At Holdings Channel, we have reviewed the latest batch of the 141 most recent 13F filings for the 09/30/2022 reporting period, and noticed that Walt Disney Co. (Symbol: DIS) was held by 63 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 DIS positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Mogy Joel R Investment Counsel Inc. | Existing | -6,780 | -$645 |
| Keeley Teton Advisors LLC | Existing | UNCH | -$1 |
| One Capital Management LLC | Existing | -399 | -$40 |
| Nations Financial Group Inc. IA ADV | Existing | +88 | +$7 |
| Optiver Holding B.V. | Existing | +1,054,586 | +$99,444 |
| Peddock Capital Advisors LLC | Existing | -2,230 | -$211 |
| Samlyn Capital LLC | Existing | +1,264,448 | +$119,156 |
| Bellwether Advisors LLC | Existing | +55 | +$5 |
| FineMark National Bank & Trust | Existing | +2,925 | +$271 |
| Soltis Investment Advisors LLC | Existing | +276 | +$26 |
| Bahl & Gaynor Inc. | Existing | -1,996 | -$196 |
| HBK Sorce Advisory LLC | Existing | +10,006 | +$942 |
| ELCO Management Co. LLC | Existing | +242 | +$22 |
| Herbst Group LLC | Existing | -300 | -$68 |
| Aldebaran Financial Inc. | Existing | -91 | +$6 |
| Eagle Bluffs Wealth Management LLC | Existing | -318 | -$31 |
| Penserra Capital Management LLC | Existing | +30 | +$3 |
| RBO & Co. LLC | Existing | +570 | +$43 |
| Equitable Holdings Inc. | Existing | -3,356 | -$321 |
| PFS Investments Inc. | Existing | +4,537 | +$423 |
| Lumina Fund Management LLC | Existing | UNCH | $UNCH |
| Peak Asset Management LLC | Existing | +6,734 | +$629 |
| MML Investors Services LLC | Existing | +39,763 | +$3,727 |
| Nuveen Asset Management LLC | Existing | -311,498 | -$30,209 |
| United Bank | Existing | +65 | +$5 |
| Quantitative Investment Management LLC | Existing | -67,835 | -$6,408 |
| Cape Cod Five Cents Savings Bank | Existing | UNCH | $UNCH |
| Wills Financial Group Inc. | Existing | -15,543 | -$1,468 |
| Tower Bridge Advisors | Existing | -1,289 | -$131 |
| Dohj LLC | Existing | +313 | +$29 |
| Canada Pension Plan Investment Board | Existing | +150,205 | +$14,097 |
| Tempus Wealth Planning LLC | Existing | +1,602 | +$150 |
| Burke & Herbert Bank & Trust Co. | Existing | -71 | -$8 |
| Buckley Wealth Management LLC | Existing | -1,230 | -$116 |
| Tyler Stone Wealth Management | Existing | -145 | -$14 |
| HRT Financial LP | Existing | -27,060 | -$2,554 |
| Capula Management Ltd | Existing | +110,235 | +$10,401 |
| Maltin Wealth Management Inc. | Existing | -74 | -$8 |
| Mirador Capital Partners LP | Existing | +113 | +$9 |
| Capital Planning Advisors LLC | Existing | +1,290 | +$122 |
| Solidarilty Wealth LLC | Existing | -57 | -$23 |
| Cable Hill Partners LLC | Existing | +1,206 | +$114 |
| Vise Technologies Inc. | Existing | -662 | -$63 |
| Charles Schwab Investment Management Inc. | Existing | +320,621 | +$29,622 |
| Amundi | Existing | +2,620,108 | +$314,564 |
| Nwam LLC | Existing | -2,312 | -$360 |
| Unison Asset Management LLC | NEW | +3,235 | +$305 |
| Jefferies Group LLC | Existing | +36,001 | +$3,723 |
| Allworth Financial LP | Existing | +4,902 | +$459 |
| Bragg Financial Advisors Inc | Existing | +4,241 | +$392 |
| Davidson Kempner Capital Management LP | Existing | -150,000 | -$14,167 |
| KC Investment Advisors LLC | Existing | +383 | +$36 |
| Davidson Kempner Capital Management LP | Existing | -150,000 | -$14,167 |
| Davidson Kempner Capital Management LP | Existing | -150,000 | -$14,167 |
| Davidson Kempner Capital Management LP | Existing | -150,000 | -$14,167 |
| Davidson Kempner Capital Management LP | Existing | -150,000 | -$14,167 |
| L & S Advisors Inc | Existing | +14,640 | +$1,380 |
| Jasper Ridge Partners L.P. | Existing | -154 | -$16 |
| Morse Asset Management Inc | Existing | -170 | -$18 |
| Intellectus Partners LLC | Existing | UNCH | $UNCH |
| Vivaldi Capital Management LP | Existing | -34 | +$18 |
| Enzi Wealth | NEW | +3,919 | +$372 |
| Marathon Trading Investment Management LLC | Existing | -3,382 | -$329 |
| Aggregate Change: | +4,460,353 | +$486,429 |
In terms of shares owned, we count 28 of the above funds having increased existing DIS positions from 06/30/2022 to 09/30/2022, with 29 having decreased their positions and 2 new positions. Worth noting is that Financial Advisors LLC, Northern Oak Wealth Management Inc., Tlwm, Quad Cities Investment Group LLC, Biltmore Wealth Management LLC, Select Asset Management & Trust, and Wunderlich Capital Managemnt, included in this recent batch of 13F filers, exited DIS common stock as of 09/30/2022.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the DIS share count in the aggregate among all of the funds which held DIS at the 09/30/2022 reporting period (out of the 4,013 we looked at in total). We then compared that number to the sum total of DIS shares those same funds held back at the 06/30/2022 period, to see how the aggregate share count held by hedge funds has moved for DIS. We found that between these two periods, funds increased their holdings by 20,978,821 shares in the aggregate, from 296,477,928 up to 317,456,749 for a share count increase of approximately 7.08%. The overall top three funds holding DIS on 09/30/2022 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 Walt Disney Co. (Symbol: DIS).
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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.
