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Philip Morris International Popular Amongst Latest 13F Filers

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.

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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
Aggregate Change: +135,225 +$18,520

In terms of shares owned, we count 5 of the above funds having increased existing PM positions from 03/31/2014 to 06/30/2014, with 3 having decreased their positions and 1 new position.

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