At Holdings Channel, we have reviewed the latest batch of the 35 most recent 13F filings for the 03/31/2024 reporting period, and noticed that SPDR S&P 500 ETF Trust (Symbol: SPY) was held by 19 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 SPY positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Boston Family Office LLC | Existing | –133 | +$3,456 |
| Kapstone Financial Advisors LLC | Existing | +20 | +$74 |
| Garnet Equity Capital Holdings Inc. | Existing | –200,000 | –$123,718 |
| Tidemark LLC | Existing | –2,542 | –$732 |
| Shaker Financial Services LLC | NEW | +1,222 | +$644 |
| RPg Family Wealth Advisory LLC | Existing | +254 | +$170 |
| Transatlantique Private Wealth LLC | Existing | –10 | +$39 |
| Cambridge Financial Group Inc. | Existing | –4,295 | –$2,001 |
| Fortress Wealth Group LLC | Existing | –780 | +$276 |
| SL Advisors LLC | Existing | –742 | +$127 |
| BlackDiamond Wealth Management LLC | Existing | –44 | +$62 |
| Paragon Private Wealth Management LLC | Existing | +71 | +$91 |
| Balboa Wealth Partners | Existing | +1,646 | +$1,875 |
| Goldstein Advisors LLC | Existing | –15 | +$25 |
| Balanced Wealth Group LLC | Existing | +6 | +$41 |
| Wolverine Asset Management LLC | Existing | –857,722 | –$394,328 |
| Alpha Financial Partners LLC | Existing | +15 | +$110 |
| Level Four Advisory Services LLC | Existing | UNCH | +$1,240 |
| Everhart Financial Group Inc. | Existing | +5 | +$70 |
| Aggregate Change: | –1,063,044 | –$512,479 | |
In terms of shares owned, we count 7 of the above funds having increased existing SPY positions from 12/31/2023 to 03/31/2024, with 10 having decreased their positions and 1 new position. Worth noting is that Garnet Equity Capital Holdings Inc., included in this recent batch of 13F filers, exited SPY common stock as of 03/31/2024.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SPY share count in the aggregate among all of the funds which held SPY at the 03/31/2024 reporting period (out of the 4,272 we looked at in total). We then compared that number to the sum total of SPY 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 SPY. We found that between these two periods, funds increased their holdings by 225,070 shares in the aggregate, from 242,266,436 up to 242,491,506 for a share count increase of approximately 0.09%. The overall top three funds holding SPY 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 SPDR S&P 500 ETF Trust (Symbol: SPY).
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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.
