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Microsoft Popular Amongst Latest 13F Filers

At Holdings Channel, we have reviewed the latest batch of the 64 most recent 13F filings for the 06/30/2014 reporting period, and noticed that Microsoft Corporation (MSFT) was held by 35 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 MSFT positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Coe Capital Management LLC Existing -3,900 -$139
Voya Investment Management LLC Existing +5,388,316 +$233,414
Herald Investment Management Ltd Existing UNCH +$30
International Value Advisers LLC Existing -6,463 +$3,068
Birinyi Associates Inc. Existing UNCH $UNCH
New Amsterdam Partners LLC NY Existing +142 +$76
Teachers Advisors Inc. Existing +2,361,847 +$106,024
TIAA CREF Investment Management LLC Existing -907,244 +$1,661
Beaumont Financial Partners LLC Existing UNCH +$5
Ramsay Stattman Vela & Price Inc. Existing -498 +$72
Meridian Investment Counsel Inc. Existing +338 +$31
Associated Banc Corp Existing -262 +$460
Birinyi Associates Inc. Existing UNCH $UNCH
Kings Point Capital Management Existing +1,520 +$68
Philadelphia Trust Co. Existing -500 -$6
First Washington CORP Existing +17,650 +$787
State Farm Mutual Automobile Insurance Co. Existing UNCH +$25
Altavista Wealth Management Inc. Existing -2,185 -$26
United Services Automobile Association Existing +144,937 +$12,513
Analytic Investors LLC Existing -167,554 -$6,445
Sanborn Kilcollin Partners LLC Existing +3,410 +$440
Levin Capital Strategies L.P. Existing -305,891 -$11,654
Hunter Associates inc. Existing -1,830 +$33
Hartline Investment Corp Existing -205 +$49
Schroder Investment Management Group Existing +449,699 +$26,800
Edgar Lomax Co. VA Existing +2,450 +$1,167
Dana Investment Advisors Inc. Existing -1,135 +$103
Timber Creek Capital Management LLC Existing +175 +$84
Leonard Capital Management INC Existing UNCH +$64
Mogy Joel R Investment Counsel Inc. Existing -7,235 -$12
Causeway Capital Management LLC Existing +430,500 +$19,034
Zuckerman Investment Group LLC Existing -3,111 +$226
Massachusetts Financial Services Co. MA Existing +344,752 +$16,691
Hartford Investment Management Co. Existing -58,691 -$932
Herndon Capital Management LLC Existing -176,638 -$4,020
Aggregate Change: +7,502,394 +$399,691

In terms of shares owned, we count 13 of the above funds having increased existing MSFT positions from 03/31/2014 to 06/30/2014, with 16 having decreased their positions. Worth noting is that Flow Traders U.S. LLC, and Renaissance Technologies LLC, included in this recent batch of 13F filers, exited MSFT common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the MSFT share count in the aggregate among all of the funds which held MSFT at the 06/30/2014 reporting period (out of the 2,100 we looked at in total). We then compared that number to the sum total of MSFT 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 MSFT. We found that between these two periods, funds increased their holdings by 49,599,950 shares in the aggregate, from 2,627,393,353 up to 2,676,993,303 for a share count increase of approximately 1.89%. The overall top three funds holding MSFT on 06/30/2014 were:

Fund Shares of MSFT Held
1. Vanguard Group Inc. 386,749,214
2. State Street Corp 313,352,602
3. BlackRock Institutional Trust Company N.A. 208,795,149
4-10 Find out the full Top 10 Hedge Funds Holding MSFT

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 Microsoft Corporation (MSFT).

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