At Holdings Channel, we have reviewed the latest batch of the 25 most recent 13F filings for the 03/31/2024 reporting period, and noticed that Mondelez International Inc (Symbol: MDLZ) was held by 11 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 MDLZ positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| GSA Capital Partners LLP | NEW | +24,088 | +$1,686 |
| BI Asset Management Fondsmaeglerselskab A S | Existing | +40,212 | +$2,226 |
| Boomfish Wealth Group LLC | Existing | +1,615 | +$76 |
| Pictet North America Advisors SA | NEW | +12,500 | +$875 |
| United Community Bank | Existing | UNCH | –$10 |
| Cincinnati Insurance Co. | Existing | UNCH | –$2,113 |
| Cincinnati Indemnity Co. | Existing | UNCH | –$24 |
| Cincinnati Specialty Underwriters Insurance CO | Existing | UNCH | –$97 |
| CSU Producer Resources Inc. | Existing | UNCH | –$46 |
| Cincinnati Financial Corp | Existing | UNCH | –$3,519 |
| Flputnam Investment Management Co. | Existing | –4,795 | –$829 |
| Aggregate Change: | +73,620 | –$1,775 | |
In terms of shares owned, we count 2 of the above funds having increased existing MDLZ positions from 12/31/2023 to 03/31/2024, with 1 having decreased their position and 2 new positions. Worth noting is that Cincinnati Indemnity Co., included in this recent batch of 13F filers, exited MDLZ common stock as of 03/31/2024.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the MDLZ share count in the aggregate among all of the funds which held MDLZ at the 03/31/2024 reporting period (out of the 2,742 we looked at in total). We then compared that number to the sum total of MDLZ 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 MDLZ. We found that between these two periods, funds increased their holdings by 319,081 shares in the aggregate, from 84,047,549 up to 84,366,630 for a share count increase of approximately 0.38%. The overall top three funds holding MDLZ 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 Mondelez International Inc (Symbol: MDLZ).
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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.
