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Los Angeles Rams Coach Sean McVay Engaged to Model Girlfriend Veronika Khomyn
Congratulations to Los Angeles Rams coach Sean McVay! McVay, who earned the distinction of becoming the youngest coach in NFL history to reach the Super Bowl this year, has gotten engaged to girlfriend Veronika Khomyn. Khomyn, a model from Ukraine, first revealed the exciting news on Saturday in a sweet post shared to her Instagram Story. “Can’t wait to call him my husband,” she wrote alongside a short video, during which McVay, 33, leaned in to give her a kiss on the cheek while she showed off her diamond sparkler. Although the details of how the NFL coach popped the question remain unknown, the proposal occurred while the pair were vacationing in France . Hours later, the model went on to share videos of the couple jumping off a boat into the water. (L-R) Sean McVay and Veronika Khomyn | Veronika Khomyn/Instagram RELATED: What to Know About the NFL’s Youngest Coach, Sean McVay of the L.A. Rams According to the Atlanta Journal Constitution , the lovebirds met somewhere between 2011 and 2013 while he served as a coach for the Washington Redskins and she was a student at George Mason University in Fairfax, Virginia. Kevin Mazur/Getty Khomyn is a model from Ukraine and has racked up a large social media following on Instagram, where she frequently posts pictures and videos of her and her sweetheart. View this post on Instagram Happy Derby Day 🐎 A post shared by Veronika K. (@veronika.khomyn) on May 4, 2019 at 9:28pm PDT View this post on Instagram Valentine’s Day in paradise🥰☀️ A post shared by Veronika K. (@veronika.khomyn) on Feb 14, 2019 at 12:48pm PST Always supportive, Khomyn frequently attends Rams games and has been known to affectionately refer to her love as “McBae.” Taking things one step further, the model proudly wore a “McBae” shirt during the playoffs this year, which featured a cartoon version of the coach’s face. View this post on Instagram On to the final four 💛💙 A post shared by Veronika K. (@veronika.khomyn) on Jan 13, 2019 at 12:09am PST McVay became the youngest head coach in modern NFL history when he was hired by the Rams in 2016, when he was just 30 years old. At the time, the team had not seen a winning season since 2003. That year they ended their regular season with an 11-5 record and advanced to the Super Bowl playoffs, where they were defeated by the Atlanta Falcons. Two years later, the team made it all the way to the big game, before losing to the New England Patriots . |
Hedge Funds Have Never Been This Bullish On Home Bancshares, Inc. (Conway, AR) (HOMB)
Looking for stocks with high upside potential? Just follow the big players within the hedge fund industry. Why should you do so? Let’s take a brief look at what statistics have to say about hedge funds’ stock picking abilities to illustrate. The Standard and Poor’s 500 Index returned approximately 12.1% in 2019 (through May 30th). Conversely, hedge funds’ 20 preferred S&P 500 stocks generated a return of 18.7% during the same period, with the majority of these stock picks outperforming the broader market benchmark. Coincidence? It might happen to be so, but it is unlikely. Our research covering the last 18 years indicates that hedge funds' stock picks generate superior risk-adjusted returns. That's why we believe it is wise to check hedge fund activity before you invest your time or your savings on a stock like Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB).
IsHome Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB)an exceptional investment now? Investors who are in the know are taking a bullish view. The number of bullish hedge fund bets rose by 5 recently. Our calculations also showed that homb isn't among the30 most popular stocks among hedge funds.HOMBwas in 15 hedge funds' portfolios at the end of March. There were 10 hedge funds in our database with HOMB positions at the end of the previous quarter.
In the 21st century investor’s toolkit there are many methods stock market investors can use to appraise stocks. A couple of the most underrated methods are hedge fund and insider trading signals. Our researchers have shown that, historically, those who follow the best picks of the best fund managers can outperform their index-focused peers by a very impressive amount (see the details here).
We're going to take a peek at the fresh hedge fund action surrounding Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 50% from the previous quarter. By comparison, 10 hedge funds held shares or bullish call options in HOMB a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB) was held byBalyasny Asset Management, which reported holding $9.9 million worth of stock at the end of March. It was followed by Basswood Capital with a $4.1 million position. Other investors bullish on the company included Citadel Investment Group, Renaissance Technologies, and GLG Partners.
As aggregate interest increased, key hedge funds have jumped into Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB) headfirst.GLG Partners, managed by Noam Gottesman, established the most valuable position in Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB). GLG Partners had $2 million invested in the company at the end of the quarter. Benjamin A. Smith'sLaurion Capital Managementalso initiated a $1.3 million position during the quarter. The other funds with new positions in the stock are Steve Cohen'sPoint72 Asset Management, D. E. Shaw'sD E Shaw, and Roger Ibbotson'sZebra Capital Management.
Let's now review hedge fund activity in other stocks similar to Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB). We will take a look at South Jersey Industries Inc (NYSE:SJI), Novanta Inc. (NASDAQ:NOVT), Federated Investors Inc (NYSE:FII), and CVB Financial Corp. (NASDAQ:CVBF). This group of stocks' market valuations match HOMB's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SJI,11,60289,-1 NOVT,17,122951,-2 FII,13,131316,-2 CVBF,12,41422,3 Average,13.25,88995,-0.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 13.25 hedge funds with bullish positions and the average amount invested in these stocks was $89 million. That figure was $30 million in HOMB's case. Novanta Inc. (NASDAQ:NOVT) is the most popular stock in this table. On the other hand South Jersey Industries Inc (NYSE:SJI) is the least popular one with only 11 bullish hedge fund positions. Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on HOMB as the stock returned 7.7% during the same period and outperformed the market by an even larger margin. Hedge funds were rewarded for their relative bullishness.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been More Bullish On Dorman Products Inc. (DORM)
How do you pick the next stock to invest in? One way would be to spend hours of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of capital and have to conduct due diligence while choosing their next pick. They don't always get it right, but, on average, their stock picks historically generated strong returns after adjusting for known risk factors. With this in mind, let’s take a look at the recent hedge fund activity surrounding Dorman Products Inc. (NASDAQ:DORM).
Dorman Products Inc. (NASDAQ:DORM)was in 15 hedge funds' portfolios at the end of March. DORM has experienced an increase in activity from the world's largest hedge funds lately. There were 12 hedge funds in our database with DORM holdings at the end of the previous quarter. Our calculations also showed that dorm isn't among the30 most popular stocks among hedge funds.
To most investors, hedge funds are viewed as slow, outdated financial tools of yesteryear. While there are more than 8000 funds with their doors open today, Our researchers choose to focus on the crème de la crème of this club, around 750 funds. These investment experts oversee the lion's share of the smart money's total asset base, and by following their first-class picks, Insider Monkey has uncovered a number of investment strategies that have historically outperformed the S&P 500 index. Insider Monkey's flagship hedge fund strategy surpassed the S&P 500 index by around 5 percentage points a year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
[caption id="attachment_735677" align="aligncenter" width="473"]
Sander Gerber of Hudson Bay Capital[/caption]
We're going to take a peek at the recent hedge fund action surrounding Dorman Products Inc. (NASDAQ:DORM).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 25% from one quarter earlier. By comparison, 14 hedge funds held shares or bullish call options in DORM a year ago. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Royce & Associatesheld the most valuable stake in Dorman Products Inc. (NASDAQ:DORM), which was worth $52.1 million at the end of the first quarter. On the second spot was Hudson Bay Capital Management which amassed $3.8 million worth of shares. Moreover, Third Avenue Management, Minerva Advisors, and Horizon Asset Management were also bullish on Dorman Products Inc. (NASDAQ:DORM), allocating a large percentage of their portfolios to this stock.
As one would reasonably expect, specific money managers have been driving this bullishness.Hudson Bay Capital Management, managed by Sander Gerber, assembled the most outsized position in Dorman Products Inc. (NASDAQ:DORM). Hudson Bay Capital Management had $3.8 million invested in the company at the end of the quarter. David P. Cohen'sMinerva Advisorsalso made a $2.2 million investment in the stock during the quarter. The other funds with new positions in the stock are Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capital, Hoon Kim'sQuantinno Capital, and David Harding'sWinton Capital Management.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Dorman Products Inc. (NASDAQ:DORM) but similarly valued. These stocks are Cleveland-Cliffs Inc (NYSE:CLF), NuStar Energy L.P. (NYSE:NS), Trinity Industries, Inc. (NYSE:TRN), and John Bean Technologies Corporation (NYSE:JBT). This group of stocks' market valuations are similar to DORM's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CLF,35,464839,6 NS,1,1376,-1 TRN,28,700327,1 JBT,9,89833,0 Average,18.25,314094,1.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 18.25 hedge funds with bullish positions and the average amount invested in these stocks was $314 million. That figure was $72 million in DORM's case. Cleveland-Cliffs Inc (NYSE:CLF) is the most popular stock in this table. On the other hand NuStar Energy L.P. (NYSE:NS) is the least popular one with only 1 bullish hedge fund positions. Dorman Products Inc. (NASDAQ:DORM) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately DORM wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); DORM investors were disappointed as the stock returned -2% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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This Is What Hedge Funds Think About Glaukos Corporation (GKOS)
Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged during the first quarter. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 40% and 25% respectively. Our research shows that most of the stocks that smart money likes historically generate strong risk-adjusted returns. That's why we weren't surprised when hedge funds’ top 20 large-cap stock picks generated a return of 18.7% during the first 5 months of 2019 and outperformed the broader market benchmark by 6.6 percentage points.This is why following the smart money sentiment is a useful tool at identifying the next stock to invest in.
Glaukos Corporation (NYSE:GKOS)investors should pay attention to an increase in activity from the world's largest hedge funds recently. Our calculations also showed that GKOS isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
We're going to check out the fresh hedge fund action regarding Glaukos Corporation (NYSE:GKOS).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 36% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards GKOS over the last 15 quarters. With hedge funds' capital changing hands, there exists a few notable hedge fund managers who were adding to their holdings substantially (or already accumulated large positions).
According to Insider Monkey's hedge fund database,Deerfield Management, managed by James E. Flynn, holds the biggest position in Glaukos Corporation (NYSE:GKOS). Deerfield Management has a $17.9 million position in the stock, comprising 0.7% of its 13F portfolio. On Deerfield Management's heels is D. E. Shaw ofD E Shaw, with a $16.2 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Other peers that are bullish comprise Brian Ashford-Russell and Tim Woolley'sPolar Capital, Jim Simons'sRenaissance Technologiesand Richard Driehaus'sDriehaus Capital.
With a general bullishness amongst the heavyweights, some big names have been driving this bullishness.Polar Capital, managed by Brian Ashford-Russell and Tim Woolley, created the most valuable position in Glaukos Corporation (NYSE:GKOS). Polar Capital had $10.6 million invested in the company at the end of the quarter. Dmitry Balyasny'sBalyasny Asset Managementalso made a $2.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Noam Gottesman'sGLG Partners, Benjamin A. Smith'sLaurion Capital Management, and Steve Cohen'sPoint72 Asset Management.
Let's also examine hedge fund activity in other stocks similar to Glaukos Corporation (NYSE:GKOS). We will take a look at Yelp Inc (NYSE:YELP), Navient Corp (NASDAQ:NAVI), Guangshen Railway Company Limited (NYSE:GSH), and Viavi Solutions Inc (NASDAQ:VIAV). All of these stocks' market caps are similar to GKOS's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position YELP,33,568083,9 NAVI,31,470784,2 GSH,1,4185,0 VIAV,28,239221,2 Average,23.25,320568,3.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 23.25 hedge funds with bullish positions and the average amount invested in these stocks was $321 million. That figure was $69 million in GKOS's case. Yelp Inc (NYSE:YELP) is the most popular stock in this table. On the other hand Guangshen Railway Company Limited (NYSE:GSH) is the least popular one with only 1 bullish hedge fund positions. Glaukos Corporation (NYSE:GKOS) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately GKOS wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); GKOS investors were disappointed as the stock returned -0.5% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Did Hedge Funds Drop The Ball On Aerojet Rocketdyne Holdings Inc (AJRD) ?
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have beensayingbefore the Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first quarter, most investors recovered all of their Q4 losses as sentiment shifted and optimism dominated the US China trade negotiations. Nevertheless, many of the stocks that delivered strong returns in the first quarter still sport strong fundamentals and their gains were more related to the general market sentiment rather than their individual performance and hedge funds kept their bullish stance. In this article we will find out how hedge fund sentiment to Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) changed recently.
Aerojet Rocketdyne Holdings Inc (NYSE:AJRD)was in 15 hedge funds' portfolios at the end of the first quarter of 2019. AJRD has experienced a decrease in hedge fund interest in recent months. There were 19 hedge funds in our database with AJRD holdings at the end of the previous quarter. Our calculations also showed that ajrd isn't among the30 most popular stocks among hedge funds.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
Let's take a gander at the latest hedge fund action encompassing Aerojet Rocketdyne Holdings Inc (NYSE:AJRD).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -21% from the previous quarter. By comparison, 19 hedge funds held shares or bullish call options in AJRD a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Steel Partnersheld the most valuable stake in Aerojet Rocketdyne Holdings Inc (NYSE:AJRD), which was worth $148.5 million at the end of the first quarter. On the second spot was GAMCO Investors which amassed $140.5 million worth of shares. Moreover, Renaissance Technologies, Arrowstreet Capital, and D E Shaw were also bullish on Aerojet Rocketdyne Holdings Inc (NYSE:AJRD), allocating a large percentage of their portfolios to this stock.
Seeing as Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) has experienced a decline in interest from the smart money, it's easy to see that there were a few fund managers who were dropping their entire stakes heading into Q3. Interestingly, Joshua Friedman and Mitchell Julis'sCanyon Capital Advisorsdumped the largest position of the 700 funds followed by Insider Monkey, totaling an estimated $44.1 million in call options. Sander Gerber's fund,Hudson Bay Capital Management, also sold off its call options, about $3.5 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest dropped by 4 funds heading into Q3.
Let's now review hedge fund activity in other stocks similar to Aerojet Rocketdyne Holdings Inc (NYSE:AJRD). We will take a look at Cantel Medical Corp. (NYSE:CMD), AllianceBernstein Holding LP (NYSE:AB), Brandywine Realty Trust (NYSE:BDN), and Box, Inc. (NYSE:BOX). All of these stocks' market caps are similar to AJRD's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CMD,18,143681,5 AB,8,20311,1 BDN,15,129274,-2 BOX,32,472060,8 Average,18.25,191332,3 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 18.25 hedge funds with bullish positions and the average amount invested in these stocks was $191 million. That figure was $387 million in AJRD's case. Box, Inc. (NYSE:BOX) is the most popular stock in this table. On the other hand AllianceBernstein Holding LP (NYSE:AB) is the least popular one with only 8 bullish hedge fund positions. Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on AJRD as the stock returned 16.9% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Is Brandywine Realty Trust (BDN) A Good Stock To Buy?
Looking for stocks with high upside potential? Just follow the big players within the hedge fund industry. Why should you do so? Let’s take a brief look at what statistics have to say about hedge funds’ stock picking abilities to illustrate. The Standard and Poor’s 500 Index returned approximately 12.1% in 2019 (through May 30th). Conversely, hedge funds’ 20 preferred S&P 500 stocks generated a return of 18.7% during the same period, with the majority of these stock picks outperforming the broader market benchmark. Coincidence? It might happen to be so, but it is unlikely. Our research covering the last 18 years indicates that hedge funds' stock picks generate superior risk-adjusted returns. That's why we believe it is wise to check hedge fund activity before you invest your time or your savings on a stock like Brandywine Realty Trust (NYSE:BDN).
IsBrandywine Realty Trust (NYSE:BDN)a good investment right now? Prominent investors are becoming less hopeful. The number of long hedge fund bets decreased by 2 in recent months. Our calculations also showed that bdn isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's take a look at the recent hedge fund action encompassing Brandywine Realty Trust (NYSE:BDN).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -12% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards BDN over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Brandywine Realty Trust (NYSE:BDN) was held byMillennium Management, which reported holding $30.2 million worth of stock at the end of March. It was followed by Waterfront Capital Partners with a $21.1 million position. Other investors bullish on the company included Renaissance Technologies, Citadel Investment Group, and Two Sigma Advisors.
Judging by the fact that Brandywine Realty Trust (NYSE:BDN) has witnessed bearish sentiment from the entirety of the hedge funds we track, we can see that there were a few money managers that slashed their positions entirely heading into Q3. It's worth mentioning that David Costen Haley'sHBK Investmentsdumped the largest position of the "upper crust" of funds followed by Insider Monkey, totaling about $0.7 million in stock, and Bruce Kovner's Caxton Associates LP was right behind this move, as the fund dropped about $0.7 million worth. These transactions are intriguing to say the least, as total hedge fund interest dropped by 2 funds heading into Q3.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Brandywine Realty Trust (NYSE:BDN) but similarly valued. These stocks are Box, Inc. (NYSE:BOX), GATX Corporation (NYSE:GATX), Noah Holdings Limited (NYSE:NOAH), and Pan American Silver Corp. (NASDAQ:PAAS). This group of stocks' market valuations are closest to BDN's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BOX,32,472060,8 GATX,11,239346,-3 NOAH,14,253895,3 PAAS,17,212637,2 Average,18.5,294485,2.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 18.5 hedge funds with bullish positions and the average amount invested in these stocks was $294 million. That figure was $129 million in BDN's case. Box, Inc. (NYSE:BOX) is the most popular stock in this table. On the other hand GATX Corporation (NYSE:GATX) is the least popular one with only 11 bullish hedge fund positions. Brandywine Realty Trust (NYSE:BDN) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately BDN wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); BDN investors were disappointed as the stock returned -2.3% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Did Hedge Funds Drop The Ball On Mercury General Corporation (MCY) ?
A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended March 31, so let’s proceed with the discussion of the hedge fund sentiment on Mercury General Corporation (NYSE:MCY).
Mercury General Corporation (NYSE:MCY)was in 15 hedge funds' portfolios at the end of the first quarter of 2019. MCY investors should pay attention to a decrease in support from the world's most elite money managers recently. There were 18 hedge funds in our database with MCY holdings at the end of the previous quarter. Our calculations also showed that mcy isn't among the30 most popular stocks among hedge funds.
If you'd ask most market participants, hedge funds are seen as worthless, old investment vehicles of years past. While there are more than 8000 funds in operation at the moment, Our researchers choose to focus on the crème de la crème of this group, approximately 750 funds. It is estimated that this group of investors watch over the lion's share of all hedge funds' total capital, and by monitoring their best investments, Insider Monkey has revealed a number of investment strategies that have historically exceeded Mr. Market. Insider Monkey's flagship hedge fund strategy outperformed the S&P 500 index by around 5 percentage points per annum since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
[caption id="attachment_745225" align="aligncenter" width="473"]
Noam Gottesman, GLG Partners[/caption]
Let's view the new hedge fund action regarding Mercury General Corporation (NYSE:MCY).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of -17% from the previous quarter. On the other hand, there were a total of 14 hedge funds with a bullish position in MCY a year ago. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Renaissance Technologieswas the largest shareholder of Mercury General Corporation (NYSE:MCY), with a stake worth $76 million reported as of the end of March. Trailing Renaissance Technologies was Millennium Management, which amassed a stake valued at $16.3 million. Prospector Partners, Citadel Investment Group, and GLG Partners were also very fond of the stock, giving the stock large weights in their portfolios.
Since Mercury General Corporation (NYSE:MCY) has witnessed declining sentiment from hedge fund managers, it's easy to see that there lies a certain "tier" of hedge funds that decided to sell off their positions entirely by the end of the third quarter. It's worth mentioning that David Harding'sWinton Capital Managementdropped the largest stake of all the hedgies tracked by Insider Monkey, valued at an estimated $10.2 million in stock. Matthew Tewksbury's fund,Stevens Capital Management, also dropped its stock, about $1.7 million worth. These moves are interesting, as aggregate hedge fund interest was cut by 3 funds by the end of the third quarter.
Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as Mercury General Corporation (NYSE:MCY) but similarly valued. These stocks are Murphy USA Inc. (NYSE:MUSA), Watts Water Technologies Inc (NYSE:WTS), Texas Capital Bancshares Inc (NASDAQ:TCBI), and TC Pipelines, LP (NYSE:TCP). This group of stocks' market valuations are closest to MCY's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position MUSA,21,187051,-3 WTS,15,331118,-2 TCBI,19,203042,-7 TCP,5,13897,3 Average,15,183777,-2.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $184 million. That figure was $143 million in MCY's case. Murphy USA Inc. (NYSE:MUSA) is the most popular stock in this table. On the other hand TC Pipelines, LP (NYSE:TCP) is the least popular one with only 5 bullish hedge fund positions. Mercury General Corporation (NYSE:MCY) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on MCY as the stock returned 22.2% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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This Is What Hedge Funds Think About Watts Water Technologies Inc (WTS)
Although the masses and most of the financial media blame hedge funds for their exorbitant fee structure and disappointing performance, these investors have proved to have great stock picking abilities over the years (that's why their assets under management continue to swell). We believe hedge fund sentiment should serve as a crucial tool of an individual investor’s stock selection process, as it may offer great insights of how the brightest minds of the finance industry feel about specific stocks. After all, these people have access to smartest analysts and expensive data/information sources that individual investors can't match. So should one consider investing in Watts Water Technologies Inc (NYSE:WTS)? The smart money sentiment can provide an answer to this question.
IsWatts Water Technologies Inc (NYSE:WTS)going to take off soon? Money managers are reducing their bets on the stock. The number of long hedge fund bets were cut by 2 recently. Our calculations also showed that wts isn't among the30 most popular stocks among hedge funds.WTSwas in 15 hedge funds' portfolios at the end of the first quarter of 2019. There were 17 hedge funds in our database with WTS holdings at the end of the previous quarter.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
We're going to go over the key hedge fund action encompassing Watts Water Technologies Inc (NYSE:WTS).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -12% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in WTS over the last 15 quarters. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Watts Water Technologies Inc (NYSE:WTS) was held byImpax Asset Management, which reported holding $192.1 million worth of stock at the end of March. It was followed by GAMCO Investors with a $93 million position. Other investors bullish on the company included Renaissance Technologies, Millennium Management, and Royce & Associates.
Judging by the fact that Watts Water Technologies Inc (NYSE:WTS) has faced declining sentiment from the smart money, it's safe to say that there were a few fund managers who were dropping their full holdings last quarter. It's worth mentioning that Minhua Zhang'sWeld Capital Managementdropped the biggest position of the 700 funds followed by Insider Monkey, totaling close to $1.1 million in stock, and Paul Marshall and Ian Wace's Marshall Wace LLP was right behind this move, as the fund dropped about $0.4 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest was cut by 2 funds last quarter.
Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Watts Water Technologies Inc (NYSE:WTS) but similarly valued. These stocks are Texas Capital Bancshares Inc (NASDAQ:TCBI), TC Pipelines, LP (NYSE:TCP), Finisar Corporation (NASDAQ:FNSR), and Cathay General Bancorp (NASDAQ:CATY). All of these stocks' market caps resemble WTS's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position TCBI,19,203042,-7 TCP,5,13897,3 FNSR,14,406380,1 CATY,14,39293,0 Average,13,165653,-0.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $166 million. That figure was $331 million in WTS's case. Texas Capital Bancshares Inc (NASDAQ:TCBI) is the most popular stock in this table. On the other hand TC Pipelines, LP (NYSE:TCP) is the least popular one with only 5 bullish hedge fund positions. Watts Water Technologies Inc (NYSE:WTS) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on WTS as the stock returned 11.4% during the same period and outperformed the market by an even larger margin. Hedge funds were rewarded for their relative bullishness.
Disclosure: None. This article was originally published atInsider Monkey.
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Did Hedge Funds Drop The Ball On AppFolio Inc (APPF) ?
We at Insider Monkey have gone over 738 13F filings that hedge funds and famous value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article we look at what those investors think of AppFolio Inc (NASDAQ:APPF).
AppFolio Inc (NASDAQ:APPF)was in 15 hedge funds' portfolios at the end of the first quarter of 2019. APPF has experienced an increase in enthusiasm from smart money recently. There were 14 hedge funds in our database with APPF positions at the end of the previous quarter. Our calculations also showed that appf isn't among the30 most popular stocks among hedge funds.
To the average investor there are a multitude of signals shareholders use to size up stocks. A couple of the most underrated signals are hedge fund and insider trading moves. Our experts have shown that, historically, those who follow the best picks of the top hedge fund managers can outclass the broader indices by a healthy amount (see the details here).
[caption id="attachment_30621" align="aligncenter" width="487"]
Cliff Asness of AQR Capital Management[/caption]
Let's analyze the key hedge fund action surrounding AppFolio Inc (NASDAQ:APPF).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 7% from the previous quarter. The graph below displays the number of hedge funds with bullish position in APPF over the last 15 quarters. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Ashe Capitalwas the largest shareholder of AppFolio Inc (NASDAQ:APPF), with a stake worth $127.1 million reported as of the end of March. Trailing Ashe Capital was Renaissance Technologies, which amassed a stake valued at $35.6 million. Echo Street Capital Management, Arrowstreet Capital, and AQR Capital Management were also very fond of the stock, giving the stock large weights in their portfolios.
As aggregate interest increased, key hedge funds have been driving this bullishness.PEAK6 Capital Management, managed by Matthew Hulsizer, assembled the largest call position in AppFolio Inc (NASDAQ:APPF). PEAK6 Capital Management had $1.1 million invested in the company at the end of the quarter. Bruce Kovner'sCaxton Associates LPalso initiated a $0.6 million position during the quarter. The other funds with new positions in the stock are Noam Gottesman'sGLG Partners, Ken Griffin'sCitadel Investment Group, and Dmitry Balyasny'sBalyasny Asset Management.
Let's also examine hedge fund activity in other stocks similar to AppFolio Inc (NASDAQ:APPF). We will take a look at KBR, Inc. (NYSE:KBR), PDC Energy Inc (NASDAQ:PDCE), National General Holdings Corp (NASDAQ:NGHC), and Simpson Manufacturing Co, Inc. (NYSE:SSD). This group of stocks' market values are closest to APPF's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position KBR,20,362648,-6 PDCE,14,212661,-2 NGHC,18,224301,2 SSD,19,198545,2 Average,17.75,249539,-1 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 17.75 hedge funds with bullish positions and the average amount invested in these stocks was $250 million. That figure was $231 million in APPF's case. KBR, Inc. (NYSE:KBR) is the most popular stock in this table. On the other hand PDC Energy Inc (NASDAQ:PDCE) is the least popular one with only 14 bullish hedge fund positions. AppFolio Inc (NASDAQ:APPF) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on APPF as the stock returned 34.4% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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This Is What Hedge Funds Think About WNS (Holdings) Limited (WNS)
At Insider Monkey, we pore over the filings of nearly 750 top investment firms every quarter, a process we have now completed for the latest reporting period. The data we've gathered as a result gives us access to a wealth of collective knowledge based on these firms' portfolio holdings as of March 31. In this article, we will use that wealth of knowledge to determine whether or not WNS (Holdings) Limited (NYSE:WNS) makes for a good investment right now.
WNS (Holdings) Limited (NYSE:WNS)was in 15 hedge funds' portfolios at the end of March. WNS shareholders have witnessed a decrease in activity from the world's largest hedge funds lately. There were 16 hedge funds in our database with WNS holdings at the end of the previous quarter. Our calculations also showed that wns isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
[caption id="attachment_746893" align="aligncenter" width="473"]
Paul Marshall of Marshall Wace[/caption]
Let's take a look at the recent hedge fund action surrounding WNS (Holdings) Limited (NYSE:WNS).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of -6% from the previous quarter. On the other hand, there were a total of 14 hedge funds with a bullish position in WNS a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Renaissance Technologieswas the largest shareholder of WNS (Holdings) Limited (NYSE:WNS), with a stake worth $69.8 million reported as of the end of March. Trailing Renaissance Technologies was Arrowstreet Capital, which amassed a stake valued at $21.5 million. GLG Partners, Marshall Wace LLP, and Sensato Capital Management were also very fond of the stock, giving the stock large weights in their portfolios.
