At Holdings Channel , we have reviewed the latest batch of the 22 most recent 13F filings for the 03/31/2017 reporting period, and noticed that Nike (Symbol: NKE) 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 NKE positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Buckingham Asset Management LLC
ProShare Advisors LLC
Lyell Wealth Management LP
Fusion Family Wealth LLC
BNP Paribas Investment Partners S.A.
Segment Wealth Management LLC
Tandem Investment Advisors Inc.
Telos Capital Management Inc.
Intellectus Partners LLC
Mutual of America Capital Management LLC
In terms of shares owned, we count 6 of the above funds having increased existing NKE positions from 12/31/2016 to 03/31/2017, with 3 having decreased their positions. Worth noting is that Stevens Capital Management LP , included in this recent batch of 13F filers, exited NKE common stock as of 03/31/2017.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the NKE share count in the aggregate among all of the funds which held NKE at the 03/31/2017 reporting period (out of the 1,464 we looked at in total). We then compared that number to the sum total of NKE shares those same funds held back at the 12/31/2016 period, to see how the aggregate share count held by hedge funds has moved for NKE. We found that between these two periods, funds increased their holdings by 21,022,915 shares in the aggregate, from 189,204,867 up to 210,227,782 for a share count increase of approximately 11.11%. The overall top three funds holding NKE on 03/31/2017 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 Nike (Symbol: NKE).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.