At Holdings Channel, we have reviewed the latest batch of the 31 most recent 13F filings for the 12/31/2014 reporting period, and noticed that McKesson Corp. (NYSE: MCK) 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.
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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 MCK positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| WealthTrust Fairport LLC | Existing | UNCH | +$13 |
| Oak Associates Ltd. OH | Existing | -3,700 | -$623 |
| Analytic Investors LLC | Existing | -55,773 | -$7,599 |
| Menta Capital LLC | NEW | +7,720 | +$1,603 |
| Thompson Siegel & Walmsley LLC | Existing | -216 | -$31 |
| Solaris Asset Management LLC | NEW | +3,200 | +$664 |
| Schwerin Boyle Capital Management Inc. | Existing | -15,400 | -$2,778 |
| FineMark National Bank & Trust | Existing | -210 | +$16 |
| Peregrine Asset Advisers Inc. | Existing | -15,380 | -$2,956 |
| Ifrah Financial Services Inc. | Existing | -245 | +$20 |
| IronBridge Capital Management LP | Existing | +590 | +$174 |
| Credit Agricole S A | Existing | +121,897 | +$31,930 |
| Aggregate Change: | +42,483 | +$20,433 | |
In terms of shares owned, we count 2 of the above funds having increased existing MCK positions from 09/30/2014 to 12/31/2014, with 7 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 MCK share count in the aggregate among all of the funds which held MCK at the 12/31/2014 reporting period (out of the 1,375 we looked at in total so far). We then compared that number to the sum total of MCK shares those same funds held back at the 09/30/2014 period, to see how the aggregate share count held by hedge funds has moved for MCK. We found that between these two periods, funds reduced their holdings by 492,327 shares in the aggregate, from 21,106,410 down to 20,614,083 for a share count decline of approximately -2.33%. The overall top three funds holding MCK on 12/31/2014 that filed so far were:
| Fund | Shares of MCK Held | |
|---|---|---|
| 1. | Montag & Caldwell LLC | 1,899,477 |
| 2. | Columbus Circle Investors | 1,482,483 |
| 3. | American Century Companies Inc. | 1,177,281 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding MCK |
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 McKesson Corp. (NYSE: MCK).
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