Unveiling the 13F Filings
Recently, a detailed review of the latest batch of the 20 most recent 13F filings for the 12/31/2023 reporting period revealed Amazon.com Inc (Symbol: AMZN) being held by 14 of these funds. When hedge fund managers seem to be of one mind, it’s prudent to delve deeper into their collective reasoning.
Reading Between the 13F Lines
An important caveat is that 13F filings do not provide the complete narrative, as these funds are only mandated to reveal their long positions with the SEC, omitting disclosure of their short positions. For instance, a fund executing a bearish bet against a stock by selling calls might also have a long position in the stock, obscuring the overall bearish stance. While a 13F filing may display the long component, the bearish/short side often remains concealed.
Assessing Changes in Positions
Examining groups of 13F filings can offer valuable insights, especially when comparing positions across different holding periods. The latest batch of 13F filers showcased notable changes in AMZN positions:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|
From this specific group, 5 funds augmented existing AMZN positions from 09/30/2023 to 12/31/2023, while 4 funds reduced their positions and 1 fund initiated a new position.
The Big Picture
Going beyond this particular group of funds, the aggregate AMZN share count was tallied among all the funds holding AMZN at the 12/31/2023 reporting period. A comparison was made to the total AMZN shares held by these same funds at the 09/30/2023 period, revealing that hedge funds decreased their holdings by approximately -0.99%. The top three funds holding AMZN on 12/31/2023 were:
We will continue tracking the latest 13F filings by hedge fund managers and provide insights derived from an aggregation of information across groups of managers between filing periods. While individual 13F filings may sometimes be misleading due to their long-only nature, the cumulative total across groups of funds from one reporting period to another can unveil intriguing stock ideas worthy of further exploration, such as Amazon.com Inc (Symbol: AMZN).
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