Joel Kornblau - Monday, April 15, 9:05 AMAt Holdings Channel, we have reviewed the latest batch of the 22 most recent 13F filings for the 03/31/2024 reporting period, and noticed that AbbVie Inc (ABBV) 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 ABBV positions, for this latest batch of 13F filers:
Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
---|---|---|---|
Guinness Atkinson Asset Management Inc | Existing | UNCH | +$158 |
Folger Nolan Fleming Douglas Capital Management Inc. | Existing | -38 | +$485 |
waypoint wealth counsel | Existing | +87 | +$106 |
DNB Asset Management AS | Existing | +4,476 | +$12,498 |
Hudson Valley Investment Advisors Inc. ADV | Existing | +6,053 | +$2,097 |
Baldwin Brothers LLC MA | Existing | -445 | +$103 |
Channel Wealth LLC | Existing | -3,380 | -$119 |
B & T Capital Management DBA Alpha Capital Management | Existing | -1,709 | +$487 |
Tilia Fiduciary Partners Inc. | Existing | +36 | +$75 |
Ausdal Financial Partners Inc. | Existing | -620 | +$767 |
Capricorn Fund Managers Ltd | Existing | UNCH | +$690 |
Armstrong Advisory Group Inc. | Existing | UNCH | +$277 |
Delta Capital Management LLC | Existing | UNCH | +$268 |
First Financial Corp IN | Existing | -5,177 | -$502 |
AdvisorNet Financial Inc | Existing | +1,000 | +$278 |
Global Trust Asset Management LLC | Existing | UNCH | +$116 |
CHICAGO TRUST Co NA | Existing | +815 | +$1,895 |
First PREMIER Bank | Existing | +60 | +$206 |
Aggregate Change: | +1,158 | +$19,885 |
In terms of shares owned, we count 7 of the above funds having increased existing ABBV positions from 12/31/2023 to 03/31/2024, with 6 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the ABBV share count in the aggregate among all of the funds which held ABBV at the 03/31/2024 reporting period (out of the 355 we looked at in total). We then compared that number to the sum total of ABBV shares those same funds held back at the 12/31/2023 period, to see how the aggregate share count held by hedge funds has moved for ABBV. We found that between these two periods, funds reduced their holdings by 2,011 shares in the aggregate, from 7,574,292 down to 7,572,281 for a share count decline of approximately -0.03%. The overall top three funds holding ABBV on 03/31/2024 were:
» | Fund | Shares of ABBV Held |
---|---|---|
1. | Guinness Asset Management LTD | 1,243,576 |
2. | Ferguson Wellman Capital Management Inc. | 651,818 |
3. | Welch Group LLC | 357,441 |
4-10 | Find out the full Top 10 Hedge Funds Holding ABBV | » |
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 AbbVie Inc (ABBV).
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