See Which Of The Latest 13F Filers Holds Walt Disney
Joel Kornblau - Friday, April 21, 1:07 PMAt Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 03/31/2017 reporting period, and noticed that Walt Disney Co. (DIS) was held by 15 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 DIS positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Hermes Investment Management Ltd.
|Stewart & Patten Co. LLC
|Asset Dedication LLC
|Douglas Lane & Associates LLC
|Covenant Asset Management LLC
|First National Bank Sioux Falls
|Guidant Wealth Advisors
|Navellier & Associates Inc
|Retirement Systems of Alabama
|Windward Capital Management Co. CA
|Jag Capital Management LLC
|James Investment Research Inc.
|Diversified Trust Co
|Hudson Valley Investment Advisors Inc. ADV
In terms of shares owned, we count 5 of the above funds having increased existing DIS positions from 12/31/2016 to 03/31/2017, with 8 having decreased their positions. Worth noting is that United States Steel & Carnegie Pension Fund, included in this recent batch of 13F filers, exited DIS common stock as of 03/31/2017.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the DIS share count in the aggregate among all of the funds which held DIS at the 03/31/2017 reporting period (out of the 505 we looked at in total). We then compared that number to the sum total of DIS shares those same funds held back at the 12/31/2016 period, to see how the aggregate share count held by hedge funds has moved for DIS. We found that between these two periods, funds reduced their holdings by 394,605 shares in the aggregate, from 22,462,070 down to 22,067,465 for a share count decline of approximately -1.76%. The overall top three funds holding DIS on 03/31/2017 were:
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 Walt Disney Co. (DIS).