Norfolk Southern Popular Amongst Latest 13F Filers


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At Holdings Channel , we have reviewed the latest batch of the 31 most recent 13-F filings for the 06/30/2014 reporting period, and noticed that Norfolk Southern Corp. (Symbol: NSC) was held by 16 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 NSC positions, for this latest batch of 13-F filers:

Fund New Position? Change In Share Count Change In Market Value($ in 1000's)
CT Mason Existing +32,255 +$3,421
Schmeidler A R & Co. Inc. Existing -2,284 +$279
Lucas Capital Management Existing UNCH +$16
Hollencrest Securities LLC NEW +2,114 +$218
Albert D Mason Inc. Existing -42,795 -$3,854
Capital Investment Advisors LLC Existing +3,635 +$432
BP PLC Existing UNCH +$187
Murphy Pohlad Asset Management LLC Existing -160 +$83
Private Ocean LLC Existing UNCH +$19
Villere ST Denis J & Co. LLC Existing +175 +$49
Focused Wealth Management Inc Existing +524 +$55
Tocqueville Asset Management L.P. Existing -200 -$10
Kornitzer Capital Management Inc. KS Existing -100 +$220
PartnerRe Asset Management CORP Existing -901 -$49
Motco Existing UNCH +$4
Moody Lynn & Lieberson Inc. Existing -92 +$10
Aggregate Change: -7,829 +$1,080

In terms of shares owned, we count 4 of the above funds having increased existing NSC positions from 03/31/2014 to 06/30/2014, with 7 having decreased their positions and 1 new position.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the NSC share count in the aggregate among all of the funds which held NSC at the 06/30/2014 reporting period (out of the 850 we looked at in total). We then compared that number to the sum total of NSC 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 NSC. We found that between these two periods, funds increased their holdings by 657,951 shares in the aggregate, from 11,715,247 up to 12,373,198 for a share count increase of approximately 5.62%. The overall top three funds holding NSC on 06/30/2014 were:

Fund Shares of NSC Held
1. Cornerstone Investment Partners LLC 2,806,357
2. Nordea Investment Management AB 1,554,548
3. Wilbanks Smith & Thomas Asset Management LLC 476,738
4-10 Find out the full Top 10 Hedge Funds Holding NSC

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 Norfolk Southern Corp. (Symbol: NSC).

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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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