At Holdings Channel, we have reviewed the latest batch of the 53 most recent 13F filings for the 03/31/2024 reporting period, and noticed that NVIDIA Corp (Symbol: NVDA) was held by 41 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 NVDA positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Schwarz Dygos Wheeler Investment Advisors LLC | Existing | –266 | +$325 |
| Westchester Capital Management Inc. | Existing | +50 | +$153 |
| Rehmann Capital Advisory Group | Existing | –53 | +$4,611 |
| Chevy Chase Trust Holdings LLC | Existing | –72,185 | +$702,809 |
| Etfidea LLC | NEW | +545 | +$493 |
| Bbjs Financial Advisors LLC | Existing | UNCH | +$1,225 |
| SFE Investment Counsel | Existing | –5,384 | +$4,219 |
| Great Valley Advisor Group Inc. | Existing | +750 | +$46,598 |
| Petix & Botte Co | Existing | –494 | –$43 |
| Diligent Investors LLC | Existing | +511 | +$1,495 |
| FLC Capital Advisors | Existing | –170 | +$847 |
| Fidelis Capital Partners LLC | Existing | +4,125 | +$11,519 |
| Atlas Private Wealth Advisors | Existing | –3,011 | –$1,239 |
| Valmark Advisers Inc. | Existing | +877 | +$5,359 |
| Sabal Trust CO | Existing | –436 | +$669 |
| Gables Capital Management Inc. | Existing | –805 | +$7,747 |
| New York Life Investment Management LLC | Existing | –13,051 | +$131,502 |
| Savant Capital LLC | Existing | +4,970 | +$22,305 |
| Buckhead Capital Management LLC | NEW | +292 | +$264 |
| Cornerstone Management Inc. | NEW | +280 | +$253 |
| Hartford Funds Management Co LLC | Existing | –117 | +$851 |
| Idaho Trust Bank | NEW | +313 | +$283 |
| Integrated Advisors Network LLC | Existing | –6,228 | +$22,844 |
| Dopkins Wealth Management LLC | NEW | +440 | +$398 |
| Biltmore Wealth Management LLC | Existing | UNCH | +$993 |
| Carnegie Capital Asset Management LLC | Existing | –2,118 | +$37,923 |
| Pinnacle Wealth Management LLC | Existing | –1,605 | +$1,190 |
| Ocean Capital Management LLC | Existing | –1,656 | +$10,983 |
| Lmcg Investments LLC | Existing | –1,468 | +$9,695 |
| Consolidated Capital Management LLC | Existing | –310 | +$3,438 |
| Tiller Private Wealth Inc. | Existing | +202 | +$525 |
| NorthStar Asset Management LLC NJ | Existing | +131 | +$3,976 |
| Candriam S.C.A. | Existing | +88,669 | +$323,928 |
| Grandfield & Dodd LLC | Existing | –211 | +$503 |
| Financial Council LLC | Existing | UNCH | +$772 |
| Delaney Dennis R | Existing | –163 | +$3,457 |
| Broderick Brian C | Existing | –1,441 | +$10,581 |
| First Long Island Investors LLC | Existing | –12,031 | +$17,585 |
| Hemenway Trust Co LLC | Existing | –2,751 | +$21,191 |
| Texas Permanent School Fund Corp | Existing | +593 | +$208,797 |
| Lesa Sroufe & Co | NEW | +289 | +$262 |
| Aggregate Change: | –22,917 | +$1,621,286 | |
In terms of shares owned, we count 10 of the above funds having increased existing NVDA positions from 12/31/2023 to 03/31/2024, with 22 having decreased their positions and 6 new positions. Worth noting is that AM Squared Ltd, included in this recent batch of 13F filers, exited NVDA common stock as of 03/31/2024.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the NVDA share count in the aggregate among all of the funds which held NVDA at the 03/31/2024 reporting period (out of the 2,952 we looked at in total). We then compared that number to the sum total of NVDA 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 NVDA. We found that between these two periods, funds reduced their holdings by 1,736,985 shares in the aggregate, from 159,968,160 down to 158,231,175 for a share count decline of approximately -1.09%. The overall top three funds holding NVDA 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 NVIDIA Corp (Symbol: NVDA).
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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.
