Joel Kornblau - Thursday, January 9, 1:37 PMAt Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 12/31/2019 reporting period, and noticed that JPMorgan Chase & Co (JPM) was held by 13 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 JPM positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|R.H. Dinel Investment Counsel Inc.||Existing||UNCH||+$131|
|Schwarz Dygos Wheeler Investment Advisors LLC||Existing||+225||+$439|
|Xcel Wealth Management LLC||Existing||-52||+$1,128|
|Vishria Bird Financial Group LLC||Existing||-80||+$33|
|Triangle Securities Wealth Management||Existing||-319||+$632|
|HWG Holdings LP||Existing||+4,680||+$818|
|Santori & Peters Inc.||Existing||+26||+$122|
|Pure Financial Advisors Inc.||Existing||+149||+$73|
|Salem Capital Management Inc.||Existing||+900||+$846|
|Private Capital Advisors Inc.||Existing||-625||+$1,399|
|Smithbridge Asset Management Inc. DE||Existing||+1,250||+$358|
In terms of shares owned, we count 6 of the above funds having increased existing JPM positions from 09/30/2019 to 12/31/2019, with 6 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the JPM share count in the aggregate among all of the funds which held JPM at the 12/31/2019 reporting period (out of the 109 we looked at in total). We then compared that number to the sum total of JPM shares those same funds held back at the 09/30/2019 period, to see how the aggregate share count held by hedge funds has moved for JPM. We found that between these two periods, funds reduced their holdings by 97,856 shares in the aggregate, from 9,465,945 down to 9,368,089 for a share count decline of approximately -1.03%. The overall top three funds holding JPM on 12/31/2019 were:
|»||Fund||Shares of JPM Held|
|1.||WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST||4,700,000|
|2.||Park National Corp OH||555,708|
|3.||Packer & Co Ltd||550,405|
|4-10||Find out the full Top 10 Hedge Funds Holding JPM||»|
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 JPMorgan Chase & Co (JPM).
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