10 Find out the full Top 10 Hedge Funds Holding ESRX

We'll keep following the latest 13F 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 13F 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 Express Scripts Holding Co (Symbol: ESRX).

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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 Nasdaq, Inc.

This article appears in: Investing , Options

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