At Holdings Channel, we have reviewed the latest batch of the 98 most recent 13F filings for the 06/30/2022 reporting period, and noticed that UnitedHealth Group Inc (UNH) was held by 43 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.

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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 UNH positions, for this latest batch of 13F filers:

In terms of shares owned, we count 14 of the above funds having increased existing UNH positions from 03/31/2022 to 06/30/2022, with 22 having decreased their positions and 3 new positions. Worth noting is that HRT Financial LP, and Fox Run Management L.L.C., included in this recent batch of 13F filers, exited UNH common stock as of 06/30/2022.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the UNH share count in the aggregate among all of the funds which held UNH at the 06/30/2022 reporting period (out of the 4,046 we looked at in total). We then compared that number to the sum total of UNH shares those same funds held back at the 03/31/2022 period, to see how the aggregate share count held by hedge funds has moved for UNH. We found that between these two periods, funds reduced their holdings by 141,395 shares in the aggregate, from 159,186,705 down to 159,045,310 for a share count decline of approximately -0.09%. The overall top three funds holding UNH on 06/30/2022 were: