At Holdings Channel, we have reviewed the latest batch of the 21 most recent 13-F filings for the 06/30/2014 reporting period, and noticed that Philip Morris International (PM) was held by 12 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 13-F 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 13-F 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 13-F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in PM positions, for this latest batch of 13-F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Norinchukin Bank The||Existing||-17,979||-$994|
|Martin Currie Ltd.||Existing||+49,700||+$5,132|
|Valley National Bancorp||Existing||+1,275||+$135|
|Fernwood Investment Management LLC||Existing||-650||$UNCH|
|Harvey Investment Co. LLC||Existing||UNCH||+$28|
|Addenda Capital Inc.||Existing||+600||+$90|
|Tiedemann Trust Co.||Existing||+222||+$30|
|TradeLink Global Equity LLC||NEW||+5,100||+$430|
|Pictet Asset Management Ltd.||Existing||+178,735||+$17,423|
|Adams Express Co.||Existing||UNCH||+$642|
|Metropolitan Life Insurance Co. NY||Existing||-81,778||-$4,405|
|Hills Bank & Trust Co.||Existing||UNCH||+$9|