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Latest 13-F Filers Hold Actavis

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 Actavis plc (ACT) 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 ACT positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Magnetar Financial LLC NEW +481,708 +$107,445
Peapack Gladstone Financial Corp Existing +728 +$203
Magnetar Financial LLC NEW +481,708 +$107,445
Lloyds Banking Group plc Existing -54,777 -$11,153
Hutchin Hill Capital LP Existing -69,800 -$12,253
Bridgeway Capital Management Inc. Existing UNCH +$593
Incline Global Management LLC Existing +13,930 +$3,923
Jana Partners LLC Existing +1,752,440 +$406,394
Salzman & Co. Inc. NEW +30,379 +$6,776
Conatus Capital Management LP NEW +538,385 +$120,087
Korea Investment CORP Existing +22,000 +$6,904
Hayman Capital Management L.P. NEW +14,800 +$3,301
Alydar Partners LLC Existing +47,500 +$14,250
Barclays PLC Existing -183,108 -$34,480
Adage Capital Partners GP LLC NEW +50,000 +$11,153
40 North Management LLC Existing +18,310 +$8,159
Aggregate Change: +3,144,203 +$738,747

In terms of shares owned, we count 6 of the above funds having increased existing ACT positions from 03/31/2014 to 06/30/2014, with 3 having decreased their positions and 6 new positions. Worth noting is that Dynamic Capital Management Ltd, included in this recent batch of 13F filers, exited ACT common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the ACT share count in the aggregate among all of the funds which held ACT at the 06/30/2014 reporting period (out of the 2,474 we looked at in total). We then compared that number to the sum total of ACT 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 ACT. We found that between these two periods, funds increased their holdings by 6,868,214 shares in the aggregate, from 77,836,970 up to 84,705,184 for a share count increase of approximately 8.82%. The overall top three funds holding ACT on 06/30/2014 were:

Fund Shares of ACT Held
1. Vanguard Group Inc. 9,021,418
2. State Street Corp 8,616,895
3. BlackRock Institutional Trust Company N.A. 4,463,152
4-10 Find out the full Top 10 Hedge Funds Holding ACT

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 Actavis plc (ACT).

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