General Mills Popular Amongst Latest 13F Filers

At Holdings Channel, we have reviewed the latest batch of the 49 most recent 13F filings for the 06/30/2014 reporting period, and noticed that General Mills, Inc. (GIS) was held by 21 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 GIS positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Waters Parkerson & CO. LLC Existing -770 +$175
Parametric Portfolio Associates LLC Existing +22,047 +$1,779
Winslow Capital Management LLC Existing UNCH $UNCH
Parametric Risk Advisors LLC Existing +15,000 +$872
Credit Agricole S A Existing +211,497 +$11,337
Stratton Management Co. Existing -1,200 -$54
Opus Investment Management Inc. NEW +8,700 +$457
Azimuth Capital Management LLC Existing -1,000 -$44
Congress Asset Management Co. MA Existing +1,271 +$115
Rand Wealth LLC Existing UNCH +$46
Group One Trading L.P. NEW +200 +$11
Wells Fargo & Company MN Existing -109,496 -$1,702
Forward Management LLC NEW +2,000 +$105
Commerzbank Aktiengesellschaft FI Existing -5,197 +$1
Argent Capital Management LLC Existing +980 +$182
National Mutual Insurance Federation of Agricultural Cooperatives Existing UNCH +$26
Eclectica Asset Management LLP Existing -6,720 -$339
Bank of New York Mellon Corp Existing -99,778 -$179
Zacks Investment Management NEW +113,773 +$5,995
Woodmont Investment Counsel LLC Existing -25 +$13
Spot Trading L.L.C Existing -15,000 -$715
Aggregate Change: +136,282 +$18,081

In terms of shares owned, we count 5 of the above funds having increased existing GIS positions from 03/31/2014 to 06/30/2014, with 9 having decreased their positions and 4 new positions. Worth noting is that CLS Investments LLC, included in this recent batch of 13F filers, exited GIS common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the GIS share count in the aggregate among all of the funds which held GIS at the 06/30/2014 reporting period (out of the 1,845 we looked at in total). We then compared that number to the sum total of GIS 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 GIS. We found that between these two periods, funds increased their holdings by 1,167,154 shares in the aggregate, from 156,331,675 up to 157,498,829 for a share count increase of approximately 0.75%. The overall top three funds holding GIS on 06/30/2014 were:

Fund Shares of GIS Held
1. Vanguard Group Inc. 31,759,700
2. BlackRock Institutional Trust Company N.A. 16,623,160
3. BlackRock Fund Advisors 9,602,136
4-10 Find out the full Top 10 Hedge Funds Holding GIS

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 General Mills, Inc. ( GIS).

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