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 Pfizer Inc (Symbol: PFE) was held by 17 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 PFE positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
CenturyLink Investment Management Co
Union Bankshares Corp
Quadrant Capital Group LLC
National Pension Service
Lincoln Capital LLC
Country Club Trust Company n.a.
Newman Dignan & Sheerar Inc.
Mutual of Omaha Bank Wealth Management
Randolph Co Inc
Carroll Financial Associates Inc.
DAVENPORT & Co LLC
Fenimore Asset Management Inc.
Stillwater Investment Management LLC
First American Bank
Private Capital Advisors Inc.
LVM Capital Management Ltd. MI
Cutler Group LP
In terms of shares owned, we count 13 of the above funds having increased existing PFE positions from 12/31/2016 to 03/31/2017, with 3 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the PFE share count in the aggregate among all of the funds which held PFE at the 03/31/2017 reporting period (out of the 150 we looked at in total). We then compared that number to the sum total of PFE 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 PFE. We found that between these two periods, funds reduced their holdings by 895,091 shares in the aggregate, from 24,431,506 down to 23,536,415 for a share count decline of approximately -3.66%. The overall top three funds holding PFE 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 Pfizer Inc (Symbol: PFE).