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See Which Of The Latest 13F Filers Holds FedEx
Joel Kornblau - Tuesday, May 12, 11:37 AM

At Holdings Channel, we have reviewed the latest batch of the 46 most recent 13F filings for the 03/31/2020 reporting period, and noticed that FedEx Corp (FDX) was held by 19 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 FDX positions, for this latest batch of 13F filers:

FundNew Position?Change In Share CountChange In Market Value ($ in 1000's)
Providence Capital Advisors LLC NEW +50+$6
Olstein Capital Management L.P. Existing -1,000-$1,978
Migdal Insurance & Financial Holdings Ltd. Existing +41+$3
Thompson Siegel & Walmsley LLC Existing UNCH-$11
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Existing +8,133-$3,224
Coyle Financial Counsel LLC Existing -346-$313
Parkwood LLC Existing -1,448-$1,491
Value Partners Investments Inc. Existing +137,080+$9,140
Cibc World Markets Corp Existing -10,813-$2,161
Vantage Financial Partners Ltd. Inc. Existing UNCH-$61
Abbot Financial Management Inc. Existing -1,600-$494
Assetmark Inc. Existing -1-$1
Freestone Capital Holdings LLC Existing -3,462-$703
MUFG Securities EMEA plc Existing -20,419-$3,114
IFP Advisors Inc Existing -589-$184
Clarkston Capital Partners LLC Existing +419,487+$47,311
Prudential Financial Inc. Existing -2,444-$10,686
Psagot Investment House Ltd. Existing +239-$2,573
Mirae Asset Global Investments Co. Ltd. Existing +7,590+$589
Aggregate Change: +530,498+$30,055

In terms of shares owned, we count 6 of the above funds having increased existing FDX positions from 12/31/2019 to 03/31/2020, with 10 having decreased their positions and 1 new position. Worth noting is that Kepos Capital LP, and Regal Investment Advisors LLC, included in this recent batch of 13F filers, exited FDX common stock as of 03/31/2020.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the FDX share count in the aggregate among all of the funds which held FDX at the 03/31/2020 reporting period (out of the 2,716 we looked at in total). We then compared that number to the sum total of FDX 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 FDX. We found that between these two periods, funds reduced their holdings by 1,826,524 shares in the aggregate, from 56,855,988 down to 55,029,464 for a share count decline of approximately -3.21%. The overall top three funds holding FDX on 03/31/2020 were:

»FundShares of FDX Held
1.BlackRock Inc. 17,395,107
2.State Street Corp 9,899,836
3.Parnassus Investments CA 6,136,330
4-10Find out the full Top 10 Hedge Funds Holding FDX»

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 FedEx Corp (FDX).

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