At Holdings Channel, we reviewed the latest set of the 20 most recent 13F filings for the 09/30/2023 reporting period, and noted that Johnson & Johnson (Symbol: JNJ ) was held by 12 of these funds. When hedge fund managers seem to think alike, we find it’s a good idea to take a closer look.
Before we continue, it is important to point out that 13F filings do not tell the whole story, as these funds are only required to disclose their long positions with the SEC, but are not required to disclose theirs short positions A fund making a bearish bet against stocks by shorting calls, for example, might also be long some stocks as they trade around their overall bearish position. This long component might appear on a 13F filing and everyone might assume the bottom is bullish, but this only tells part of the story. because the bearish/short side of the position is not seen.
Having given that warning, we believe that looking groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let’s look at the change in JNJ positions, for this latest set of 13F filings:
| Fund | New Position? | Change In Share Number | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Invest LLC | existing | +520 | –$15 |
| Auxier Asset Management | existing | –3,001 | –$1,242 |
| GUNN & CO INVESTMENT MANAGEMENT INC. | NEW | +18,324 | +$2,854 |
| KBC Group NV | existing | UNCH | $UNCH |
| Verity Asset Management Inc. | existing | –673 | –$143 |
| Polar Capital Holdings Plc | existing | –87,000 | –$18,021 |
| Public Sector Pension Investment Board | existing | –127,903 | –$23,691 |
| Chelsea Counsel Co. | existing | –10,295 | –$1,981 |
| Chelsea Counsel Co. | existing | –10,295 | –$1,981 |
| Connors Investor Services Inc. | existing | –3,585 | –$1,404 |
| EP Wealth Advisors LLC | existing | +446,960 | –$1,984 |
| Deutsche Bank AG | existing | –2,301,783 | –$498,745 |
| Total Change: | –2,078,731 | –$546,353 | |
In terms of stocks owned, we count that 2 of the above funds increased existing JNJ positions from 06/30/2023 to 09/30/2023, with 8 decreasing their positions and 1 new position. It is worth noting that Graham Capital Management LP, included in this recent set of 13F filings, has issued JNJ common stock as of 09/30/2023.
Looking beyond these particular funds in this set of most recent filings, we calculated the JNJ stock number overall among everyone of the funds that held JNJ at the reporting period of 09/30/2023 (out of the 6,883 we looked at in total). We then compared that number to the sum of JNJ shares held by those same funds at the 06/30/2023 period, to see how the aggregate share count held by hedge funds moved for JNJ. We found that between these two periods, funds reduced their holdings by 139,617,167 shares in total, from 1,773,486,608 down to 1,633,869,441 for a share count decrease of approximately -7.87%. The overall top three funds holding JNJ as of 09/30/2023 were:
We will continue to follow the latest 13F filings by hedge fund managers and bring you interesting stories derived from looking at the aggregate information across groups of managers between filing periods. Looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total groups of funds from one reporting period to another can be much more revealing and relevant, providing interesting stock ideas that deserve further research, such as Johnson & Johnson (Symbol: JNJ).
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See also:
• GNTX Options Chain
• EMMF market cap history
• WMG market cap history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
