At Holdings Channel, we have reviewed the latest batch of the 25 most recent 13F filings for the 09/30/2022 reporting period, and noticed that Sysco Corp (Symbol: SYY) was held by 9 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 SYY positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| Great Lakes Advisors LLC | Existing | -27,136 | -$2,674 |
| Badgley Phelps Wealth Managers LLC | Existing | +98,232 | +$5,838 |
| Guardian Wealth Advisors LLC | Existing | -7,166 | -$619 |
| Westside Investment Management Inc. | Existing | UNCH | -$9 |
| Group One Trading L.P. | Existing | -12,654 | -$1,001 |
| CWA Asset Management Group LLC | Existing | -1,459 | -$624 |
| Freestone Capital Holdings LLC | Existing | -4,241 | -$620 |
| MQS Management LLC | NEW | +6,016 | +$425 |
| Archer Investment Corp | Existing | UNCH | -$3 |
| Aggregate Change: | +51,592 | +$713 | |
In terms of shares owned, we count 1 of the above funds having increased existing SYY positions from 06/30/2022 to 09/30/2022, with 5 having decreased their positions and 1 new position. Worth noting is that Sound Financial Strategies Group LLC, included in this recent batch of 13F filers, exited SYY common stock as of 09/30/2022.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SYY share count in the aggregate among all of the funds which held SYY at the 09/30/2022 reporting period (out of the 3,181 we looked at in total). We then compared that number to the sum total of SYY shares those same funds held back at the 06/30/2022 period, to see how the aggregate share count held by hedge funds has moved for SYY. We found that between these two periods, funds increased their holdings by 706,089 shares in the aggregate, from 59,394,050 up to 60,100,139 for a share count increase of approximately 1.19%. The overall top three funds holding SYY on 09/30/2022 were:
| » | Fund | Shares of SYY Held |
|---|---|---|
| 1. | Victory Capital Management Inc. | 7,369,863 |
| 2. | Coho Partners Ltd. | 3,496,098 |
| 3. | Yacktman Asset Management LP | 1,927,290 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding SYY | » |
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 Sysco Corp (Symbol: SYY).
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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.
