At Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 12/31/2018 reporting period, and noticed that Comcast Corp (CMCSA) was held by 12 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
Start slideshow: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 CMCSA positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| WoodTrust Financial Corp | Existing | –81,870 | –$2,913 |
| Financial Gravity Companies Inc. | NEW | +435 | +$16 |
| Raab & Moskowitz Asset Management LLC | Existing | +1,352 | +$4 |
| Duff & Phelps Investment Management Co. | Existing | UNCH | –$66 |
| Spinnaker Trust | Existing | +2,249 | –$62 |
| Round Table Services LLC | Existing | –642 | –$31 |
| Pinnacle Financial Partners Inc. | Existing | –23,906 | –$1,184 |
| Twin Capital Management Inc. | Existing | +28,160 | +$469 |
| Investors Research Corp | Existing | UNCH | –$16 |
| BB&T Securities LLC | Existing | +76,713 | +$748 |
| Yacktman Asset Management LP | Existing | +138,800 | +$2,354 |
| Securian Asset Management Inc | Existing | –1,499 | –$686 |
| Aggregate Change: | +139,792 | –$1,367 | |
In terms of shares owned, we count 5 of the above funds having increased existing CMCSA positions from 09/30/2018 to 12/31/2018, with 4 having decreased their positions and 1 new position.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the CMCSA share count in the aggregate among all of the funds which held CMCSA at the 12/31/2018 reporting period (out of the 1,350 we looked at in total). We then compared that number to the sum total of CMCSA 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 CMCSA. We found that between these two periods, funds reduced their holdings by 1,326,320 shares in the aggregate, from 172,020,683 down to 170,694,363 for a share count decline of approximately -0.77%. The overall top three funds holding CMCSA on 12/31/2018 were:
| Fund | Shares of CMCSA Held | |
|---|---|---|
| 1. | Bank of Montreal Can | 19,754,350 |
| 2. | Rhumbline Advisers | 8,235,876 |
| 3. | New York State Teachers Retirement System | 7,187,445 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding CMCSA |
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 Comcast Corp (CMCSA).
