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See Which Of The Latest 13F Filers Holds FedEx
Joel Kornblau - Thursday, May 11, 11:07 AM

At Holdings Channel, we have reviewed the latest batch of the 27 most recent 13F filings for the 03/31/2017 reporting period, and noticed that FedEx Corp (FDX) was held by 13 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 FDX positions, for this latest batch of 13F filers:

FundNew Position?Change In Share CountChange In Market Value ($ in 1000's)
Traynor Capital Management Inc. Existing +430+$71
Suffolk Capital Management LLC Existing +9,816+$2,593
ClariVest Asset Management LLC Existing -2,700+$164
Investment House LLC Existing -225+$457
Boston Private Wealth LLC Existing -647+$789
Glassman Wealth Services Existing UNCH+$12
Analyst IMS Investment Management Services Ltd. Existing -38+$25
Burney Co. Existing +1,042+$324
First Interstate Bank Existing -1,520+$31
Forester Capital Management LTD Existing -3,140-$432
MAI Capital Management Existing UNCH+$12
Tributary Capital Management LLC Existing -200-$2
Roundview Capital LLC Existing -30+$197
Aggregate Change: +2,788+$4,241

In terms of shares owned, we count 3 of the above funds having increased existing FDX positions from 12/31/2016 to 03/31/2017, with 8 having decreased their positions.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the FDX share count in the aggregate among all of the funds which held FDX at the 03/31/2017 reporting period (out of the 2,040 we looked at in total). We then compared that number to the sum total of FDX 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 FDX. We found that between these two periods, funds increased their holdings by 623,762 shares in the aggregate, from 52,985,822 up to 53,609,584 for a share count increase of approximately 1.18%. The overall top three funds holding FDX on 03/31/2017 were:

FundShares of FDX Held
1.Ameriprise Financial Inc. 3,645,720
2.Canada Pension Plan Investment Board 3,593,141
3.Jennison Associates LLC 3,429,971
4-10Find out the full Top 10 Hedge Funds Holding FDX

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 FedEx Corp (FDX).

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