At Holdings Channel, we have reviewed the latest batch of the 24 most recent 13F filings for the 06/30/2024 reporting period, and noticed that iShares Trust - iShares Core S&P Total US Stock Market ETF (Symbol: ITOT) was held by 11 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 ITOT positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| Mattern Capital Management LLC | Existing | UNCH | +$8 |
| Pursue Wealth Partners LLC | Existing | UNCH | +$8 |
| Gries Financial LLC | Existing | +176 | +$95 |
| Sage Financial Group Inc. | Existing | +766 | +$152 |
| Larson Financial Group LLC | Existing | +513 | +$74 |
| Schwarz Dygos Wheeler Investment Advisors LLC | Existing | +7 | +$23 |
| WealthBridge Capital Management LLC | Existing | -102 | +$2 |
| Wealth Effects LLC | Existing | -138 | +$39 |
| Certus Wealth Management LLC | Existing | -5,531 | -$59 |
| Foundations Investment Advisors LLC | Existing | -57,975 | -$6,651 |
| Simon Quick Advisors LLC | Existing | +12,077 | +$3,366 |
| Aggregate Change: | -50,207 | -$2,943 | |
In terms of shares owned, we count 5 of the above funds having increased existing ITOT positions from 03/31/2024 to 06/30/2024, with 4 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the ITOT share count in the aggregate among all of the funds which held ITOT at the 06/30/2024 reporting period (out of the 2,814 we looked at in total). We then compared that number to the sum total of ITOT 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 ITOT. We found that between these two periods, funds reduced their holdings by 480,229 shares in the aggregate, from 46,651,693 down to 46,171,464 for a share count decline of approximately -1.03%. The overall top three funds holding ITOT on 06/30/2024 were:
| » | Fund | Shares of ITOT Held |
|---|---|---|
| 1. | Blue Trust Inc. | 3,539,403 |
| 2. | Cisco Systems Inc. | 3,112,500 |
| 3. | Allworth Financial LP | 1,672,943 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding ITOT | » |
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 iShares Trust - iShares Core S&P Total US Stock Market ETF (Symbol: ITOT).
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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.
