When hedge fund managers converge on a particular stock, it’s akin to spotting a gathering of birds flying in unison – a spectacle that warrants closer observation. A recent scrutinization by Holdings Channel into the most recent 13F filings for the reporting period ending on 09/30/2024 unveiled an intriguing trend: 15 of the 20 funds reviewed were clutching onto shares of AbbVie Inc (Symbol: ABBV).
While these filings provide a peek into the long positions of funds, it’s important to note that the undisclosed short positions could be playing a significant behind-the-scenes role. Just like an iceberg where what lies beneath can be more telling than what is seen, these filings offer only a partial narrative of a fund’s stance on a stock.
Striding beyond the caveats, examining clusters of 13F filings can unravel interesting insights, particularly when contrasting positions across different filing periods. Here’s a closer look at the recent alterations in ABBV holdings among these funds:
In terms of the number of shares held, a tally revealed that 5 funds increased their existing ABBV positions from 06/30/2024 to 09/30/2024, while 6 diminished their stakes, and a new position emerged. Reflecting on the broader landscape beyond this batch, the aggregate share count of ABBV among all funds at the 09/30/2024 period showed a decline. Overlooking at 276 funds in total, the collective share count for ABBV shrank by approximately -5.17%, from 4,871,138 down to 4,619,409 shares. This data implies that the hedge funds collectively scaled back their exposure to ABBV during the specified period.
Touching on the crests of this wave were the top three funds holding ABBV by the end of the specified period, pinpointing significant players in the unfolding dynamics of ABBV’s popularity among hedge funds.
Staying tuned to the unfolding saga of hedge fund maneuvers through the labyrinth of 13F filings can unravel tales worth investigating further. While individual filings might masquerade truths due to their long-only nature, aggregating data across groups of funds from one reporting period to another paints a more authentic and actionable picture, making AbbVie Inc (Symbol: ABBV) a captivating focal point for further analytical scrutiny.
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