Latest 13-F Filers Hold Schlumberger

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 Schlumberger Ltd. (SLB) was held by 14 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 SLB positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Reaves W H & Co. Inc. Existing +978 +$8,854
FTB Advisors Inc. Existing +1,071 +$185
Valley Forge Asset Management LLC Existing -7,925 +$2,048
Country Trust Bank NEW +264,631 +$31,213
United Fire Group Inc. Existing UNCH +$614
Doheny Asset Management CA Existing +67 +$144
Whitnell & Co. Existing +550 +$415
Braun Stacey Associates Inc. Existing +50 +$99
BRYN MAWR TRUST Co Existing -3,078 +$2,848
Clifford Swan Investment Counsel LLC Existing +797 +$7,169
Capital Investment Counsel Inc Existing -550 +$539
Iowa State Bank Existing +230 +$542
Detwiler Fenton Investment Management LLC NEW +1,800 +$212
Davidson & Garrard Inc. Existing -1,485 +$869
Aggregate Change: +257,136 +$55,751

In terms of shares owned, we count 7 of the above funds having increased existing SLB positions from 03/31/2014 to 06/30/2014, with 4 having decreased their positions and 2 new positions. Worth noting is that Mizuho Trust & Banking Co. Ltd., included in this recent batch of 13F filers, exited SLB common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SLB share count in the aggregate among all of the funds which held SLB at the 06/30/2014 reporting period (out of the 1,395 we looked at in total). We then compared that number to the sum total of SLB 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 SLB. We found that between these two periods, funds increased their holdings by 9,989,499 shares in the aggregate, from 221,201,016 up to 231,190,515 for a share count increase of approximately 4.52%. The overall top three funds holding SLB on 06/30/2014 were:

Fund Shares of SLB Held
1. BlackRock Institutional Trust Company N.A. 34,581,007
2. BlackRock Fund Advisors 16,467,298
3. BlackRock Group LTD 12,004,180
4-10 Find out the full Top 10 Hedge Funds Holding SLB

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 Schlumberger Ltd. ( SLB).

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