Since WNS (Holdings) Limited (NYSE:WNS) has experienced falling interest from the entirety of the hedge funds we track, we can see that there is a sect of hedgies that decided to sell off their positions entirely by the end of the third quarter. Interestingly, Matthew Tewksbury'sStevens Capital Managementsaid goodbye to the biggest stake of the 700 funds monitored by Insider Monkey, totaling close to $0.5 million in stock, and Ken Griffin's Citadel Investment Group was right behind this move, as the fund dropped about $0.3 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest was cut by 1 funds by the end of the third quarter.
Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as WNS (Holdings) Limited (NYSE:WNS) but similarly valued. These stocks are Fox Factory Holding Corp (NASDAQ:FOXF), International Game Technology PLC (NYSE:IGT), Union Bankshares Corporation (NASDAQ:UBSH), and Nu Skin Enterprises, Inc. (NYSE:NUS). This group of stocks' market values match WNS's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FOXF,14,39357,3 IGT,32,395322,-2 UBSH,7,28413,1 NUS,23,205294,-1 Average,19,167097,0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $167 million. That figure was $197 million in WNS's case. International Game Technology PLC (NYSE:IGT) is the most popular stock in this table. On the other hand Union Bankshares Corporation (NASDAQ:UBSH) is the least popular one with only 7 bullish hedge fund positions. WNS (Holdings) Limited (NYSE:WNS) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on WNS as the stock returned 10.9% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Is CalAmp Corp. (CAMP) A Good Stock To Buy?
Reputable billionaire investors such as Jim Simons, Cliff Asness and David Tepper generate exorbitant profits for their wealthy accredited investors (a minimum of $1 million in investable assets would be required to invest in a hedge fund and most successful hedge funds won't accept your savings unless you commit at least $5 million) by pinpointing winning small-cap stocks. There is little or no publicly-available information at all on some of these small companies, which makes it hard for an individual investor to pin down a winner within the small-cap space. However, hedge funds and other big asset managers can do the due diligence and analysis for you instead, thanks to their highly-skilled research teams and vast resources to conduct an appropriate evaluation process. Looking for potential winners within the small-cap galaxy of stocks? We believe following the smart money is a good starting point.
Hedge fund interest inCalAmp Corp. (NASDAQ:CAMP)shares was flat at the end of last quarter. This is usually a negative indicator. At the end of this article we will also compare CAMP to other stocks including Container Store Group Inc (NYSE:TCS), Landmark Infrastructure Partners LP (NASDAQ:LMRK), and Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) to get a better sense of its popularity.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
We're going to go over the new hedge fund action regarding CalAmp Corp. (NASDAQ:CAMP).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 0% from the previous quarter. The graph below displays the number of hedge funds with bullish position in CAMP over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Lynrock Lakewas the largest shareholder of CalAmp Corp. (NASDAQ:CAMP), with a stake worth $59.3 million reported as of the end of March. Trailing Lynrock Lake was Renaissance Technologies, which amassed a stake valued at $12.1 million. Millennium Management, Two Sigma Advisors, and Vertex One Asset Management were also very fond of the stock, giving the stock large weights in their portfolios.
Seeing as CalAmp Corp. (NASDAQ:CAMP) has faced declining sentiment from hedge fund managers, logic holds that there was a specific group of hedgies who were dropping their entire stakes heading into Q3. Interestingly, Minhua Zhang'sWeld Capital Managementdropped the biggest position of the 700 funds tracked by Insider Monkey, totaling an estimated $0.6 million in call options, and Ken Griffin's Citadel Investment Group was right behind this move, as the fund dumped about $0.2 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as CalAmp Corp. (NASDAQ:CAMP) but similarly valued. These stocks are Container Store Group Inc (NYSE:TCS), Landmark Infrastructure Partners LP (NASDAQ:LMRK), Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), and Anika Therapeutics, Inc. (NASDAQ:ANIK). This group of stocks' market valuations are closest to CAMP's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position TCS,12,22644,1 LMRK,5,2531,1 RIGL,15,80038,-1 ANIK,15,47624,1 Average,11.75,38209,0.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 11.75 hedge funds with bullish positions and the average amount invested in these stocks was $38 million. That figure was $85 million in CAMP's case. Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is the most popular stock in this table. On the other hand Landmark Infrastructure Partners LP (NASDAQ:LMRK) is the least popular one with only 5 bullish hedge fund positions. CalAmp Corp. (NASDAQ:CAMP) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately CAMP wasn't nearly as popular as these 20 stocks and hedge funds that were betting on CAMP were disappointed as the stock returned -18.1% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been More Bullish On Franklin Electric Co., Inc. (FELE)
How do you pick the next stock to invest in? One way would be to spend hours of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of capital and have to conduct due diligence while choosing their next pick. They don't always get it right, but, on average, their stock picks historically generated strong returns after adjusting for known risk factors. With this in mind, let’s take a look at the recent hedge fund activity surrounding Franklin Electric Co., Inc. (NASDAQ:FELE).
Franklin Electric Co., Inc. (NASDAQ:FELE)was in 15 hedge funds' portfolios at the end of the first quarter of 2019. FELE has experienced an increase in activity from the world's largest hedge funds in recent months. There were 9 hedge funds in our database with FELE holdings at the end of the previous quarter. Our calculations also showed that fele isn't among the30 most popular stocks among hedge funds.
In the eyes of most market participants, hedge funds are perceived as underperforming, outdated financial vehicles of yesteryear. While there are over 8000 funds trading at the moment, We look at the crème de la crème of this club, approximately 750 funds. Most estimates calculate that this group of people manage the lion's share of the smart money's total asset base, and by watching their top picks, Insider Monkey has determined several investment strategies that have historically surpassed Mr. Market. Insider Monkey's flagship hedge fund strategy outrun the S&P 500 index by around 5 percentage points per year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
We're going to analyze the latest hedge fund action encompassing Franklin Electric Co., Inc. (NASDAQ:FELE).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 67% from the previous quarter. On the other hand, there were a total of 8 hedge funds with a bullish position in FELE a year ago. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Impax Asset Managementheld the most valuable stake in Franklin Electric Co., Inc. (NASDAQ:FELE), which was worth $133.3 million at the end of the first quarter. On the second spot was Royce & Associates which amassed $60.4 million worth of shares. Moreover, GAMCO Investors, Millennium Management, and Arrowstreet Capital were also bullish on Franklin Electric Co., Inc. (NASDAQ:FELE), allocating a large percentage of their portfolios to this stock.
As aggregate interest increased, some big names have been driving this bullishness.Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, assembled the most valuable position in Franklin Electric Co., Inc. (NASDAQ:FELE). Arrowstreet Capital had $3.8 million invested in the company at the end of the quarter. Matthew Hulsizer'sPEAK6 Capital Managementalso initiated a $1.3 million position during the quarter. The other funds with brand new FELE positions are Jim Simons'sRenaissance Technologies, Benjamin A. Smith'sLaurion Capital Management, and Andrew Feldstein and Stephen Siderow'sBlue Mountain Capital.
Let's now review hedge fund activity in other stocks similar to Franklin Electric Co., Inc. (NASDAQ:FELE). We will take a look at First Financial Bancorp (NASDAQ:FFBC), Resideo Technologies, Inc. (NYSE:REZI), II-VI, Inc. (NASDAQ:IIVI), and Sogou Inc. (NYSE:SOGO). This group of stocks' market caps are similar to FELE's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FFBC,8,19934,2 REZI,32,393327,-3 IIVI,22,115512,0 SOGO,8,6859,2 Average,17.5,133908,0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 17.5 hedge funds with bullish positions and the average amount invested in these stocks was $134 million. That figure was $232 million in FELE's case. Resideo Technologies, Inc. (NYSE:REZI) is the most popular stock in this table. On the other hand First Financial Bancorp (NASDAQ:FFBC) is the least popular one with only 8 bullish hedge fund positions. Franklin Electric Co., Inc. (NASDAQ:FELE) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately FELE wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); FELE investors were disappointed as the stock returned -9.9% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been More Bullish On Washington Federal Inc. (WAFD)
The first quarter was a breeze as Powell pivoted, and China seemed eager to reach a deal with Trump. Both the S&P 500 and Russell 2000 delivered very strong gains as a result, with the Russell 2000, which is composed of smaller companies, outperforming the large-cap stocks slightly during the first quarter. Unfortunately sentiment shifted in May as this time China pivoted and Trump put more pressure on China by increasing tariffs. Hedge funds' top 20 stock picks performed spectacularly in this volatile environment. These stocks delivered a total gain of 18.7% through May 30th, vs. a gain of 12.1% for the S&P 500 ETF. In this article we will look at how this market volatility affected the sentiment of hedge funds towards Washington Federal Inc. (NASDAQ:WAFD), and what that likely means for the prospects of the company and its stock.
IsWashington Federal Inc. (NASDAQ:WAFD)a superb investment now? The smart money is taking an optimistic view. The number of long hedge fund bets rose by 3 in recent months. Our calculations also showed that wafd isn't among the30 most popular stocks among hedge funds.
Today there are a lot of signals shareholders have at their disposal to appraise publicly traded companies. Some of the best signals are hedge fund and insider trading moves. We have shown that, historically, those who follow the top picks of the top investment managers can outpace their index-focused peers by a healthy margin (see the details here).
We're going to analyze the fresh hedge fund action surrounding Washington Federal Inc. (NASDAQ:WAFD).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of 25% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards WAFD over the last 15 quarters. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Renaissance Technologieswas the largest shareholder of Washington Federal Inc. (NASDAQ:WAFD), with a stake worth $15.4 million reported as of the end of March. Trailing Renaissance Technologies was Balyasny Asset Management, which amassed a stake valued at $12.4 million. Winton Capital Management, Arrowstreet Capital, and Citadel Investment Group were also very fond of the stock, giving the stock large weights in their portfolios.
Consequently, key money managers have jumped into Washington Federal Inc. (NASDAQ:WAFD) headfirst.Winton Capital Management, managed by David Harding, initiated the largest position in Washington Federal Inc. (NASDAQ:WAFD). Winton Capital Management had $11.1 million invested in the company at the end of the quarter. Ken Griffin'sCitadel Investment Groupalso initiated a $3.2 million position during the quarter. The only other fund with a new position in the stock is Ravi Chopra'sAzora Capital.
Let's now review hedge fund activity in other stocks similar to Washington Federal Inc. (NASDAQ:WAFD). These stocks are CONMED Corporation (NASDAQ:CNMD), WD-40 Company (NASDAQ:WDFC), Legg Mason, Inc. (NYSE:LM), and SiteOne Landscape Supply, Inc. (NYSE:SITE). This group of stocks' market valuations match WAFD's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CNMD,21,257029,-4 WDFC,14,137108,-1 LM,17,193646,-1 SITE,12,42960,1 Average,16,157686,-1.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $158 million. That figure was $58 million in WAFD's case. CONMED Corporation (NASDAQ:CNMD) is the most popular stock in this table. On the other hand SiteOne Landscape Supply, Inc. (NYSE:SITE) is the least popular one with only 12 bullish hedge fund positions. Washington Federal Inc. (NASDAQ:WAFD) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on WAFD as the stock returned 16.7% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here is What Hedge Funds Think About Centennial Resource Development, Inc. (CDEV)
Is Centennial Resource Development, Inc. (NASDAQ:CDEV) a good place to invest some of your money right now? We can gain invaluable insight to help us answer that question by studying the investment trends of top investors, who employ world-class Ivy League graduates, who are given immense resources and industry contacts to put their financial expertise to work. The top picks of these firms have historically outperformed the market when we account for known risk factors, making them very valuable investment ideas.
IsCentennial Resource Development, Inc. (NASDAQ:CDEV)a buy, sell, or hold? Money managers are turning bullish. The number of bullish hedge fund bets advanced by 1 in recent months. Our calculations also showed that cdev isn't among the30 most popular stocks among hedge funds.CDEVwas in 15 hedge funds' portfolios at the end of March. There were 14 hedge funds in our database with CDEV positions at the end of the previous quarter.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
[caption id="attachment_735641" align="aligncenter" width="473"]
Michael Lowenstein of Kensico Capital[/caption]
We're going to go over the key hedge fund action regarding Centennial Resource Development, Inc. (NASDAQ:CDEV).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from one quarter earlier. On the other hand, there were a total of 26 hedge funds with a bullish position in CDEV a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,SailingStone Capital Partnersheld the most valuable stake in Centennial Resource Development, Inc. (NASDAQ:CDEV), which was worth $48.5 million at the end of the first quarter. On the second spot was Kensico Capital which amassed $35 million worth of shares. Moreover, Citadel Investment Group, Two Sigma Advisors, and Prescott Group Capital Management were also bullish on Centennial Resource Development, Inc. (NASDAQ:CDEV), allocating a large percentage of their portfolios to this stock.
As one would reasonably expect, key hedge funds were breaking ground themselves.Centenus Global Management, managed by Sara Nainzadeh, created the largest position in Centennial Resource Development, Inc. (NASDAQ:CDEV). Centenus Global Management had $2.4 million invested in the company at the end of the quarter. Steve Cohen'sPoint72 Asset Managementalso initiated a $0.4 million position during the quarter. The other funds with new positions in the stock are Alec Litowitz and Ross Laser'sMagnetar Capital, Jeffrey Talpins'sElement Capital Management, and David Harding'sWinton Capital Management.
Let's also examine hedge fund activity in other stocks similar to Centennial Resource Development, Inc. (NASDAQ:CDEV). These stocks are Zogenix, Inc. (NASDAQ:ZGNX), Portola Pharmaceuticals Inc (NASDAQ:PTLA), Gol Linhas Aereas Inteligentes SA (NYSE:GOL), and The Geo Group, Inc. (NYSE:GEO). This group of stocks' market valuations are similar to CDEV's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ZGNX,37,1112306,2 PTLA,20,402952,6 GOL,16,193692,7 GEO,18,117240,0 Average,22.75,456548,3.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 22.75 hedge funds with bullish positions and the average amount invested in these stocks was $457 million. That figure was $127 million in CDEV's case. Zogenix, Inc. (NASDAQ:ZGNX) is the most popular stock in this table. On the other hand Gol Linhas Aereas Inteligentes SA (NYSE:GOL) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Centennial Resource Development, Inc. (NASDAQ:CDEV) is even less popular than GOL. Hedge funds dodged a bullet by taking a bearish stance towards CDEV. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately CDEV wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); CDEV investors were disappointed as the stock returned -20.6% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter.
Disclosure: None. This article was originally published atInsider Monkey.
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This Is What Hedge Funds Think About Bottomline Technologies (de), Inc. (EPAY)
The market has been volatile in the last 6 months as the Federal Reserve continued its rate hikes and then abruptly reversed its stance and uncertainty looms over trade negotiations with China. Small cap stocks have been hit hard as a result, as the Russell 2000 ETF (IWM) has underperformed the larger S&P 500 ETF (SPY) by nearly 9 percentage points. SEC filings and hedge fund investor letters indicate that the smart money seems to be paring back their overall long exposure since summer months, though some funds increased their exposure dramatically at the end of Q4 and the beginning of Q1. In this article, we analyze what the smart money thinks of Bottomline Technologies (de), Inc. (NASDAQ:EPAY) and find out how it is affected by hedge funds' moves.
Bottomline Technologies (de), Inc. (NASDAQ:EPAY)has seen a decrease in hedge fund interest in recent months. Our calculations also showed that EPAY isn't among the30 most popular stocks among hedge funds.
To the average investor there are a lot of formulas shareholders put to use to evaluate their stock investments. A duo of the most innovative formulas are hedge fund and insider trading indicators. We have shown that, historically, those who follow the best picks of the best hedge fund managers can outclass the broader indices by a healthy amount (see the details here).
[caption id="attachment_30621" align="aligncenter" width="487"]
Cliff Asness of AQR Capital Management[/caption]
We're going to take a gander at the fresh hedge fund action regarding Bottomline Technologies (de), Inc. (NASDAQ:EPAY).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -12% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in EPAY over the last 15 quarters. With hedge funds' capital changing hands, there exists a select group of noteworthy hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Ken Fisher'sFisher Asset Managementhas the biggest position in Bottomline Technologies (de), Inc. (NASDAQ:EPAY), worth close to $19.7 million, comprising less than 0.1%% of its total 13F portfolio. Coming in second isDaruma Asset Management, led by Mariko Gordon, holding a $18.8 million position; 2.1% of its 13F portfolio is allocated to the stock. Some other hedge funds and institutional investors that hold long positions encompass Israel Englander'sMillennium Management, Jim Simons'sRenaissance Technologiesand Cliff Asness'sAQR Capital Management.
Because Bottomline Technologies (de), Inc. (NASDAQ:EPAY) has witnessed bearish sentiment from the entirety of the hedge funds we track, it's easy to see that there exists a select few hedgies that slashed their positions entirely last quarter. Intriguingly, Dmitry Balyasny'sBalyasny Asset Managementsold off the largest stake of the "upper crust" of funds monitored by Insider Monkey, totaling an estimated $3 million in stock. Ravee Mehta's fund,Nishkama Capital, also dropped its stock, about $1.8 million worth. These transactions are intriguing to say the least, as total hedge fund interest dropped by 2 funds last quarter.
Let's now review hedge fund activity in other stocks similar to Bottomline Technologies (de), Inc. (NASDAQ:EPAY). These stocks are Pattern Energy Group Inc (NASDAQ:PEGI), Intelsat S.A. (NYSE:I), InterDigital, Inc. (NASDAQ:IDCC), and Mantech International Corp (NASDAQ:MANT). This group of stocks' market valuations are closest to EPAY's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position PEGI,10,24823,-1 I,54,733520,12 IDCC,16,172766,-5 MANT,12,16915,2 Average,23,237006,2 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $237 million. That figure was $100 million in EPAY's case. Intelsat S.A. (NYSE:I) is the most popular stock in this table. On the other hand Pattern Energy Group Inc (NASDAQ:PEGI) is the least popular one with only 10 bullish hedge fund positions. Bottomline Technologies (de), Inc. (NASDAQ:EPAY) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately EPAY wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); EPAY investors were disappointed as the stock returned -8.1% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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This Is What Hedge Funds Think About Ladder Capital Corp (LADR)
Hedge fund managers like David Einhorn, Bill Ackman, or Carl Icahn became billionaires through reaping large profits for their investors, which is why piggybacking their stock picks may provide us with significant returns as well. Many hedge funds, like Paul Singer’s Elliott Management, are pretty secretive, but we can still get some insights by analyzing their quarterly 13F filings. One of the most fertile grounds for large abnormal returns is hedge funds’ most popular small-cap picks, which are not so widely followed and often trade at a discount to their intrinsic value. In this article we will check out hedge fund activity in another small-cap stock: Ladder Capital Corp (NYSE:LADR).
IsLadder Capital Corp (NYSE:LADR)going to take off soon? Money managers are becoming more confident. The number of bullish hedge fund positions inched up by 1 in recent months. Our calculations also showed that ladr isn't among the30 most popular stocks among hedge funds.LADRwas in 15 hedge funds' portfolios at the end of March. There were 14 hedge funds in our database with LADR positions at the end of the previous quarter.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to take a look at the key hedge fund action encompassing Ladder Capital Corp (NYSE:LADR).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from the previous quarter. The graph below displays the number of hedge funds with bullish position in LADR over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Millennium Managementwas the largest shareholder of Ladder Capital Corp (NYSE:LADR), with a stake worth $13.1 million reported as of the end of March. Trailing Millennium Management was Renaissance Technologies, which amassed a stake valued at $8.6 million. D E Shaw, Two Sigma Advisors, and Citadel Investment Group were also very fond of the stock, giving the stock large weights in their portfolios.
As aggregate interest increased, some big names were breaking ground themselves.Balyasny Asset Management, managed by Dmitry Balyasny, initiated the most valuable position in Ladder Capital Corp (NYSE:LADR). Balyasny Asset Management had $0.5 million invested in the company at the end of the quarter. Thomas Bailard'sBailard Incalso made a $0.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Richard Driehaus'sDriehaus Capitaland Michael Platt and William Reeves'sBlueCrest Capital Mgmt..
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Ladder Capital Corp (NYSE:LADR) but similarly valued. We will take a look at Cision Ltd. (NYSE:CISN), Upwork Inc. (NASDAQ:UPWK), Groupon Inc (NASDAQ:GRPN), and Avanos Medical, Inc. (NYSE:AVNS). This group of stocks' market valuations are closest to LADR's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CISN,17,51296,0 UPWK,9,10600,2 GRPN,26,405688,2 AVNS,11,40801,-3 Average,15.75,127096,0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 15.75 hedge funds with bullish positions and the average amount invested in these stocks was $127 million. That figure was $54 million in LADR's case. Groupon Inc (NASDAQ:GRPN) is the most popular stock in this table. On the other hand Upwork Inc. (NASDAQ:UPWK) is the least popular one with only 9 bullish hedge fund positions. Ladder Capital Corp (NYSE:LADR) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately LADR wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); LADR investors were disappointed as the stock returned 0.7% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Eldorado Resorts clinches $18 billion cash and stock deal for Caesars: sources
By Greg Roumeliotis
NEW YORK (Reuters) - U.S. casino operator Eldorado Resorts Inc has agreed to merge with Caesars Entertainment Corp in a cash and stock deal that values its peer at about $18 billion including debt, people familiar with the matter said on Sunday.
The agreement comes three months after Reuters reported that Caesars had agreed to give Eldorado access to its books under pressure from billionaire investor Carl Icahn, who earlier this year was awarded seats on Caesars’ board.
The deal, which is expected to be announced on Monday, values Caesars at close to $13 a share, according to the sources. The combined company's ownership would be split roughly between Eldorado and Caesars shareholders, the sources said.
The sources asked not to be identified because the matter is confidential. An Eldorado spokesman said the company did not comment on rumors or speculation. Caesars did not immediately respond to requests for comment.
The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.
Caesars' shares closed on Friday at $9.99. The company, which emerged from bankruptcy in 2017, operates casinos with the Harrah's and Horseshoe brands. It had 53 properties in 14 U.S. states and five countries outside the United States at the end of December.
Eldorado has a market value of $4 billion. It also had long-term debt at the end of March of $3.1 billion. It owns and operates 26 properties in 12 U.S. states.
(Reporting by Greg Roumeliotis; Editing by Peter Cooney) |
Is Invesco Mortgage Capital Inc (IVR) A Good Stock To Buy ?
Most investors tend to think that hedge funds and other asset managers are worthless, as they cannot beat even simple index fund portfolios. In fact, most people expect hedge funds to compete with and outperform the bull market that we have witnessed in recent years. However, hedge funds are generally partially hedged and aim at delivering attractive risk-adjusted returns rather than following the ups and downs of equity markets hoping that they will outperform the broader market. Our research shows that certain hedge funds do have great stock picking skills (and we can identify these hedge funds in advance pretty accurately), so let’s take a glance at the smart money sentiment towards Invesco Mortgage Capital Inc (NYSE:IVR).
IsInvesco Mortgage Capital Inc (NYSE:IVR)going to take off soon? Prominent investors are betting on the stock. The number of long hedge fund bets inched up by 2 recently. Our calculations also showed that ivr isn't among the30 most popular stocks among hedge funds.
In the eyes of most stock holders, hedge funds are perceived as unimportant, old investment vehicles of the past. While there are more than 8000 funds with their doors open at the moment, We look at the upper echelon of this club, approximately 750 funds. These money managers control the majority of the smart money's total asset base, and by monitoring their best picks, Insider Monkey has brought to light a number of investment strategies that have historically beaten the broader indices. Insider Monkey's flagship hedge fund strategy outperformed the S&P 500 index by around 5 percentage points per annum since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
[caption id="attachment_30621" align="aligncenter" width="487"]
Cliff Asness of AQR Capital Management[/caption]
Let's take a gander at the latest hedge fund action encompassing Invesco Mortgage Capital Inc (NYSE:IVR).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 15% from the previous quarter. By comparison, 14 hedge funds held shares or bullish call options in IVR a year ago. With the smart money's positions undergoing their usual ebb and flow, there exists an "upper tier" of notable hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
Among these funds,Citadel Investment Groupheld the most valuable stake in Invesco Mortgage Capital Inc (NYSE:IVR), which was worth $53 million at the end of the first quarter. On the second spot was Renaissance Technologies which amassed $28.5 million worth of shares. Moreover, Millennium Management, AQR Capital Management, and McKinley Capital Management were also bullish on Invesco Mortgage Capital Inc (NYSE:IVR), allocating a large percentage of their portfolios to this stock.
As one would reasonably expect, specific money managers were breaking ground themselves.Millennium Management, managed by Israel Englander, established the biggest position in Invesco Mortgage Capital Inc (NYSE:IVR). Millennium Management had $5.3 million invested in the company at the end of the quarter. Bruce Kovner'sCaxton Associates LPalso made a $0.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Roger Ibbotson'sZebra Capital Management, Jeffrey Talpins'sElement Capital Management, and John Overdeck and David Siegel'sTwo Sigma Advisors.
Let's now take a look at hedge fund activity in other stocks similar to Invesco Mortgage Capital Inc (NYSE:IVR). These stocks are Commercial Metals Company (NYSE:CMC), Granite Construction Incorporated (NYSE:GVA), Colony Credit Real Estate, Inc. (NYSE:CLNC), and Evertec Inc (NYSE:EVTC). All of these stocks' market caps resemble IVR's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CMC,11,275034,-6 GVA,15,85145,4 CLNC,6,19319,-1 EVTC,21,267101,0 Average,13.25,161650,-0.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 13.25 hedge funds with bullish positions and the average amount invested in these stocks was $162 million. That figure was $95 million in IVR's case. Evertec Inc (NYSE:EVTC) is the most popular stock in this table. On the other hand Colony Credit Real Estate, Inc. (NYSE:CLNC) is the least popular one with only 6 bullish hedge fund positions. Invesco Mortgage Capital Inc (NYSE:IVR) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on IVR, though not to the same extent, as the stock returned 4.4% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Is Granite Construction Incorporated (GVA) A Good Stock To Buy ?
A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended March 31, so let’s proceed with the discussion of the hedge fund sentiment on Granite Construction Incorporated (NYSE:GVA).
IsGranite Construction Incorporated (NYSE:GVA)a healthy stock for your portfolio? The smart money is in a bullish mood. The number of bullish hedge fund positions moved up by 4 recently. Our calculations also showed that gva isn't among the30 most popular stocks among hedge funds.GVAwas in 15 hedge funds' portfolios at the end of the first quarter of 2019. There were 11 hedge funds in our database with GVA positions at the end of the previous quarter.
To most traders, hedge funds are assumed to be underperforming, outdated investment tools of years past. While there are over 8000 funds in operation at the moment, Our experts hone in on the leaders of this group, approximately 750 funds. Most estimates calculate that this group of people shepherd most of all hedge funds' total capital, and by keeping track of their best picks, Insider Monkey has found a few investment strategies that have historically outstripped the S&P 500 index. Insider Monkey's flagship hedge fund strategy outpaced the S&P 500 index by around 5 percentage points a year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
Let's take a look at the key hedge fund action regarding Granite Construction Incorporated (NYSE:GVA).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 36% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards GVA over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Royce & Associatesheld the most valuable stake in Granite Construction Incorporated (NYSE:GVA), which was worth $20.4 million at the end of the first quarter. On the second spot was Renaissance Technologies which amassed $14.1 million worth of shares. Moreover, Rutabaga Capital Management, Headlands Capital, and Balyasny Asset Management were also bullish on Granite Construction Incorporated (NYSE:GVA), allocating a large percentage of their portfolios to this stock.
With a general bullishness amongst the heavyweights, specific money managers have been driving this bullishness.Millennium Management, managed by Israel Englander, established the largest position in Granite Construction Incorporated (NYSE:GVA). Millennium Management had $1.4 million invested in the company at the end of the quarter. Matthew Tewksbury'sStevens Capital Managementalso initiated a $1.2 million position during the quarter. The other funds with new positions in the stock are Paul Marshall and Ian Wace'sMarshall Wace LLP, Ken Griffin'sCitadel Investment Group, and Thomas Bailard'sBailard Inc.
