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 BAC positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Schneider Downs Wealth Management Advisors LP||Existing||UNCH||+$29|
|Neville Rodie & Shaw Inc.||Existing||-4,600||+$81|
|Burke & Herbert Bank & Trust Co.||Existing||UNCH||+$121|
|Boyd Watterson Asset Management LLC OH||Existing||UNCH||+$25|
|Cohen Klingenstein LLC||Existing||+3||+$770|
|Meridian Wealth Management LLC||Existing||-53,744||-$968|
|Welch & Forbes LLC||Existing||+1,065||+$2,242|
|Segment Wealth Management LLC||Existing||-2,014||-$15|
|First Financial Corp IN||Existing||UNCH||+$6|
|AEGON USA Investment Management LLC||Existing||UNCH||+$599|
|Spreng Capital Management Inc.||Existing||-2,500||-$15|
|Augustine Asset Management Inc.||Existing||+383||+$119|
|Stephenson National Bank & Trust||Existing||UNCH||$UNCH|
|Selective Wealth Management Inc.||Existing||+83,378||+$1,984|
|Enterprise Trust & Investment Co||Existing||UNCH||+$44|
|Exchange Traded Concepts LLC||Existing||+121,970||+$2,951|
|Breiter Capital Management Inc.||Existing||UNCH||+$134|
In terms of shares owned, we count 5 of the above funds having increased existing BAC positions from 03/31/2020 to 06/30/2020, with 5 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the BAC share count in the aggregate among all of the funds which held BAC at the 06/30/2020 reporting period (out of the 402 we looked at in total). We then compared that number to the sum total of BAC shares those same funds held back at the 03/31/2020 period, to see how the aggregate share count held by hedge funds has moved for BAC. We found that between these two periods, funds reduced their holdings by 3,231,033 shares in the aggregate, from 52,413,924 down to 49,182,891 for a share count decline of approximately -6.16%. The overall top three funds holding BAC on 06/30/2020 were:
|»||Fund||Shares of BAC Held|
|1.||WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST||11,000,000|
|2.||DNB Asset Management AS||4,472,030|
|3.||Envestnet Asset Management Inc.||3,747,451|
|4-10||Find out the full Top 10 Hedge Funds Holding BAC||»|
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 Bank of America Corp (Symbol: BAC).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.