At Holdings Channel, we have reviewed the latest batch of the 140 most recent 13F filings for the 03/31/2024 reporting period, and noticed that Gilead Sciences Inc (Symbol: GILD) was held by 36 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 GILD positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Kayne Anderson Rudnick Investment Management LLC | Existing | –10 | –$2 |
| MetLife Investment Management LLC | Existing | –10,737 | –$3,135 |
| Swedbank AB | NEW | +1,836,028 | +$134,489 |
| Ally Financial Inc. | Existing | UNCH | –$543 |
| Sompo Asset Management Co. Ltd. | Existing | –5,720 | –$503 |
| Aviso Wealth Management | Existing | +140 | –$19 |
| Mission Creek Capital Partners Inc. | Existing | –5,659 | –$510 |
| Fort L.P. | Existing | –219 | –$42 |
| Martingale Asset Management L P | Existing | –23,136 | –$4,318 |
| Glenview Trust Co | Existing | +10,921 | –$560 |
| Rockefeller Capital Management L.P. | Existing | +1,589 | –$629 |
| Gladstone Institutional Advisory LLC | Existing | –819 | –$165 |
| Prio Wealth Limited Partnership | Existing | –450 | –$357 |
| Aberdeen Wealth Management LLC | Existing | +805 | +$1 |
| EPG Wealth Management LLC | Existing | +4 | –$39 |
| Quantinno Capital Management LP | Existing | +28,999 | +$1,830 |
| Globeflex Capital L P | Existing | –90,801 | –$9,368 |
| Winch Advisory Services LLC | Existing | +1 | –$1 |
| Angeles Investment Advisors LLC | Existing | –226 | –$43 |
| Weaver C. Barksdale & Associates Inc. | Existing | –200 | –$216 |
| Itau Unibanco Holding S.A. | Existing | –670 | –$66 |
| Guggenheim Capital LLC | Existing | –64,504 | –$10,625 |
| Pinebridge Investments L.P. | Existing | +298,743 | +$20,296 |
| Caisse DE Depot ET Placement DU Quebec | Existing | –595,546 | –$61,458 |
| Duff & Phelps Investment Management Co. | Existing | +586 | –$64 |
| Scotia Capital Inc. | Existing | –5,429 | –$1,913 |
| Standard Family Office LLC | NEW | +315 | +$23 |
| Lazard Asset Management LLC | Existing | +24,683 | –$5,526 |
| Epoch Investment Partners Inc. | Existing | +139,907 | +$4,443 |
| PEAK6 Investments LLC | Existing | +20,800 | +$1,602 |
| LRI Investments LLC | NEW | +208 | +$14 |
| 1832 Asset Management L.P. | Existing | –313 | –$265 |
| Elkhorn Partners Limited Partnership | Existing | +3,150 | +$228 |
| Zions Bancorporation N.A. | Existing | +43,358 | +$2,787 |
| Linscomb Wealth Inc. | Existing | –1,017 | –$156 |
| Truvestments Capital LLC | Existing | +85 | –$5 |
| Aggregate Change: | +1,604,866 | +$65,185 | |
In terms of shares owned, we count 15 of the above funds having increased existing GILD positions from 12/31/2023 to 03/31/2024, with 17 having decreased their positions and 3 new positions. Worth noting is that Keebeck Wealth Management LLC, included in this recent batch of 13F filers, exited GILD common stock as of 03/31/2024.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the GILD share count in the aggregate among all of the funds which held GILD at the 03/31/2024 reporting period (out of the 4,786 we looked at in total). We then compared that number to the sum total of GILD 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 GILD. We found that between these two periods, funds reduced their holdings by 12,784,170 shares in the aggregate, from 532,790,808 down to 520,006,638 for a share count decline of approximately -2.40%. The overall top three funds holding GILD 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 Gilead Sciences Inc (Symbol: GILD).
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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.