Let's check out hedge fund activity in other stocks similar to Granite Construction Incorporated (NYSE:GVA). These stocks are Colony Credit Real Estate, Inc. (NYSE:CLNC), Evertec Inc (NYSE:EVTC), Gray Television, Inc. (NYSE:GTN), and Enerplus Corp (NYSE:ERF). This group of stocks' market caps resemble GVA's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CLNC,6,19319,-1 EVTC,21,267101,0 GTN,27,303277,1 ERF,21,160880,3 Average,18.75,187644,0.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 18.75 hedge funds with bullish positions and the average amount invested in these stocks was $188 million. That figure was $85 million in GVA's case. Gray Television, Inc. (NYSE:GTN) is the most popular stock in this table. On the other hand Colony Credit Real Estate, Inc. (NYSE:CLNC) is the least popular one with only 6 bullish hedge fund positions. Granite Construction Incorporated (NYSE:GVA) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on GVA, though not to the same extent, as the stock returned 3.9% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Is United Community Banks Inc (UCBI) A Good Stock To Buy ?
Hedge funds and large money managers usually invest with a focus on the long-term horizon and, therefore, short-lived dips or bumps on the charts, usually don't make them change their opinion towards a company. This time it may be different. During the fourth quarter of 2018 we observed increased volatility and small-cap stocks underperformed the market. Things completely reversed during the first quarter. Hedge fund investor letters indicated that they are cutting their overall exposure, closing out some position and doubling down on others. Let’s take a look at the hedge fund sentiment towards United Community Banks Inc (NASDAQ:UCBI) to find out whether it was one of their high conviction long-term ideas.
United Community Banks Inc (NASDAQ:UCBI)investors should pay attention to an increase in activity from the world's largest hedge funds lately.UCBIwas in 15 hedge funds' portfolios at the end of March. There were 14 hedge funds in our database with UCBI holdings at the end of the previous quarter. Our calculations also showed that ucbi isn't among the30 most popular stocks among hedge funds.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
We're going to take a peek at the fresh hedge fund action surrounding United Community Banks Inc (NASDAQ:UCBI).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 7% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards UCBI over the last 15 quarters. With hedgies' capital changing hands, there exists an "upper tier" of notable hedge fund managers who were increasing their stakes considerably (or already accumulated large positions).
More specifically,Renaissance Technologieswas the largest shareholder of United Community Banks Inc (NASDAQ:UCBI), with a stake worth $32.1 million reported as of the end of March. Trailing Renaissance Technologies was Millennium Management, which amassed a stake valued at $6.8 million. D E Shaw, Mendon Capital Advisors, and Two Sigma Advisors were also very fond of the stock, giving the stock large weights in their portfolios.
Consequently, specific money managers have been driving this bullishness.Weld Capital Management, managed by Minhua Zhang, assembled the most valuable position in United Community Banks Inc (NASDAQ:UCBI). Weld Capital Management had $0.7 million invested in the company at the end of the quarter. Dmitry Balyasny'sBalyasny Asset Managementalso made a $0.3 million investment in the stock during the quarter. The following funds were also among the new UCBI investors: Matthew Tewksbury'sStevens Capital Management, Matthew Hulsizer'sPEAK6 Capital Management, and Hoon Kim'sQuantinno Capital.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as United Community Banks Inc (NASDAQ:UCBI) but similarly valued. We will take a look at Sanmina Corporation (NASDAQ:SANM), G-III Apparel Group, Ltd. (NASDAQ:GIII), Office Depot Inc (NASDAQ:ODP), and Stepan Company (NYSE:SCL). This group of stocks' market caps resemble UCBI's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SANM,18,208755,3 GIII,18,150459,5 ODP,22,78780,-2 SCL,16,50725,4 Average,18.5,122180,2.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 18.5 hedge funds with bullish positions and the average amount invested in these stocks was $122 million. That figure was $54 million in UCBI's case. Office Depot Inc (NASDAQ:ODP) is the most popular stock in this table. On the other hand Stepan Company (NYSE:SCL) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks United Community Banks Inc (NASDAQ:UCBI) is even less popular than SCL. Hedge funds clearly dropped the ball on UCBI as the stock delivered strong returns, though hedge funds' consensus picks still generated respectable returns. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on UCBI as the stock returned 10.2% during the same period and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here is What Hedge Funds Think About BHP Group (BHP)
How do you pick the next stock to invest in? One way would be to spend hours of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of capital and have to conduct due diligence while choosing their next pick. They don't always get it right, but, on average, their stock picks historically generated strong returns after adjusting for known risk factors. With this in mind, let’s take a look at the recent hedge fund activity surrounding BHP Group (NYSE:BHP).
Hedge fund interest inBHP Group (NYSE:BHP)shares was flat at the end of last quarter. This is usually a negative indicator. At the end of this article we will also compare BHP to other stocks including SAP SE (NYSE:SAP), Philip Morris International Inc. (NYSE:PM), and NIKE, Inc. (NYSE:NKE) to get a better sense of its popularity.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
[caption id="attachment_758446" align="aligncenter" width="450"]
Michael Hintze of CQS Capital[/caption]
We're going to review the fresh hedge fund action surrounding BHP Group (NYSE:BHP).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 0% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in BHP over the last 15 quarters. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Of the funds tracked by Insider Monkey, Ken Fisher'sFisher Asset Managementhas the biggest position in BHP Group (NYSE:BHP), worth close to $312.8 million, accounting for 0.4% of its total 13F portfolio. The second most bullish fund manager isArrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, which holds a $127 million position; the fund has 0.3% of its 13F portfolio invested in the stock. Remaining peers that hold long positions contain John Overdeck and David Siegel'sTwo Sigma Advisors, D. E. Shaw'sD E Shawand Michael Hintze'sCQS Cayman LP.
Because BHP Group (NYSE:BHP) has witnessed a decline in interest from the aggregate hedge fund industry, it's safe to say that there was a specific group of hedge funds that elected to cut their entire stakes last quarter. At the top of the heap, Kenneth Mario Garschina'sMason Capital Managementcut the biggest investment of all the hedgies watched by Insider Monkey, valued at an estimated $101.9 million in stock. Ben Levine, Andrew Manuel and Stefan Renold's fund,LMR Partners, also said goodbye to its stock, about $81.6 million worth. These transactions are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's go over hedge fund activity in other stocks similar to BHP Group (NYSE:BHP). These stocks are SAP SE (NYSE:SAP), Philip Morris International Inc. (NYSE:PM), NIKE, Inc. (NYSE:NKE), and Adobe Incorporated (NASDAQ:ADBE). All of these stocks' market caps resemble BHP's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SAP,8,1173668,-6 PM,43,3989796,-5 NKE,53,1767916,-8 ADBE,86,8965741,2 Average,47.5,3974280,-4.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 47.5 hedge funds with bullish positions and the average amount invested in these stocks was $3974 million. That figure was $638 million in BHP's case. Adobe Incorporated (NASDAQ:ADBE) is the most popular stock in this table. On the other hand SAP SE (NYSE:SAP) is the least popular one with only 8 bullish hedge fund positions. BHP Group (NYSE:BHP) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately BHP wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); BHP investors were disappointed as the stock returned 1.9% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Did Hedge Funds Drop The Ball On NeoGenomics, Inc. (NEO) ?
We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, smart money investors have to conduct complex analyses, spend many resources and use tools that are not always available for the general crowd. This doesn't mean that they don't have occasional colossal losses; they do (like Peltz's recent General Electric losses). However, it is still a good idea to keep an eye on hedge fund activity. With this in mind, as the current round of 13F filings has just ended, let’s examine the smart money sentiment towards NeoGenomics, Inc. (NASDAQ:NEO).
NeoGenomics, Inc. (NASDAQ:NEO)has seen a decrease in support from the world's most elite money managers of late.NEOwas in 15 hedge funds' portfolios at the end of March. There were 24 hedge funds in our database with NEO holdings at the end of the previous quarter. Our calculations also showed that neo isn't among the30 most popular stocks among hedge funds.
At the moment there are a multitude of formulas shareholders employ to analyze stocks. A couple of the most under-the-radar formulas are hedge fund and insider trading moves. We have shown that, historically, those who follow the best picks of the elite fund managers can outperform the broader indices by a very impressive margin (see the details here).
We're going to take a glance at the recent hedge fund action surrounding NeoGenomics, Inc. (NASDAQ:NEO).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of -38% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in NEO over the last 15 quarters. With the smart money's capital changing hands, there exists a select group of key hedge fund managers who were boosting their stakes considerably (or already accumulated large positions).
Among these funds,Driehaus Capitalheld the most valuable stake in NeoGenomics, Inc. (NASDAQ:NEO), which was worth $15.3 million at the end of the first quarter. On the second spot was Royce & Associates which amassed $10 million worth of shares. Moreover, Element Capital Management, Marshall Wace LLP, and AQR Capital Management were also bullish on NeoGenomics, Inc. (NASDAQ:NEO), allocating a large percentage of their portfolios to this stock.
Due to the fact that NeoGenomics, Inc. (NASDAQ:NEO) has witnessed falling interest from the entirety of the hedge funds we track, logic holds that there were a few funds that slashed their positions entirely in the third quarter. Interestingly, Benjamin A. Smith'sLaurion Capital Managementdropped the biggest investment of the 700 funds monitored by Insider Monkey, valued at about $15.9 million in stock, and Israel Englander's Millennium Management was right behind this move, as the fund cut about $9.7 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest fell by 9 funds in the third quarter.
Let's now review hedge fund activity in other stocks similar to NeoGenomics, Inc. (NASDAQ:NEO). We will take a look at Comfort Systems USA, Inc. (NYSE:FIX), 8x8, Inc. (NYSE:EGHT), Fabrinet (NYSE:FN), and Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL). All of these stocks' market caps are similar to NEO's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FIX,28,167089,4 EGHT,20,318522,3 FN,20,118669,2 MDGL,19,419463,0 Average,21.75,255936,2.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 21.75 hedge funds with bullish positions and the average amount invested in these stocks was $256 million. That figure was $51 million in NEO's case. Comfort Systems USA, Inc. (NYSE:FIX) is the most popular stock in this table. On the other hand Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) is the least popular one with only 19 bullish hedge fund positions. Compared to these stocks NeoGenomics, Inc. (NASDAQ:NEO) is even less popular than MDGL. Hedge funds clearly dropped the ball on NEO as the stock delivered strong returns, though hedge funds' consensus picks still generated respectable returns. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on NEO as the stock returned 17.1% during the same period and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Ethereum Co-Founder Criticizes Facebook’s Libra Token for Centralization
Ethereumco-founderJoseph Lubinsaid thatFacebook’sLibratoken is like “a centralized wolf in adecentralizedsheep’s clothing” in an articlepublishedon tech news outlet Quartz on June 21.
The social media giantreleasedthe white paper for a its cryptocurrency dubbed Libra earlier this month to mixed reviews from experts in the cryptocurrency andblockchainindustries and concern from government regulators.
In his article, Lubin notes that Libra’s white paper describes feelings common among many in thecryptocurrencycommunity. It states that “sending money across the globe should be as simple and inexpensive as sending a message on your phone,” and “financial infrastructure should be globally inclusive and governed as a public good.”
While noting the white paper’s claim that “People will increasingly trust decentralized forms of governance,” Lubin pointed out the need for users to trust Libra’s fiat currency and government bond backing, and merchants to trust that the network be responsibly run. Furthermore, Lubin also noted its centralized infrastructure:
“Perhaps most importantly, it requires our trust that Libra will eventually transition to a more ‘permissionless,’ decentralized system, whereby anyone can validate the network, rather than the restrictive member evaluation criteria keeping control in the hands of the initial 28 firms.”
Still, Lubin admits that he sees some good in the project. He says that in a few years there could be two billion Libra users, and cryptocurrency user experience (UX) could be vastly improved in the process:
“In one fell swoop, talented UX designers could reduce the current friction of using cryptocurrency. Managing private keys, understanding ‘gas payments,’ and installing crypto browser plugins could be as simple as pressing ‘send’ inWhatsApp, another Facebook-owned entity.”
Lubin also claims that developers at Ethereum-centric development companyConsenSysalreadyanalyzedthe code and noticed that the project borrows a lot of ideas from Ethereum. Lastly, he notes that he expects Libra to be well-executed from a technical point of view.
As Cointelegraphreportedyesterday, the governor of the ReserveBankofAustralia, Philip Lowe, cautioned thatFacebook’s announced Libra currency may not attain mainstream usage in the near future.
Also, earlier this week a G7 taskforce wascreatedto examine howcentral bankscan regulatecryptocurrencies.
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Did Hedge Funds Drop The Ball On Itron, Inc. (ITRI) ?
Does Itron, Inc. (NASDAQ:ITRI) represent a good buying opportunity at the moment? Let’s quickly check the hedge fund interest towards the company. Hedge fund firms constantly search out bright intellectuals and highly-experienced employees and throw away millions of dollars on satellite photos and other research activities, so it is no wonder why they tend to generate millions in profits each year. It is also true that some hedge fund players fail inconceivably on some occasions, but net net their stock picks have been generating superior risk-adjusted returns on average over the years.
Itron, Inc. (NASDAQ:ITRI)investors should pay attention to an increase in support from the world's most elite money managers in recent months. Our calculations also showed that ITRI isn't among the30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's take a look at the recent hedge fund action regarding Itron, Inc. (NASDAQ:ITRI).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from one quarter earlier. By comparison, 20 hedge funds held shares or bullish call options in ITRI a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey,Scopia Capital, managed by Matt Sirovich and Jeremy Mindich, holds the largest position in Itron, Inc. (NASDAQ:ITRI). Scopia Capital has a $215.8 million position in the stock, comprising 8% of its 13F portfolio. The second most bullish fund manager isImpax Asset Management, led by Ian Simm, holding a $123.2 million position; 1.7% of its 13F portfolio is allocated to the company. Remaining hedge funds and institutional investors with similar optimism contain Amy Minella'sCardinal Capital, Jim Simons'sRenaissance Technologiesand Ken Griffin'sCitadel Investment Group.
As industrywide interest jumped, key hedge funds were leading the bulls' herd.Citadel Investment Group, managed by Ken Griffin, initiated the biggest position in Itron, Inc. (NASDAQ:ITRI). Citadel Investment Group had $8.1 million invested in the company at the end of the quarter. Benjamin A. Smith'sLaurion Capital Managementalso initiated a $1 million position during the quarter. The following funds were also among the new ITRI investors: Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capital, Philip Hempleman'sArdsley Partners, and Gavin Saitowitz and Cisco J. del Valle'sSpringbok Capital.
Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as Itron, Inc. (NASDAQ:ITRI) but similarly valued. We will take a look at Flagstar Bancorp Inc (NYSE:FBC), Enanta Pharmaceuticals Inc (NASDAQ:ENTA), Verra Mobility Corporation (NASDAQ:VRRM), and ProAssurance Corporation (NYSE:PRA). This group of stocks' market values are closest to ITRI's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FBC,14,77882,2 ENTA,20,290378,0 VRRM,14,187599,1 PRA,14,153430,1 Average,15.5,177322,1 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 15.5 hedge funds with bullish positions and the average amount invested in these stocks was $177 million. That figure was $416 million in ITRI's case. Enanta Pharmaceuticals Inc (NASDAQ:ENTA) is the most popular stock in this table. On the other hand Flagstar Bancorp Inc (NYSE:FBC) is the least popular one with only 14 bullish hedge fund positions. Itron, Inc. (NASDAQ:ITRI) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on ITRI as the stock returned 33.2% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Is British American Tobacco plc (BTI) A Good Stock To Buy ?
You probably know from experience that there is not as much information on small-cap companies as there is on large companies. Of course, this makes it really hard and difficult for individual investors to make proper and accurate analysis of certain small-cap companies. However, well-known and successful hedge fund managers like Jeff Ubben, George Soros and Seth Klarman hold the necessary resources and abilities to conduct an extensive stock analysis on small-cap stocks, which enable them to make millions of dollars by identifying potential winners within the small-cap galaxy of stocks. This represents the main reason why Insider Monkey takes notice of the hedge fund activity in these overlooked stocks.
IsBritish American Tobacco plc (NYSE:BTI)a great investment right now? Money managers are becoming hopeful. The number of long hedge fund positions inched up by 5 lately. Our calculations also showed that BTI isn't among the30 most popular stocks among hedge funds.
To the average investor there are dozens of metrics stock traders employ to analyze their holdings. A duo of the best metrics are hedge fund and insider trading sentiment. Our experts have shown that, historically, those who follow the top picks of the top investment managers can trounce the S&P 500 by a superb amount (see the details here).
We're going to take a gander at the new hedge fund action regarding British American Tobacco plc (NYSE:BTI).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 50% from the fourth quarter of 2018. On the other hand, there were a total of 24 hedge funds with a bullish position in BTI a year ago. With hedgies' sentiment swirling, there exists an "upper tier" of key hedge fund managers who were adding to their holdings meaningfully (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capitalhas the biggest position in British American Tobacco plc (NYSE:BTI), worth close to $108.9 million, accounting for 0.3% of its total 13F portfolio. Coming in second isMaverick Capital, managed by Lee Ainslie, which holds a $96.3 million position; 1.3% of its 13F portfolio is allocated to the stock. Some other peers with similar optimism consist of Ken Griffin'sCitadel Investment Group, Paul Marshall and Ian Wace'sMarshall Wace LLPand D. E. Shaw'sD E Shaw.
Now, key hedge funds have been driving this bullishness.Orbis Investment Management, managed by William B. Gray, created the largest position in British American Tobacco plc (NYSE:BTI). Orbis Investment Management had $17.3 million invested in the company at the end of the quarter. Dmitry Balyasny'sBalyasny Asset Managementalso made a $6.6 million investment in the stock during the quarter. The following funds were also among the new BTI investors: Israel Englander'sMillennium Management, Michael Gelband'sExodusPoint Capital, and Mike Vranos'sEllington.
Let's now take a look at hedge fund activity in other stocks similar to British American Tobacco plc (NYSE:BTI). We will take a look at Danaher Corporation (NYSE:DHR), Starbucks Corporation (NASDAQ:SBUX), NextEra Energy, Inc. (NYSE:NEE), and American Express Company (NYSE:AXP). All of these stocks' market caps resemble BTI's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position DHR,58,3081018,10 SBUX,47,4588018,5 NEE,36,857567,-1 AXP,57,19790830,7 Average,49.5,7079358,5.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 49.5 hedge funds with bullish positions and the average amount invested in these stocks was $7079 million. That figure was $316 million in BTI's case. Danaher Corporation (NYSE:DHR) is the most popular stock in this table. On the other hand NextEra Energy, Inc. (NYSE:NEE) is the least popular one with only 36 bullish hedge fund positions. Compared to these stocks British American Tobacco plc (NYSE:BTI) is even less popular than NEE. Hedge funds dodged a bullet by taking a bearish stance towards BTI. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately BTI wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); BTI investors were disappointed as the stock returned -15% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter.
Disclosure: None. This article was originally published atInsider Monkey.
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Were Hedge Funds Right About Flocking Into Atara Biotherapeutics Inc (ATRA) ?
Hedge fund managers like David Einhorn, Bill Ackman, or Carl Icahn became billionaires through reaping large profits for their investors, which is why piggybacking their stock picks may provide us with significant returns as well. Many hedge funds, like Paul Singer’s Elliott Management, are pretty secretive, but we can still get some insights by analyzing their quarterly 13F filings. One of the most fertile grounds for large abnormal returns is hedge funds’ most popular small-cap picks, which are not so widely followed and often trade at a discount to their intrinsic value. In this article we will check out hedge fund activity in another small-cap stock: Atara Biotherapeutics Inc (NASDAQ:ATRA).
IsAtara Biotherapeutics Inc (NASDAQ:ATRA)a buy, sell, or hold? Money managers are getting more optimistic. The number of long hedge fund positions increased by 4 recently. Our calculations also showed that atra isn't among the30 most popular stocks among hedge funds.ATRAwas in 15 hedge funds' portfolios at the end of the first quarter of 2019. There were 11 hedge funds in our database with ATRA positions at the end of the previous quarter.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
We're going to take a look at the fresh hedge fund action surrounding Atara Biotherapeutics Inc (NASDAQ:ATRA).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 36% from one quarter earlier. On the other hand, there were a total of 13 hedge funds with a bullish position in ATRA a year ago. With hedgies' capital changing hands, there exists an "upper tier" of key hedge fund managers who were upping their holdings considerably (or already accumulated large positions).
More specifically,Baupost Groupwas the largest shareholder of Atara Biotherapeutics Inc (NASDAQ:ATRA), with a stake worth $253.6 million reported as of the end of March. Trailing Baupost Group was Redmile Group, which amassed a stake valued at $178.3 million. Camber Capital Management, Bridger Management, and Maverick Capital were also very fond of the stock, giving the stock large weights in their portfolios.
Now, key hedge funds have jumped into Atara Biotherapeutics Inc (NASDAQ:ATRA) headfirst.Maverick Capital, managed by Lee Ainslie, established the largest position in Atara Biotherapeutics Inc (NASDAQ:ATRA). Maverick Capital had $34.6 million invested in the company at the end of the quarter. Bihua Chen'sCormorant Asset Managementalso made a $21.9 million investment in the stock during the quarter. The other funds with brand new ATRA positions are Ken Griffin'sCitadel Investment Group, Noam Gottesman'sGLG Partners, and Ken Griffin'sCitadel Investment Group.
Let's now review hedge fund activity in other stocks similar to Atara Biotherapeutics Inc (NASDAQ:ATRA). We will take a look at Redfin Corporation (NASDAQ:RDFN), Alexander & Baldwin Inc (NYSE:ALEX), iRhythm Technologies, Inc. (NASDAQ:IRTC), and Universal Forest Products, Inc. (NASDAQ:UFPI). This group of stocks' market valuations resemble ATRA's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position RDFN,8,177016,1 ALEX,5,8561,-5 IRTC,24,320352,1 UFPI,20,39002,4 Average,14.25,136233,0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 14.25 hedge funds with bullish positions and the average amount invested in these stocks was $136 million. That figure was $672 million in ATRA's case. iRhythm Technologies, Inc. (NASDAQ:IRTC) is the most popular stock in this table. On the other hand Alexander & Baldwin Inc (NYSE:ALEX) is the least popular one with only 5 bullish hedge fund positions. Atara Biotherapeutics Inc (NASDAQ:ATRA) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately ATRA wasn't nearly as popular as these 20 stocks and hedge funds that were betting on ATRA were disappointed as the stock returned -45.1% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Is SJW Group (SJW) A Good Stock To Buy ?
It was a rough fourth quarter for many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 4.8% during 2018 and average hedge fund losing about 1%. The Russell 2000, composed of smaller companies, performed even worse, trailing the S&P by more than 6 percentage points, as investors fled less-known quantities for safe havens. Luckily hedge funds were shifting their holdings into large-cap stocks. The 20 most popular hedge fund stocks actually generated an average return of 18.7% so far in 2019 and outperformed the S&P 500 ETF by 6.6 percentage points. We are done processing the latest 13f filings and in this article we will study how hedge fund sentiment towards SJW Group (NYSE:SJW) changed during the first quarter.
IsSJW Group (NYSE:SJW)a buy here? Hedge funds are taking a pessimistic view. The number of long hedge fund positions went down by 5 lately. Our calculations also showed that sjw isn't among the30 most popular stocks among hedge funds.
According to most stock holders, hedge funds are assumed to be worthless, old investment tools of yesteryear. While there are more than 8000 funds in operation today, We choose to focus on the aristocrats of this group, approximately 750 funds. These investment experts watch over the lion's share of the smart money's total capital, and by tailing their highest performing equity investments, Insider Monkey has figured out several investment strategies that have historically exceeded Mr. Market. Insider Monkey's flagship hedge fund strategy outperformed the S&P 500 index by around 5 percentage points per year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
We're going to check out the fresh hedge fund action encompassing SJW Group (NYSE:SJW).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of -25% from one quarter earlier. On the other hand, there were a total of 11 hedge funds with a bullish position in SJW a year ago. With hedge funds' capital changing hands, there exists a select group of key hedge fund managers who were upping their holdings meaningfully (or already accumulated large positions).
More specifically,Renaissance Technologieswas the largest shareholder of SJW Group (NYSE:SJW), with a stake worth $52.2 million reported as of the end of March. Trailing Renaissance Technologies was Point72 Asset Management, which amassed a stake valued at $22.8 million. Royce & Associates, Blackstart Capital, and Shelter Harbor Advisors were also very fond of the stock, giving the stock large weights in their portfolios.
Seeing as SJW Group (NYSE:SJW) has witnessed declining sentiment from hedge fund managers, it's easy to see that there was a specific group of fund managers that decided to sell off their entire stakes in the third quarter. Intriguingly, Benjamin A. Smith'sLaurion Capital Managementdumped the biggest investment of all the hedgies followed by Insider Monkey, worth an estimated $8 million in stock, and Steve Pattyn's Yaupon Capital was right behind this move, as the fund dropped about $4.1 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest fell by 5 funds in the third quarter.
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as SJW Group (NYSE:SJW) but similarly valued. We will take a look at Tower Semiconductor Ltd. (NASDAQ:TSEM), Cannae Holdings, Inc. (NYSE:CNNE), Cubic Corporation (NYSE:CUB), and Sotheby's (NYSE:BID). This group of stocks' market caps are similar to SJW's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position TSEM,12,258420,-4 CNNE,24,256097,1 CUB,15,72613,-7 BID,18,335777,2 Average,17.25,230727,-2 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 17.25 hedge funds with bullish positions and the average amount invested in these stocks was $231 million. That figure was $173 million in SJW's case. Cannae Holdings, Inc. (NYSE:CNNE) is the most popular stock in this table. On the other hand Tower Semiconductor Ltd. (NASDAQ:TSEM) is the least popular one with only 12 bullish hedge fund positions. SJW Group (NYSE:SJW) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately SJW wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); SJW investors were disappointed as the stock returned -0.5% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Is ASML Holding N.V. (ASML) A Good Stock To Buy ?
As we already know from media reports and hedge fund investor letters, many hedge funds lost money in fourth quarter, blaming macroeconomic conditions and unpredictable events that hit several sectors, with technology among them. Nevertheless, most investors decided to stick to their bullish theses and recouped their losses by the end of the first quarter. We get to see hedge funds' thoughts towards the market and individual stocks by aggregating their quarterly portfolio movements and reading their investor letters. In this article, we will particularly take a look at what hedge funds think about ASML Holding N.V. (NASDAQ:ASML).
IsASML Holding N.V. (NASDAQ:ASML)a healthy stock for your portfolio? The smart money is getting less optimistic. The number of bullish hedge fund bets were cut by 1 in recent months. Our calculations also showed that ASML isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's take a look at the new hedge fund action encompassing ASML Holding N.V. (NASDAQ:ASML).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -6% from the fourth quarter of 2018. By comparison, 13 hedge funds held shares or bullish call options in ASML a year ago. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to Insider Monkey's hedge fund database, Ken Fisher'sFisher Asset Managementhas the largest position in ASML Holding N.V. (NASDAQ:ASML), worth close to $371.8 million, amounting to 0.5% of its total 13F portfolio. On Fisher Asset Management's heels is Jim Simons ofRenaissance Technologies, with a $48.2 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Some other members of the smart money that are bullish include D. E. Shaw'sD E Shaw, Ken Griffin'sCitadel Investment Groupand Matthew Hulsizer'sPEAK6 Capital Management.
Since ASML Holding N.V. (NASDAQ:ASML) has faced a decline in interest from the entirety of the hedge funds we track, it's easy to see that there was a specific group of fund managers who sold off their positions entirely heading into Q3. It's worth mentioning that Simon Sadler'sSegantii Capitaldropped the biggest stake of the "upper crust" of funds monitored by Insider Monkey, valued at about $47.1 million in stock. David Costen Haley's fund,HBK Investments, also dropped its stock, about $8.2 million worth. These bearish behaviors are interesting, as total hedge fund interest was cut by 1 funds heading into Q3.
Let's now take a look at hedge fund activity in other stocks similar to ASML Holding N.V. (NASDAQ:ASML). These stocks are Booking Holdings Inc. (NASDAQ:BKNG), Charter Communications, Inc. (NASDAQ:CHTR), Caterpillar Inc. (NYSE:CAT), and Bristol Myers Squibb Company (NYSE:BMY). This group of stocks' market caps resemble ASML's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BKNG,77,5667848,-7 CHTR,67,7391525,3 CAT,53,3394463,-7 BMY,71,4098599,13 Average,67,5138109,0.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 67 hedge funds with bullish positions and the average amount invested in these stocks was $5138 million. That figure was $504 million in ASML's case. Booking Holdings Inc. (NASDAQ:BKNG) is the most popular stock in this table. On the other hand Caterpillar Inc. (NYSE:CAT) is the least popular one with only 53 bullish hedge fund positions. Compared to these stocks ASML Holding N.V. (NASDAQ:ASML) is even less popular than CAT. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on ASML, though not to the same extent, as the stock returned 5.9% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Is Cubic Corporation (CUB) A Good Stock To Buy?
World-class money managers like Ken Griffin and Barry Rosenstein only invest their wealthy clients' money after undertaking a rigorous examination of any potential stock. They are particularly successful in this regard when it comes to small-cap stocks, which their peerless research gives them a big information advantage on when it comes to judging their worth. It's not surprising then that they generate their biggest returns from these stocks and invest more of their money in these stocks on average than other investors. It's also not surprising then that we pay close attention to these picks ourselves and have built a market-beating investment strategy around them.
Cubic Corporation (NYSE:CUB)was in 15 hedge funds' portfolios at the end of March. CUB has experienced a decrease in hedge fund interest in recent months. There were 22 hedge funds in our database with CUB positions at the end of the previous quarter. Our calculations also showed that cub isn't among the30 most popular stocks among hedge funds.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
Let's take a look at the key hedge fund action encompassing Cubic Corporation (NYSE:CUB).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -32% from the fourth quarter of 2018. By comparison, 11 hedge funds held shares or bullish call options in CUB a year ago. With hedgies' capital changing hands, there exists a few notable hedge fund managers who were adding to their holdings substantially (or already accumulated large positions).
Of the funds tracked by Insider Monkey,Daruma Asset Management, managed by Mariko Gordon, holds the most valuable position in Cubic Corporation (NYSE:CUB). Daruma Asset Management has a $30.4 million position in the stock, comprising 3.5% of its 13F portfolio. On Daruma Asset Management's heels is Peter Schliemann ofRutabaga Capital Management, with a $12.5 million position; 3.5% of its 13F portfolio is allocated to the stock. Other hedge funds and institutional investors that are bullish encompass Ken Griffin'sCitadel Investment Group, Ken Grossman and Glen Schneider'sSG Capital Managementand Chuck Royce'sRoyce & Associates.
Seeing as Cubic Corporation (NYSE:CUB) has experienced falling interest from the aggregate hedge fund industry, it's safe to say that there were a few funds that slashed their full holdings last quarter. At the top of the heap, Anand Parekh'sAlyeska Investment Groupdumped the biggest position of the "upper crust" of funds monitored by Insider Monkey, worth an estimated $7.4 million in stock. Benjamin A. Smith's fund,Laurion Capital Management, also cut its stock, about $6.6 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest was cut by 7 funds last quarter.
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Cubic Corporation (NYSE:CUB) but similarly valued. These stocks are Sotheby's (NYSE:BID), Xencor Inc (NASDAQ:XNCR), FGL Holdings (NYSE:FG), and Allakos Inc. (NASDAQ:ALLK). This group of stocks' market valuations are similar to CUB's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BID,18,335777,2 XNCR,16,189739,3 FG,23,183387,-6 ALLK,9,148939,-1 Average,16.5,214461,-0.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 16.5 hedge funds with bullish positions and the average amount invested in these stocks was $214 million. That figure was $73 million in CUB's case. FGL Holdings (NYSE:FG) is the most popular stock in this table. On the other hand Allakos Inc. (NASDAQ:ALLK) is the least popular one with only 9 bullish hedge fund positions. Cubic Corporation (NYSE:CUB) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on CUB as the stock returned 7.8% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Bulls And Bears Of The Week: Tyson, Tesla, Crocs And More
Benzinga examined prospects for many investor favorite stocks over the past week. Bullish calls included a big food company the sell-side is hungry for, and a popular shoe maker in fashion with analysts. Bearish calls included the most-talked about electric car maker and a big cruise company that may be facing stormy waters. U.S. stocks finished higher for a third straight week, including new highs for the Dow and the S&P 500, bolstered by mid-week signals from the Federal Reserve. While the Fed opted to hold steady on interest rates with a reiteration that the economy remains strong, it did intimate that it is open to an interest rate cut before the end of the year. Stocks also got a boost earlier in the week when the European central bank indicated Tuesday that it would cut interest rates if economic conditions don’t improve. Market watchers also had an eye on Iran and the White House this past week after Iran shot down an unmanned U.S. surveillance drone. The U.S. readied an airstrike as a response, but President Donald Trump pulled back just before launch . The tension remains high. Finally, stocks got a boost during the week as U.S. officials continued to indicate there’s a chance for an easing of trade tensions with China when Trump and Chinese President Xi Jinping meet at the Group of 20 summit at the end of this coming week. The following are just a few of this past week's bullish and bearish posts on stocks that may be worth another look. Bulls In “ BMO Reaffirms Tyson Foods As 'Top Pick' For 2019 ,” Jayson Derrick reports on BMO Capital Markets reaffirming Tyson Foods Inc (NYSE: TSN ) as a "top pick" for 2019. Crocs, Inc . (NASDAQ: CROX ) shares were soaring Friday and Brett Hershman shows why in “ Crocs Could Pull Off 10-15% Earnings Upside, Baird Says In Upgrade .” Shanthi Rexaline has a look in “ FDA OKs Expanded Indication For Ocular Therapeutix Eye Pain Drug Months Ahead Of Schedule ,” at micro-cap biotech Ocular Therapeutix Inc (NASDAQ: OCUL )’s announcement of FDA approval of an expanded indication for its eye pain drug Dextenza. For other bullish calls, have a look at "Lamb Weston Analyst: Potato Bearishness Is Half-Baked," and "Funko Shares Pop! As DA Davidson Starts Coverage With Buy." Bears In “Tesla Falls After Goldman Sachs Cuts Price Target,” Tanzeel Akhtar reports on why Goldman Sachs cut its price target on electric car maker Tesla Inc (NASDAQ: TSLA ). Brett Hershman has a story on why Carnival Corp (NYSE: CCL ) shares were floating lower this week in “Wedbush Slashes Carnival Price Target Amid Weakness In Continental Europe.” Story continues Hershman’s “UBS Downgrades J.B. Hunt, Projects Cyclical Downturn In Transportation Market” looks at whether J B Hunt Transport Services Inc (NASDAQ: JBHT ) can keep on trucking in an economic downturn. Jayson Derrick had a report this week on concerns that Energizer Holdings Inc . (NYSE: ENR ) may need to recharge its batteries, and wrote about it in "Concerning Nielsen Data Prompts JPMorgan Downgrade Of Energizer Holdings." For more bearish calls, see “Goldman Turns Bearish on Airline Vendor Sabre,” and "National Beverage Trades Lower As Company Faces More Questions Over LaCroix Ingredients." Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Internet Trends Report: Why Immigration Is Critical To The US Tech Industry Barron's Picks And Pans: Fake Meat Battle, Grubhub, Slack, Apple And More Tesla Analysts On Shareholder Meeting: Narrative 'Overly Negative,' 'Herculean Task' In Production Goals © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments |
Is Canadian Imperial Bank of Commerce (CM) A Good Stock To Buy?
After several tireless days we have finished crunching the numbers from nearly 750 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms' equity portfolios as of March 31. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards Canadian Imperial Bank of Commerce (NYSE:CM).
Canadian Imperial Bank of Commerce (NYSE:CM)shares haven't seen a lot of action during the first quarter. Overall, hedge fund sentiment was unchanged. The stock was in 15 hedge funds' portfolios at the end of the first quarter of 2019. At the end of this article we will also compare CM to other stocks including Carnival Corporation (NYSE:CCL), Delta Air Lines, Inc. (NYSE:DAL), and The Williams Companies, Inc. (NYSE:WMB) to get a better sense of its popularity.
If you'd ask most market participants, hedge funds are seen as slow, old investment tools of years past. While there are more than 8000 funds with their doors open today, Our researchers look at the elite of this club, about 750 funds. These hedge fund managers preside over most of all hedge funds' total asset base, and by observing their first-class equity investments, Insider Monkey has determined numerous investment strategies that have historically exceeded the market. Insider Monkey's flagship hedge fund strategy outperformed the S&P 500 index by around 5 percentage points a year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
Let's review the key hedge fund action regarding Canadian Imperial Bank of Commerce (NYSE:CM).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 0% from the fourth quarter of 2018. On the other hand, there were a total of 14 hedge funds with a bullish position in CM a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,AQR Capital Managementwas the largest shareholder of Canadian Imperial Bank of Commerce (NYSE:CM), with a stake worth $142.1 million reported as of the end of March. Trailing AQR Capital Management was Renaissance Technologies, which amassed a stake valued at $92.3 million. GLG Partners, Two Sigma Advisors, and D E Shaw were also very fond of the stock, giving the stock large weights in their portfolios.
Since Canadian Imperial Bank of Commerce (NYSE:CM) has experienced a decline in interest from the smart money, logic holds that there lies a certain "tier" of hedgies that elected to cut their entire stakes last quarter. Interestingly, Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capitaldumped the biggest investment of all the hedgies watched by Insider Monkey, comprising about $42 million in stock. Jeffrey Talpins's fund,Element Capital Management, also said goodbye to its stock, about $0.8 million worth. These moves are intriguing to say the least, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as Canadian Imperial Bank of Commerce (NYSE:CM) but similarly valued. These stocks are Carnival Corporation (NYSE:CCL), Delta Air Lines, Inc. (NYSE:DAL), The Williams Companies, Inc. (NYSE:WMB), and Activision Blizzard, Inc. (NASDAQ:ATVI). This group of stocks' market caps are similar to CM's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CCL,28,567796,-11 DAL,60,6467050,-13 WMB,32,1694369,-7 ATVI,50,2741166,-9 Average,42.5,2867595,-10 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 42.5 hedge funds with bullish positions and the average amount invested in these stocks was $2868 million. That figure was $321 million in CM's case. Delta Air Lines, Inc. (NYSE:DAL) is the most popular stock in this table. On the other hand Carnival Corporation (NYSE:CCL) is the least popular one with only 28 bullish hedge fund positions. Compared to these stocks Canadian Imperial Bank of Commerce (NYSE:CM) is even less popular than CCL. Hedge funds dodged a bullet by taking a bearish stance towards CM. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately CM wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); CM investors were disappointed as the stock returned -0.6% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter.
Disclosure: None. This article was originally published atInsider Monkey.
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Is WEC Energy Group, Inc. (WEC) A Good Stock To Buy ?
A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended March 31, so let’s proceed with the discussion of the hedge fund sentiment on WEC Energy Group, Inc. (NYSE:WEC).
IsWECEnergy Group, Inc. (NYSE:WEC)going to take off soon? The best stock pickers are turning bullish. The number of bullish hedge fund bets increased by 2 recently. Our calculations also showed that WEC isn't among the30 most popular stocks among hedge funds.WECwas in 15 hedge funds' portfolios at the end of March. There were 13 hedge funds in our database with WEC positions at the end of the previous quarter.
In today’s marketplace there are numerous gauges stock market investors have at their disposal to size up publicly traded companies. Two of the less utilized gauges are hedge fund and insider trading activity. Our researchers have shown that, historically, those who follow the best picks of the top hedge fund managers can beat the market by a significant amount (see the details here).
[caption id="attachment_758442" align="aligncenter" width="450"]
Michael Platt of Bluecrest Capital Management[/caption]
We're going to take a look at the fresh hedge fund action regarding WEC Energy Group, Inc. (NYSE:WEC).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 15% from the previous quarter. The graph below displays the number of hedge funds with bullish position in WEC over the last 15 quarters. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Renaissance Technologiesheld the most valuable stake in WEC Energy Group, Inc. (NYSE:WEC), which was worth $323.7 million at the end of the first quarter. On the second spot was AQR Capital Management which amassed $56.7 million worth of shares. Moreover, GLG Partners, Citadel Investment Group, and Millennium Management were also bullish on WEC Energy Group, Inc. (NYSE:WEC), allocating a large percentage of their portfolios to this stock.
Now, some big names were breaking ground themselves.Millennium Management, managed by Israel Englander, initiated the largest call position in WEC Energy Group, Inc. (NYSE:WEC). Millennium Management had $7.9 million invested in the company at the end of the quarter. Israel Englander'sMillennium Managementalso initiated a $5.8 million position during the quarter. The other funds with new positions in the stock are Jeffrey Talpins'sElement Capital Management, Michael Platt and William Reeves'sBlueCrest Capital Mgmt., and Brandon Haley'sHolocene Advisors.
Let's check out hedge fund activity in other stocks similar to WEC Energy Group, Inc. (NYSE:WEC). We will take a look at State Street Corporation (NYSE:STT), Fresenius Medical Care AG & Co. KGaA (NYSE:FMS), Cummins Inc. (NYSE:CMI), and Digital Realty Trust, Inc. (NYSE:DLR). This group of stocks' market valuations resemble WEC's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position STT,32,719914,0 FMS,7,17048,-1 CMI,42,907637,7 DLR,16,242716,-7 Average,24.25,471829,-0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 24.25 hedge funds with bullish positions and the average amount invested in these stocks was $472 million. That figure was $438 million in WEC's case. Cummins Inc. (NYSE:CMI) is the most popular stock in this table. On the other hand Fresenius Medical Care AG & Co. KGaA (NYSE:FMS) is the least popular one with only 7 bullish hedge fund positions. WEC Energy Group, Inc. (NYSE:WEC) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on WEC as the stock returned 8.2% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Before the White House, Trump faced an array of sexual misconduct accusations. As president, he faces another
Corrections and clarifications: A previous version of this story incorrectly stated where the alleged assault occurred. The excerpt said it happened in a dressing room. WASHINGTON – The accusations poured in one after another. One woman described Donald Trump forcibly kissing her when she tried to get a job at the Trump Organization. Another said he put his hands under her skirt in a Manhattan nightclub. Others said he groped their breasts, attacked them or watched them change in a dressing room. At least 15 shared similar stories, claiming sexual misconduct by the former real estate tycoon. Trump denied and fended off the accusations, which came in the aftermath of an "Access Hollywood" tape recorded in 2005 on which he made vulgar comments about groping women. That tape was released in October 2016, one month before he won the presidency. After 2½ years in the White House, Trump is fighting a new allegation, lodged by longtime advice columnist E. Jean Carroll. She wrote in a forthcoming book, "What Do We Need Men For? A Modest Proposal," that Trump forced himself on her in a Bergdorf Goodman dressing room more than 20 years ago. An excerpt from the book was published by New York Magazine and included a photo of Carroll wearing the coat she said she wore the day of the attack. More women share experiences: Women share sexual assault stories amid Trump tape fiasco After 'Access Hollywood' tape: Reports: Multiple women say Trump grabbed them inappropriately As Democratic challengers to his presidency campaign for the 2020 election, Trump portrayed Carroll as someone whose only motivation is to sell books. "I have no idea who this woman is," Trump said as he left the White House on Saturday for Camp David. "It is a totally false accusation." The president alleged Carroll made a habit of accusing men of misdeeds and said "people have to be careful" because "it's happening more and more." Story continues He downplayed a photo included in the New York Magazine story of Carroll with Trump, saying his back was to the camera and he was with his wife. "Give me a break," he said, repeating that he did not know Carroll. Carroll wrote in the excerpt that she ran into Trump while shopping at the elegant New York City department store in the mid-1990s. She said she greeted him as "that real-estate tycoon," and he greeted her as "that advice lady." He was looking to buy a present for a "girl" and asked for Carroll's help, she wrote. She pointed out handbags and hats, but Trump pointed out lingerie and asked Carroll to try on a piece, she said. Once inside the dressing room, Carroll claimed, Trump forced himself on her. "The moment the dressing-room door is closed, he lunges at me, pushes me against the wall, hitting my head quite badly, and puts his mouth against my lips," Carroll wrote. "He holds me against the wall with his shoulder and jams his hand under my coat dress and pulls down my tights." Carroll claimed Trump "opens the overcoat, unzips his pants, and, forcing his fingers around my private area, thrusts his penis halfway – or completely, I’m not certain – inside me." The episode lasted no longer than three minutes, Carroll said. It was the last time she had sex, she wrote. The incident was not reported to the police, and Carroll said she told only two close friends, whose names were not made public in the story. One told her to go to the police. The other told her to forget about it, she wrote. "She is trying to sell a new book – that should indicate her motivation. It should be sold in the fiction section," Trump said in a statement Friday. "Shame on those who make up false stories of assault to try to get publicity for themselves, or sell a book, or carry out a political agenda." He pointed out that the department store had no footage of the incident or the pair in the store together and said there was no proof of an assault. New York Magazine , along with other outlets, including The New York Times , talked with the two friends, who verified that Carroll told them her account. Both said they did not want their names publicized for fear of threats. Carroll could not be reached by USA TODAY on Saturday. This article originally appeared on USA TODAY: Before the White House, Trump faced an array of sexual misconduct accusations. As president, he faces another |
Introducing Blackwell Global Holdings (NZSE:BGI), The Stock That Tanked 80%
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The art and science of stock market investing requires a tolerance for losing money on some of the shares you buy. But it would be foolish to simply accept every extremely large loss as an inevitable part of the game. So we hope that those who heldBlackwell Global Holdings Limited(NZSE:BGI) during the last year don't lose the lesson, in addition to the 80% hit to the value of their shares. That'd be a striking reminder about the importance of diversification. Because Blackwell Global Holdings hasn't been listed for many years, the market is still learning about how the business performs. Even worse, it's down 63% in about a month, which isn't fun at all. This could be related to the recent financial results - you can catch up on the most recent data by readingour company report.
View our latest analysis for Blackwell Global Holdings
We don't think Blackwell Global Holdings's revenue of NZ$734,218 is enough to establish significant demand. This state of affairs suggests that venture capitalists won't provide funds on attractive terms. So it seems shareholders are too busy dreaming about the progress to come than dwelling on the current (lack of) revenue. Investors will be hoping that Blackwell Global Holdings can make progress and gain better traction for the business, before it runs low on cash.
Companies that lack both meaningful revenue and profits are usually considered high risk. You should be aware that there is always a chance that this sort of company will need to issue more shares to raise money to continue pursuing its business plan. While some such companies go on to make revenue, profits, and generate value, others get hyped up by hopeful naifs before eventually going bankrupt. Blackwell Global Holdings has already given some investors a taste of the bitter losses that high risk investing can cause.
Blackwell Global Holdings had liabilities exceeding cash by NZ$4,508,187 when it last reported in March 2019, according to our data. That makes it extremely high risk, in our view. But since the share price has dived -80% in the last year, it looks like some investors think it's time to abandon ship, so to speak. The image below shows how Blackwell Global Holdings's balance sheet has changed over time; if you want to see the precise values, simply click on the image.
In reality it's hard to have much certainty when valuing a business that has neither revenue or profit. What if insiders are ditching the stock hand over fist? I'd like that just about as much as I like to drink milk and fruit juice mixed together. You canclick here to see if there are insiders selling.
Given that the market gained 13% in the last year, Blackwell Global Holdings shareholders might be miffed that they lost 80%. While the aim is to do better than that, it's worth recalling that even great long-term investments sometimes underperform for a year or more. The share price decline has continued throughout the most recent three months, down 57%, suggesting an absence of enthusiasm from investors. Given the relatively short history of this stock, we'd remain pretty wary until we see some strong business performance. Shareholders might want to examinethis detailed historical graphof past earnings, revenue and cash flow.
Of courseBlackwell Global Holdings may not be the best stock to buy. So you may wish to see thisfreecollection of growth stocks.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on NZ exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
3 Reasons Rivals Won't Match Disney World's Big Price Increase
It's getting pretty expensive to become a regular visitor toWalt Disney's(NYSE: DIS)popular theme-park resort in Florida. Disney World increased its annual pass prices byas much as 25%last week, opening the door forSeaWorld Entertainment(NYSE: SEAS)andComcast's(NASDAQ: CMCSA)Universal Orlando to follow suit.
Don't expect that to happen.
Disney World's move opens a window for its two largest rivals in the cutthroat Central Florida market to boost their prices. If the industry leader is jacking up its rates, why wouldn't SeaWorld Orlando and Comcast's Universal Orlando take advantage of the situation? Let's go over a few of the reasons Disney's competitors will probably hold the line on pricing this summer.
Image source: Disney.
Disney World is pushing through its gargantuan increase because the first phase ofStar Wars: Galaxy's Edge will open later this summer. Several new potentially bar-raising attractions will follow in the next couple of years.
SeaWorld Orlando doesn't have a game-changing addition coming to its parks until a new coaster opens next year. Comcast figured it had a no-brainer when it opened Hagrid's Magical Creatures Motorbike Adventure last month, its first well-received new ride in five years. The problem with Universal Orlando's new ride is that it's beenmarred by mechanical breakdowns and weather delays, and you can't market higher pricing on an unreliable addition.
Holding firm on pricing would give SeaWorld and Comcast a chance to close the gap with the global leader. Disney can rightfully argue that it will be losing its less lucrative price-sensitive pass holders, but you won't see SeaWorld Orlando or Universal Orlando smarting if they're signing up former Disney World pass holders.
Running theme parks requires a healthy flow of turnstile clicks. Investments in new rides and attractions are based on projected attendance trends, and if resisting the temptation to follow Disney here results in a strong than expected summer season it could justify the future investments to make the attendance growth happen more organically.
Investors love price increases that consumers hate, but the opposite is true when things go the other way. If Disney is biting off more than it can chew here -- whether customers get fed up or the economy sours -- it's not easy to roll back at least part of an increase.
It would be a mistake for SeaWorld or Comcast to test their pricing elasticity here if their businesses are vulnerable, and both operators have seen their businesses slow so far this year relative to 2018. Why risk future turnstile clicks just because the House of Mouse did? They have too much to lose.
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Rick Munarrizowns shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool recommends Comcast. The Motley Fool has adisclosure policy. |
Kroger Wants Credit for Its Profit Improvement Efforts
Grocery behemothKroger(NYSE: KR)has invested heavily in digital sales and delivery capabilities, yet it continues to struggle to regain market share, as my colleague Demitrios Kalogeropoulos observedin his recapof the company's fiscal first-quarter 2019 earnings, released on June 20.
Kroger is faced with a dual difficulty as intense grocery competition hampers its ability to improve identical-store sales, while investments in home delivery -- though mostly recorded on the balance sheet -- also furnish a slight drag on income statement profits.
With nearly 2,800 retail grocery stores under a variety of banners, Kroger possesses immense scale. The company's massive $121 billion in sales last year enabled it to generate a net profit of $3.1 billion. Yet an easier route to value creation may involve diversifying Kroger's revenue base, and improving operating profits through alternate ventures.
Image source: Getty Images.
As of Kroger's first-quarter 2019 report, a category of business that management calls "Alternative Profit Streams" will now be broken out in a supplemental detail schedule each quarter. The purpose is to help investors understand how these efforts, however diminutive in relation to the bottom line, are making Kroger a more profitable company.
The three major components of alternative profit streams are the company's "Kroger Personal Finance" (KPF), media, and customer data insights businesses.
KPF includes a wide variety of financial services that Kroger customers can avail, from Kroger-branded credit cards, to home mortgages offered via financial partners, to in-store money services including remittances and check cashing. The company's media services and customer data insights businesses enable vendors to market more efficiently to Kroger customers and gain customer purchasing insight through the transactional data that Kroger collects.
Alternative profit streams also include the company's quasi venture-capital investments in grocery-related technology companies and emerging grocery brands. Below is a helpful visual diagram which Kroger provided in its first supplemental report on alternative profit streams on June 20:
Image source: Kroger.
Formerly, revenue associated with each of these businesses was mostly recorded as an offset to general and administrative expenses. Because they haven't been material to Kroger's overall operations, the company treated revenue from these ventures as a reduction of overhead expense.
Yet now, in an effort to provide transparency, and, as management noted on the company'searnings conference call, to conform more closely to industry practice, the contribution generated by alternative profit streams will be recorded net of expenses within the gross margin category.
In other words, revenue will be grouped along with Kroger's other sales, and expenses will be classified as cost of sales, so that the total impact of alternative profit streams will improve Kroger'sgross margin.
The company expects that alternative profit streams will add $100 million in incremental operating profit this year versus 2018. For context, Kroger's total operating profit in 2018 was $2.6 billion. Now $100 million may seem a trivial contribution to this total. But given its slim 2.2%operating margin, Kroger would have to sell the equivalent of $4.5 billion in additional groceries and fuel to match this year's net haul from alternative profit streams.
In giving this relatively tiny contributor of profit a more prominent role in the discussion of quarterly profits, Kroger is recognizing that investors can't value what they can't see. It's also sensible to make these fledgling efforts visible now, as accelerating future growth of viable profit streams may force investors to rethink the lack of premium attached to Kroger's shares. Kroger stock currently trades at a paltry 9 times forward one-year earnings, thus, any illumination of earnings potential can only help the grocery titan's market capitalization.
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Asit Sharmahas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. |
Former U.S. congressman Sestak joins Democratic presidential race
WASHINGTON, June 23 (Reuters) - Former U.S. Representative Joe Sestak said on Sunday that he would seek the Democratic nomination for president, becoming the party's 25th candidate vying to challenge Republican President Donald Trump in the 2020 election.
In announcing his candidacy, Sestak, 67, a retired three-star U.S. Navy admiral, emphasized his 31-year military career, the need to restore U.S. leadership in the world and challenges from climate change and China's growing global influence.
"Our country desperately needs a president with a depth of global experience and an understanding of all the elements of our nation’s power, from our economy and our diplomacy to the power of our ideals and our military, including its limitations," Sestak said in a video released on his campaign website.
Echoing elements of Trump's trade war with China, he warned of the dangers of China's influence, from its "virtual monopoly" in high-technology manufacturing supply chains to its Belt-and-Road infrastructure drive and build-out of 5G communications networks.
"This is arguably the greatest threat of all," Sestak said of China's 5G efforts. "China’s ownership will give it a police-state capability to surveil everything on the network, both for commercial and intelligence purposes."
Sestak represented a district in eastern Pennsylvania including the former industrial cities of Allentown and Bethlehem for two terms from 2007 to 2011.
He ran for the U.S. Senate in 2010 and lost to Republican Pat Toomey in a year that saw Republicans take control of the House of Representatives. Sestak sought a rematch with Toomey in 2016 but lost in the Democratic nominating primary.
