Joel Kornblau - Tuesday, July 25, 10:38 AMAt Holdings Channel, we have reviewed the latest batch of the 30 most recent 13F filings for the 06/30/2023 reporting period, and noticed that Bank of America Corp (BAC) was held by 18 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 BAC positions, for this latest batch of 13F filers:
Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
---|---|---|---|
Hexagon Capital Partners LLC | Existing | +4,571 | +$136 |
Horrell Capital Management Inc. | Existing | +29,518 | +$847 |
Alliance Wealth Advisors LLC | Existing | +356 | +$11 |
Lafayette Investments Inc. | Existing | -2,699 | -$72 |
Mount Vernon Associates Inc. MD | Existing | +200 | +$13 |
MCF Advisors LLC | Existing | +3,202 | +$94 |
Prairiewood Capital LLC | Existing | +70 | +$7 |
SVB Wealth LLC | Existing | -25,332 | -$711 |
Country Club Bank GFN | Existing | -12,464 | -$273 |
Provence Wealth Management Group | Existing | +41 | +$3 |
Schrum Private Wealth Management LLC | Existing | -332 | -$8 |
KWB Wealth | Existing | -1,373 | -$109 |
Dfpg Investments LLC | Existing | +33,068 | +$1,200 |
Aull & Monroe Investment Management Corp | Existing | UNCH | +$7 |
Accel Wealth Management | Existing | +85 | +$4 |
Breakwater Capital Group | Existing | -165 | -$2 |
Robeco Institutional Asset Management B.V. | Existing | +1,850,282 | +$53,524 |
Aspire Private Capital LLC | Existing | -3,476 | -$97 |
Aggregate Change: | +1,875,552 | +$54,574 |
In terms of shares owned, we count 10 of the above funds having increased existing BAC positions from 03/31/2023 to 06/30/2023, with 7 having decreased their positions. Worth noting is that Kessler Investment Group LLC, included in this recent batch of 13F filers, exited BAC common stock as of 06/30/2023.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the BAC share count in the aggregate among all of the funds which held BAC at the 06/30/2023 reporting period (out of the 1,397 we looked at in total). We then compared that number to the sum total of BAC shares those same funds held back at the 03/31/2023 period, to see how the aggregate share count held by hedge funds has moved for BAC. We found that between these two periods, funds increased their holdings by 98,387,033 shares in the aggregate, from 83,213,619 up to 181,600,652 for a share count increase of approximately 118.23%. The overall top three funds holding BAC on 06/30/2023 were:
» | Fund | Shares of BAC Held |
---|---|---|
1. | Bank Julius Baer & Co. Ltd Zurich | 97,976,121 |
2. | DNB Asset Management AS | 3,525,916 |
3. | Allspring Global Investments Holdings LLC | 3,083,613 |
4-10 | Find out the full Top 10 Hedge Funds Holding BAC | » |
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 Bank of America Corp (BAC).
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