Yahoo! Popular Amongst Latest 13F Filers

At Holdings Channel, we have reviewed the latest batch of the 66 most recent 13F filings for the 12/31/2014 reporting period, and noticed that Yahoo! Inc. (YHOO) was held by 22 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 YHOO positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
CSS LLC IL Existing -1,800 +$42
Wealthfront Inc. Existing +1,899 +$150
QS Investors LLC Existing -1,000 +$107
Halcyon Management Partners LP NEW +622,973 +$31,467
Laurion Capital Management LP Existing +442,641 +$24,106
Absolute Return Capital LLC Existing UNCH $UNCH
Two Sigma Securities LLC NEW +11,896 +$601
Edgestream Partners L.P. Existing -35,325 -$1,329
Scoggin LLC NEW +520,000 +$26,265
Meiji Yasuda Life Insurance Co Existing -2,200 +$122
Two Sigma Investments LLC Existing +2,148,701 +$111,403
Columbus Hill Capital Management L.P. Existing +238,561 +$16,051
Allianz Asset Management AG Existing +1,511,492 -$17,727
Two Sigma Advisers LLC Existing +1,947,800 +$100,355
Jane Street Group LLC Existing -2,022,466 -$81,468
Bessemer Group Inc. Existing -33,107 -$1,339
Advisor Partners LLC Existing +734 +$179
Pacad Investment Ltd. NEW +49,066 +$2,478
Nomura Holdings Inc. Existing -1,447,141 -$61,759
First Pacific Advisors LLC Existing +881,700 +$73,815
Pine River Capital Management L.P. Existing -1,048,135 -$39,558
Moore Capital Management LP Existing -190,096 -$6,186
Aggregate Change: +3,596,193 +$177,775

In terms of shares owned, we count 8 of the above funds having increased existing YHOO positions from 09/30/2014 to 12/31/2014, with 9 having decreased their positions and 4 new positions. Worth noting is that Hillhouse Capital Management Ltd., included in this recent batch of 13F filers, exited YHOO common stock as of 12/31/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the YHOO share count in the aggregate among all of the funds which held YHOO 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 YHOO 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 YHOO. We found that between these two periods, funds increased their holdings by 69,886,280 shares in the aggregate, from 341,350,132 up to 411,236,412 for a share count increase of approximately 20.47%. The overall top three funds holding YHOO on 12/31/2014 were:

Fund Shares of YHOO Held
1. Vanguard Group Inc. 46,883,344
2. State Street Corp 38,228,356
3. Capital Research Global Investors 25,932,008
4-10 Find out the full Top 10 Hedge Funds Holding YHOO

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 Yahoo! Inc. ( YHOO).

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