His announcement came too late for him to join the first Democratic debate featuring 20 presidential candidates on Wednesday and Thursday. (Reporting by David Lawder; Editing by Peter Cooney) |
The Latest: Saudi Arabia reports deadly attack on airport
TEHRAN, Iran (AP) — The Latest on tensions between the U.S. and Iran and in the Persian Gulf (all times local): 12:30 a.m. Saudi Arabia says one person has been killed and seven others wounded in an attack by Yemeni rebels on an airport in the kingdom's south. The spokesman of the Saudi-led coalition at war in Yemen against the rebel Houthis was quoted in the state-run Saudi Press Agency as saying the airport in Abha was struck shortly after 9 p.m. local time on Sunday. Col. Turki al-Maliki did not say what type of weapon was used in the attack. The Saudi Press Agency reported that a Syrian resident of Saudi Arabia had been killed. A Houthi spokesman, Yahia al-Sarie, said earlier Sunday the rebels had launched drone attacks on Saudi airports in Abha and Jizan. The attack comes less that two weeks after the airport in Abha was attacked by a Houthi cruise missile, wounding 26 passengers inside. ___ 10:50 p.m. U.S. Secretary of State Mike Pompeo is traveling to Saudi Arabia and the United Arab Emirates for talks on Iran. Speaking to reporters before flying out on Sunday, Pompeo said he'll be talking to the two U.S. allies "about how to make sure that we are all strategically aligned" and how to build a global coalition to "push back against the world's largest state sponsor of terror." At the same time, Pompeo reiterated that the U.S. was prepared to negotiate with Iran with no preconditions to ease tensions in the Persian Gulf. Tensions spiked last week after Iran downed an unmanned U.S. military aircraft. President Donald Trump said he backed away from planned strikes against Iran after learning that 150 people would be killed but said military action was still an option. ___ 9:30 p.m. A top UK diplomat has met with senior officials in Tehran to discuss preventing "escalation and miscalculation" amid heightened tensions between the U.S. and Iran. On Sunday, the UK Foreign Office quoted Andrew Murrison, the minister of state for the Middle East, as saying his visit was aimed at "open, frank and constructive engagement" with his Iranian counterparts. Story continues He said this included reiterating the UK's assessment that Iran almost certainly bears responsibility for recent attacks on oil tankers in the Gulf of Oman, which Iran denies. Murrison added that Iran must continue to meet its commitments under a 2015 nuclear deal with world powers that the Trump administration withdrew from a year ago before re-imposing crippling economic sanctions on the country. ___ 5:05 p.m. Iran's president has accused the United States of fueling tensions in an already volatile region, as the crisis between the two countries escalates. The official IRNA news agency quoted Sunday Hassan Rouhani as saying the "interventionist military presence" of the U.S. is responsible for the Middle East's problems. Rouhani also denounced what Iran alleges was the incursion of its airspace by a U.S. military drone, which Tehran shot down on Thursday. Rouhani said: "We expect international bodies to show proper reaction to the invasion move." His remarks came during a meeting with the president of IPU, or Inter-Parliamentary Union, Gabriela Cuevas, in Tehran. The U.S. says the drone was flying above international waters near the Persian Gulf. ___ 1:30 p.m. U.S. National Security Adviser John Bolton says Iran should not "mistake U.S. prudence and discretion for weakness." Speaking alongside Israeli Prime Minister Benjamin Netanyahu in Jerusalem Sunday, Bolton says no one has granted Iran a "hunting license in the Middle East." The comments come days after President Donald Trump announced he called off military strikes on Iran after learning approximately 150 Iranians would be killed, saying it would've been out of proportion to the shooting down of an unmanned American surveillance drone by Iran. Bolton, a longtime Iran hawk, says sanctions will continue against Tehran and that the U.S. reserves the right to attack it at a later point. He emphasized that Trump had only "stopped the strike from going forward at this time.'" ___ 12:20 p.m. An Iranian military commander warned on Sunday that any conflict with Iran would have uncontrollable consequences across the region and endanger the lives of U.S. forces, as tensions between Washington and Tehran flare after the downing of an American surveillance drone. The semi-official Fars news agency on Sunday quoted Gen. Gholamali Rashid as saying the Trump administration "should behave in a responsible way to protect the lives of American forces." Gen. Rashid said if war happens, its scope and duration could not be controlled, and blamed any escalation on "U.S. interventionist policy." The general oversees and coordinates joint military operations in the Iranian Armed Forces. Iran said it shot down the U.S. drone on Thursday but elected not to fire on a manned U.S. military aircraft flying in the area at the same time. U.S. military cyber forces launched a strike against Iranian military computer systems on Thursday as President Donald Trump backed away from plans for a more conventional military strike after learning approximately 150 Iranians would be killed. ___ 11:30 a.m. Saudi Arabia's state airline Saudia says it is rerouting flight paths to some Asian destinations in order to avoid Iranian airspace amid heightened tensions in the Persian Gulf. The statement Saturday evening follows the U.S. Federal Aviation Administration's decision to bar U.S.-registered aircraft from operating over parts of the Persian Gulf and the Gulf of Oman, after Iran shot down a U.S. military drone on Thursday. The airline says it's a precautionary measure for aviation safety, and Saudi-owned Al Arabiya news channel says the airline's decision affects flight routes over the Gulf of Oman and the Strait of Hormuz. Other regional carriers like Etihad and Emirates on Friday announced they too have changed their flight paths in the Persian Gulf region. |
Daimler issues profit warning over diesel issues
FRANKFURT, Germany (AP) — Automaker Daimler said Sunday that profits for the second quarter will be hit by troubles with diesel vehicles from its Mercedes-Benz brand and downgraded its earnings forecast for the full year. The company said in a news release that it would be hit by "a high three-digit million" euro increase in charges related to ongoing government proceedings and measures related to diesel vehicles. It said full-year operating earnings would be "in the magnitude" of last year's 11.1 billion euros ($12.6 billion) instead of seeing slight growth. The company's Mercedes-Benz Vans division would see a loss amounting to a negative return on sales of 2% to 4% for the years. The division lost 98 million euros in the first quarter. Daimler was ordered Friday by Germany's vehicle authority to recall 60,000 SUVs with technology the authority said impermissibly reduced emission controls. The company said in its first-quarter earnings release it faces a probe of emissions matters by the U.S. Justice Department; German prosecutors in Stuttgart searched company offices as part of a probe in 2017 and are also investigating. Daimler also faces a consumer class-action lawsuit in the US along with supplier Bosch alleging a conspiracy to deceive U.S. regulators. Daimler is scheduled to release its second-quarter earnings on July 24, the first quarterly report under new CEO Ola Kallenius, who has taken over from Dieter Zetsche. |
U.S. arms makers see booming European demand as threats multiply
By Andrea Shalal
PARIS, June 23 (Reuters) - U.S. arms makers say European demand for fighter jets, missile defences and other weapons is growing fast amid heightened concerns about Russia and Iran.
The U.S. government sent a group of unusually high-ranking officials including Commerce Secretary Wilbur Ross to the Paris Airshow this year, where nearly 400 U.S. companies were showcasing equipment as the United States and Iran neared open confrontation in the Persian Gulf.
Lockheed Martin, Boeing and other top weapons makers said they had seen accelerating demand for U.S. weapons at the biennial air show despite escalating trade tensions between the United States and Europe.
"Two Paris air shows ago, there weren't a lot of orders," said Rick Edwards, who heads Lockheed's international division. "Now ... our fastest growth market for Lockheed Martin in the world is Europe."
Many European nations have increased military spending since Russia's annexation of the Crimea region of Ukraine in 2014, bolstering missile defences and upgrading or replacing ageing fighter jet fleets. NATO members agreed in 2014 to move toward spending 2% of gross domestic product on defence.
Eric Fanning, chief executive of the Aerospace Industries Association, said the NATO pledge and European concerns about Russia were fueling demand. "I do think it reflects the increasing provocations of Russia," he said.
Industry executives and government officials say growing concern about Iran's missile development programme is another key factor. Tehran's downing of a U.S. drone came late in the air show, but executives said it would support further demand.
"Iran is our best business development partner. Every time they do something like this, it heightens awareness of the threat," said one senior defence industry executive, who asked not to be named.
Edwards said Lockheed's F-35 stealth fighter, selected by Belgium, is poised to win another new order from Poland, while Bulgaria, Slovakia and Romania are also working to replace Soviet-era equipment.
Edwards and other executives say they see no impact from the ongoing trade disputes between U.S. President Donald Trump and the European Union.
U.S. Army Lieutenant General Charles Hooper, director of the Pentagon's Defense Security Cooperation Agency (DSCA), said Europe accounted for nearly a quarter of the $55.7 billion in foreign arms sales his agency handled in fiscal 2018.
Hooper said the U.S. government was making concerted efforts to speed arms sales approvals and boost sales to help arm allies with U.S. weapons.
Ralph Acaba, president of Raytheon Co's's Integrated Defense Systems business, said the company was boosting automation and working to deliver the Patriot missile system and other weapons in half the five-year period previously typical.
"Europe is really big for us now, and that's a big change in just the last few years and even the last 18 months," he said.
In addition to wooing new Patriot customers, Raytheon is upgrading existing systems for customers like Germany, which is likely to finalise a contract worth potentially hundreds of millions of dollars to the company in coming months.
Thomas Breckenridge, head of international sales for Boeing's strike, surveillance and mobility programmes, is eyeing contracts wins for Boeing's F/A-18 Super Hornet fighter jets in Germany, Switzerland and Finland.
"There's a huge appetite in Europe for defence as a whole," he said. (Reporting by Andrea Shalal; Editing by Jan Harvey) |
Trump calls picking Jeff Sessions for attorney general the 'biggest mistake' of presidency
WASHINGTON President Donald Trump said the "biggest mistake" of his presidency was picking Jeff Sessions for attorney general. In an interview that aired Sunday morning on "Meet the Press," host Chuck Todd asked Trump, "If you could have one do-over as president, what would it be?" To which Trump replied, "It would be personnel," before lashing out at his former attorney general. "I would say if I had one do-over, it would be, I would not have appointed Jeff Sessions to be attorney general. That would be my one ... that was the biggest mistake." It's not the first time Trump has openly criticized the former attorney general. Trump fired Sessions as attorney general the day after the 2018 midterm elections, ending a year of open criticism. Trump had been incensed by Sessions' recusal from overseeing the Mueller investigation and railed against the former Alabama senator as "beleaguered" and "disgraceful," and he expressed "disappointment" in him. The president told The New York Times in July 2017 that he would not have appointed Sessions if he had known Sessions would have recused himself. In September 2018, Trump went so far as to tell Hill.TV: I dont have an attorney general. Its very sad. Contributing: Kevin Johnson More: Like what youre reading? Download the USA TODAY app for more This article originally appeared on USA TODAY: Trump calls picking Jeff Sessions for attorney general the 'biggest mistake' of presidency |
Did Hedge Funds Drop The Ball On Brightcove Inc (BCOV) ?
Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of March. At Insider Monkey, we follow nearly 750 active hedge funds and notable investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is Brightcove Inc (NASDAQ:BCOV), so let’s take a closer look at the sentiment that surrounds it in the current quarter.
IsBrightcove Inc (NASDAQ:BCOV)a buy right now? Investors who are in the know are becoming less confident. The number of long hedge fund positions were trimmed by 1 lately. Our calculations also showed that BCOV isn't among the30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to check out the key hedge fund action surrounding Brightcove Inc (NASDAQ:BCOV).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of -6% from one quarter earlier. By comparison, 12 hedge funds held shares or bullish call options in BCOV a year ago. With hedge funds' capital changing hands, there exists an "upper tier" of noteworthy hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
Among these funds,Trigran Investmentsheld the most valuable stake in Brightcove Inc (NASDAQ:BCOV), which was worth $29.3 million at the end of the first quarter. On the second spot was Tenzing Global Investors which amassed $23.7 million worth of shares. Moreover, Archon Capital Management, Renaissance Technologies, and Hawk Ridge Management were also bullish on Brightcove Inc (NASDAQ:BCOV), allocating a large percentage of their portfolios to this stock.
Judging by the fact that Brightcove Inc (NASDAQ:BCOV) has experienced a decline in interest from the entirety of the hedge funds we track, it's easy to see that there exists a select few hedgies who sold off their positions entirely in the third quarter. Interestingly, Matthew Hulsizer'sPEAK6 Capital Managementsold off the largest position of all the hedgies tracked by Insider Monkey, comprising close to $0.4 million in call options. Matthew Hulsizer's fund,PEAK6 Capital Management, also sold off its call options, about $0.2 million worth. These transactions are intriguing to say the least, as total hedge fund interest was cut by 1 funds in the third quarter.
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Brightcove Inc (NASDAQ:BCOV) but similarly valued. These stocks are Minerva Neurosciences, Inc (NASDAQ:NERV), Arlo Technologies, Inc. (NYSE:ARLO), Phoenix New Media Ltd ADR (NYSE:FENG), and American National BankShares Inc (NASDAQ:AMNB). All of these stocks' market caps are similar to BCOV's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position NERV,11,34144,1 ARLO,12,26452,4 FENG,9,33399,0 AMNB,2,7542,-1 Average,8.5,25384,1 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 8.5 hedge funds with bullish positions and the average amount invested in these stocks was $25 million. That figure was $114 million in BCOV's case. Arlo Technologies, Inc. (NYSE:ARLO) is the most popular stock in this table. On the other hand American National BankShares Inc (NASDAQ:AMNB) is the least popular one with only 2 bullish hedge fund positions. Compared to these stocks Brightcove Inc (NASDAQ:BCOV) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on BCOV as the stock returned 24.3% during the same period and outperformed the market by an even larger margin. Hedge funds were clearly right about piling into this stock relative to other stocks with similar market capitalizations.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been More Bullish On SolarWinds Corporation (SWI)
Like everyone else, elite investors make mistakes. Some of their top consensus picks, such as Amazon, Facebook and Alibaba, have not done well in Q4 due to various reasons. Nevertheless, the data show elite investors' consensus picks have done well on average over the long-term. The top 20 stocks among hedge funds beat the S&P 500 Index ETF by more than 6 percentage points so far this year. Because their consensus picks have done well, we pay attention to what elite funds think before doing extensive research on a stock. In this article, we take a closer look at SolarWinds Corporation (NYSE:SWI) from the perspective of those elite funds.
SolarWinds Corporation (NYSE:SWI)shares haven't seen a lot of action during the first quarter. Overall, hedge fund sentiment was unchanged. The stock was in 15 hedge funds' portfolios at the end of March. The level and the change in hedge fund popularity aren't the only variables you need to analyze to decipher hedge funds' perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That's why at the end of this article we will examine companies such as Bruker Corporation (NASDAQ:BRKR), Texas Pacific Land Trust (NYSE:TPL), and CubeSmart (NYSE:CUBE) to gather more data points.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
[caption id="attachment_745225" align="aligncenter" width="473"]
Noam Gottesman, GLG Partners[/caption]
Let's go over the fresh hedge fund action surrounding SolarWinds Corporation (NYSE:SWI).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 0% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in SWI over the last 15 quarters. With hedge funds' positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were adding to their holdings substantially (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Jim Davidson,áDave RouxáandáGlenn Hutchins'sSilver Lake Partnershas the largest position in SolarWinds Corporation (NYSE:SWI), worth close to $2.6872 billion, comprising 61.4% of its total 13F portfolio. The second most bullish fund manager isSunriver Management, led by Will Cook, holding a $21.1 million position; 4.2% of its 13F portfolio is allocated to the company. Some other peers that hold long positions include Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capital, Anand Parekh'sAlyeska Investment Groupand Israel Englander'sMillennium Management.
Because SolarWinds Corporation (NYSE:SWI) has experienced a decline in interest from the aggregate hedge fund industry, logic holds that there were a few hedgies that slashed their full holdings in the third quarter. Interestingly, Gil Simon'sSoMa Equity Partnerscut the biggest stake of the 700 funds monitored by Insider Monkey, worth close to $9 million in stock, and Andrew Feldstein and Stephen Siderow's Blue Mountain Capital was right behind this move, as the fund cut about $3.7 million worth. These transactions are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's check out hedge fund activity in other stocks similar to SolarWinds Corporation (NYSE:SWI). We will take a look at Bruker Corporation (NASDAQ:BRKR), Texas Pacific Land Trust (NYSE:TPL), CubeSmart (NYSE:CUBE), and Royal Gold, Inc (NASDAQ:RGLD). This group of stocks' market values match SWI's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BRKR,25,400030,-1 TPL,11,1470997,-2 CUBE,20,393248,-2 RGLD,17,67145,2 Average,18.25,582855,-0.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 18.25 hedge funds with bullish positions and the average amount invested in these stocks was $583 million. That figure was $2759 million in SWI's case. Bruker Corporation (NASDAQ:BRKR) is the most popular stock in this table. On the other hand Texas Pacific Land Trust (NYSE:TPL) is the least popular one with only 11 bullish hedge fund positions. SolarWinds Corporation (NYSE:SWI) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately SWI wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); SWI investors were disappointed as the stock returned -5.6% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Did Hedge Funds Drop The Ball On Catalent Inc (CTLT) ?
We can judge whether Catalent Inc (NYSE:CTLT) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There's no better way to get these firms' immense resources and analytical capabilities working for us than to follow their lead into their best ideas. While not all of these picks will be winners, our research shows that these picks historically outperformed the market when we factor in known risk factors.
IsCatalent Inc (NYSE:CTLT)a worthy investment now? Hedge funds are becoming less hopeful. The number of long hedge fund bets were cut by 4 in recent months. Our calculations also showed that CTLT isn't among the30 most popular stocks among hedge funds.CTLTwas in 15 hedge funds' portfolios at the end of the first quarter of 2019. There were 19 hedge funds in our database with CTLT positions at the end of the previous quarter.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
Let's take a peek at the key hedge fund action regarding Catalent Inc (NYSE:CTLT).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -21% from the previous quarter. By comparison, 17 hedge funds held shares or bullish call options in CTLT a year ago. With the smart money's positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were upping their holdings substantially (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Andreas Halvorsen'sViking Globalhas the largest position in Catalent Inc (NYSE:CTLT), worth close to $43 million, accounting for 0.2% of its total 13F portfolio. The second most bullish fund manager is Ken Griffin ofCitadel Investment Group, with a $42.7 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Some other peers that are bullish consist of D. E. Shaw'sD E Shaw, and Mariko Gordon'sDaruma Asset Management.
Judging by the fact that Catalent Inc (NYSE:CTLT) has witnessed a decline in interest from the smart money, it's safe to say that there were a few fund managers who sold off their full holdings in the third quarter. Intriguingly, Robert Joseph Caruso'sSelect Equity Groupdumped the biggest stake of the 700 funds watched by Insider Monkey, comprising about $24.4 million in stock. Jim Simons's fund,Renaissance Technologies, also sold off its stock, about $13.2 million worth. These transactions are important to note, as total hedge fund interest dropped by 4 funds in the third quarter.
Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Catalent Inc (NYSE:CTLT) but similarly valued. We will take a look at Cree, Inc. (NASDAQ:CREE), Sabre Corporation (NASDAQ:SABR), Woodward Inc (NASDAQ:WWD), and LPL Financial Holdings Inc (NASDAQ:LPLA). This group of stocks' market values match CTLT's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CREE,14,88463,5 SABR,21,260999,-3 WWD,20,268959,6 LPLA,33,807308,-1 Average,22,356432,1.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $356 million. That figure was $146 million in CTLT's case. LPL Financial Holdings Inc (NASDAQ:LPLA) is the most popular stock in this table. On the other hand Cree, Inc. (NASDAQ:CREE) is the least popular one with only 14 bullish hedge fund positions. Catalent Inc (NYSE:CTLT) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on CTLT as the stock returned 24.6% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Protagonist Therapeutics, Inc. (PTGX)
The 700+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Protagonist Therapeutics, Inc. (NASDAQ:PTGX).
Hedge fund interest inProtagonist Therapeutics, Inc. (NASDAQ:PTGX)shares was flat at the end of last quarter. This is usually a negative indicator. The level and the change in hedge fund popularity aren't the only variables you need to analyze to decipher hedge funds' perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That's why at the end of this article we will examine companies such as eGain Communications Corporation (NASDAQ:EGAN), Biglari Holdings Inc (NYSE:BH), and WhiteHorse Finance, Inc. (NASDAQ:WHF) to gather more data points.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's go over the key hedge fund action encompassing Protagonist Therapeutics, Inc. (NASDAQ:PTGX).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 0% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in PTGX over the last 15 quarters. With the smart money's capital changing hands, there exists an "upper tier" of key hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).
More specifically,Perceptive Advisorswas the largest shareholder of Protagonist Therapeutics, Inc. (NASDAQ:PTGX), with a stake worth $26 million reported as of the end of March. Trailing Perceptive Advisors was Farallon Capital, which amassed a stake valued at $22.5 million. Biotechnology Value Fund / BVF Inc, Millennium Management, and Ghost Tree Capital were also very fond of the stock, giving the stock large weights in their portfolios.
Judging by the fact that Protagonist Therapeutics, Inc. (NASDAQ:PTGX) has witnessed bearish sentiment from the entirety of the hedge funds we track, it's safe to say that there were a few money managers that decided to sell off their positions entirely last quarter. Interestingly, Jeffrey Jay and David Kroin'sGreat Point Partnerssold off the largest investment of the "upper crust" of funds tracked by Insider Monkey, totaling an estimated $6.4 million in stock. Peter Rathjens, Bruce Clarke and John Campbell's fund,Arrowstreet Capital, also dropped its stock, about $0.2 million worth. These transactions are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Protagonist Therapeutics, Inc. (NASDAQ:PTGX) but similarly valued. We will take a look at eGain Corporation (NASDAQ:EGAN), Biglari Holdings Inc (NYSE:BH), WhiteHorse Finance, Inc. (NASDAQ:WHF), and NeoPhotonics Corp (NYSE:NPTN). This group of stocks' market valuations are similar to PTGX's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position EGAN,14,46344,5 BH,9,37227,1 WHF,3,2135,2 NPTN,22,48601,4 Average,12,33577,3 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $34 million. That figure was $104 million in PTGX's case. NeoPhotonics Corp (NYSE:NPTN) is the most popular stock in this table. On the other hand WhiteHorse Finance, Inc. (NASDAQ:WHF) is the least popular one with only 3 bullish hedge fund positions. Protagonist Therapeutics, Inc. (NASDAQ:PTGX) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately PTGX wasn't nearly as popular as these 20 stocks and hedge funds that were betting on PTGX were disappointed as the stock returned -4.1% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been This Bullish On Digital Turbine Inc (APPS)
We at Insider Monkey have gone over 738 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article, we look at what those funds think of Digital Turbine Inc (NASDAQ:APPS) based on that data.
Digital Turbine Inc (NASDAQ:APPS)has experienced an increase in hedge fund sentiment of late. Our calculations also showed that APPS isn't among the30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to go over the fresh hedge fund action regarding Digital Turbine Inc (NASDAQ:APPS).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 50% from the fourth quarter of 2018. By comparison, 13 hedge funds held shares or bullish call options in APPS a year ago. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Millennium Managementwas the largest shareholder of Digital Turbine Inc (NASDAQ:APPS), with a stake worth $3.2 million reported as of the end of March. Trailing Millennium Management was Trellus Management Company, which amassed a stake valued at $3 million. P.A.W. CAPITAL PARTNERS, Arrowstreet Capital, and Driehaus Capital were also very fond of the stock, giving the stock large weights in their portfolios.
With a general bullishness amongst the heavyweights, key hedge funds were breaking ground themselves.Driehaus Capital, managed by Richard Driehaus, initiated the most outsized position in Digital Turbine Inc (NASDAQ:APPS). Driehaus Capital had $1.4 million invested in the company at the end of the quarter. Mark Broach'sManatuck Hill Partnersalso made a $1.1 million investment in the stock during the quarter. The other funds with brand new APPS positions are Jim Simons'sRenaissance Technologies, Chuck Royce'sRoyce & Associates, and Michael Platt and William Reeves'sBlueCrest Capital Mgmt..
Let's go over hedge fund activity in other stocks similar to Digital Turbine Inc (NASDAQ:APPS). We will take a look at American Superconductor Corporation (NASDAQ:AMSC), Solar Senior Capital Ltd (NASDAQ:SUNS), Protective Insurance Corporation (NASDAQ:PTVCB), and Neuronetics, Inc. (NASDAQ:STIM). This group of stocks' market valuations resemble APPS's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position AMSC,16,46521,9 SUNS,2,851,1 PTVCB,7,27866,1 STIM,2,2767,-4 Average,6.75,19501,1.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 6.75 hedge funds with bullish positions and the average amount invested in these stocks was $20 million. That figure was $17 million in APPS's case. American Superconductor Corporation (NASDAQ:AMSC) is the most popular stock in this table. On the other hand Solar Senior Capital Ltd (NASDAQ:SUNS) is the least popular one with only 2 bullish hedge fund positions. Digital Turbine Inc (NASDAQ:APPS) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on APPS as the stock returned 35.1% during the same period and outperformed the market by an even larger margin. Hedge funds were rewarded for their relative bullishness.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Strongbridge Biopharma plc (SBBP)
Hedge fund managers like David Einhorn, Bill Ackman, or Carl Icahn became billionaires through reaping large profits for their investors, which is why piggybacking their stock picks may provide us with significant returns as well. Many hedge funds, like Paul Singer’s Elliott Management, are pretty secretive, but we can still get some insights by analyzing their quarterly 13F filings. One of the most fertile grounds for large abnormal returns is hedge funds’ most popular small-cap picks, which are not so widely followed and often trade at a discount to their intrinsic value. In this article we will check out hedge fund activity in another small-cap stock: Strongbridge Biopharma plc (NASDAQ:SBBP).
Strongbridge Biopharma plc (NASDAQ:SBBP)has experienced an increase in support from the world's most elite money managers of late.SBBPwas in 15 hedge funds' portfolios at the end of March. There were 14 hedge funds in our database with SBBP holdings at the end of the previous quarter. Our calculations also showed that SBBP isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
We're going to take a peek at the new hedge fund action regarding Strongbridge Biopharma plc (NASDAQ:SBBP).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 7% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards SBBP over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Broadfin Capitalheld the most valuable stake in Strongbridge Biopharma plc (NASDAQ:SBBP), which was worth $13.9 million at the end of the first quarter. On the second spot was Armistice Capital which amassed $12.4 million worth of shares. Moreover, Park West Asset Management, Opaleye Management, and Hudson Bay Capital Management were also bullish on Strongbridge Biopharma plc (NASDAQ:SBBP), allocating a large percentage of their portfolios to this stock.
With a general bullishness amongst the heavyweights, key money managers were leading the bulls' herd.Vivo Capital, managed by Albert Cha and Frank Kung, established the most outsized position in Strongbridge Biopharma plc (NASDAQ:SBBP). Vivo Capital had $4.6 million invested in the company at the end of the quarter. Jim Simons'sRenaissance Technologiesalso initiated a $0.3 million position during the quarter. The other funds with new positions in the stock are Michael Gelband'sExodusPoint Capitaland Paul Marshall and Ian Wace'sMarshall Wace LLP.
Let's also examine hedge fund activity in other stocks similar to Strongbridge Biopharma plc (NASDAQ:SBBP). These stocks are Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR), Preformed Line Products Company (NASDAQ:PLPC), and CBL & Associates Properties, Inc. (NYSE:CBL). All of these stocks' market caps resemble SBBP's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position XERS,7,56936,4 EIGR,22,166729,1 PLPC,7,31280,2 CBL,15,14297,0 Average,12.75,67311,1.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 12.75 hedge funds with bullish positions and the average amount invested in these stocks was $67 million. That figure was $63 million in SBBP's case. Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) is the most popular stock in this table. On the other hand Xeris Pharmaceuticals, Inc. (NASDAQ:XERS) is the least popular one with only 7 bullish hedge fund positions. Strongbridge Biopharma plc (NASDAQ:SBBP) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately SBBP wasn't nearly as popular as these 20 stocks and hedge funds that were betting on SBBP were disappointed as the stock returned -31.3% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Is ICU Medical, Inc. (ICUI) A Good Stock To Buy?
Hedge funds and other investment firms that we track manage billions of dollars of their wealthy clients' money, and needless to say, they are painstakingly thorough when analyzing where to invest this money, as their own wealth also depends on it. Regardless of the various methods used by elite investors like David Tepper and David Abrams, the resources they expend are second-to-none. This is especially valuable when it comes to small-cap stocks, which is where they generate their strongest outperformance, as their resources give them a huge edge when it comes to studying these stocks compared to the average investor, which is why we intently follow their activity in the small-cap space.
