At Holdings Channel , we have reviewed the latest batch of the 73 most recent 13F filings for the 09/30/2015 reporting period, and noticed that Chevron Corporation (Symbol: CVX) was held by 23 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 CVX positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Compton Capital Management Inc. RI
Zurich Insurance Group Ltd FI
Capstone Investment Advisors LLC
Voya Investment Management LLC
Northwestern Mutual Investment Management Company LLC
Graham Capital Management L.P.
TCTC Holdings LLC
Schaller Investment Group Inc.
Parallax Volatility Advisers L.P.
STA Wealth Management LLC
Martin Currie Ltd.
Atherton Lane Advisers LLC
FirstMerit Bank N A Trustee
Annex Advisory Services LLC
QCM Cayman Ltd.
Parametric Portfolio Associates LLC
Clearbridge Investments LLC
CoreCommodity Management LLC
Janney Montgomery Scott LLC
Twin Tree Management LP
Nomura Holdings Inc.
Beacon Trust Co.
In terms of shares owned, we count 11 of the above funds having increased existing CVX positions from 06/30/2015 to 09/30/2015, with 8 having decreased their positions and 2 new positions. Worth noting is that Clearbridge LLC , Telemetry Investments L.L.C. , and Brandywine Global Investment Management LLC , included in this recent batch of 13F filers, exited CVX common stock as of 09/30/2015.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the CVX share count in the aggregate among all of the funds which held CVX at the 09/30/2015 reporting period (out of the 3,026 we looked at in total). We then compared that number to the sum total of CVX 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 CVX. We found that between these two periods, funds reduced their holdings by 3,652,449 shares in the aggregate, from 839,872,735 down to 836,220,286 for a share count decline of approximately -0.43%. The overall top three funds holding CVX on 09/30/2015 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 Chevron Corporation (Symbol: CVX).