At Holdings Channel, we have reviewed the latest batch of the 138 most recent 13F filings for the 09/30/2014 reporting period, and noticed that HCA Holdings Inc (NYSE: HCA) was held by 32 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 HCA positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| AHL Partners LLP | NEW | +44,108 | +$3,110 |
| Arrowstreet Capital Limited Partnership | Existing | +1,122,612 | +$106,861 |
| Adamant Biomedical Investments AG | NEW | +45,000 | +$3,173 |
| Allianz Asset Management AG | Existing | -79,070 | +$7,266 |
| Bain Capital Investors LLC | Existing | UNCH | +$215,293 |
| Barclays PLC | Existing | +306,974 | +$21,488 |
| Canyon Capital Advisors LLC | Existing | -700 | +$2,580 |
| Catapult Capital Management LLC | Existing | +30,000 | +$3,105 |
| Caxton Associates LP | Existing | -175,000 | -$9,513 |
| Columbus Hill Capital Management L.P. | Existing | -1,742,400 | -$87,267 |
| Decade Capital Management LLC | Existing | -193,433 | -$8,629 |
| Fir Tree Inc. | Existing | +164,900 | +$34,938 |
| Force Capital Management LLC | Existing | -83,647 | +$5,213 |
| Geode Capital Management LLC | Existing | +43,556 | +$25,921 |
| GLG Partners LP | Existing | +754,993 | +$56,963 |
| Green Arrow Capital Management LLC | NEW | +50,000 | +$3,526 |
| Ghost Tree Capital LLC | Existing | +15,000 | +$1,694 |
| Gotham Asset Management LLC | Existing | -21,519 | -$1,161 |
| Highbridge Capital Management LLC | NEW | +38,384 | +$2,707 |
| Invictus RG Pte. Ltd. | Existing | -237 | +$29 |
| Jane Street Group LLC | NEW | +8,238 | +$581 |
| Kingdon Capital Management L.L.C. | Existing | -114,188 | +$18,280 |
| New Mountain Vantage Advisers L.L.C. | Existing | -355,788 | -$4,508 |
| Orbimed Advisors LLC | Existing | -300,000 | +$42,658 |
| Putnam Investments LLC | Existing | +311,984 | +$24,154 |
| Placemark Investments Inc. | Existing | +15,390 | +$1,204 |
| Royal Bank of Canada | Existing | +470,953 | +$36,448 |
| Sandler Capital Management | Existing | +249,931 | +$17,908 |
| Springbok Capital Management LLC | NEW | +1,190 | +$84 |
| Suntrust Banks Inc. | Existing | -1,308 | +$94 |
| Sterling Capital Management LLC | Existing | -730,601 | -$33,443 |
| Waddell & Reed Financial Inc. | Existing | +673,823 | +$98,875 |
| Aggregate Change: | +549,145 | +$589,632 | |
In terms of shares owned, we count 12 of the above funds having increased existing HCA positions from 06/30/2014 to 09/30/2014, with 13 having decreased their positions and 6 new positions. Worth noting is that 40 North Management LLC, Camber Capital Management LLC, Consulta Ltd, and PointState Capital LP, included in this recent batch of 13F filers, exited HCA common stock as of 09/30/2014.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the HCA share count in the aggregate among all of the funds which held HCA at the 09/30/2014 reporting period (out of the 3,348 we looked at in total). We then compared that number to the sum total of HCA 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 HCA. We found that between these two periods, funds increased their holdings by 11,729,277 shares in the aggregate, from 255,813,689 up to 267,542,966 for a share count increase of approximately 4.59%. The overall top three funds holding HCA on 09/30/2014 were:
| Fund | Shares of HCA Held | |
|---|---|---|
| 1. | FMR LLC | 21,884,547 |
| 2. | Wellington Management Co. LLP | 16,077,389 |
| 3. | Kohlberg Kravis Roberts & Co. L.P. | 14,890,038 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding HCA |
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 HCA Holdings Inc (NYSE: HCA).
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