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 TXN positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000’s)|
|MU Investments Co. Ltd.||Existing||UNCH||–$789|
|Bradley Foster & Sargent Inc. CT||Existing||+5||–$205|
|AMF Pensionsforsakring AB||Existing||–56,175||–$15,767|
|BKS Advisors LLC||Existing||–2||–$59|
|Oppenheimer Asset Management Inc.||Existing||–1,723||–$918|
|LeJeune Puetz Investment Counsel LLC||NEW||+1,835||+$173|
|Randolph Co Inc||NEW||+118,260||+$11,176|
|First Manhattan Co.||Existing||–374||–$707|
|FUKOKU MUTUAL LIFE INSURANCE Co||Existing||UNCH||–$49|
In terms of shares owned, we count 1 of the above funds having increased existing TXN positions from 09/30/2018 to 12/31/2018, with 4 having decreased their positions and 2 new positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the TXN share count in the aggregate among all of the funds which held TXN at the 12/31/2018 reporting period (out of the 1,030 we looked at in total). We then compared that number to the sum total of TXN shares those same funds held back at the 09/30/2018 period, to see how the aggregate share count held by hedge funds has moved for TXN. We found that between these two periods, funds reduced their holdings by 1,427,066 shares in the aggregate, from 23,914,700 down to 22,487,634 for a share count decline of approximately -5.97%. The overall top three funds holding TXN on 12/31/2018 were:
|Fund||Shares of TXN Held|
|1.||Bank of Montreal Can||2,726,394|
|2.||Assenagon Asset Management S.A.||1,517,867|
|3.||New York State Teachers Retirement System||1,460,557|
|4-10||Find out the full Top 10 Hedge Funds Holding TXN|
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 Texas Instruments Inc. (NASD: TXN).
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