At Holdings Channel , we have reviewed the latest batch of the 27 most recent 13F filings for the 12/31/2015 reporting period, and noticed that Teva Pharmaceutical Industries Ltd (Symbol: TEVA) was held by 10 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 TEVA positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value($ in 1000's)|
|Edge Asset Management Inc.||Existing||+27,716||+$13,477|
|Private Harbour Investment Management & Counsel LLC||Existing||-280||+$80|
|Deimos Asset Management LLC||NEW||+18,600||+$1,221|
|Turner Investments L.P.||Existing||+1,340||+$115|
|Golub Group LLC||Existing||+1,600||+$67|
|Sharkey Howes & Javer||Existing||UNCH||+$3|
|Aberdeen Asset Management PLC UK||Existing||UNCH||-$61|
|Pekin Singer Strauss Asset Management IL||Existing||-5,695||-$203|
|WFG Advisors LP||Existing||-94||+$11|
In terms of shares owned, we count 4 of the above funds having increased existing TEVA positions from 09/30/2015 to 12/31/2015, with 3 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 TEVA share count in the aggregate among all of the funds which held TEVA at the 12/31/2015 reporting period (out of the 1,577 we looked at in total). We then compared that number to the sum total of TEVA shares those same funds held back at the 09/30/2015 period, to see how the aggregate share count held by hedge funds has moved for TEVA. We found that between these two periods, funds increased their holdings by 547,933 shares in the aggregate, from 72,656,425 up to 73,204,358 for a share count increase of approximately 0.75%. The overall top three funds holding TEVA on 12/31/2015 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 Teva Pharmaceutical Industries Ltd (Symbol: TEVA).