At Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 12/31/2024 reporting period, and noticed that 3M Co (Symbol: MMM) was held by 9 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 MMM positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| Sumitomo Mitsui DS Asset Management Company Ltd | Existing | -1,898 | -$2,350 |
| Sumitomo Mitsui Trust Group Inc. | Existing | -48,277 | -$19,386 |
| Livforsakringsbolaget Skandia Omsesidigt | Existing | UNCH | -$28 |
| Ameliora Wealth Management Ltd. | NEW | +750 | +$97 |
| William Allan Corp | Existing | +82 | -$34 |
| Keystone Financial Group Inc. | NEW | +819 | +$106 |
| Prairie Wealth Advisors Inc. | Existing | +570 | +$43 |
| Beese Fulmer Investment Management Inc. | Existing | UNCH | -$26 |
| Fairvoy Private Wealth LLC | NEW | +5,764 | +$744 |
| Aggregate Change: | -42,190 | -$20,834 | |
In terms of shares owned, we count 2 of the above funds having increased existing MMM positions from 09/30/2024 to 12/31/2024, with 2 having decreased their positions and 3 new positions. Worth noting is that Migdal Insurance & Financial Holdings Ltd., included in this recent batch of 13F filers, exited MMM common stock as of 12/31/2024.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the MMM share count in the aggregate among all of the funds which held MMM at the 12/31/2024 reporting period (out of the 1,999 we looked at in total). We then compared that number to the sum total of MMM shares those same funds held back at the 09/30/2024 period, to see how the aggregate share count held by hedge funds has moved for MMM. We found that between these two periods, funds reduced their holdings by 1,165,165 shares in the aggregate, from 12,983,148 down to 11,817,983 for a share count decline of approximately -8.97%. The overall top three funds holding MMM on 12/31/2024 were:
| » | Fund | Shares of MMM Held |
|---|---|---|
| 1. | abrdn plc | 854,912 |
| 2. | Robeco Institutional Asset Management B.V. | 637,499 |
| 3. | Parsons Capital Management Inc. RI | 503,452 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding MMM | » |
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 3M Co (Symbol: MMM).
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Also see:
Funds Holding POM
Top Ten Hedge Funds Holding CTZ
Funds Holding BNTX
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