ICU Medical, Inc. (NASDAQ:ICUI)was in 15 hedge funds' portfolios at the end of the first quarter of 2019. ICUI has experienced a decrease in enthusiasm from smart money lately. There were 20 hedge funds in our database with ICUI positions at the end of the previous quarter. Our calculations also showed that ICUI isn't among the30 most popular stocks among hedge funds.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
We're going to take a glance at the latest hedge fund action encompassing ICU Medical, Inc. (NASDAQ:ICUI).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -25% from the previous quarter. By comparison, 21 hedge funds held shares or bullish call options in ICUI a year ago. With the smart money's capital changing hands, there exists an "upper tier" of notable hedge fund managers who were increasing their stakes meaningfully (or already accumulated large positions).
The largest stake in ICU Medical, Inc. (NASDAQ:ICUI) was held byPartner Fund Management, which reported holding $89.7 million worth of stock at the end of March. It was followed by AQR Capital Management with a $84.4 million position. Other investors bullish on the company included Millennium Management, Pura Vida Investments, and Fisher Asset Management.
Due to the fact that ICU Medical, Inc. (NASDAQ:ICUI) has witnessed falling interest from the entirety of the hedge funds we track, we can see that there lies a certain "tier" of funds who sold off their full holdings heading into Q3. Interestingly, Jim Simons'sRenaissance Technologiesdropped the biggest position of the "upper crust" of funds monitored by Insider Monkey, totaling about $17.5 million in stock. Anand Parekh's fund,Alyeska Investment Group, also cut its stock, about $16.8 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest fell by 5 funds heading into Q3.
Let's also examine hedge fund activity in other stocks similar to ICU Medical, Inc. (NASDAQ:ICUI). We will take a look at Wyndham Hotels & Resorts, Inc. (NYSE:WH), Ashland Global Holdings Inc. (NYSE:ASH), SYNNEX Corporation (NYSE:SNX), and Horizon Therapeutics Public Limited Company (NASDAQ:HZNP). This group of stocks' market values are closest to ICUI's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position WH,40,790556,3 ASH,30,1175282,-7 SNX,11,158063,0 HZNP,41,1304450,13 Average,30.5,857088,2.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 30.5 hedge funds with bullish positions and the average amount invested in these stocks was $857 million. That figure was $329 million in ICUI's case. Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) is the most popular stock in this table. On the other hand SYNNEX Corporation (NYSE:SNX) is the least popular one with only 11 bullish hedge fund positions. ICU Medical, Inc. (NASDAQ:ICUI) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately ICUI wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); ICUI investors were disappointed as the stock returned 2.9% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Here is What Hedge Funds Think About ONE Gas Inc (OGS)
Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 750 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile failures like hedge funds' 2018 losses in Facebook and Apple. Let’s take a closer look at what the funds we track think about ONE Gas Inc (NYSE:OGS) in this article.
IsONE Gas Inc (NYSE:OGS)a safe investment today? The best stock pickers are becoming less hopeful. The number of bullish hedge fund bets were trimmed by 2 lately. Our calculations also showed that OGS isn't among the30 most popular stocks among hedge funds.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
We're going to analyze the new hedge fund action surrounding ONE Gas Inc (NYSE:OGS).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -12% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in OGS over the last 15 quarters. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,GLG Partnersheld the most valuable stake in ONE Gas Inc (NYSE:OGS), which was worth $27.7 million at the end of the first quarter. On the second spot was Winton Capital Management which amassed $21.1 million worth of shares. Moreover, Impax Asset Management, AQR Capital Management, and Arrowstreet Capital were also bullish on ONE Gas Inc (NYSE:OGS), allocating a large percentage of their portfolios to this stock.
Due to the fact that ONE Gas Inc (NYSE:OGS) has witnessed falling interest from the smart money, we can see that there were a few money managers who sold off their full holdings by the end of the third quarter. At the top of the heap, Michael Platt and William Reeves'sBlueCrest Capital Mgmt.dropped the largest position of the "upper crust" of funds monitored by Insider Monkey, worth an estimated $1.4 million in call options. Ken Griffin's fund,Citadel Investment Group, also dropped its call options, about $0.8 million worth. These transactions are important to note, as aggregate hedge fund interest dropped by 2 funds by the end of the third quarter.
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as ONE Gas Inc (NYSE:OGS) but similarly valued. We will take a look at Cinemark Holdings, Inc. (NYSE:CNK), Webster Financial Corporation (NYSE:WBS), Cameco Corporation (NYSE:CCJ), and Eaton Vance Corp (NYSE:EV). This group of stocks' market valuations resemble OGS's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CNK,20,226209,3 WBS,25,303490,-1 CCJ,24,351465,0 EV,13,115183,-4 Average,20.5,249087,-0.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 20.5 hedge funds with bullish positions and the average amount invested in these stocks was $249 million. That figure was $101 million in OGS's case. Webster Financial Corporation (NYSE:WBS) is the most popular stock in this table. On the other hand Eaton Vance Corp (NYSE:EV) is the least popular one with only 13 bullish hedge fund positions. ONE Gas Inc (NYSE:OGS) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately OGS wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); OGS investors were disappointed as the stock returned 3.1% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About United Microelectronics Corp (UMC)
The government requires hedge funds and wealthy investors that crossed the $100 million equity holdings threshold are required to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings level the playing field for ordinary investors. The latest round of 13F filings disclosed the funds' positions on March 31. We at Insider Monkey have made an extensive database of nearly 750 of those elite funds and famous investors' filings. In this article, we analyze how these elite funds and prominent investors traded United Microelectronics Corp (NYSE:UMC) based on those filings.
United Microelectronics Corp (NYSE:UMC)has experienced a decrease in enthusiasm from smart money lately. Our calculations also showed that UMC isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
[caption id="attachment_758446" align="aligncenter" width="450"]
Michael Hintze of CQS Capital[/caption]
We're going to take a look at the recent hedge fund action encompassing United Microelectronics Corp (NYSE:UMC).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -12% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards UMC over the last 15 quarters. With the smart money's sentiment swirling, there exists a select group of noteworthy hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
Among these funds,LMR Partnersheld the most valuable stake in United Microelectronics Corp (NYSE:UMC), which was worth $33.7 million at the end of the first quarter. On the second spot was Renaissance Technologies which amassed $30.2 million worth of shares. Moreover, Arrowstreet Capital, CQS Cayman LP, and OZ Management were also bullish on United Microelectronics Corp (NYSE:UMC), allocating a large percentage of their portfolios to this stock.
Judging by the fact that United Microelectronics Corp (NYSE:UMC) has faced falling interest from the aggregate hedge fund industry, we can see that there lies a certain "tier" of funds who sold off their entire stakes last quarter. Intriguingly, Jeffrey Talpins'sElement Capital Managementsaid goodbye to the biggest stake of the 700 funds followed by Insider Monkey, totaling about $0.3 million in stock, and David Costen Haley's HBK Investments was right behind this move, as the fund dumped about $0.1 million worth. These moves are interesting, as total hedge fund interest dropped by 2 funds last quarter.
Let's also examine hedge fund activity in other stocks similar to United Microelectronics Corp (NYSE:UMC). These stocks are First Industrial Realty Trust, Inc. (NYSE:FR), Haemonetics Corporation (NYSE:HAE), Texas Roadhouse Inc (NASDAQ:TXRH), and Black Hills Corporation (NYSE:BKH). This group of stocks' market valuations match UMC's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FR,11,303801,-7 HAE,24,648117,4 TXRH,25,267058,6 BKH,18,136002,1 Average,19.5,338745,1 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 19.5 hedge funds with bullish positions and the average amount invested in these stocks was $339 million. That figure was $87 million in UMC's case. Texas Roadhouse Inc (NASDAQ:TXRH) is the most popular stock in this table. On the other hand First Industrial Realty Trust, Inc. (NYSE:FR) is the least popular one with only 11 bullish hedge fund positions. United Microelectronics Corp (NYSE:UMC) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on UMC as the stock returned 13.3% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Owens & Minor, Inc. (OMI)
There are several ways to beat the market, and investing in small cap stocks has historically been one of them. We like to improve the odds of beating the market further by examining what famous hedge fund operators such as Jeff Ubben, George Soros and Carl Icahn think. Those hedge fund operators make billions of dollars each year by hiring the best and the brightest to do research on stocks, including small cap stocks that big brokerage houses simply don't cover. Because of Carl Icahn and other elite funds' exemplary historical records, we pay attention to their small cap picks. In this article, we use hedge fund filing data to analyze Owens & Minor, Inc. (NYSE:OMI).
Owens & Minor, Inc. (NYSE:OMI)shares haven't seen a lot of action during the first quarter. Overall, hedge fund sentiment was unchanged. The stock was in 15 hedge funds' portfolios at the end of the first quarter of 2019. At the end of this article we will also compare OMI to other stocks including Evelo Biosciences, Inc. (NASDAQ:EVLO), Cross Country Healthcare, Inc. (NASDAQ:CCRN), and Aerohive Networks Inc (NYSE:HIVE) to get a better sense of its popularity.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
Let's take a gander at the recent hedge fund action surrounding Owens & Minor, Inc. (NYSE:OMI).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of 0% from the previous quarter. By comparison, 17 hedge funds held shares or bullish call options in OMI a year ago. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Of the funds tracked by Insider Monkey, Chuck Royce'sRoyce & Associateshas the biggest position in Owens & Minor, Inc. (NYSE:OMI), worth close to $5.6 million, corresponding to less than 0.1%% of its total 13F portfolio. The second most bullish fund manager isCitadel Investment Group, led by Ken Griffin, holding a $3.8 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Some other hedge funds and institutional investors with similar optimism consist of Israel Englander'sMillennium Management, John Overdeck and David Siegel'sTwo Sigma Advisorsand Jim Simons'sRenaissance Technologies.
Seeing as Owens & Minor, Inc. (NYSE:OMI) has experienced falling interest from the aggregate hedge fund industry, we can see that there were a few hedgies who were dropping their positions entirely heading into Q3. It's worth mentioning that Phil Frohlich'sPrescott Group Capital Managementsold off the largest stake of the 700 funds followed by Insider Monkey, worth about $3.5 million in stock, and Michael Platt and William Reeves's BlueCrest Capital Mgmt. was right behind this move, as the fund cut about $0.1 million worth. These transactions are interesting, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's now take a look at hedge fund activity in other stocks similar to Owens & Minor, Inc. (NYSE:OMI). We will take a look at Evelo Biosciences, Inc. (NASDAQ:EVLO), Cross Country Healthcare, Inc. (NASDAQ:CCRN), Aerohive Networks Inc (NYSE:HIVE), and Ames National Corporation (NASDAQ:ATLO). All of these stocks' market caps are closest to OMI's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position EVLO,2,7029,-1 CCRN,8,14270,-5 HIVE,14,69732,-1 ATLO,3,19629,0 Average,6.75,27665,-1.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 6.75 hedge funds with bullish positions and the average amount invested in these stocks was $28 million. That figure was $18 million in OMI's case. Aerohive Networks Inc (NYSE:HIVE) is the most popular stock in this table. On the other hand Evelo Biosciences, Inc. (NASDAQ:EVLO) is the least popular one with only 2 bullish hedge fund positions. Compared to these stocks Owens & Minor, Inc. (NYSE:OMI) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately OMI wasn't nearly as popular as these 20 stocks and hedge funds that were betting on OMI were disappointed as the stock returned -28.5% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Blackstone Mortgage Trust Inc (BXMT)
Looking for stocks with high upside potential? Just follow the big players within the hedge fund industry. Why should you do so? Let’s take a brief look at what statistics have to say about hedge funds’ stock picking abilities to illustrate. The Standard and Poor’s 500 Index returned approximately 12.1% in 2019 (through May 30th). Conversely, hedge funds’ 20 preferred S&P 500 stocks generated a return of 18.7% during the same period, with the majority of these stock picks outperforming the broader market benchmark. Coincidence? It might happen to be so, but it is unlikely. Our research covering the last 18 years indicates that hedge funds' stock picks generate superior risk-adjusted returns. That's why we believe it is wise to check hedge fund activity before you invest your time or your savings on a stock like Blackstone Mortgage Trust Inc (NYSE:BXMT).
Blackstone Mortgage Trust Inc (NYSE:BXMT)was in 15 hedge funds' portfolios at the end of the first quarter of 2019. BXMT investors should pay attention to a decrease in hedge fund interest recently. There were 16 hedge funds in our database with BXMT holdings at the end of the previous quarter. Our calculations also showed that BXMT isn't among the30 most popular stocks among hedge funds.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
Let's review the new hedge fund action encompassing Blackstone Mortgage Trust Inc (NYSE:BXMT).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of -6% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards BXMT over the last 15 quarters. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Clough Capital Partnerswas the largest shareholder of Blackstone Mortgage Trust Inc (NYSE:BXMT), with a stake worth $31 million reported as of the end of March. Trailing Clough Capital Partners was Renaissance Technologies, which amassed a stake valued at $19.2 million. Citadel Investment Group, Millennium Management, and Millennium Management were also very fond of the stock, giving the stock large weights in their portfolios.
Seeing as Blackstone Mortgage Trust Inc (NYSE:BXMT) has faced bearish sentiment from the entirety of the hedge funds we track, we can see that there is a sect of hedge funds who sold off their entire stakes by the end of the third quarter. It's worth mentioning that John Armitage'sEgerton Capital Limitedsaid goodbye to the largest stake of all the hedgies monitored by Insider Monkey, worth close to $40.8 million in stock. Gavin Saitowitz and Cisco J. del Valle's fund,Springbok Capital, also dumped its stock, about $1.9 million worth. These transactions are important to note, as aggregate hedge fund interest was cut by 1 funds by the end of the third quarter.
Let's go over hedge fund activity in other stocks similar to Blackstone Mortgage Trust Inc (NYSE:BXMT). These stocks are Essent Group Ltd (NYSE:ESNT), Pinnacle Financial Partners, Inc. (NASDAQ:PNFP), ALLETE Inc (NYSE:ALE), and SINA Corp (NASDAQ:SINA). All of these stocks' market caps resemble BXMT's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ESNT,27,309747,-1 PNFP,15,87922,0 ALE,18,246797,0 SINA,24,474870,3 Average,21,279834,0.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $280 million. That figure was $102 million in BXMT's case. Essent Group Ltd (NYSE:ESNT) is the most popular stock in this table. On the other hand Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is the least popular one with only 15 bullish hedge fund positions. Compared to these stocks Blackstone Mortgage Trust Inc (NYSE:BXMT) is even less popular than PNFP. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on BXMT, though not to the same extent, as the stock returned 5.9% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Ocwen Financial Corporation (OCN)
World-class money managers like Ken Griffin and Barry Rosenstein only invest their wealthy clients' money after undertaking a rigorous examination of any potential stock. They are particularly successful in this regard when it comes to small-cap stocks, which their peerless research gives them a big information advantage on when it comes to judging their worth. It's not surprising then that they generate their biggest returns from these stocks and invest more of their money in these stocks on average than other investors. It's also not surprising then that we pay close attention to these picks ourselves and have built a market-beating investment strategy around them.
Ocwen Financial Corporation (NYSE:OCN)has seen an increase in enthusiasm from smart money recently.OCNwas in 15 hedge funds' portfolios at the end of the first quarter of 2019. There were 11 hedge funds in our database with OCN holdings at the end of the previous quarter. Our calculations also showed that OCN isn't among the30 most popular stocks among hedge funds.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
Let's take a look at the fresh hedge fund action encompassing Ocwen Financial Corporation (NYSE:OCN).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 36% from one quarter earlier. On the other hand, there were a total of 13 hedge funds with a bullish position in OCN a year ago. With hedge funds' sentiment swirling, there exists a select group of notable hedge fund managers who were adding to their stakes significantly (or already accumulated large positions).
Among these funds,Omega Advisorsheld the most valuable stake in Ocwen Financial Corporation (NYSE:OCN), which was worth $16.5 million at the end of the first quarter. On the second spot was GLG Partners which amassed $5.3 million worth of shares. Moreover, CQS Cayman LP, Marshall Wace LLP, and Renaissance Technologies were also bullish on Ocwen Financial Corporation (NYSE:OCN), allocating a large percentage of their portfolios to this stock.
Now, key hedge funds were leading the bulls' herd.Millennium Management, managed by Israel Englander, established the largest position in Ocwen Financial Corporation (NYSE:OCN). Millennium Management had $0.1 million invested in the company at the end of the quarter. Michael Platt and William Reeves'sBlueCrest Capital Mgmt.also initiated a $0 million position during the quarter. The following funds were also among the new OCN investors: Michael Gelband'sExodusPoint Capitaland David Harding'sWinton Capital Management.
Let's check out hedge fund activity in other stocks similar to Ocwen Financial Corporation (NYSE:OCN). We will take a look at Sify Technologies Limited (NASDAQ:SIFY), Intec Pharma Ltd (NASDAQ:NTEC), Celsius Holdings, Inc. (NASDAQ:CELH), and Amber Road Inc (NYSE:AMBR). This group of stocks' market valuations match OCN's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SIFY,2,869,0 NTEC,10,48079,1 CELH,2,150,2 AMBR,11,62499,2 Average,6.25,27899,1.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 6.25 hedge funds with bullish positions and the average amount invested in these stocks was $28 million. That figure was $30 million in OCN's case. Amber Road Inc (NYSE:AMBR) is the most popular stock in this table. On the other hand Sify Technologies Limited (NASDAQ:SIFY) is the least popular one with only 2 bullish hedge fund positions. Compared to these stocks Ocwen Financial Corporation (NYSE:OCN) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately OCN wasn't nearly as popular as these 20 stocks and hedge funds that were betting on OCN were disappointed as the stock returned -4.9% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Frankie Dettori knows how to stay at the top and other things we learnt at Royal Ascot
Frankie Dettori wins the leading jockey award during day five of Royal Ascot - PA No reason why Frankie cannot go on for another five or six years The only surprise about Dettori being top jockey with his seven winners last week was the fact that it was his first such title since 2004. A few years back he said he could go on until he was 50. However he has the job so sussed now that he only needs to ride three or four days a week and only take rides on good horses. As long as he keeps fit enough his freshness when it comes to a meeting like Ascot is always going to be an advantage. Last week there were a couple of occasions when he rode other world-class jockeys to sleep. Danny Tudhope could well be champion jockey sooner rather than later The rise and rise of the Scottish-born jockey has been coming for a while. He has ridden winners at the last three Royal Ascots and, though being retained to ride the Clipper Logistics horses may not be the biggest job in the country, Steve Parkin has horses in a lot of yards which has alerted a lot of trainers, including William Haggas and Sir Michael Stoute, to his ability. He rode four winners at Ascot last week from just 10 rides. Another stride in the Diamond Jubilee and it would have been five. He is six winners behind Oisin Murphy in the jockeys’ title. He is a potent threat because he is the go-to jockey for Newmarket horses in the north. Danny Tudhope rides Space Traveller to victory in the Jersey Stakes Credit: Adam Davey/PA Derby form is already beginning to look very smart Most years it is at least the Irish Derby, at the end of the month, before the Derby form gets any respectability and, even then, it is sometimes not in favour of the winner. Obviously, with five of the first six, it is in Aidan O’Brien’s best interests to try to boost the form where possible but the victories of Circus Maximus (sixth at Epsom) in the St James’s Palace Stakes and Japan in the King Edward VII Stakes where he beat another Derby also ran, Bangkok, is adding almost instant lustre to the world’s greatest flat race. Television viewing figures up, attendances down ITV viewing figures were strong, the average audience (859,000, up by 19 per cent on 2018 when it was up against the Fifa men's World Cup) and there were a number of seven-year highs. Highlighting the Frankie Factor for British racing the audience grew through Thursday afternoon to 1.4m as he began to look like he could go through the card. That was the highest viewing figure for Royal Ascot since 2012. Crowds were down almost 10,000 over the four days. Ascot do not seem unduly worried citing more takers for boxes and fine dining, in other words where the money is. It is not a problem unless another 10,000 desert next year. Story continues If you charge like a wounded rhino you need to do something about underfoot conditions I had a lovely lunch in the Rose Terrace in the Royal Enclosure where my ‘British tapas grazing options’ were considerably better than the single option (grass) on offer to Show Me Show Me who got loose before the Windsor Castle Stakes. Summer outdoor events rely, to a certain extent, on the weather and at its worst on Wednesday the Royal Enclosure was like a wet Glastonbury and many a Jimmy Choo met its Waterloo there. If you charge £120 for the enclosure and enforce a strict dress code – unlike Glasto where you can wear boots – you probably need to do a bit better than wood chippings (hard to walk on in anything but horseshoes). I’m absolutely not saying concrete it over, just that there must be something better. View comments |
Is Foamix Pharmaceuticals Ltd (FOMX) A Good Stock To Buy?
Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 750 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile failures like hedge funds' 2018 losses in Facebook and Apple. Let’s take a closer look at what the funds we track think about Foamix Pharmaceuticals Ltd (NASDAQ:FOMX) in this article.
Hedge fund interest inFoamix Pharmaceuticals Ltd (NASDAQ:FOMX)shares was flat at the end of last quarter. This is usually a negative indicator. The level and the change in hedge fund popularity aren't the only variables you need to analyze to decipher hedge funds' perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That's why at the end of this article we will examine companies such as Unity Bancorp, Inc. (NASDAQ:UNTY), Net 1 UEPS Technologies Inc (NASDAQ:UEPS), and PICO Holdings Inc (NASDAQ:PICO) to gather more data points.
In the financial world there are a multitude of metrics market participants have at their disposal to analyze publicly traded companies. Some of the most innovative metrics are hedge fund and insider trading interest. Our researchers have shown that, historically, those who follow the top picks of the elite hedge fund managers can outperform the broader indices by a solid margin (see the details here).
We're going to take a peek at the fresh hedge fund action surrounding Foamix Pharmaceuticals Ltd (NASDAQ:FOMX).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of 0% from the previous quarter. On the other hand, there were a total of 15 hedge funds with a bullish position in FOMX a year ago. With the smart money's sentiment swirling, there exists a select group of key hedge fund managers who were upping their stakes substantially (or already accumulated large positions).
Among these funds,OrbiMed Advisorsheld the most valuable stake in Foamix Pharmaceuticals Ltd (NASDAQ:FOMX), which was worth $19.5 million at the end of the first quarter. On the second spot was Perceptive Advisors which amassed $17.5 million worth of shares. Moreover, Great Point Partners, Sio Capital, and DAFNA Capital Management were also bullish on Foamix Pharmaceuticals Ltd (NASDAQ:FOMX), allocating a large percentage of their portfolios to this stock.
Seeing as Foamix Pharmaceuticals Ltd (NASDAQ:FOMX) has witnessed declining sentiment from the aggregate hedge fund industry, it's easy to see that there were a few hedgies who were dropping their entire stakes by the end of the third quarter. It's worth mentioning that David Lohman'sDiag Capitalcut the biggest investment of all the hedgies tracked by Insider Monkey, worth close to $1 million in stock, and Albert Cha and Frank Kung's Vivo Capital was right behind this move, as the fund sold off about $0.7 million worth. These transactions are interesting, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Foamix Pharmaceuticals Ltd (NASDAQ:FOMX) but similarly valued. These stocks are Unity Bancorp, Inc. (NASDAQ:UNTY), Net 1 UEPS Technologies Inc (NASDAQ:UEPS), PICO Holdings Inc (NASDAQ:PICO), and Alico, Inc. (NASDAQ:ALCO). All of these stocks' market caps are closest to FOMX's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position UNTY,4,29798,0 UEPS,10,68145,-3 PICO,7,24519,-1 ALCO,6,24100,0 Average,6.75,36641,-1 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 6.75 hedge funds with bullish positions and the average amount invested in these stocks was $37 million. That figure was $67 million in FOMX's case. Net 1 UEPS Technologies Inc (NASDAQ:UEPS) is the most popular stock in this table. On the other hand Unity Bancorp, Inc. (NASDAQ:UNTY) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Foamix Pharmaceuticals Ltd (NASDAQ:FOMX) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately FOMX wasn't nearly as popular as these 20 stocks and hedge funds that were betting on FOMX were disappointed as the stock returned -28.8% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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I Tracked Every Car-Related Expense for 6 Years. Here's What I Learned.
After a home and a college education, a vehicle is one of the most expensive purchases most people will make. You'll probably buy several over your lifetime, and unlike a house, selling a used car doesn't return much of your original principal. In other words, it's an important personal finance decision. But do you know how much car ownership actually costs?
There are a dizzying number of factors to consider, ranging from the purchase price of the vehicle to how many miles you drive each year. And don't forget about fuel, insurance, tolls, maintenance, and the like. The calculation seems daunting just thinking about it. Luckily for you, I started the nerdy habit of tracking every single car-related expense when I purchased my car six years ago. Here's what I've learned about the true cost of car ownership.
Image source: Getty Images.
I purchased myMazda(NASDAQOTH: MZDAF)3 brand new for $25,300 in June 2013. The following table shows my cost of car ownership at three separate checkpoints along the way, with some of the important takeaways following.
[{"Metric, Cumulative": "Miles driven", "Year 6": "60,565", "Year 4": "43,917", "Year 2": "21,891"}, {"Metric, Cumulative": "Gallons of fuel consumed", "Year 6": "2,267", "Year 4": "1,637", "Year 2": "827"}, {"Metric, Cumulative": "Fuel economy, miles per gallon (mpg)", "Year 6": "26.7 mpg", "Year 4": "26.8 mpg", "Year 2": "26.5 mpg"}, {"Metric, Cumulative": "CO2 emissions", "Year 6": "24.7 metric tons", "Year 4": "17.9 metric tons", "Year 2": "9.0 metric tons"}, {"Metric, Cumulative": "Fuel expense", "Year 6": "$6,156", "Year 4": "$4,533", "Year 2": "$2,696"}, {"Metric, Cumulative": "Maintenance expense", "Year 6": "$4,611", "Year 4": "$2,421", "Year 2": "$918"}, {"Metric, Cumulative": "Total expenses, including car purchase", "Year 6": "$44,800", "Year 4": "$37,294", "Year 2": "$31,434"}, {"Metric, Cumulative": "Cost per mile driven", "Year 6": "$0.74", "Year 4": "$0.85", "Year 2": "$1.44"}]
Data source: author.
Rated fuel economy vs. real-world driving:According to the U.S. Department of Energy, my vehicle is expected to average roughly 27 mpg, based on 55% city driving and 45% highway driving. Just over 40% of all my miles driven have come from long road trips, while shorter trips on highways around town probably nudges that close to the estimated split. The remainder has come from driving in the hilly city of Pittsburgh. Even so, the rated fuel economy is surprisingly accurate in comparison with my real-world results.
Carbon footprint:I've spewed the equivalent of four African elephants' worth of pollution into the atmosphere in just six years of driving. That's pretty eye-opening, and not something that jumps out when buying a car, probably because emissions figures are given in the very unrelatable metric of "grams per mile." Would more drivers take this metric into account if emissions data were described using more comprehensible terms?
Be prepared:Maintenance is a necessity, but a study from AAA estimates that one-third of drivers couldn't afford an unexpected repair. I've spent about $800 per year on maintenance expenses and routinely set aside about $100 per month so the next mechanic trip is already paid for.
Fuel savings programs:I've saved $407 through fuel savings programs over the life of my vehicle. That works out to a savings rate of 6.2%, which is better than the cash-back rates of even the best credit cards.
Insurance options:Traditional car insurance isn't optimal for me, because I work from home and expect to drive only about 8,000 miles per year. Luckily, there are now pay-per-mile car insurance companies such as Metromile that take that lifestyle into account -- and the savings can really add up.
Ridesharing comparison:I've spent $0.74 per mile after six years of car ownership. Would I have been better off ditching my car for ride-hailing apps? Not even close. According to data from Ridester and others, the average cost per mile of anUber(NYSE: UBER)orLyft(NASDAQ: LYFT)trip is between $1 and $2 per mile. What's more, my cost per mile is likely to fall considerably in the next few years.
Image source: Getty Images.
If you're looking to reduce the cost of car ownership, then you're really trying to achieve the lowest cost per mile driven. From that perspective, it helps to know that the purchase price of a new vehicle (ordepreciation expense) is the single largest cost of car ownership for many years.
