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 UBER positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Altimeter Capital Management LP||Existing||+7,138,284||+$199,057|
|Alberta Investment Management Corp||NEW||+35,100||+$1,044|
|Hidden Lake Asset Management LP||NEW||+150,000||+$4,461|
|Foxhaven Asset Management LP||Existing||-250,000||-$7,730|
|KCL Capital L.P.||NEW||+250,000||+$7,435|
|DSC Advisors L.P.||NEW||+12,240||+$364|
|Citadel Advisors LLC||Existing||+17,670,629||+$525,616|
|Cyrus Capital Partners L.P.||NEW||-100,000||-$13|
|Anglepoint Asset Management LTD.||NEW||+1,233,695||+$36,690|
|General Equity Holdings LP||NEW||+306,043||+$9,102|
|Canada Pension Plan Investment Board||Existing||+700,062||+$18,812|
|Paloma Partners Management Co||NEW||+130,568||+$3,883|
|Newbrook Capital Advisors LP||NEW||+1,406,797||+$41,838|
|Harvard Management Co. Inc.||NEW||+1,799,418||+$53,515|
|Sunbelt Securities Inc.||NEW||+2,750||+$20,446|
|TPG Group Holdings SBS Advisors Inc.||Existing||-12,346,609||-$393,795|
|EMS Capital LP||NEW||+1,024,900||+$30,481|
|Squarepoint Ops LLC||Existing||+134,708||+$3,865|
|D. E. Shaw & Co. Inc.||Existing||-488,602||-$13,923|
|Hillhouse Capital Advisors LTD.||Existing||+3,175,105||+$85,429|
|Light Street Capital Management LLC||Existing||+1,447,821||+$42,520|
In terms of shares owned, we count 6 of the above funds having increased existing UBER positions from 09/30/2019 to 12/31/2019, with 3 having decreased their positions and 12 new positions. Worth noting is that Ionic Capital Management LLC, included in this recent batch of 13F filers, exited UBER common stock as of 12/31/2019.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the UBER share count in the aggregate among all of the funds which held UBER at the 12/31/2019 reporting period (out of the 3,846 we looked at in total). We then compared that number to the sum total of UBER shares those same funds held back at the 09/30/2019 period, to see how the aggregate share count held by hedge funds has moved for UBER. We found that between these two periods, funds increased their holdings by 141,443,956 shares in the aggregate, from 211,836,896 up to 353,280,852 for a share count increase of approximately 66.77%. The overall top three funds holding UBER on 12/31/2019 were:
|»||Fund||Shares of UBER Held|
|1.||Public Investment Fund||72,840,541|
|3.||Viking Global Investors LP||38,092,013|
|4-10||Find out the full Top 10 Hedge Funds Holding UBER||»|
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 Uber Technologies Inc (Symbol: UBER).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.