Which 9 Gurus All Hold PepsiCo?

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When hedge fund manager "titans" think alike, investors are wise to pay attention. At Holdings Channel , we have reviewed 3,692 13-F filings for the 03/31/2014 reporting period, and noticed that PepsiCo (Symbol: PEP) was held by 9 of the particular managers we have flagged as "titans" most widely followed by investors. It is not every day we see this many notable hedge fund managers thinking alike, so we wanted to take a closer look.

Before we continue, 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 PEP positions for each of the titans that reported holding some amount of PEP at 03/31/2014:

Fund Manager New Position? Change In Share Count Change In Market Value($ in 1000's)
Steven Cohen ( SAC ) Existing -92,439 -$7,630
Ray Dalio ( Bridgewater ) Existing -207,400 -$17,157
Jeremy Grantham ( GMO ) Existing -4,203,718 -$344,160
Joel Greenblatt ( Gotham Asset Management ) Existing -6,744 -$490
Ken Griffin ( Citadel ) Existing -87,464 -$7,004
Nelson Peltz ( Trian ) NEW +12,421,546 +$1,037,199
Jim Simons ( Renaissance Tech ) Existing -1,086,380 -$89,700
George Soros ( Soros Fund Management ) Existing UNCH +$107
Brian Taylor ( Pine River ) Existing +66,831 +$5,613
Aggregate Change: +6,804,232 +$576,778

In terms of shares owned, we count 1 of the identified titans above having increased existing PEP positions from 12/31/2013 to 03/31/2014, with 6 having decreased their positions and 1 new position.

Looking beyond these particular hedge funds of interest, we tallied up the PEP share count in the aggregate among all of the funds which held PEP at the 03/31/2014 reporting period (out of the 3,692 we looked at). We then compared that number to the sum total of PEP shares those same funds held back at the 12/31/2013 period, to see how the aggregate share count held by hedge funds has moved for PEP. We found that between these two periods, hedge funds reduced their holdings by 715,194 shares in the aggregate, from 1,038,380,323 down to 1,037,665,129 for a share count decline of approximately -0.07%. The overall top three hedge funds holding PEP on 03/31/2014 were:

Fund Shares of PEP Held
1. Vanguard Group Inc. 87,908,738
2. State Street Corp 60,207,379
3. Capital World Investors 41,069,585
4-10 Find out the full Top 10 Hedge Funds Holding PEP

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 PepsiCo (Symbol: PEP).

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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: PEP

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