Consider that my vehicle cost a relatively affordable $25,300 brand new, but I'll have to drive approximately 75,000 miles for the purchase price to drop below 50% of total lifetime expenses, including fuel, car insurance, parking, maintenance, registration, tolls, and the like. Of course, more expensive vehicles would take even longer to reach that level. Similarly,buying a used carcan be cheaper, but it may not last as long and may be accompanied by higher maintenance expenses.
That meansrushing to buy a new vehicleonce you pay off your existing ride can be questionable from a personal finance standpoint. Taking care of your car and keeping it for as long as possible is the best way to reduce the cost of car ownership. Consider how my lifetime vehicle expenses could pan out extrapolating from current data. I assume I'll drive 8,000 miles per year and that maintenance and car insurance expenses creep up over time:
[{"Metric, Cumulative": "Purchase price", "Year 20": "$25,300", "Year 15": "$25,300", "Year 10": "$25,300", "Current (Year 6)": "$25,300"}, {"Metric, Cumulative": "Gas, maintenance, and other", "Year 20": "$40,200", "Year 15": "$30,150", "Year 10": "$19,200", "Current (Year 6)": "$10,800"}, {"Metric, Cumulative": "Insurance premiums", "Year 20": "$27,600", "Year 15": "$20,400", "Year 10": "$13,200", "Current (Year 6)": "$8,800"}, {"Metric, Cumulative": "Total expenses", "Year 20": "$94,500", "Year 15": "$75,850", "Year 10": "$57,700", "Current (Year 6)": "$44,800"}, {"Metric, Cumulative": "Miles driven", "Year 20": "170,600", "Year 15": "130,600", "Year 10": "90,600", "Current (Year 6)": "60,565"}, {"Metric, Cumulative": "Cost per mile", "Year 20": "$0.55", "Year 15": "$0.58", "Year 10": "$0.64", "Current (Year 6)": "$0.74"}, {"Metric, Cumulative": "Cost per year", "Year 20": "$4,725", "Year 15": "$5,060", "Year 10": "$5,770", "Current (Year 6)": "$7,440"}]
Data source: author.
Whether or not the estimates prove accurate -- or my car actually survives 170,000 miles and to 2033 -- can be debated. While there are diminishing returns from keeping an aging vehicle on the road, the numbers show I can squeeze considerably more value out of my vehicle.
You probably can, too. According to the U.S. Department of Energy, the average passenger vehicle and light-duty truck on the road was 11.6 years old in 2016. That all-time high is a testament to improving manufacturing quality and perhaps a little bit of a hangover from the Great Recession. Nonetheless, it shows that you can probably keep your vehicle well beyond the last payment, which is great news, considering keeping your car on the road for as long as possible is the single best way to reduce the cost of car ownership.
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How a 25-year-old hairstylist drives a six-figure Mercedes
Alex Pardoe, 25, is what some might dub the anti-millennial. Except, he's not really.
Much like others in their 20s or 30s, he'ssavvy about building a brand, marketing his talents and recognizing how to use Instagram and YouTube to turn a head and grab a headline.
He's just making a whole lot more money than you'd imagine for someone in a generation painfully overrun with bloated student loans, bad jokes about participation trophies, and way too much sharing on Instagram. OK, he does share way too much on Instagram. His Instagram handle:@Alexpardashian– a playful mix of his name and the Kardsahians.
Yet instead of being burdened by six-figure student loan debt, he's earned shock-and-awe status with a six-figure income.
Take this CNBC.com headline:"This 25-year-old hairdresser makes $280,000 a year in Detroit."
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Pardoe, who is a co-owner of Aesthetic Hair Co. in Ferndale, loves buying luxury brands. He's proud of his success, happy to work hard and willing to share his strategy for making money.
So when he spotted the CNBC.com"Make It" feature, which highlights successful millennials, well, he was all in and decided to send an email on the hopes of being interviewed. And he spilled his numbers.
A young hairstylist making $280,000 a year? Really? Out of a shop in Ferndale, Michigan? And he's driving luxury cars and never, ever using the stove in his apartment to make a meal?
Let us introduce you to Alex Pardoe.
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Here’s what he shared:
He said he earns about $190,000 a year doing higher-cost hair extensions, highlights and color. He only will do a few haircuts a year when an important client demands one. He gets about $50,000 in tips, $30,000 from teaching classes and training other hairstylists, and $10,000 from his product line.
It's a lot of money – even for a well-established hairstylist, according to some experts. But his prices are higher than many others in the region. Where you might pay somewhere in a range of $65 to $150 for highlights at other hairstylists in metro Detroit, Pardoe charges around $275 for highlights.
Pardoe said his prices are based on demand for his time.
"It’s actually not drastically high," he said. "My prices are getting raised in July, as well."
His clients can pay $800 to $2,000 for extensions.
Being on trend – and looking heavily in demand – has long been a strategy for stylists. Some never admit to having room for a last-minute appointment if you call out of the blue. Instead, they may say they just had a cancellation.
Yet Pardoe has built a name and a social media presence at a young age.
Pardoe heavily uses Instagram and encourages the hairdressers at Aesthetic Hair to take pictures of their work and actively promote it on Instagram to attract new clients.
Pardoe believes in having "multiple streams of income" – so he also makes money off promoting the Bellami Pro hair extensions brand via Instagram, too.
“They pay me to post regularly about the brand and what we use in the salon,” Pardoe said.
Pardoe expects that his income will be higher in 2019, nearing around $320,000 this year, as he has signed a new Instagram sponsorship where he is paid regularly to promote hair extension products and offer educational tips as well to hairstylists.
“It’s not my job to build your clientele,” Pardoe often tells the millennials working in the salon. “I’m not going to hold your hand.”
Pardoe does think some millennials have some bad habits and aren't willing to make the sacrifices by working long hours or taking extra steps to get ahead.
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"They think they deserve a six-figure job right out of school because they have a degree," he said.
To be sure, many millennials do not fit stereotypes, such as being difficult to manage, impatient and unsatisfied with work.
Not all millennials are wondering how they're going to pay the next cellphone bill, either.
As a group,millennial households– ages 23 to 38 in 2019 – now earn more than young adults did in nearly any time in the past 50 years, according to a Pew Research Center analysis of new census data.
The median adjusted income in a household headed by a millennial was $69,000 in 2017, according to the Pew study. That is a higher figure than for nearly every other year on record, apart from around 2000, when households headed by younger people earned $67,600 in inflation-adjusted dollars.
Even so, Pardoe is doing far better than many and he has the toys to prove it.
He spends $2,200 a month to lease an olive 2018 Mercedes-Benz G-550 luxury SUV.
He’s also making a car payment of $1,300 a month for a five-year loan on a 2015 BMW i8. He bought the BMW plug-in hybrid in April. It cost $75,000 for a vehicle that originally would have been twice the price, he said.
He said he spends $380 a month on auto insurance and about $300 on premium gas.
He doesn't see cars as an investment, though, so he prefers to lease or buy a used car.
He does not have a mortgage. He doesn't want to own a home.
"I'm not home enough to deal with a broken furnace," Pardoe said.
So Pardoe spends about $1,900 a month rent for a two-bedroom condo that he shares with his boyfriend, Josh.
Pardoe didn't attend college and doesn't have student loans. His parents paid for his training as a hairstylist.
"My parents have always been very wise financially," he said.
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He studied at Paul Mitchell The School in Sterling Heights. It was about $22,000 total in 2011 for a 10-month program, he said.
Initially when he wasinterviewed for the CNBC piece,which ran online only, he owed about $2,000 on a credit card – a balance he wrongly thought was good to keep to build up a credit score. He was paying about $100 a month toward that expense. But he took the advice of a certified financial planner quoted in the CNBC piece and paid off his credit card balance.
Yes, he does put aside $3,000 a month toward retirement savings, a brokerage account, disability insurance and life insurance. His life insurance policy is worth $3 million.
The CNBC piece noted that he's also spending $1,500 a month on luxury-brand clothes, shoes and accessories, on average. Pardoe told me he doesn't spend that much every month. He might spend anywhere from $300 to $3,000 in a given month on names such as Gucci.
"I have a pair of shoes that I wore to the grand opening of the salon that I'm never going to get rid of," Pardoe said. The label: Christian Louboutin.
On the day I interviewed Pardoe, he was carrying a vintage 1990s Hermes Kelly bag in deep green, a color that mirrors his Mercedes. The 32-centimeter Kelly cost him $7,000. He bought it in April online onTheRealReal, an online consignment shop for authenticated luxury goods. The company, which also has some brick-and-mortar stores, has just filed for an initial public offering under the ticker symbol REAL.
Pardoe sees the Hermes bags, and he has more than one, as a bit of an investment, too. He pulled out his phone, went online and soon declared that a Kelly bag would have been $900 new in 1954. (In 1954, film director Alfred Hitchcock allowed the famous costume designer Edith Head to buy Hermès accessories for the film "To Catch a Thief," starring Grace Kelly. Hence, the Kelly bag.)
Now the bags can cost $11,000 or much, much more.
"I don't think of it as a splurge," Pardoe said. The $7,000 bag, he says, might sell for $9,500 or more in a few years.
"You get to be fashionable and make some coin at the same time," Pardoe said.
Not surprisingly, Pardoe said he received plenty of feedback after theCNBC publicity.
While his financial numbers may sound wild, CNBC asked for some paperwork for fact-checking purposes. As part of the process, Pardoe had to provide screenshots or PDFs to show proof of income – such as a tax return, W2 or pay stubs. He also needed to offer proof of liquid assets, proof of savings, proof of investments and proof of debt repayment. (Pardoe declined to share his paperwork with me, though, when I asked.)
Many people, including his parents, were happy to see his story highlighted.
UberEats.comsent food to the salon after he talked up how he orders food all the time.
Someone who sells graphics for websites wanted to sell him a deal for $30,000. He isn't buying.
And yes, there were the haters.
"Who spends 2500 USD a month on food? I couldn't spend that much on food if I tried," one online comment read on a YouTube video read.
"Lottery winners spend uncontrollably, crash, then burn, and this guy is doing the same with his lottery in life," another said.
"Just wait until the recession," chimed in someone else.
"Should be titled 'how to blow 280K a year,' ” said another harsh critic.
"Start cooking more," said another.
The trolls online focused on the extravagant visuals in the video, which resembled a hipster version of the old "Lifestyles of the Rich and Famous" series that ran on TV in the 1980s and 1990s.
Pardoe treats meaningless criticism as background noise, much like having to ignore the sound of a blow dryer.
He said he didn't read the comments, recognizing that some of the negative vibes were from people who might not even have $2 in savings. “People fixated so hard on me spending money,” he said.
But the real purpose of telling his story, he said, was to show how you can build wealth by having a strategy. By building up a reputation as someone who is knowledgeable about hair extensions, he said, he's been able to grow.
He'd advise other millennials to think about how best to use their talents.
Pardoe wasn't a 9-to-5 kind of office worker; and he couldn't really handle four years of college. His mother suggested that he work as a hairstylist.
He grew up in Amissville, Virginia, and moved to Detroit in 2011 because he wanted to live in a bigger city. He had extended family in Michigan.
He worked for a while at another salon, initially making roughly $30,000 a year. But he aimed higher and worked hard to build a following on social media.
Early on, he would offer complimentary hairstylist services to influencers in Michigan – women who had a certain number of followers and reached a certain level of engagement on Instagram.
The women would have to agree to post their picture with their hairstyle on their main page.
"I don't do it a ton now," he said. "It's usually like a one-time deal."
Detroit Hair Extensions (@alexpardashian) * Instagram photos and videos
His current salon opened in 2017. It's owned by Pardoe, his friend Tess Garoon and her sister, Annie Starler.
When it comes to hair extensions, Pardoe said many times clients are willing to travel from all over Michigan and other states, including Ohio and Indiana. He's seen regular clients from Arizona, Alaska, Florida. One woman who is working overseas even has come back to Michigan from Dubai.
"Extensions are not a necessity, they're a want," he said. But many women end up feeling more confident when they're able to have a fuller, longer hairstyle.
"You can change people's lives," he said.
Follow Susan Tompor on Twitter:@tompor
This article originally appeared on Detroit Free Press:How a 25-year-old hairstylist drives a six-figure Mercedes |
Did Hedge Funds Drop The Ball On Aqua America Inc (WTR) ?
At Insider Monkey we track the activity of some of the best-performing hedge funds like Appaloosa Management, Baupost, and Tiger Global because we determined that some of the stocks that they are collectively bullish on can help us generate returns above the broader indices. Out of thousands of stocks that hedge funds invest in, small-caps can provide the best returns over the long term due to the fact that these companies are less efficiently priced and are usually under the radars of mass-media, analysts and dumb money. This is why we follow the smart money moves in the small-cap space.
IsAqua America Inc (NYSE:WTR)a cheap stock to buy now? The best stock pickers are getting less optimistic. The number of long hedge fund bets were trimmed by 4 recently. Our calculations also showed that WTR isn't among the30 most popular stocks among hedge funds.
Today there are many formulas investors have at their disposal to analyze their stock investments. Some of the most useful formulas are hedge fund and insider trading signals. Our researchers have shown that, historically, those who follow the top picks of the top investment managers can trounce the market by a solid margin (see the details here).
We're going to view the latest hedge fund action encompassing Aqua America Inc (NYSE:WTR).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -21% from the previous quarter. On the other hand, there were a total of 10 hedge funds with a bullish position in WTR a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Impax Asset Managementheld the most valuable stake in Aqua America Inc (NYSE:WTR), which was worth $97.7 million at the end of the first quarter. On the second spot was Royce & Associates which amassed $15.9 million worth of shares. Moreover, AQR Capital Management, D E Shaw, and Two Sigma Advisors were also bullish on Aqua America Inc (NYSE:WTR), allocating a large percentage of their portfolios to this stock.
Because Aqua America Inc (NYSE:WTR) has faced declining sentiment from the smart money, it's safe to say that there exists a select few fund managers that elected to cut their full holdings heading into Q3. Interestingly, Clint Carlson'sCarlson Capitalcut the largest position of the 700 funds tracked by Insider Monkey, valued at close to $11.7 million in stock, and Jonathan Barrett and Paul Segal's Luminus Management was right behind this move, as the fund cut about $8.3 million worth. These moves are important to note, as total hedge fund interest was cut by 4 funds heading into Q3.
Let's now take a look at hedge fund activity in other stocks similar to Aqua America Inc (NYSE:WTR). We will take a look at Pool Corporation (NASDAQ:POOL), Phillips 66 Partners LP (NYSE:PSXP), KT Corporation (NYSE:KT), and Ultrapar Participacoes SA (NYSE:UGP). This group of stocks' market caps resemble WTR's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position POOL,16,248823,-1 PSXP,4,9165,-2 KT,19,267347,3 UGP,12,60086,9 Average,12.75,146355,2.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 12.75 hedge funds with bullish positions and the average amount invested in these stocks was $146 million. That figure was $139 million in WTR's case. KT Corporation (NYSE:KT) is the most popular stock in this table. On the other hand Phillips 66 Partners LP (NYSE:PSXP) is the least popular one with only 4 bullish hedge fund positions. Aqua America Inc (NYSE:WTR) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on WTR as the stock returned 14.8% during the same period and outperformed the market by an even larger margin. Hedge funds were rewarded for their relative bullishness.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Starwood Property Trust, Inc. (STWD)
The government requires hedge funds and wealthy investors that crossed the $100 million equity holdings threshold are required to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings level the playing field for ordinary investors. The latest round of 13F filings disclosed the funds' positions on March 31. We at Insider Monkey have made an extensive database of nearly 750 of those elite funds and famous investors' filings. In this article, we analyze how these elite funds and prominent investors traded Starwood Property Trust, Inc. (NYSE:STWD) based on those filings.
Starwood Property Trust, Inc. (NYSE:STWD)shareholders have witnessed a decrease in support from the world's most elite money managers lately.STWDwas in 15 hedge funds' portfolios at the end of March. There were 17 hedge funds in our database with STWD positions at the end of the previous quarter. Our calculations also showed that STWD isn't among the30 most popular stocks among hedge funds.
In the eyes of most shareholders, hedge funds are perceived as worthless, outdated financial tools of the past. While there are over 8000 funds trading today, Our researchers choose to focus on the masters of this club, approximately 750 funds. These investment experts manage most of all hedge funds' total capital, and by tracking their first-class stock picks, Insider Monkey has formulated numerous investment strategies that have historically outrun the S&P 500 index. Insider Monkey's flagship hedge fund strategy exceeded the S&P 500 index by around 5 percentage points annually since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
Let's check out the fresh hedge fund action surrounding Starwood Property Trust, Inc. (NYSE:STWD).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -12% from one quarter earlier. By comparison, 17 hedge funds held shares or bullish call options in STWD a year ago. With the smart money's sentiment swirling, there exists an "upper tier" of notable hedge fund managers who were upping their stakes substantially (or already accumulated large positions).
Among these funds,Cardinal Capitalheld the most valuable stake in Starwood Property Trust, Inc. (NYSE:STWD), which was worth $38.1 million at the end of the first quarter. On the second spot was Clough Capital Partners which amassed $35.9 million worth of shares. Moreover, Two Sigma Advisors, Cobalt Capital Management, and Waterfront Capital Partners were also bullish on Starwood Property Trust, Inc. (NYSE:STWD), allocating a large percentage of their portfolios to this stock.
Judging by the fact that Starwood Property Trust, Inc. (NYSE:STWD) has witnessed bearish sentiment from the smart money, logic holds that there was a specific group of hedge funds that slashed their positions entirely last quarter. It's worth mentioning that Matthew Drapkin and Steven R. Becker'sBecker Drapkin Managementsold off the largest position of the 700 funds monitored by Insider Monkey, comprising an estimated $2.6 million in stock, and Ray Dalio's Bridgewater Associates was right behind this move, as the fund said goodbye to about $2.1 million worth. These transactions are interesting, as total hedge fund interest fell by 2 funds last quarter.
Let's go over hedge fund activity in other stocks similar to Starwood Property Trust, Inc. (NYSE:STWD). We will take a look at New Residential Investment Corp (NYSE:NRZ), EnLink Midstream LLC (NYSE:ENLC), The Carlyle Group LP (NASDAQ:CG), and People's United Financial, Inc. (NASDAQ:PBCT). This group of stocks' market values are similar to STWD's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position NRZ,18,187262,-7 ENLC,10,39338,-5 CG,7,122872,-3 PBCT,20,176840,-2 Average,13.75,131578,-4.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 13.75 hedge funds with bullish positions and the average amount invested in these stocks was $132 million. That figure was $144 million in STWD's case. People's United Financial, Inc. (NASDAQ:PBCT) is the most popular stock in this table. On the other hand The Carlyle Group LP (NASDAQ:CG) is the least popular one with only 7 bullish hedge fund positions. Starwood Property Trust, Inc. (NYSE:STWD) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately STWD wasn't nearly as popular as these 20 stocks and hedge funds that were betting on STWD were disappointed as the stock returned 3.4% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Did Hedge Funds Drop The Ball On Pieris Pharmaceuticals, Inc. (PIRS)?
We at Insider Monkey have gone over 738 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article, we look at what those funds think of Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) based on that data.
Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS)investors should pay attention to a decrease in hedge fund sentiment lately. Our calculations also showed that PIRS isn't among the30 most popular stocks among hedge funds.
In the 21st century investor’s toolkit there are dozens of indicators stock market investors can use to grade their stock investments. A couple of the most under-the-radar indicators are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best money managers can outclass their index-focused peers by a significant margin (see the details here).
We're going to view the key hedge fund action encompassing Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -12% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in PIRS over the last 15 quarters. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Biotechnology Value Fund / BVF Incheld the most valuable stake in Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS), which was worth $13.6 million at the end of the first quarter. On the second spot was Renaissance Technologies which amassed $7 million worth of shares. Moreover, Nantahala Capital Management, Aquilo Capital Management, and Millennium Management were also bullish on Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS), allocating a large percentage of their portfolios to this stock.
Seeing as Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) has faced bearish sentiment from the aggregate hedge fund industry, logic holds that there was a specific group of funds that elected to cut their full holdings in the third quarter. At the top of the heap, Lawrence Hawkins'sProsight Capitaldropped the biggest position of the 700 funds tracked by Insider Monkey, totaling close to $0.9 million in stock, and Jonathan Auerbach's Hound Partners was right behind this move, as the fund dropped about $0.3 million worth. These bearish behaviors are important to note, as total hedge fund interest was cut by 2 funds in the third quarter.
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) but similarly valued. These stocks are Goodrich Petroleum Corporation (NYSE:GDP), Adams Resources & Energy Inc (NYSEAMEX:AE), Riverview Bancorp, Inc. (NASDAQ:RVSB), and Nautilus, Inc. (NYSE:NLS). This group of stocks' market values match PIRS's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position GDP,6,30805,0 AE,3,13008,0 RVSB,8,4513,0 NLS,13,24880,-3 Average,7.5,18302,-0.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 7.5 hedge funds with bullish positions and the average amount invested in these stocks was $18 million. That figure was $38 million in PIRS's case. Nautilus, Inc. (NYSE:NLS) is the most popular stock in this table. On the other hand Adams Resources & Energy Inc (NYSEAMEX:AE) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on PIRS as the stock returned 28.1% during the same period and outperformed the market by an even larger margin. Hedge funds were clearly right about piling into this stock relative to other stocks with similar market capitalizations.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been This Bullish On Stag Industrial Inc (STAG)
Hedge funds are known to underperform the bull markets but that's not because they are terrible at stock picking. Hedge funds underperform because their net exposure in only 40-70% and they charge exorbitant fees. No one knows what the future holds and how market participants will react to the bountiful news that floods in each day. However, hedge funds' consensus picks on average deliver market beating returns. For example in the first 5 months of this year through May 30th the Standard and Poor’s 500 Index returned approximately 12.1% (including dividend payments). Conversely, hedge funds’ top 20 large-cap stock picks generated a return of 18.7% during the same 5-month period, with the majority of these stock picks outperforming the broader market benchmark. Interestingly, an average long/short hedge fund returned only a fraction of this value due to the hedges they implemented and the large fees they charged. If you pay attention to the actual hedge fund returns versus the returns of their long stock picks, you might believe that it is a waste of time to analyze hedge funds' purchases. We know better. That's why we scrutinize hedge fund sentiment before we invest in a stock like Stag Industrial Inc (NYSE:STAG).
Stag Industrial Inc (NYSE:STAG)shareholders have witnessed an increase in hedge fund sentiment of late.STAGwas in 15 hedge funds' portfolios at the end of March. There were 12 hedge funds in our database with STAG positions at the end of the previous quarter. Our calculations also showed that STAG isn't among the30 most popular stocks among hedge funds.
According to most market participants, hedge funds are perceived as unimportant, old financial tools of the past. While there are over 8000 funds trading at the moment, We choose to focus on the masters of this club, about 750 funds. These investment experts manage the lion's share of the smart money's total capital, and by keeping track of their highest performing investments, Insider Monkey has formulated various investment strategies that have historically beaten the broader indices. Insider Monkey's flagship hedge fund strategy outperformed the S&P 500 index by around 5 percentage points per year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
Let's take a peek at the recent hedge fund action surrounding Stag Industrial Inc (NYSE:STAG).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 25% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in STAG over the last 15 quarters. With hedge funds' capital changing hands, there exists a select group of notable hedge fund managers who were increasing their holdings meaningfully (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey,Zimmer Partners, managed by Stuart J. Zimmer, holds the largest position in Stag Industrial Inc (NYSE:STAG). Zimmer Partners has a $133.4 million position in the stock, comprising 1.6% of its 13F portfolio. The second most bullish fund manager is Clint Carlson ofCarlson Capital, with a $11.2 million position; the fund has 0.2% of its 13F portfolio invested in the stock. Some other peers that hold long positions comprise Jim Simons'sRenaissance Technologies, Ken Griffin'sCitadel Investment Groupand Dmitry Balyasny'sBalyasny Asset Management.
As industrywide interest jumped, some big names have jumped into Stag Industrial Inc (NYSE:STAG) headfirst.Balyasny Asset Management, managed by Dmitry Balyasny, established the largest position in Stag Industrial Inc (NYSE:STAG). Balyasny Asset Management had $8.5 million invested in the company at the end of the quarter. Paul Marshall and Ian Wace'sMarshall Wace LLPalso initiated a $1 million position during the quarter. The other funds with new positions in the stock are Cliff Asness'sAQR Capital Management, Michael Gelband'sExodusPoint Capital, and Bruce Kovner'sCaxton Associates LP.
Let's also examine hedge fund activity in other stocks similar to Stag Industrial Inc (NYSE:STAG). These stocks are Valvoline Inc. (NYSE:VVV), Embraer SA (NYSE:ERJ), Colfax Corporation (NYSE:CFX), and LHC Group, Inc. (NASDAQ:LHCG). This group of stocks' market caps are similar to STAG's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position VVV,19,306405,1 ERJ,8,83463,-2 CFX,32,667763,5 LHCG,23,109472,-4 Average,20.5,291776,0 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 20.5 hedge funds with bullish positions and the average amount invested in these stocks was $292 million. That figure was $186 million in STAG's case. Colfax Corporation (NYSE:CFX) is the most popular stock in this table. On the other hand Embraer SA (NYSE:ERJ) is the least popular one with only 8 bullish hedge fund positions. Stag Industrial Inc (NYSE:STAG) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on STAG as the stock returned 6.7% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Omnicell, Inc. (OMCL)
Does Omnicell, Inc. (NASDAQ:OMCL) represent a good buying opportunity at the moment? Let’s quickly check the hedge fund interest towards the company. Hedge fund firms constantly search out bright intellectuals and highly-experienced employees and throw away millions of dollars on satellite photos and other research activities, so it is no wonder why they tend to generate millions in profits each year. It is also true that some hedge fund players fail inconceivably on some occasions, but net net their stock picks have been generating superior risk-adjusted returns on average over the years.
Omnicell, Inc. (NASDAQ:OMCL)investors should pay attention to an increase in support from the world's most elite money managers recently. Our calculations also showed that OMCL isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
[caption id="attachment_745225" align="aligncenter" width="473"]
Noam Gottesman, GLG Partners[/caption]
Let's take a look at the fresh hedge fund action surrounding Omnicell, Inc. (NASDAQ:OMCL).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of 15% from the fourth quarter of 2018. By comparison, 6 hedge funds held shares or bullish call options in OMCL a year ago. With hedge funds' positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were adding to their holdings substantially (or already accumulated large positions).
Among these funds,Fisher Asset Managementheld the most valuable stake in Omnicell, Inc. (NASDAQ:OMCL), which was worth $26.2 million at the end of the first quarter. On the second spot was Point72 Asset Management which amassed $17.8 million worth of shares. Moreover, Winton Capital Management, Driehaus Capital, and Gotham Asset Management were also bullish on Omnicell, Inc. (NASDAQ:OMCL), allocating a large percentage of their portfolios to this stock.
With a general bullishness amongst the heavyweights, some big names were leading the bulls' herd.Gotham Asset Management, managed by Joel Greenblatt, assembled the biggest position in Omnicell, Inc. (NASDAQ:OMCL). Gotham Asset Management had $3.1 million invested in the company at the end of the quarter. Noam Gottesman'sGLG Partnersalso initiated a $2.3 million position during the quarter. The other funds with brand new OMCL positions are D. E. Shaw'sD E Shaw, Dmitry Balyasny'sBalyasny Asset Management, and Jeffrey Talpins'sElement Capital Management.
