At Holdings Channel, we have reviewed the latest batch of the 54 most recent 13F filings for the 03/31/2024 reporting period, and noticed that Meta Platforms Inc (Symbol: META) was held by 28 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 META positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Ironwood Investment Counsel LLC | Existing | –24 | +$1,842 |
| Catalytic Wealth RIA LLC | Existing | +1,396 | +$1,433 |
| Northern Capital Management Inc. | Existing | +21 | +$92 |
| Jacobi Capital Management LLC | Existing | –1,087 | +$2,690 |
| Mark Sheptoff Financial Planning LLC | Existing | +9 | +$55 |
| Edgestream Partners L.P. | Existing | +2,113 | +$5,370 |
| Strait & Sound Wealth Management LLC | Existing | +4 | +$628 |
| Nicola Wealth Management LTD. | NEW | +29,000 | +$14,082 |
| Cercano Management LLC | NEW | +55,201 | +$26,805 |
| Chiron Capital Management LLC | Existing | –500 | –$63 |
| Patten & Patten Inc. TN | Existing | –225 | +$177 |
| CenterBook Partners LP | Existing | +3,460 | +$5,724 |
| Allstate Corp | Existing | –180 | +$885 |
| Citizens Financial Group Inc. RI | Existing | UNCH | +$9,224 |
| Osaic Holdings Inc. | Existing | –128,821 | +$22,080 |
| Blue Barn Wealth LLC | Existing | +223 | +$255 |
| Connors Investor Services Inc. | Existing | –13,316 | –$1,635 |
| Acadian Asset Management LLC | Existing | –40,019 | +$113,553 |
| South Street Advisors LLC | Existing | +8,947 | +$5,351 |
| Fiducient Advisors LLC | Existing | +1,898 | +$1,264 |
| TIAA Trust National Association | Existing | –9,983 | +$21,463 |
| Vanguard Group Inc. | Existing | +831,047 | +$24,930,840 |
| Alera Investment Advisors LLC | Existing | +876 | +$675 |
| Cornerstone Advisors LLC | Existing | –27,800 | +$1,572 |
| Viawealth LLC | Existing | –57 | +$134 |
| Spirepoint Private Client LLC | NEW | +2,187 | +$1,062 |
| Westfield Capital Management Co. LP | Existing | –21,849 | +$84,741 |
| Intech Investment Management LLC | Existing | +10,821 | +$69,072 |
| Aggregate Change: | +703,342 | +$25,319,371 | |
In terms of shares owned, we count 12 of the above funds having increased existing META positions from 12/31/2023 to 03/31/2024, with 12 having decreased their positions and 3 new positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the META share count in the aggregate among all of the funds which held META at the 03/31/2024 reporting period (out of the 3,921 we looked at in total). We then compared that number to the sum total of META 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 META. We found that between these two periods, funds reduced their holdings by 1,097,169 shares in the aggregate, from 217,068,500 down to 215,971,331 for a share count decline of approximately -0.51%. The overall top three funds holding META 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 Meta Platforms Inc (Symbol: META).
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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.
