At Holdings Channel, we have reviewed the latest batch of the 39 most recent 13F filings for the 06/30/2024 reporting period, and noticed that Intuit Inc (Symbol: INTU) was held by 16 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 INTU positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| Intelligence Driven Advisers LLC | Existing | +7 | +$8 |
| XR Securities LLC | Existing | +600 | +$390 |
| Seven Post Investment Office LP | NEW | +163,590 | +$107,513 |
| Valtinson Bruner Financial Planning LLC | Existing | +1 | +$5 |
| Sivia Capital Partners LLC | Existing | +73 | +$52 |
| Lake Street Advisors Group LLC | Existing | -257 | -$135 |
| Advisor OS LLC | Existing | +116 | +$99 |
| Savant Capital LLC | Existing | +126 | +$102 |
| Account Management LLC | Existing | -380 | -$190 |
| Weil Company Inc. | Existing | +10 | +$49 |
| Candriam S.C.A. | Existing | -816 | -$137 |
| North Star Asset Management Inc. | Existing | -1 | +$359 |
| Private Advisor Group LLC | Existing | +1,287 | +$898 |
| New York Life Investment Management LLC | Existing | -235 | +$151 |
| Fluent Financial LLC | Existing | +411 | +$277 |
| Addison Advisors LLC | Existing | -2 | $UNCH |
| Aggregate Change: | +164,530 | +$109,441 | |
In terms of shares owned, we count 9 of the above funds having increased existing INTU positions from 03/31/2024 to 06/30/2024, with 6 having decreased their positions and 1 new position. Worth noting is that Sustainable Insight Capital Management LLC, included in this recent batch of 13F filers, exited INTU common stock as of 06/30/2024.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the INTU share count in the aggregate among all of the funds which held INTU at the 06/30/2024 reporting period (out of the 3,020 we looked at in total). We then compared that number to the sum total of INTU shares those same funds held back at the 03/31/2024 period, to see how the aggregate share count held by hedge funds has moved for INTU. We found that between these two periods, funds reduced their holdings by 316,121 shares in the aggregate, from 21,905,839 down to 21,589,718 for a share count decline of approximately -1.44%. The overall top three funds holding INTU on 06/30/2024 were:
| » | Fund | Shares of INTU Held |
|---|---|---|
| 1. | Bank of New York Mellon Corp | 2,350,135 |
| 2. | Ninety One UK Ltd | 1,458,865 |
| 3. | Principal Financial Group Inc. | 1,407,862 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding INTU | » |
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 Intuit Inc (Symbol: INTU).
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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.
