Hedge Fund Interest in Eaton Corp: A Closer Look at 13F Filings
The latest 13F filings for the reporting period ending on September 30, 2024, show that 11 hedge funds have invested in Eaton Corp plc (Symbol: ETN). This concentration of interest suggests a deeper examination of these positions is warranted.
It’s crucial to understand that 13F filings only disclose long positions, meaning they do not depict the full investment picture. For instance, a fund may hold a long position in ETN while simultaneously betting against it with short positions. This potential mix can mislead observers into assuming an entirely bullish outlook based on the available data.
With this limitation in mind, analyzing the trends in 13F filings can still be insightful, especially when comparing different reporting periods. Below, we examine the changes in ETN ownership among the hedge funds in our review:
Data reveals that three of the funds increased their ETN positions from June 30, 2024, to September 30, 2024. Conversely, five funds reduced their holdings, while one fund established a new position in the stock.
Expanding our analysis to a broader scope, among the 3,178 funds analyzed, we calculated the total number of ETN shares held as of September 30, 2024, and compared this to the total from June 30, 2024. The findings indicate a net increase of 647,040 shares, raising the aggregate from 26,894,337 to 27,541,377 shares, which is approximately a 2.41% rise in holdings. The leading three funds holding ETN at the end of September were:
Continued monitoring of 13F filings by hedge funds will reveal intriguing narratives from aggregate data across different filing periods. While individual filings may be misleading due to their long-only nature, examining the overall trends of a group’s positions can unveil significant insights and investment ideas, such as those represented by Eaton Corp plc (Symbol: ETN).
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Also see:
• POR YTD Return
• ETFs Holding BGFV
• SNCY YTD Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
