At Holdings Channel , we have reviewed the latest batch of the 22 most recent 13F filings for the 12/31/2018 reporting period, and noticed that Pfizer Inc (Symbol: PFE) 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 PFE positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Forsta AP Fonden
Lloyds Banking Group plc
Macguire Cheswick & Tuttle Investment Counsel LLC
State of Wisconsin Investment Board
Zeke Capital Advisors LLC
Fieldpoint Private Securities LLC
Saybrook Capital NC
Somerset Group LLC
Hugh Johnson Advisors LLC
Texas Yale Capital Corp.
Lee Financial Co
Jackson Hole Capital Partners LLC
In terms of shares owned, we count 4 of the above funds having increased existing PFE positions from 09/30/2018 to 12/31/2018, with 6 having decreased their positions and 1 new position. Worth noting is that Evanston Investments Inc. dba Evanston Advisors , included in this recent batch of 13F filers, exited PFE common stock as of 12/31/2018.
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 12/31/2018 reporting period (out of the 2,175 we looked at in total). We then compared that number to the sum total of PFE shares those same funds held back at the 09/30/2018 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 12,513,557 shares in the aggregate, from 1,127,217,603 down to 1,114,704,046 for a share count decline of approximately -1.11%. The overall top three funds holding PFE on 12/31/2018 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).