At Holdings Channel , we have reviewed the latest batch of the 20 most recent 13F filings for the 12/31/2017 reporting period, and noticed that Apple Inc (Symbol: AAPL) was held by 12 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 AAPL positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
McQueen Ball & Associates Inc.
Raub Brock Capital Management LP
Stillwater Investment Management LLC
Needelman Asset Management Inc.
QUANTRES ASSET MANAGEMENT Ltd
Abner Herrman & Brock LLC
Private Asset Management Inc.
West Oak Capital LLC
Chickasaw Capital Management LLC
First National Bank of Mount Dora Trust Investment Services
Marshwinds Advisory Co.
Curbstone Financial Management Corp
In terms of shares owned, we count 5 of the above funds having increased existing AAPL positions from 09/30/2017 to 12/31/2017, with 7 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the AAPL share count in the aggregate among all of the funds which held AAPL at the 12/31/2017 reporting period (out of the 4,325 we looked at in total). We then compared that number to the sum total of AAPL shares those same funds held back at the 09/30/2017 period, to see how the aggregate share count held by hedge funds has moved for AAPL. We found that between these two periods, funds reduced their holdings by 40,095,419 shares in the aggregate, from 3,099,587,418 down to 3,059,491,999 for a share count decline of approximately -1.29%. The overall top three funds holding AAPL on 12/31/2017 were:
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 Apple Inc (Symbol: AAPL).