At Holdings Channel, we have reviewed the latest batch of the 31 most recent 13F filings for the 03/31/2024 reporting period, and noticed that Intuit Inc (Symbol: INTU) was held by 17 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
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 INTU positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| UBS Group AG | Existing | –6,271 | +$20,211 |
| Dunhill Financial LLC | Existing | +3 | +$3 |
| Handelsbanken Fonder AB | Existing | +9,450 | +$13,669 |
| Logan Capital Management Inc. | Existing | –266 | +$13 |
| DSM Capital Partners LLC | Existing | –51,447 | –$17,844 |
| E Fund Management Co. Ltd. | Existing | +974 | +$753 |
| HFR Wealth Management LLC | Existing | –110 | +$513 |
| Tredje AP fonden | Existing | +8,500 | +$7,016 |
| Strs Ohio | Existing | –28,362 | –$12,629 |
| Y.D. More Investments Ltd | Existing | +20 | +$55 |
| Ithaka Group LLC | Existing | –1,212 | –$339 |
| Elo Mutual Pension Insurance Co | Existing | +1,109 | +$1,332 |
| Marsico Capital Management LLC | Existing | UNCH | +$358 |
| NEOS Investment Management LLC | Existing | +2,701 | +$2,095 |
| Harbor Capital Advisors Inc. | Existing | –395 | –$166 |
| Skandinaviska Enskilda Banken AB publ | Existing | +26,074 | +$21,767 |
| Amica Mutual Insurance Co. | Existing | –1,287 | –$367 |
| Aggregate Change: | –40,519 | +$36,440 | |
In terms of shares owned, we count 8 of the above funds having increased existing INTU positions from 12/31/2023 to 03/31/2024, with 8 having decreased their positions. Worth noting is that Beirne Wealth Consulting Services LLC, included in this recent batch of 13F filers, exited INTU common stock as of 03/31/2024.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the INTU share count in the aggregate among all of the funds which held INTU at the 03/31/2024 reporting period (out of the 4,272 we looked at in total). We then compared that number to the sum total of INTU shares those same funds held back at the 12/31/2023 period, to see how the aggregate share count held by hedge funds has moved for INTU. We found that between these two periods, funds increased their holdings by 1,527,730 shares in the aggregate, from 107,804,958 up to 109,332,688 for a share count increase of approximately 1.42%. The overall top three funds holding INTU on 03/31/2024 were:
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 Intuit Inc (Symbol: INTU).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
