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Allergan Popular Amongst Latest 13F Filers

At Holdings Channel , we have reviewed the latest batch of the 117 most recent 13F filings for the 06/30/2014 reporting period, and noticed that Allergan, Inc (Symbol: AGN) was held by 31 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 AGN positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value($ in 1000's)
Elliott Management Corp NEW +281,700 +$47,669
Highbridge Capital Management LLC Existing +143,592 +$33,580
Scoggin LLC NEW +578,000 +$97,809
Sunrise Partners Limited Partnership CT NEW +19,267 +$3,260
Fifth Third Bancorp Existing -370 +$274
Tradewinds Capital Management LLC NEW +36 +$6
Pentwater Capital Management LP NEW +2,260,200 +$382,471
Segall Bryant & Hamill Existing -155,171 -$16,813
Advisors Asset Management Inc. Existing +9,725 +$2,831
Verition Fund Management LLC Existing +30,781 +$5,399
NEXT Financial Group Inc NEW +1,020 +$160
D. E. Shaw & Co. Inc. Existing +106,689 +$45,405
Cleararc Capital Inc. Existing +73 +$279
Lombard Odier & Cie Canada Limited Partnership NEW +8,200 +$1,388
Sectoral Asset Management Inc Existing -304,498 -$29,123
Suntrust Banks Inc. Existing -13,931 -$138
Lombard Odier & Cie Bahamas Ltd NEW +33,000 +$5,584
Ardsley Advisory Partners NEW +4,000 +$677
National Asset Management Inc. NEW +924 +$156
Alpine Partners VI LLC NEW +5,000 +$846
Jackson Square Partners LLC NEW +6,704,009 +$1,134,452
Bluefin Trading LLC Existing -69,981 -$3,300
Bluefin Trading LLC Existing -69,981 -$3,300
Bluefin Trading LLC Existing -69,981 -$3,300
Prudential PLC Existing UNCH +$91
Ladenburg Thalmann Financial Services Inc. Existing -359 +$98
Chilton Investment Co. LLC Existing -9,714 -$1,122
Marshall Wace LLP Existing -40,048 -$4,540
Macquarie Group Ltd. Existing -4,925,506 -$515,766
Visium Asset Management LP Existing +2,018,693 +$371,099
Sachem Head Capital Management LP NEW +490,000 +$82,918
Aggregate Change: +7,035,369 +$1,639,050

In terms of shares owned, we count 6 of the above funds having increased existing AGN positions from 03/31/2014 to 06/30/2014, with 11 having decreased their positions and 13 new positions. Worth noting is that Advisory Research Inc. , and Allstate Corp , included in this recent batch of 13F filers, exited AGN common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the AGN share count in the aggregate among all of the funds which held AGN at the 06/30/2014 reporting period (out of the 2,474 we looked at in total). We then compared that number to the sum total of AGN 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 AGN. We found that between these two periods, funds reduced their holdings by 34,038,104 shares in the aggregate, from 173,777,467 down to 139,739,363 for a share count decline of approximately -19.59%. The overall top three funds holding AGN on 06/30/2014 were:

Fund Shares of AGN Held
1. Vanguard Group Inc. 15,179,657
2. State Street Corp 12,840,057
3. State Farm Mutual Automobile Insurance Co. 10,526,400
4-10 Find out the full Top 10 Hedge Funds Holding AGN

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 Allergan, Inc (Symbol: AGN).

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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.


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

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