At Holdings Channel, we sifted through the latest batch of 159 most recent 13F filings for the 12/31/2023 reporting period and found that Snowflake Inc (Symbol: SNOW) was held by 44 of these funds. When hedge fund managers appear to be thinking alike, it’s a sign that closer inspection is in order.
Before delving further, it’s crucial to note that 13F filings provide only a partial view, as these funds are obligated to disclose their long positions with the SEC but not 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. The long component may show up in a 13F filing, leading to assumptions about the fund’s bullish stance, but this tells just part of the story because the bearish/short side of the position remains unseen.
With that caveat in mind, we believe that examining groups of 13F filings can offer valuable insights, especially when comparing one holding period to another. Let’s take a closer look at the change in SNOW positions for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Neuberger Berman Group LLC | Existing | –6,876 | +$4,082 |
| Nomura Holdings Inc. | Existing | –31,307 | –$5,497 |
| Arrowstreet Capital Limited Partnership | NEW | +122,675 | +$24,412 |
| Dimension Capital Management LLC | Existing | +32 | +$172 |
As we observe the change in share counts and market values, some funds have increased their positions, while others have reduced them. This data, taken in isolation, may appear as mere figures on a screen, but it paints a vivid picture of the dynamics at play in the market. It’s akin to a complex dance, with each fund taking its own steps — some moving forward, others stepping back.
Looking at these filings is akin to seeing a snapshot of the market. Each fund’s movements are a brushstroke on the canvas, collectively creating a portrait of investor sentiment toward Snowflake. It’s not merely about numbers; it’s a portrayal of confidence, caution, and conviction.
Investors, too, are participants in this grand, ever-changing canvas. They may ponder over these moves, trying to glean insights, seeking their own place in the market’s ever-evolving narrative. After all, investing is not just a series of transactions; it’s partaking in a grand tale of capital flows, investor sentiment, and corporate fortunes.
Scrutinizing Hedge Fund Movements in Snowflake Inc (SNOW)
Noteworthy Hedge Fund Activity
| Hedge Fund | Position | Shares Change | Value Change |
| Citadel Advisors LLC | New | 14,902 | $322 |
| Aggregate Change: | +518,147 | +$168,717 | |
In terms of shares owned, we count 12 of the above funds having increased existing SNOW positions from 09/30/2023 to 12/31/2023, with 14 having decreased their positions and 18 new positions. Worth noting is that Tiger Global Management LLC, included in this recent batch of 13F filers, exited SNOW common stock as of 12/31/2023.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SNOW share count in the aggregate among all of the funds which held SNOW at the 12/31/2023 reporting period (out of the 5,042 we looked at in total). We then compared that number to the sum total of SNOW shares those same funds held back at the 09/30/2023 period, to see how the aggregate share count held by hedge funds has moved for SNOW.
We found that between these two periods, funds increased their holdings by 4,129,818 shares in the aggregate, from 97,979,434 up to 102,109,252 for a share count increase of approximately 4.21%. The overall top three funds holding SNOW on 12/31/2023 were:
Tracking the Fundamentals
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 Snowflake Inc (Symbol: SNOW).
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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.
