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.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the PM share count in the aggregate among all of the funds which held PM at the 06/30/2014 reporting period (out of the 923 we looked at in total). We then compared that number to the sum total of PM 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 PM. We found that between these two periods, funds increased their holdings by 116,154 shares in the aggregate, from 53,816,700 up to 53,932,854 for a share count increase of approximately 0.22%. The overall top three funds holding PM on 06/30/2014 were:

Fund Shares of PM Held
1. Aberdeen Asset Management PLC UK 14,174,098
2. Schwab Charles Investment Management Inc. 3,546,692
3. Nordea Investment Management AB 2,280,455
4-10 Find out the full Top 10 Hedge Funds Holding PM

We'll keep following the latest 13-F 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 13-F 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 Philip Morris International Inc ( PM).

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