At Holdings Channel , we have reviewed the latest batch of the 62 most recent 13F filings for the 09/30/2015 reporting period, and noticed that Phillips 66 (Symbol: PSX) was held by 14 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 PSX positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Carret Asset Management LLC
Aristotle Capital Management LLC
NWQ Investment Management Company LLC
Two Sigma Investments LLC
Parametric Risk Advisors LLC
Wellington Management Group LLP
Spectrum Advisory Services Inc.
Calvert Investment Management Inc.
CSS LLC IL
Balyasny Asset Management LLC
WealthTrust Axiom LLC
Santa Barbara Asset Management LLC
Tradewinds Global Investors LLC
Cambrian Capital Limited Partnership
In terms of shares owned, we count 3 of the above funds having increased existing PSX positions from 06/30/2015 to 09/30/2015, with 8 having decreased their positions and 1 new position. Worth noting is that Two Sigma Advisers LLC , included in this recent batch of 13F filers, exited PSX common stock as of 09/30/2015.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the PSX share count in the aggregate among all of the funds which held PSX at the 09/30/2015 reporting period (out of the 3,026 we looked at in total). We then compared that number to the sum total of PSX shares those same funds held back at the 06/30/2015 period, to see how the aggregate share count held by hedge funds has moved for PSX. We found that between these two periods, funds reduced their holdings by 20,290,317 shares in the aggregate, from 249,387,279 down to 229,096,962 for a share count decline of approximately -8.14%. The overall top three funds holding PSX on 09/30/2015 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 Phillips 66 (Symbol: PSX).