Joel Kornblau - Wednesday, August 14, 9:39 AMAt Holdings Channel, we have reviewed the latest batch of the 79 most recent 13F filings for the 06/30/2019 reporting period, and noticed that ServiceNow Inc (NOW) was held by 18 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 NOW positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Dorsal Capital Management LLC||Existing||+100,000||+$35,881|
|Hitchwood Capital Management LP||Existing||-55,000||-$5,274|
|Islet Management LP||Existing||+7,500||+$2,551|
|DSAM Partners London Ltd||Existing||+15,986||+$6,166|
|Holocene Advisors LP||Existing||+150,662||+$54,827|
|Fred Alger Management Inc.||Existing||-1,812||+$5,216|
|Nordea Investment Management AB||Existing||-70,919||-$12,571|
|Melvin Capital Management LP||Existing||-80,933||+$18,540|
|Voya Financial Advisors Inc.||Existing||+13||+$87|
|Voya Investment Management LLC||Existing||-30,362||-$6,879|
|Oak Ridge Investments LLC||Existing||-308||-$40|
|The Manufacturers Life Insurance Company||Existing||-389||+$40|
|Prelude Capital Management LLC||NEW||-7,500||-$2,059|
|OxFORD Asset Management LLP||NEW||+5,638||+$1,548|
|Compagnie Lombard Odier SCmA||Existing||UNCH||$UNCH|
|Vanguard Group Inc.||Existing||+446,564||+$424,172|
|QCI Asset Management Inc. NY||Existing||-213||+$1,804|
|Aravt Global LLC||Existing||UNCH||+$3,762|
In terms of shares owned, we count 6 of the above funds having increased existing NOW positions from 03/31/2019 to 06/30/2019, with 8 having decreased their positions and 2 new positions. Worth noting is that Oribel Capital Management LP, and Leonard Green & Partners L.P., included in this recent batch of 13F filers, exited NOW common stock as of 06/30/2019.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the NOW share count in the aggregate among all of the funds which held NOW 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 NOW 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 NOW. We found that between these two periods, funds increased their holdings by 1,475,683 shares in the aggregate, from 51,613,731 up to 53,089,414 for a share count increase of approximately 2.86%. The overall top three funds holding NOW on 06/30/2019 were:
|»||Fund||Shares of NOW Held|
|2.||JPMorgan Chase & Co.||4,809,845|
|3.||Jennison Associates LLC||4,489,468|
|4-10||Find out the full Top 10 Hedge Funds Holding NOW||»|
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 ServiceNow Inc (NOW).
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