Medtronic Popular Amongst Latest 13F Filers

At Holdings Channel, we have reviewed the latest batch of the 45 most recent 13F filings for the 06/30/2014 reporting period, and noticed that Medtronic, Inc. ( MDT) was held by 19 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 MDT positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Northeast Investment Management Existing +2,623 +$176
Artisan Partners Limited Partnership Existing +162,442 +$25,599
First Niagara Bank Existing -1,085 -$20
Mark Sheptoff Financial Planning LLC Existing UNCH +$17
Bowen Hanes & Co. Inc. Existing -9,000 -$40
Aviva PLC Existing +9,190 +$1,719
Grantham Mayo Van Otterloo & Co. LLC Existing -1,532,333 -$82,049
Atlantic Trust Group LLC Existing +438,466 +$28,097
Ivory Investment MANAGEMENT. L.P. NEW +537,788 +$34,289
Fjarde AP Fonden Fourth Swedish National Pension Fund Existing -13,582 -$229
Water Island Capital LLC NEW -46 +$11,416
Glenmede Trust Co. NA Existing +101,602 +$7,530
Semper Augustus Investments Group LLC Existing UNCH +$11
Legal & General Group Plc Existing +27,963 +$11,585
Gould Asset Management LLC CA Existing UNCH +$28
Loews Corp NEW +3,750 +$239
Bow Street LLC NEW +365,000 +$23,272
Sit Investment Associates Inc. Existing +390,385 +$26,247
Bank of Nova Scotia Existing +830 +$86
Aggregate Change: +483,993 +$87,973

In terms of shares owned, we count 8 of the above funds having increased existing MDT positions from 03/31/2014 to 06/30/2014, with 4 having decreased their positions and 4 new positions.

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