Monsanto Popular Amongst Latest 13F Filers

At Holdings Channel, we have reviewed the latest batch of the 133 most recent 13F filings for the 06/30/2014 reporting period, and noticed that Monsanto Co. ( MON) was held by 30 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 MON positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Summit Investment Advisors Inc. Existing -126 +$157
Raab & Moskowitz Asset Management LLC NEW +7,370 +$859
Choate Investment Advisors Existing -971 -$81
Managed Account Advisors LLC Existing -170,397 +$18,942
Royal Bank of Canada Existing +358,347 +$47,652
Jefferies Group LLC Existing +454,713 +$57,451
Cubist Systematic Strategies LLC NEW +23,083 +$2,879
Viking Global Investors LP Existing +2,683,100 +$368,670
EverPoint Asset Management LLC NEW +25,000 +$3,119
Weiss Multi Strategy Advisers LLC NEW +5,500 +$686
Point72 Asset Management L.P. NEW +289,800 +$36,150
Atika Capital Management LLC NEW +18,750 +$2,339
BNP Paribas Arbitrage SA Existing +25,567 +$9,708
J.P. Marvel Investment Advisors LLC Existing -717 +$928
Antonetti Capital Management LLC Existing UNCH +$1
Choate Investment Advisors Existing -971 -$81
Raab & Moskowitz Asset Management LLC NEW +7,370 +$859
PointState Capital LP Existing +293,100 +$36,803
Man Investments Ltd Existing -254 +$16
Jane Street Group LLC Existing +29,859 +$3,880
Catapult Capital Management LLC Existing +10,024 +$1,827
Luminus Management LLC Existing -72,161 -$7,853
GLG Partners LP Existing +71,607 +$10,257
GLG Partners LP Existing +71,607 +$10,257
Fir Tree Inc. Existing -566,700 -$47,137
Connors Investor Services Inc. Existing UNCH +$24
GLG LLC Existing +117,112 +$16,217
First Allied Advisory Services Inc. Existing -326 +$47
Millennium Management LLC Existing -383,485 -$42,634
Hilltop Holdings Inc. Existing -358 -$5
Aggregate Change: +3,295,443 +$531,937

In terms of shares owned, we count 10 of the above funds having increased existing MON positions from 03/31/2014 to 06/30/2014, with 11 having decreased their positions and 7 new positions. Worth noting is that Capital Innovations LLC, CR Intrinsic Investors LLC, and SAC Capital Advisors LP, included in this recent batch of 13F filers, exited MON common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the MON share count in the aggregate among all of the funds which held MON at the 06/30/2014 reporting period (out of the 2,474 we looked at in total). We then compared that number to the sum total of MON 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 MON. We found that between these two periods, funds increased their holdings by 3,686,973 shares in the aggregate, from 276,545,408 up to 280,232,381 for a share count increase of approximately 1.33%. The overall top three funds holding MON on 06/30/2014 were:

Fund Shares of MON Held
1. Vanguard Group Inc. 31,201,773
2. State Street Corp 24,326,915
3. BlackRock Institutional Trust Company N.A. 13,774,680
4-10 Find out the full Top 10 Hedge Funds Holding MON

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 Monsanto Co. ( MON).

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