Joel Kornblau - Thursday, July 30, 10:56 AMAt Holdings Channel, we have reviewed the latest batch of the 26 most recent 13F filings for the 06/30/2020 reporting period, and noticed that Adobe Inc (ADBE) 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 ADBE positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Everett Harris & Co. CA||NEW||+620||+$270|
|Schmidt P J Investment Management Inc.||Existing||-315||+$260|
|Tompkins Financial Corp||Existing||+4,207||+$2,450|
|Lathrop Investment Management Corp||Existing||-4,457||+$3,531|
|Lyell Wealth Management LP||Existing||+286||+$2,413|
|Brendel Financial Advisors LLC||Existing||+2||+$746|
|Single Point Partners LLC||NEW||+514||+$224|
|Community Capital Management Inc.||Existing||UNCH||+$244|
|Sage Rhino Capital LLC||NEW||+532||+$232|
|EFG Asset Management Americas Corp.||Existing||-6,537||-$161|
In terms of shares owned, we count 3 of the above funds having increased existing ADBE positions from 03/31/2020 to 06/30/2020, with 3 having decreased their positions and 3 new positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the ADBE share count in the aggregate among all of the funds which held ADBE at the 06/30/2020 reporting period (out of the 1,359 we looked at in total). We then compared that number to the sum total of ADBE shares those same funds held back at the 03/31/2020 period, to see how the aggregate share count held by hedge funds has moved for ADBE. We found that between these two periods, funds increased their holdings by 3,078,740 shares in the aggregate, from 17,109,012 up to 20,187,752 for a share count increase of approximately 17.99%. The overall top three funds holding ADBE on 06/30/2020 were:
|»||Fund||Shares of ADBE Held|
|1.||Copper Rock Capital Partners LLC||2,769,030|
|2.||Sumitomo Mitsui Trust Holdings Inc.||2,236,880|
|3.||NN Investment Partners Holdings N.V.||875,726|
|4-10||Find out the full Top 10 Hedge Funds Holding ADBE||»|
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 Adobe Inc (ADBE).
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