Joel Kornblau - Thursday, February 10, 2:24 PMAt Holdings Channel, we have reviewed the latest batch of the 38 most recent 13F filings for the 12/31/2021 reporting period, and noticed that Block Inc (SQ) was held by 12 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 SQ positions, for this latest batch of 13F filers:
Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
---|---|---|---|
Qube Research & Technologies Ltd | Existing | +117,639 | +$15,847 |
Jacobs Asset Management LLC | NEW | +12,500 | +$2,019 |
Makena Capital Management LLC | Existing | +37,310 | +$2,255 |
Quaero Capital S.A. | NEW | +300,000 | +$448 |
Wisconsin Capital Management LLC | Existing | -13,128 | -$3,423 |
Lumature Wealth Partners LLC | Existing | UNCH | -$6 |
Cutter & CO Brokerage Inc. | Existing | -60 | -$551 |
Confluence Wealth Services Inc. | NEW | +1,361 | +$219 |
Capital Fund Management S.A. | Existing | -68,722 | -$3,371 |
Pictet Asset Management SA | Existing | -13,232 | -$28,877 |
Lee Capital Holdings LLC | NEW | +11,025 | +$1,781 |
DAVENPORT & Co LLC | Existing | +127 | -$584 |
Aggregate Change: | +384,820 | -$14,243 |
In terms of shares owned, we count 3 of the above funds having increased existing SQ positions from 09/30/2021 to 12/31/2021, with 4 having decreased their positions and 4 new positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SQ share count in the aggregate among all of the funds which held SQ at the 12/31/2021 reporting period (out of the 3,143 we looked at in total). We then compared that number to the sum total of SQ shares those same funds held back at the 09/30/2021 period, to see how the aggregate share count held by hedge funds has moved for SQ. We found that between these two periods, funds increased their holdings by 3,017,719 shares in the aggregate, from 63,247,416 up to 66,265,135 for a share count increase of approximately 4.77%. The overall top three funds holding SQ on 12/31/2021 were:
» | Fund | Shares of SQ Held |
---|---|---|
1. | Jennison Associates LLC | 10,621,891 |
2. | Sumitomo Mitsui Trust Holdings Inc. | 6,311,284 |
3. | ARK Investment Management LLC | 6,177,364 |
4-10 | Find out the full Top 10 Hedge Funds Holding SQ | » |
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 Block Inc (SQ).
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