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Which 13 Gurus All Hold Citigroup?

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When hedge fund manager "titans" think alike, investors are wise to pay attention. At Holdings Channel , we have reviewed 4,042 13F filings for the 09/30/2015 reporting period, and noticed that Citigroup Inc (Symbol: C) was held by 13 of the particular managers we have flagged as "titans" most widely followed by investors. It is not every day we see this many notable hedge fund managers thinking alike, so we wanted to take a closer look.

Before we continue, 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 C positions for each of the titans that reported holding some amount of C at 09/30/2015:

Fund Manager New Position? Change In Share Count Change In Market Value($ in 1000's)
Louis Bacon ( Moore Capital Management ) Existing -335,000 -$18,871
Bruce Berkowitz ( Fairholme ) NEW +3,010,000 +$149,326
Ray Dalio ( Bridgewater ) NEW +21,322 +$1,058
Jeremy Grantham ( GMO ) Existing +1,182,248 +$54,775
Joel Greenblatt ( Gotham Asset Management ) NEW +48,544 +$2,408
Ken Griffin ( Citadel ) Existing +2,285,097 +$80,371
Andreas Halvorsen ( Viking Global ) Existing +1,529,810 +$59,357
Seth Klarman ( Baupost Group ) Existing UNCH -$28,715
Daniel Loeb ( Third Point ) Existing UNCH -$5,600
Victor Mashaal ( Senvest ) NEW +90,000 +$4,465
Larry Robbins ( Glenview ) Existing -4,147,853 -$238,378
Jim Simons ( Renaissance Tech ) NEW +314,420 +$15,598
Prem Watsa ( Fairfax ) Existing UNCH -$112
Aggregate Change: +3,998,588 +$75,682

In terms of shares owned, we count 3 of the identified titans above having increased existing C positions from 06/30/2015 to 09/30/2015, with 2 having decreased their positions and 5 new positions. Worth noting is that George Soros ( Soros Fund Management ) - also deemed to have "titan" status - exited C common stock as of 09/30/2015.

Looking beyond these particular hedge funds of interest, we tallied up the C share count in the aggregate among all of the funds which held C at the 09/30/2015 reporting period (out of the 4,042 we looked at). We then compared that number to the sum total of C shares those same funds held back at the 06/30/2015 period, to see how the aggregate share count held by hedge funds has moved for C. We found that between these two periods, hedge funds increased their holdings by 15,215,215 shares in the aggregate, from 2,158,585,888 up to 2,173,801,103 for a share count increase of approximately 0.70%. The overall top three hedge funds holding C on 09/30/2015 were:

Fund Shares of C Held
1. Vanguard Group Inc. 161,889,354
2. State Street Corp 124,534,257
3. FMR LLC 90,154,670
4-10 Find out the full Top 10 Hedge Funds Holding C

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 Citigroup Inc (Symbol: C).

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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.

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