Joel Kornblau - Wednesday, August 14, 11:09 AMAt Holdings Channel, we have reviewed the latest batch of the 69 most recent 13F filings for the 06/30/2019 reporting period, and noticed that Merck & Co Inc (MRK) was held by 15 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
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 MRK positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Regents of The University of California||Existing||UNCH||+$634|
|Crestwood Advisors Group LLC||Existing||+119,295||+$10,010|
|KDI Capital Partners LLC||Existing||-11,824||-$911|
|Martin Currie Ltd.||Existing||+38||+$151|
|Guggenheim Capital LLC||Existing||-5,791||-$104|
|Legg Mason Asset Management Japan Co. Ltd.||Existing||UNCH||+$7|
|Brandywine Global Investment Management LLC||Existing||+160,594||+$14,754|
|Parallax Volatility Advisers L.P.||Existing||-109,050||-$9,075|
|Taurus Asset Management LLC||Existing||UNCH||+$3|
|Ironwood Investment Management LLC||Existing||UNCH||+$3|
|Unio Capital LLC||Existing||-900||-$52|
|Capital Counsel LLC NY||Existing||UNCH||+$67|
|Pin Oak Investment Advisors Inc.||Existing||+240||+$22|
|Loomis Sayles & Co. L P||Existing||+2,017||+$4,000|
In terms of shares owned, we count 6 of the above funds having increased existing MRK positions from 03/31/2019 to 06/30/2019, with 4 having decreased their positions. Worth noting is that Orbis Allan Gray Ltd, included in this recent batch of 13F filers, exited MRK common stock as of 06/30/2019.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the MRK share count in the aggregate among all of the funds which held MRK at the 06/30/2019 reporting period (out of the 3,459 we looked at in total). We then compared that number to the sum total of MRK shares those same funds held back at the 03/31/2019 period, to see how the aggregate share count held by hedge funds has moved for MRK. We found that between these two periods, funds increased their holdings by 1,460,331 shares in the aggregate, from 849,729,124 up to 851,189,455 for a share count increase of approximately 0.17%. The overall top three funds holding MRK on 06/30/2019 were:
|»||Fund||Shares of MRK Held|
|2.||JPMorgan Chase & Co.||40,471,054|
|3.||Bank of New York Mellon Corp||35,719,797|
|4-10||Find out the full Top 10 Hedge Funds Holding MRK||»|
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 Merck & Co Inc (MRK).
Get Free SEC filing alerts for MRK:
MRK SEC Filing Email Alerts Service