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See Which Of The Latest 13F Filers Holds Dow Chemical

At Holdings Channel , we have reviewed the latest batch of the 24 most recent 13F filings for the 12/31/2015 reporting period, and noticed that Dow Chemical Co. (Symbol: DOW) 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 DOW positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value($ in 1000's)
Calamos Wealth Management LLC Existing +4,957 +$434
Calamos Advisors LLC Existing +2,515 +$5,697
Bradley Foster & Sargent Inc. CT Existing +200 +$139
NJ State Employees Deferred Compensation Plan Existing UNCH +$365
Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Existing -469,006 -$17,750
Ifrah Financial Services Inc. Existing -123 +$193
Hallmark Capital Management Inc. Existing -515 +$172
Teacher Retirement System of Texas Existing +86,092 +$14,387
Alps Advisors Inc. Existing -91,634 -$453
Callahan Advisors LLC Existing +18,856 +$1,298
First National Bank Sioux Falls Existing UNCH +$3
Tortoise Investment Management LLC NEW +222 +$11
Texas Yale Capital Corp. Existing UNCH +$474
Aggregate Change: -448,436 +$4,970

In terms of shares owned, we count 5 of the above funds having increased existing DOW positions from 09/30/2015 to 12/31/2015, with 4 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 DOW share count in the aggregate among all of the funds which held DOW at the 12/31/2015 reporting period (out of the 1,270 we looked at in total). We then compared that number to the sum total of DOW shares those same funds held back at the 09/30/2015 period, to see how the aggregate share count held by hedge funds has moved for DOW. We found that between these two periods, funds reduced their holdings by 5,544,873 shares in the aggregate, from 69,189,822 down to 63,644,949 for a share count decline of approximately -8.01%. The overall top three funds holding DOW on 12/31/2015 were:

Fund Shares of DOW Held
1. American Century Companies Inc. 5,765,601
2. California Public Employees Retirement System 2,962,606
3. Global Thematic Partners LLC 2,952,992
4-10 Find out the full Top 10 Hedge Funds Holding DOW

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 Dow Chemical Co. (Symbol: DOW).

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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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