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Latest 13-F Filers Hold SPDR S&P 500 ETF

At Holdings Channel, we have reviewed the latest batch of the 42 most recent 13F filings for the 06/30/2014 reporting period, and noticed that SPDR S&P 500 ETF (SPY) was held by 16 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 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 SPY positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Meritage Group LP Existing -2,087,400 -$435,810
Convergent Wealth Advisors Existing +12,649 +$3,020
MWG GP LLC Existing -350,000 -$67,022
Cambridge Trust Co. Existing -147 -$12
Modera Wealth Management LLC Existing -470 +$26
McKinley Carter Wealth Services Inc. Existing -49 +$1
Babson Capital Management LLC Existing +2,420,150 -$29,125
Axis Capital Holdings Ltd. Existing +385,657 +$79,054
BBT Capital Management LLC Existing -74,311 -$6,444
Baldwin Investment Management LLC Existing -47 +$52
SSI Investment Management Inc. Existing +1,364 +$3,118
Birch Hill Investment Advisors LLC Existing UNCH +$21
Shoker Investment Counsel Inc. Existing -1,395 -$92
Banyan Partners LLC Existing -98,000 -$19,172
Lehman Financial Resources Inc. Existing -347 -$61
First Eagle Investment Management LLC Existing +111,330 +$21,985
Aggregate Change: +318,984 -$450,461

In terms of shares owned, we count 5 of the above funds having increased existing SPY positions from 03/31/2014 to 06/30/2014, with 10 having decreased their positions. Worth noting is that Meritage Group LP, MWG GP LLC, Babson Capital Management LLC, and Banyan Partners LLC, included in this recent batch of 13F filers, exited SPY common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SPY share count in the aggregate among all of the funds which held SPY at the 06/30/2014 reporting period (out of the 1,495 we looked at in total). We then compared that number to the sum total of SPY shares those same funds held back at the 03/31/2014 period, to see how the aggregate share count held by hedge funds has moved for SPY. We found that between these two periods, funds reduced their holdings by 17,915,252 shares in the aggregate, from 88,320,216 down to 70,404,964 for a share count decline of approximately -20.28%. The overall top three funds holding SPY on 06/30/2014 were:

Fund Shares of SPY Held
1. Norinchukin Bank The 4,533,000
2. Mason Street Advisors LLC 3,090,550
3. Maple Securities USA Inc. 2,964,230
4-10 Find out the full Top 10 Hedge Funds Holding SPY

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 SPDR S&P 500 ETF (SPY).

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