When a hedge fund holds a small amount of a given stock, it can much more easily change course if new developments challenge the original investment thesis, i.e. the fund can quickly sell that small holding. Selling a few thousand shares of AAPL for instance will do very little to disrupt the day's share price. But if a fund owns an enormous percentage of a company's outstanding shares and suddenly decides it wants to sell out, that isn't always so easy a feat to accomplish unless there are willing buyers ready to soak up the extra shares.

Hedge funds are keenly aware of this fact, so the decision to accumulate a very high percentage of the outstanding shares of a given company is not something done lightly. In fact, logic would dictate that a fund would only do such a thing if they have a very high level of confidence in their investment thesis.

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With this in mind, we at Holdings Channel, have reviewed 3,692 13-F filings for the 03/31/2014 reporting period, and screened out those stocks where a very high percentage of the shares outstanding are reported to be held by a single fund.

One such stock is Springleaf Holdings ( LEAF - Get Report), where Fortress Investment Group LLC reported ownership of 73,437,500 shares for the 03/31/2014 period, which we calculate to be 63.95% of the 114,833,000 shares outstanding.

It needs to be pointed 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. Funds are often known to be long one stock, while simultanously short a very similar stock. Funds may also be short call options for the same stock they are long, but this would not be reported because that component of the overall position is a short.

An exercise we believe is valuable is to look at groups of 13-F filings from one holding period to another. Looking at the change in LEAF positions across the group of 3,692 funds we have looked at that have filed for the 03/31/2014 period, versus back at their 12/31/2013 report, we found that between these two periods, hedge funds increased their holdings by 367,503 shares in the aggregate, from 98,011,742 up to 98,379,245 for a share count increase of approximately 0.37%.

The overall top three funds holding LEAF on 03/31/2014 were:

Fund Shares of LEAF Held
1. Fortress Investment Group LLC 73,437,500
2. FMR LLC 6,633,535
3. Lord Abbett & CO. LLC 1,973,730
4-10 Find out the full Top 10 Hedge Funds Holding LEAF

We'll keep following the latest 13-F filings by hedge fund managers and bring you interesting stories when we see stocks that have a very high percentage of their outstanding shares held by a single fund, like Springleaf Holdings ( LEAF - Get Report).