AT&T Popular Amongst Latest 13F Filers

At Holdings Channel, we have reviewed the latest batch of the 53 most recent 13F filings for the 12/31/2014 reporting period, and noticed that AT&T Inc (T) 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 T positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Johnson Investment Counsel Inc. Existing +16,984 -$776
Parthenon LLC Existing -843 -$123
STA Wealth Management LLC NEW +7,905 +$266
Public Employees Retirement System of Ohio Existing +31,771 -$5,281
Busey Trust CO Existing -3,836 -$266
Rowland & Co. Investment Counsel ADV NEW +156,941 +$5,272
Jefferies Group LLC Existing +1,113,875 +$36,580
Buckingham Asset Management LLC Existing +3,572 +$45
Perritt Capital Management Inc. Existing UNCH -$23
Natixis NEW +4,755,102 +$159,724
Drexel Morgan & Co. Existing +265 -$69
J. Goldman & Co LP NEW -80,200 -$2,694
Cutler Capital Management LLC Existing +1,649 -$3
FDx Advisors Inc. Existing +20,551 +$625
Aggregate Change: +6,023,736 +$193,277

In terms of shares owned, we count 7 of the above funds having increased existing T positions from 09/30/2014 to 12/31/2014, with 2 having decreased their positions and 4 new positions. Worth noting is that Gruss & Co. Inc., and HighVista Strategies LLC, included in this recent batch of 13F filers, exited T common stock as of 12/31/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the T share count in the aggregate among all of the funds which held T at the 12/31/2014 reporting period (out of the 3,013 we looked at in total). We then compared that number to the sum total of T shares those same funds held back at the 09/30/2014 period, to see how the aggregate share count held by hedge funds has moved for T. We found that between these two periods, funds increased their holdings by 318,209,331 shares in the aggregate, from 2,073,383,330 up to 2,391,592,661 for a share count increase of approximately 15.35%. The overall top three funds holding T on 12/31/2014 were:

Fund Shares of T Held
1. Vanguard Group Inc. 280,533,698
2. State Street Corp 233,298,519
3. Evercore Trust Company N.A. 216,935,662
4-10 Find out the full Top 10 Hedge Funds Holding T

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 AT&T Inc ( T).

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