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At Holdings Channel, we have reviewed the latest batch of the 31 most recent 13F filings for the 09/30/2022 reporting period, and noticed that Southern Company (Symbol: SO) was held by 12 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 SO positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Westpac Banking Corp | Existing | +5,504 | +$56 |
| USS Investment Management Ltd | Existing | –78,404 | –$6,405 |
| Mayfair Advisory Group LLC | Existing | +295 | –$89 |
| Nicollet Investment Management Inc. | Existing | UNCH | –$38 |
| Vicus Capital | Existing | +110 | –$4 |
| Old North State Trust LLC | Existing | +22,538 | +$1,532 |
| North Star Asset Management Inc. | Existing | UNCH | –$10 |
| Congress Asset Management Co. MA | Existing | –2,000 | –$182 |
| Allianz Asset Management GmbH | Existing | –12,909 | –$2,677 |
| Atlas Capital Advisors LLC | Existing | –350 | –$25 |
| Edgemoor Investment Advisors Inc. | Existing | +195 | –$308 |
| 9258 Wealth Management LLC | Existing | +23 | –$12 |
| Aggregate Change: | –64,998 | –$8,162 | |
In terms of shares owned, we count 6 of the above funds having increased existing SO positions from 06/30/2022 to 09/30/2022, with 4 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SO share count in the aggregate among all of the funds which held SO at the 09/30/2022 reporting period (out of the 2,912 we looked at in total). We then compared that number to the sum total of SO 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 SO. We found that between these two periods, funds increased their holdings by 2,214,309 shares in the aggregate, from 52,803,645 up to 55,017,954 for a share count increase of approximately 4.19%. The overall top three funds holding SO 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 Southern Company (Symbol: SO).
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Also see:
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Institutional Holders of LRAD
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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