At Holdings Channel , we have reviewed the latest batch of the 66 most recent 13F filings for the 12/31/2018 reporting period, and noticed that Tesla Inc (Symbol: TSLA) was held by 21 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 TSLA positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Balyasny Asset Management LLC
Baird Financial Group Inc.
Gobi Capital LLC
Deutsche Bank AG
Jefferies Group LLC
Parallax Volatility Advisers L.P.
Dai Ichi Life Insurance Company Ltd
Earnest Partners LLC
Duquesne Family Office LLC
Claro Advisors LLC
Zevenbergen Capital Investments LLC
Bernardo Wealth Planning LLC
Schonfeld Strategic Advisors LLC
NN Investment Partners Holdings N.V.
Carnegie Capital Asset Management LLC
WealthBridge Capital Management LLC
Mid Atlantic Financial Management Inc. ADV
Crow Point Partners LLC
Fifth Third Bancorp
Wolverine Asset Management LLC
In terms of shares owned, we count 9 of the above funds having increased existing TSLA positions from 09/30/2018 to 12/31/2018, with 4 having decreased their positions and 7 new positions. Worth noting is that Mangrove Partners , and Wolverine Asset Management LLC , included in this recent batch of 13F filers, exited TSLA common stock as of 12/31/2018.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the TSLA share count in the aggregate among all of the funds which held TSLA at the 12/31/2018 reporting period (out of the 3,378 we looked at in total). We then compared that number to the sum total of TSLA 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 TSLA. We found that between these two periods, funds increased their holdings by 5,311,597 shares in the aggregate, from 43,000,167 up to 48,311,764 for a share count increase of approximately 12.35%. The overall top three funds holding TSLA 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 Tesla Inc (Symbol: TSLA).