At Holdings Channel , we have reviewed the latest batch of the 21 most recent 13F filings for the 03/31/2016 reporting period, and noticed that 3M Co (Symbol: MMM) was held by 13 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 MMM positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Capital One National Association
Anderson Hoagland & Co.
Cohen Klingenstein LLC
Traynor Capital Management Inc.
Private Trust Co. NA
Sigma Planning Corp
Pinnacle Advisory Group Inc.
Laurel Grove Capital LLC
Country Trust Bank
New York State Teachers Retirement System
Somerset Group LLC
Private Bank & Trust Co.
Palo Capital Inc.