At Holdings Channel , we have reviewed the latest batch of the 22 most recent 13F filings for the 09/30/2016 reporting period, and noticed that Schlumberger Ltd. (Symbol: SLB) was held by 15 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 SLB positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Private Ocean LLC
FTB Advisors Inc.
Heritage Wealth Advisors
Nikko Asset Management Americas Inc.
GW Henssler & Associates Ltd.
Welch Group LLC
Capital One National Association
Prescott Group Capital Management L.L.C.
Beck Mack & Oliver LLC
Northstar Investment Advisors LLC
Sawgrass Asset Management LLC
Hoertkorn Richard Charles
Savant Capital LLC
American Investment Services Inc.
In terms of shares owned, we count 4 of the above funds having increased existing SLB positions from 06/30/2016 to 09/30/2016, with 7 having decreased their positions and 1 new position.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SLB share count in the aggregate among all of the funds which held SLB at the 09/30/2016 reporting period (out of the 870 we looked at in total). We then compared that number to the sum total of SLB shares those same funds held back at the 06/30/2016 period, to see how the aggregate share count held by hedge funds has moved for SLB. We found that between these two periods, funds reduced their holdings by 1,045,869 shares in the aggregate, from 65,376,778 down to 64,330,909 for a share count decline of approximately -1.60%. The overall top three funds holding SLB on 09/30/2016 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 Schlumberger Ltd. (Symbol: SLB).