At Holdings Channel, we have reviewed the latest batch of the 21 most recent 13F filings for the 09/30/2014 reporting period, and noticed that United Technologies Corp. (NYSE: UTX) was held by 10 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
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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 UTX positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| Valicenti Advisory Services Inc. | Existing | +24,848 | +$2,282 |
| Mathes Company Inc. | Existing | UNCH | -$28 |
| Weaver C. Barksdale & Associates Inc. | Existing | UNCH | -$67 |
| Sit Investment Associates Inc. | Existing | -46,376 | -$10,380 |
| Penobscot Investment Management Company Inc. | Existing | +580 | -$585 |
| A. D. Beadell Investment Counsel Inc. | NEW | +3,020 | +$318 |
| HL Financial Services LLC | Existing | +101 | -$204 |
| Northeast Investment Management | Existing | +2,102 | -$413 |
| Regions Financial Corp | Existing | +3,454 | -$4,566 |
| Marco Investment Management LLC | Existing | +230 | -$12 |
| Aggregate Change: | -12,041 | -$13,655 | |
In terms of shares owned, we count 6 of the above funds having increased existing UTX positions from 06/30/2014 to 09/30/2014, with 1 having decreased their position and 1 new position. Worth noting is that River & Mercantile Asset Management LLP, included in this recent batch of 13F filers, exited UTX common stock as of 09/30/2014.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the UTX share count in the aggregate among all of the funds which held UTX at the 09/30/2014 reporting period (out of the 622 we looked at in total). We then compared that number to the sum total of UTX shares those same funds held back at the 06/30/2014 period, to see how the aggregate share count held by hedge funds has moved for UTX. We found that between these two periods, funds reduced their holdings by 335,371 shares in the aggregate, from 35,064,607 down to 34,729,236 for a share count decline of approximately -0.96%. The overall top three funds holding UTX on 09/30/2014 were:
| Fund | Shares of UTX Held | |
|---|---|---|
| 1. | Aberdeen Asset Management PLC UK | 8,463,653 |
| 2. | Fisher Asset Management LLC | 8,381,490 |
| 3. | Stralem & Co. Inc. | 815,525 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding UTX |
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 United Technologies Corp. (NYSE: UTX).
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