At Holdings Channel , we have reviewed the latest batch of the 22 most recent 13F filings for the 03/31/2016 reporting period, and noticed that U.S. Bancorp (Symbol: USB) 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 USB positions, for this latest batch of 13F filers:
Fund
New Position?
Change In Share Count
Change In Market Value($ in 1000's)
Banque Pictet & Cie SA
Existing
+1,680
-$724
Hirtle Callaghan & Co LLC
Existing
-296
-$16
Fulton Breakefield Broenniman LLC
Existing
-2,168
-$114
Cincinnati Specialty Underwriters Insurance CO
Existing
UNCH
-$164
Cincinnati Insurance Co.
Existing
UNCH
-$4,122
Cincinnati Casualty Co.
Existing
UNCH
-$167
Legacy Capital Partners Inc.
Existing
-10
-$33
ARGI Investment Services LLC
Existing
+35
-$17
Cincinnati Financial Corp
Existing
UNCH
-$280
PICTET BANK & TRUST Ltd
Existing
UNCH
-$150
Neuberger Berman Group LLC
Existing
-76,721
-$18,925
Winton Capital Group Ltd
Existing
+132,123
+$3,453
Yacktman Asset Management LP
Existing
-43,232
-$16,454
Aggregate Change:
+11,411
-$37,713
In terms of shares owned, we count 3 of the above funds having increased existing USB positions from 12/31/2015 to 03/31/2016, with 5 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the USB share count in the aggregate among all of the funds which held USB at the 03/31/2016 reporting period (out of the 1,382 we looked at in total). We then compared that number to the sum total of USB shares those same funds held back at the 12/31/2015 period, to see how the aggregate share count held by hedge funds has moved for USB. We found that between these two periods, funds increased their holdings by 2,347,232 shares in the aggregate, from 129,394,806 up to 131,742,038 for a share count increase of approximately 1.81%. The overall top three funds holding USB on 03/31/2016 were:
Fund
Shares of USB Held
1.
First Eagle Investment Management LLC
11,328,638
2.
California Public Employees Retirement System
5,086,069
3.
American Century Companies Inc.
4,983,727
4-10
Find out the full Top 10 Hedge Funds Holding USB
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 U.S. Bancorp (Symbol: USB).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
