Joel Kornblau - Friday, May 15, 10:36 AMAt Holdings Channel, we have reviewed the latest batch of the 41 most recent 13F filings for the 03/31/2020 reporting period, and noticed that CSX Corp (CSX) was held by 9 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 CSX positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Cinctive Capital Management LP||NEW||+114,889||+$6,583|
|Asahi Life Asset Management CO. LTD.||Existing||+1,180||-$43|
|Silvercrest Asset Management Group LLC||Existing||UNCH||-$492|
|Loomis Sayles & Co. L P||Existing||-12,160||-$885|
|Alyeska Investment Group L.P.||NEW||+115,000||+$6,590|
|Echo Street Capital Management LLC||NEW||+140,602||+$8,056|
|Capula Management Ltd||Existing||+165,697||+$9,495|
|Sunriver Management LLC||Existing||+396,750||+$19,086|
|Thrivent Financial for Lutherans||Existing||-23,101||-$8,774|
In terms of shares owned, we count 3 of the above funds having increased existing CSX positions from 12/31/2019 to 03/31/2020, with 2 having decreased their positions and 3 new positions. Worth noting is that Quantamental Technologies LLC, included in this recent batch of 13F filers, exited CSX common stock as of 03/31/2020.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the CSX share count in the aggregate among all of the funds which held CSX at the 03/31/2020 reporting period (out of the 3,950 we looked at in total). We then compared that number to the sum total of CSX shares those same funds held back at the 12/31/2019 period, to see how the aggregate share count held by hedge funds has moved for CSX. We found that between these two periods, funds reduced their holdings by 26,687,342 shares in the aggregate, from 303,409,348 down to 276,722,006 for a share count decline of approximately -8.80%. The overall top three funds holding CSX on 03/31/2020 were:
|»||Fund||Shares of CSX Held|
|2.||State Street Corp||33,229,296|
|3.||EdgePoint Investment Group Inc.||12,605,691|
|4-10||Find out the full Top 10 Hedge Funds Holding CSX||»|
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 CSX Corp (CSX).
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