At Holdings Channel , we have reviewed the latest batch of the 20 most recent 13F filings for the 03/31/2016 reporting period, and noticed that Walt Disney Co. (Symbol: DIS) was held by 17 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 DIS positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Berkshire Asset Management LLC PA
Brookstone Capital Management
Acadian Asset Management LLC
Osborne Partners Capital Management LLC
Eagle Capital Management LLC
Culbertson A N & Co. Inc.
Jaffetilchin Investment Partners LLC
Capital Investment Advisors LLC
Train Babcock Advisors LLC
Jacobs & Co. CA
Alpha Windward LLC
Gierl Augustine Investment Management Inc
Burke & Herbert Bank & Trust Co.
Pioneer Trust Bank N A OR
Blue Fin Capital Inc.
Capital City Trust Co. FL
In terms of shares owned, we count 9 of the above funds having increased existing DIS positions from 12/31/2015 to 03/31/2016, 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 DIS share count in the aggregate among all of the funds which held DIS at the 03/31/2016 reporting period (out of the 230 we looked at in total). We then compared that number to the sum total of DIS 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 DIS. We found that between these two periods, funds increased their holdings by 74,383 shares in the aggregate, from 9,328,957 up to 9,403,340 for a share count increase of approximately 0.80%. The overall top three funds holding DIS on 03/31/2016 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 Walt Disney Co. (Symbol: DIS).