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.
