Joel Kornblau - Thursday, May 14, 10:45 AMAt Holdings Channel, we have reviewed the latest batch of the 28 most recent 13F filings for the 03/31/2020 reporting period, and noticed that Exxon Mobil Corp (XOM) was held by 11 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 XOM positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Northeast Investment Management||Existing||-8,302||-$6,007|
|Cheviot Value Management LLC||Existing||+2,251||-$1,256|
|BNP Paribas Arbitrage SA||Existing||-92,477||-$40,933|
|Point Break Capital Management LLC||NEW||+20,000||+$759|
|Roanoke Asset Management Corp NY||Existing||-864||-$301|
|Wealth Quarterback LLC||Existing||-24,285||-$357|
|Westpac Banking Corp||Existing||-71,007||-$19,193|
|Wintrust Investments LLC||Existing||+1,298||-$412|
|Delta Investment Management LLC||Existing||-96||-$504|
|Global Wealth Management Investment Advisory Inc.||Existing||+16,482||-$312|
|Vaughan Nelson Investment Management L.P.||Existing||UNCH||-$686|
In terms of shares owned, we count 3 of the above funds having increased existing XOM positions from 12/31/2019 to 03/31/2020, with 6 having decreased their positions and 1 new position. Worth noting is that Castleark Management LLC, Richard Bernstein Advisors LLC, and Marathon Trading Investment Management LLC, included in this recent batch of 13F filers, exited XOM common stock as of 03/31/2020.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the XOM share count in the aggregate among all of the funds which held XOM at the 03/31/2020 reporting period (out of the 3,379 we looked at in total). We then compared that number to the sum total of XOM 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 XOM. We found that between these two periods, funds reduced their holdings by 36,908,054 shares in the aggregate, from 1,125,519,232 down to 1,088,611,178 for a share count decline of approximately -3.28%. The overall top three funds holding XOM on 03/31/2020 were:
|»||Fund||Shares of XOM Held|
|2.||State Street Corp||206,504,078|
|3.||Bank of New York Mellon Corp||50,257,781|
|4-10||Find out the full Top 10 Hedge Funds Holding XOM||»|
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 Exxon Mobil Corp (XOM).
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