Emerson Electric Popular Amongst Latest 13F Filers

At Holdings Channel, we have reviewed the latest batch of the 31 most recent 13F filings for the 06/30/2014 reporting period, and noticed that Emerson Electric Co. ( EMR) was held by 17 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 EMR positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Mitsubishi UFJ Asset Management Co. Ltd. Existing -649 -$103
Nippon Life Insurance Co. Existing +1,406 +$74
Penobscot Investment Management Company Inc. Existing -1,720 -$134
Teacher Retirement System of Texas NEW +26,114 +$1,733
Union Bankshares Corp Existing -2,471 -$130
Union Bankshares Corp Existing -2,471 -$130
LPL Financial LLC Existing -741 -$3,352
Delta Lloyd NV Existing +20,203 +$981
Mcmillion Capital Management Inc. Existing +825 +$34
First Fiduciary Investment Counsel Inc. Existing +640 -$50
Airain ltd Existing +26,480 +$1,745
Kayne Anderson Rudnick Investment Management LLC NEW +151,471 +$10,052
Winton Capital Group Ltd NEW +747,597 +$49,611
Bangor Savings Bank NEW +3,475 +$231
Linscomb & Williams Inc. Existing +1,233 +$69
Schaper Benz & Wise Investment Counsel Inc. WI Existing +300 +$18
Burney Co. Existing -670 -$61
Aggregate Change: +971,022 +$60,588

In terms of shares owned, we count 7 of the above funds having increased existing EMR positions from 03/31/2014 to 06/30/2014, with 6 having decreased their positions and 4 new positions. Worth noting is that Carnick & Kubik LLC, included in this recent batch of 13F filers, exited EMR common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the EMR share count in the aggregate among all of the funds which held EMR at the 06/30/2014 reporting period (out of the 1,176 we looked at in total). We then compared that number to the sum total of EMR 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 EMR. We found that between these two periods, funds increased their holdings by 2,503,767 shares in the aggregate, from 59,224,359 up to 61,728,126 for a share count increase of approximately 4.23%. The overall top three funds holding EMR on 06/30/2014 were:

Fund Shares of EMR Held
1. Cornerstone Investment Partners LLC 5,207,716
2. American Century Companies Inc. 4,029,019
3. Jensen Investment Management Inc. 3,289,647
4-10 Find out the full Top 10 Hedge Funds Holding EMR

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 Emerson Electric Co. ( EMR).

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