Let's now review hedge fund activity in other stocks similar to Omnicell, Inc. (NASDAQ:OMCL). We will take a look at Azul S.A. (NYSE:AZUL), Outfront Media Inc (NYSE:OUT), BankUnited, Inc. (NYSE:BKU), and Sunstone Hotel Investors Inc (NYSE:SHO). All of these stocks' market caps are closest to OMCL's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position AZUL,12,151033,1 OUT,25,334752,8 BKU,19,536410,-2 SHO,20,156169,4 Average,19,294591,2.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $295 million. That figure was $78 million in OMCL's case. Outfront Media Inc (NYSE:OUT) is the most popular stock in this table. On the other hand Azul S.A. (NYSE:AZUL) is the least popular one with only 12 bullish hedge fund positions. Omnicell, Inc. (NASDAQ:OMCL) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on OMCL as the stock returned 7.2% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Silgan Holdings Inc. (SLGN)
Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 750 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile failures like hedge funds' 2018 losses in Facebook and Apple. Let’s take a closer look at what the funds we track think about Silgan Holdings Inc. (NASDAQ:SLGN) in this article.
IsSilgan Holdings Inc. (NASDAQ:SLGN)a superb investment right now? The best stock pickers are turning bullish. The number of bullish hedge fund bets improved by 1 lately. Our calculations also showed that SLGN isn't among the30 most popular stocks among hedge funds.SLGNwas in 15 hedge funds' portfolios at the end of March. There were 14 hedge funds in our database with SLGN positions at the end of the previous quarter.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
[caption id="attachment_746830" align="aligncenter" width="473"]
Matthew Hulsizer of PEAK6 Capital[/caption]
Let's go over the key hedge fund action surrounding Silgan Holdings Inc. (NASDAQ:SLGN).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from the previous quarter. On the other hand, there were a total of 16 hedge funds with a bullish position in SLGN a year ago. With hedge funds' positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were upping their stakes considerably (or already accumulated large positions).
According to Insider Monkey's hedge fund database,Cardinal Capital, managed by Amy Minella, holds the number one position in Silgan Holdings Inc. (NASDAQ:SLGN). Cardinal Capital has a $92 million position in the stock, comprising 3.1% of its 13F portfolio. On Cardinal Capital's heels is David Harding ofWinton Capital Management, with a $21.7 million position; 0.4% of its 13F portfolio is allocated to the company. Some other peers that are bullish comprise Cliff Asness'sAQR Capital Management, Jim Simons'sRenaissance Technologiesand Israel Englander'sMillennium Management.
As industrywide interest jumped, specific money managers have jumped into Silgan Holdings Inc. (NASDAQ:SLGN) headfirst.Gotham Asset Management, managed by Joel Greenblatt, established the biggest position in Silgan Holdings Inc. (NASDAQ:SLGN). Gotham Asset Management had $2.1 million invested in the company at the end of the quarter. Alec Litowitz and Ross Laser'sMagnetar Capitalalso initiated a $0.7 million position during the quarter. The other funds with new positions in the stock are Mike Vranos'sEllingtonand Matthew Hulsizer'sPEAK6 Capital Management.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Silgan Holdings Inc. (NASDAQ:SLGN) but similarly valued. We will take a look at iRobot Corporation (NASDAQ:IRBT), Bank of Hawaii Corporation (NYSE:BOH), Lions Gate Entertainment Corporation (NYSE:LGF-A), and American National Insurance Company (NASDAQ:ANAT). All of these stocks' market caps resemble SLGN's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position IRBT,15,121719,1 BOH,12,126229,-1 LGF-A,18,315578,-3 ANAT,9,37272,-6 Average,13.5,150200,-2.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 13.5 hedge funds with bullish positions and the average amount invested in these stocks was $150 million. That figure was $157 million in SLGN's case. Lions Gate Entertainment Corporation (NYSE:LGF-A) is the most popular stock in this table. On the other hand American National Insurance Company (NASDAQ:ANAT) is the least popular one with only 9 bullish hedge fund positions. Silgan Holdings Inc. (NASDAQ:SLGN) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately SLGN wasn't nearly as popular as these 20 stocks and hedge funds that were betting on SLGN were disappointed as the stock returned 0.9% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Here is What Hedge Funds Think About iRobot Corporation (IRBT)
Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged during the first quarter. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 40% and 25% respectively. Our research shows that most of the stocks that smart money likes historically generate strong risk-adjusted returns. That's why we weren't surprised when hedge funds’ top 20 large-cap stock picks generated a return of 18.7% during the first 5 months of 2019 and outperformed the broader market benchmark by 6.6 percentage points.This is why following the smart money sentiment is a useful tool at identifying the next stock to invest in.
IsiRobot Corporation (NASDAQ:IRBT)going to take off soon? Investors who are in the know are becoming more confident. The number of bullish hedge fund positions improved by 1 recently. Our calculations also showed that IRBT isn't among the30 most popular stocks among hedge funds.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
Let's take a look at the fresh hedge fund action surrounding iRobot Corporation (NASDAQ:IRBT).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of 7% from the previous quarter. On the other hand, there were a total of 9 hedge funds with a bullish position in IRBT a year ago. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
When looking at the institutional investors followed by Insider Monkey, Principal Global Investors'sColumbus Circle Investorshas the biggest position in iRobot Corporation (NASDAQ:IRBT), worth close to $35.3 million, comprising 0.9% of its total 13F portfolio. The second most bullish fund manager isD E Shaw, led by D. E. Shaw, holding a $26.6 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other members of the smart money that hold long positions contain Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capital, and Dmitry Balyasny'sBalyasny Asset Management.
As industrywide interest jumped, key hedge funds have jumped into iRobot Corporation (NASDAQ:IRBT) headfirst.Citadel Investment Group, managed by Ken Griffin, established the most outsized position in iRobot Corporation (NASDAQ:IRBT). Citadel Investment Group had $5.5 million invested in the company at the end of the quarter. Andrew Feldstein and Stephen Siderow'sBlue Mountain Capitalalso initiated a $4.6 million position during the quarter. The other funds with new positions in the stock are Noam Gottesman'sGLG Partners, Jeffrey Talpins'sElement Capital Management, and Gavin Saitowitz and Cisco J. del Valle'sSpringbok Capital.
Let's go over hedge fund activity in other stocks - not necessarily in the same industry as iRobot Corporation (NASDAQ:IRBT) but similarly valued. These stocks are Bank of Hawaii Corporation (NYSE:BOH), Lions Gate Entertainment Corporation (NYSE:LGF-A), American National Insurance Company (NASDAQ:ANAT), and NCR Corporation (NYSE:NCR). This group of stocks' market values are closest to IRBT's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BOH,12,126229,-1 LGF-A,18,315578,-3 ANAT,9,37272,-6 NCR,22,250591,2 Average,15.25,182418,-2 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 15.25 hedge funds with bullish positions and the average amount invested in these stocks was $182 million. That figure was $122 million in IRBT's case. NCR Corporation (NYSE:NCR) is the most popular stock in this table. On the other hand American National Insurance Company (NASDAQ:ANAT) is the least popular one with only 9 bullish hedge fund positions. iRobot Corporation (NASDAQ:IRBT) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately IRBT wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); IRBT investors were disappointed as the stock returned -21% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Is Werner Enterprises, Inc. (WERN) A Good Stock To Buy?
We at Insider Monkey have gone over 738 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article, we look at what those funds think of Werner Enterprises, Inc. (NASDAQ:WERN) based on that data.
IsWerner Enterprises, Inc. (NASDAQ:WERN)ready to rally soon? Hedge funds are betting on the stock. The number of long hedge fund bets rose by 2 recently. Our calculations also showed that WERN isn't among the30 most popular stocks among hedge funds.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
Let's analyze the key hedge fund action regarding Werner Enterprises, Inc. (NASDAQ:WERN).
Heading into the second quarter of 2019, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 14% from one quarter earlier. By comparison, 19 hedge funds held shares or bullish call options in WERN a year ago. With hedge funds' positions undergoing their usual ebb and flow, there exists an "upper tier" of notable hedge fund managers who were increasing their stakes meaningfully (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey,AQR Capital Management, managed by Cliff Asness, holds the largest position in Werner Enterprises, Inc. (NASDAQ:WERN). AQR Capital Management has a $35.2 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second most bullish fund manager isCitadel Investment Group, managed by Ken Griffin, which holds a $26.1 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedge funds and institutional investors with similar optimism comprise Israel Englander'sMillennium Management, John Overdeck and David Siegel'sTwo Sigma Advisorsand Chuck Royce'sRoyce & Associates.
Consequently, some big names have jumped into Werner Enterprises, Inc. (NASDAQ:WERN) headfirst.Scopus Asset Management, managed by Alexander Mitchell, created the biggest position in Werner Enterprises, Inc. (NASDAQ:WERN). Scopus Asset Management had $3.4 million invested in the company at the end of the quarter. Matthew Tewksbury'sStevens Capital Managementalso made a $1.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capital, Joel Greenblatt'sGotham Asset Management, and Michael Gelband'sExodusPoint Capital.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Werner Enterprises, Inc. (NASDAQ:WERN) but similarly valued. We will take a look at Whiting Petroleum Corporation (NYSE:WLL), AAON, Inc. (NASDAQ:AAON), Argo Group International Holdings, Ltd. (NYSE:ARGO), and El Paso Electric Company (NYSE:EE). This group of stocks' market values are similar to WERN's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position WLL,25,360912,-8 AAON,5,3625,-1 ARGO,17,200431,4 EE,22,348987,-1 Average,17.25,228489,-1.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 17.25 hedge funds with bullish positions and the average amount invested in these stocks was $228 million. That figure was $127 million in WERN's case. Whiting Petroleum Corporation (NYSE:WLL) is the most popular stock in this table. On the other hand AAON, Inc. (NASDAQ:AAON) is the least popular one with only 5 bullish hedge fund positions. Werner Enterprises, Inc. (NASDAQ:WERN) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately WERN wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); WERN investors were disappointed as the stock returned -0.4% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been More Bullish On Albany International Corp. (AIN)
We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, smart money investors have to conduct complex analyses, spend many resources and use tools that are not always available for the general crowd. This doesn't mean that they don't have occasional colossal losses; they do (like Peltz's recent General Electric losses). However, it is still a good idea to keep an eye on hedge fund activity. With this in mind, as the current round of 13F filings has just ended, let’s examine the smart money sentiment towards Albany International Corp. (NYSE:AIN).
Albany International Corp. (NYSE:AIN)shareholders have witnessed an increase in support from the world's most elite money managers lately.AINwas in 16 hedge funds' portfolios at the end of the first quarter of 2019. There were 11 hedge funds in our database with AIN positions at the end of the previous quarter. Our calculations also showed that AIN isn't among the30 most popular stocks among hedge funds.
To most stock holders, hedge funds are perceived as worthless, outdated investment vehicles of years past. While there are more than 8000 funds trading today, Our experts choose to focus on the upper echelon of this group, about 750 funds. These investment experts direct most of the hedge fund industry's total asset base, and by shadowing their first-class picks, Insider Monkey has figured out many investment strategies that have historically defeated the market. Insider Monkey's flagship hedge fund strategy outstripped the S&P 500 index by around 5 percentage points a year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
We're going to take a look at the recent hedge fund action surrounding Albany International Corp. (NYSE:AIN).
Heading into the second quarter of 2019, a total of 16 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 45% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards AIN over the last 15 quarters. With hedgies' positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were adding to their holdings meaningfully (or already accumulated large positions).
The largest stake in Albany International Corp. (NYSE:AIN) was held byRenaissance Technologies, which reported holding $41.9 million worth of stock at the end of March. It was followed by Millennium Management with a $17.1 million position. Other investors bullish on the company included Hudson Bay Capital Management, Arrowstreet Capital, and GAMCO Investors.
As industrywide interest jumped, key hedge funds have been driving this bullishness.Hudson Bay Capital Management, managed by Sander Gerber, assembled the largest position in Albany International Corp. (NYSE:AIN). Hudson Bay Capital Management had $7.3 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capitalalso made a $4 million investment in the stock during the quarter. The other funds with new positions in the stock are Benjamin A. Smith'sLaurion Capital Management, Andrew Feldstein and Stephen Siderow'sBlue Mountain Capital, and Dmitry Balyasny'sBalyasny Asset Management.
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as Albany International Corp. (NYSE:AIN) but similarly valued. We will take a look at Oi SA (NYSE:OIBR), Acacia Communications, Inc. (NASDAQ:ACIA), CoreCivic, Inc. (NYSE:CXW), and SVMK Inc. (NASDAQ:SVMK). This group of stocks' market values resemble AIN's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position OIBR,21,826627,0 ACIA,31,319611,11 CXW,14,145281,-7 SVMK,20,538478,9 Average,21.5,457499,3.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 21.5 hedge funds with bullish positions and the average amount invested in these stocks was $457 million. That figure was $87 million in AIN's case. Acacia Communications, Inc. (NASDAQ:ACIA) is the most popular stock in this table. On the other hand CoreCivic, Inc. (NYSE:CXW) is the least popular one with only 14 bullish hedge fund positions. Albany International Corp. (NYSE:AIN) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on AIN as the stock returned 11.6% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Is CenterState Bank Corporation (CSFL) A Good Stock To Buy?
There are several ways to beat the market, and investing in small cap stocks has historically been one of them. We like to improve the odds of beating the market further by examining what famous hedge fund operators such as Jeff Ubben, George Soros and Carl Icahn think. Those hedge fund operators make billions of dollars each year by hiring the best and the brightest to do research on stocks, including small cap stocks that big brokerage houses simply don't cover. Because of Carl Icahn and other elite funds' exemplary historical records, we pay attention to their small cap picks. In this article, we use hedge fund filing data to analyze CenterState Bank Corporation (NASDAQ:CSFL).
IsCenterState Bank Corporation (NASDAQ:CSFL)a bargain? Money managers are taking a pessimistic view. The number of bullish hedge fund positions retreated by 4 lately. Our calculations also showed that CSFL isn't among the30 most popular stocks among hedge funds.CSFLwas in 16 hedge funds' portfolios at the end of the first quarter of 2019. There were 20 hedge funds in our database with CSFL holdings at the end of the previous quarter.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's review the fresh hedge fund action surrounding CenterState Bank Corporation (NASDAQ:CSFL).
At the end of the first quarter, a total of 16 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -20% from one quarter earlier. On the other hand, there were a total of 21 hedge funds with a bullish position in CSFL a year ago. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Renaissance Technologiesheld the most valuable stake in CenterState Bank Corporation (NASDAQ:CSFL), which was worth $38.3 million at the end of the first quarter. On the second spot was Millennium Management which amassed $23.7 million worth of shares. Moreover, Marshall Wace LLP, Royce & Associates, and Forest Hill Capital were also bullish on CenterState Bank Corporation (NASDAQ:CSFL), allocating a large percentage of their portfolios to this stock.
Because CenterState Bank Corporation (NASDAQ:CSFL) has faced a decline in interest from the aggregate hedge fund industry, it's easy to see that there exists a select few money managers who sold off their positions entirely by the end of the third quarter. It's worth mentioning that Ken Griffin'sCitadel Investment Groupdropped the biggest investment of the 700 funds watched by Insider Monkey, valued at about $2.8 million in stock. Lawrence Seidman's fund,Seidman Investment Partnership, also cut its stock, about $1.5 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest fell by 4 funds by the end of the third quarter.
Let's now review hedge fund activity in other stocks similar to CenterState Bank Corporation (NASDAQ:CSFL). We will take a look at Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN), Independent Bank Corp (NASDAQ:INDB), PolyOne Corporation (NYSE:POL), and Washington Real Estate Investment Trust (NYSE:WRE). This group of stocks' market caps are closest to CSFL's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BHVN,33,386094,11 INDB,6,7051,-3 POL,23,151231,4 WRE,9,89215,-5 Average,17.75,158398,1.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 17.75 hedge funds with bullish positions and the average amount invested in these stocks was $158 million. That figure was $136 million in CSFL's case. Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) is the most popular stock in this table. On the other hand Independent Bank Corp (NASDAQ:INDB) is the least popular one with only 6 bullish hedge fund positions. CenterState Bank Corporation (NASDAQ:CSFL) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately CSFL wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); CSFL investors were disappointed as the stock returned -3.9% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Dog The Bounty Hunter Asks For Prayers For Wife Who's In An Induced Coma
Beth Chapman , the wife of fellow reality TV star Duane “ Dog the Bounty Hunter ” Chapman, has been hospitalized and placed in a medically induced coma. She is staying in the ICU of Queen’s Medical Center in Honolulu, according to a family statement obtained by HawaiiNewsNow. People confirmed she was brought there on Saturday. Chapman, 51, has faced a series of health complications since being diagnosed in 2017 with throat cancer. In an early morning tweet on Sunday, Duane Chapman asked for prayers. Please say your prayers for Beth right now thank you love you — Duane Dog Chapman (@DogBountyHunter) June 23, 2019 Later that morning, the couple’s youngest daughter, Bonnie Chapman , tweeted that she was catching a flight to Hawaii. According to her Twitter account, she lives in Denver. On Saturday, she shared an endearing photo of her parents locked in a hug, with her mother smiling broadly. ❤️❤️ pic.twitter.com/YOkmzfYmYC — Bonnie Chapman (@Bonniejoc) June 23, 2019 Though Beth Chapman underwent surgery for throat cancer and announced she was cancer-free in November 2017, Us Weekly reported in late 2018 that the disease returned and had spread to her lungs. In an April interview with Tampa, Florida, radio station WRBQ-FM , she described it as “the toughest battle I’ve ever been in.” “But my faith in God and the love of my family is helping me through,” she said. The Chapman duo is widely known for hunting down fugitives on the A&E Network show, “Dog the Bounty Hunter,” which ran from 2004 to 2012. CMT then launched a spinoff of the program called “Dog and Beth: On the Hunt,” which aired from 2013 to 2015. A second spinoff, “Dog’s Most Wanted,” is slated to premiere on WGN America and began production this year, according to Deadline . Love HuffPost? Become a founding member of HuffPost Plus today. This article originally appeared on HuffPost . |
Here’s What Hedge Funds Think About Digital Realty Trust, Inc. (DLR)
It seems that the masses and most of the financial media hate hedge funds and what they do, but why is this hatred of hedge funds so prominent? At the end of the day, these asset management firms do not gamble the hard-earned money of the people who are on the edge of poverty. Truth be told, most hedge fund managers and other smaller players within this industry are very smart and skilled investors. Of course, they may also make wrong bets in some instances, but no one knows what the future holds and how market participants will react to the bountiful news that floods in each day. The Standard and Poor’s 500 Index returned approximately 12.1% in the first 5 months of this year (through May 30th). Conversely, hedge funds’ top 20 large-cap stock picks generated a return of 18.7% during the same 5-month period, with the majority of these stock picks outperforming the broader market benchmark. Coincidence? It might happen to be so, but it is unlikely. Our research covering the last 18 years indicates that hedge funds' stock picks generate superior risk-adjusted returns. That's why we believe it isn't a waste of time to check out hedge fund sentiment before you invest in a stock like Digital Realty Trust, Inc. (NYSE:DLR).
IsDigital Realty Trust, Inc. (NYSE:DLR)a buy right now? Prominent investors are in a bearish mood. The number of bullish hedge fund bets shrunk by 7 in recent months. Our calculations also showed that DLR isn't among the30 most popular stocks among hedge funds.DLRwas in 16 hedge funds' portfolios at the end of the first quarter of 2019. There were 23 hedge funds in our database with DLR positions at the end of the previous quarter.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to check out the new hedge fund action regarding Digital Realty Trust, Inc. (NYSE:DLR).
At Q1's end, a total of 16 of the hedge funds tracked by Insider Monkey were long this stock, a change of -30% from the previous quarter. On the other hand, there were a total of 17 hedge funds with a bullish position in DLR a year ago. With hedgies' sentiment swirling, there exists a few notable hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
The largest stake in Digital Realty Trust, Inc. (NYSE:DLR) was held byAEW Capital Management, which reported holding $135 million worth of stock at the end of March. It was followed by Adage Capital Management with a $31 million position. Other investors bullish on the company included AQR Capital Management, Osterweis Capital Management, and D E Shaw.
Due to the fact that Digital Realty Trust, Inc. (NYSE:DLR) has experienced declining sentiment from the aggregate hedge fund industry, logic holds that there exists a select few money managers who were dropping their entire stakes by the end of the third quarter. It's worth mentioning that Israel Englander'sMillennium Managementcut the biggest stake of all the hedgies watched by Insider Monkey, valued at an estimated $16.8 million in stock, and Greg Poole's Echo Street Capital Management was right behind this move, as the fund dumped about $14 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest fell by 7 funds by the end of the third quarter.
Let's go over hedge fund activity in other stocks similar to Digital Realty Trust, Inc. (NYSE:DLR). These stocks are First Data Corporation (NYSE:FDC), Coca-Cola European Partners plc (NYSE:CCEP), Hilton Worldwide Holdings Inc (NYSE:HLT), and Ctrip.com International, Ltd. (NASDAQ:CTRP). This group of stocks' market valuations are closest to DLR's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FDC,57,3760286,5 CCEP,13,289525,-4 HLT,51,3976926,4 CTRP,29,1288524,8 Average,37.5,2328815,3.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 37.5 hedge funds with bullish positions and the average amount invested in these stocks was $2329 million. That figure was $243 million in DLR's case. First Data Corporation (NYSE:FDC) is the most popular stock in this table. On the other hand Coca-Cola European Partners plc (NYSE:CCEP) is the least popular one with only 13 bullish hedge fund positions. Digital Realty Trust, Inc. (NYSE:DLR) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on DLR, though not to the same extent, as the stock returned 5.2% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Here is What Hedge Funds Think About Eversource Energy (ES)
It is already common knowledge that individual investors do not usually have the necessary resources and abilities to properly research an investment opportunity. As a result, most investors pick their illusory “winners” by making a superficial analysis and research that leads to poor performance on aggregate. Since stock returns aren't usually symmetrically distributed and index returns are more affected by a few outlier stocks (i.e. the FAANG stocks dominating and driving S&P 500 Index's returns in recent years), more than 50% of the constituents of the Standard and Poor’s 500 Index underperform the benchmark. Hence, if you randomly pick a stock, there is more than 50% chance that you'd fail to beat the market. At the same time, the 20 most favored S&P 500 stocks by the hedge funds monitored by Insider Monkey generated an outperformance of 6 percentage points during the first 5 months of 2019. Of course, hedge funds do make wrong bets on some occasions and these get disproportionately publicized on financial media, but piggybacking their moves can beat the broader market on average. That's why we are going to go over recent hedge fund activity in Eversource Energy (NYSE:ES).
IsEversource Energy (NYSE:ES)the right investment to pursue these days? Investors who are in the know are becoming less confident. The number of long hedge fund bets dropped by 4 in recent months. Our calculations also showed that ES isn't among the30 most popular stocks among hedge funds.ESwas in 16 hedge funds' portfolios at the end of the first quarter of 2019. There were 20 hedge funds in our database with ES holdings at the end of the previous quarter.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
We're going to go over the fresh hedge fund action encompassing Eversource Energy (NYSE:ES).
At Q1's end, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -20% from the previous quarter. By comparison, 13 hedge funds held shares or bullish call options in ES a year ago. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Jim Simons'sRenaissance Technologieshas the most valuable position in Eversource Energy (NYSE:ES), worth close to $225.6 million, corresponding to 0.2% of its total 13F portfolio. Sitting at the No. 2 spot isAQR Capital Management, led by Cliff Asness, holding a $78.3 million position; 0.1% of its 13F portfolio is allocated to the company. Some other hedge funds and institutional investors that hold long positions consist of Stuart J. Zimmer'sZimmer Partners, Mario Gabelli'sGAMCO Investorsand Michael Gelband'sExodusPoint Capital.
Judging by the fact that Eversource Energy (NYSE:ES) has faced bearish sentiment from the smart money, logic holds that there lies a certain "tier" of fund managers who were dropping their positions entirely in the third quarter. Interestingly, Phill Gross and Robert Atchinson'sAdage Capital Managementdumped the largest position of the "upper crust" of funds watched by Insider Monkey, comprising about $63.6 million in stock. Clint Carlson's fund,Carlson Capital, also cut its stock, about $41 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest dropped by 4 funds in the third quarter.
Let's now take a look at hedge fund activity in other stocks similar to Eversource Energy (NYSE:ES). These stocks are SBA Communications Corporation (NASDAQ:SBAC), McKesson Corporation (NYSE:MCK), Realty Income Corporation (NYSE:O), and Concho Resources Inc. (NYSE:CXO). This group of stocks' market valuations resemble ES's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SBAC,29,1658761,-3 MCK,32,1989051,-12 O,15,175737,-3 CXO,26,530505,-9 Average,25.5,1088514,-6.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 25.5 hedge funds with bullish positions and the average amount invested in these stocks was $1089 million. That figure was $403 million in ES's case. McKesson Corporation (NYSE:MCK) is the most popular stock in this table. On the other hand Realty Income Corporation (NYSE:O) is the least popular one with only 15 bullish hedge fund positions. Eversource Energy (NYSE:ES) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on ES as the stock returned 9.6% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Is Essex Property Trust Inc (ESS) A Good Stock To Buy?
Is Essex Property Trust Inc (NYSE:ESS) a good place to invest some of your money right now? We can gain invaluable insight to help us answer that question by studying the investment trends of top investors, who employ world-class Ivy League graduates, who are given immense resources and industry contacts to put their financial expertise to work. The top picks of these firms have historically outperformed the market when we account for known risk factors, making them very valuable investment ideas.
Essex Property Trust Inc (NYSE:ESS)shareholders have witnessed a decrease in enthusiasm from smart money recently.ESSwas in 16 hedge funds' portfolios at the end of March. There were 19 hedge funds in our database with ESS positions at the end of the previous quarter. Our calculations also showed that ESS isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
[caption id="attachment_30621" align="aligncenter" width="487"]
Cliff Asness of AQR Capital Management[/caption]
Let's go over the recent hedge fund action regarding Essex Property Trust Inc (NYSE:ESS).
At the end of the first quarter, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -16% from the previous quarter. The graph below displays the number of hedge funds with bullish position in ESS over the last 15 quarters. With hedge funds' positions undergoing their usual ebb and flow, there exists an "upper tier" of noteworthy hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).
Among these funds,Renaissance Technologiesheld the most valuable stake in Essex Property Trust Inc (NYSE:ESS), which was worth $229 million at the end of the first quarter. On the second spot was AEW Capital Management which amassed $160.5 million worth of shares. Moreover, Adage Capital Management, AQR Capital Management, and Citadel Investment Group were also bullish on Essex Property Trust Inc (NYSE:ESS), allocating a large percentage of their portfolios to this stock.
Since Essex Property Trust Inc (NYSE:ESS) has experienced declining sentiment from the entirety of the hedge funds we track, we can see that there lies a certain "tier" of funds who sold off their positions entirely by the end of the third quarter. Intriguingly, Richard Driehaus'sDriehaus Capitaldumped the largest stake of the "upper crust" of funds tracked by Insider Monkey, valued at about $5.6 million in stock, and Ray Dalio's Bridgewater Associates was right behind this move, as the fund dumped about $1.7 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 3 funds by the end of the third quarter.
Let's now take a look at hedge fund activity in other stocks similar to Essex Property Trust Inc (NYSE:ESS). These stocks are AMETEK, Inc. (NYSE:AME), Harris Corporation (NYSE:HRS), American Water Works Company, Inc. (NYSE:AWK), and Pembina Pipeline Corp (NYSE:PBA). This group of stocks' market valuations match ESS's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position AME,29,1038604,-3 HRS,25,783732,2 AWK,28,609712,0 PBA,15,102666,1 Average,24.25,633679,0 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 24.25 hedge funds with bullish positions and the average amount invested in these stocks was $634 million. That figure was $447 million in ESS's case. AMETEK, Inc. (NYSE:AME) is the most popular stock in this table. On the other hand Pembina Pipeline Corp (NYSE:PBA) is the least popular one with only 15 bullish hedge fund positions. Essex Property Trust Inc (NYSE:ESS) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on ESS, though not to the same extent, as the stock returned 4.3% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Here is What Hedge Funds Think About Nasdaq, Inc. (NDAQ)
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have beensayingbefore the Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first quarter, most investors recovered all of their Q4 losses as sentiment shifted and optimism dominated the US China trade negotiations. Nevertheless, many of the stocks that delivered strong returns in the first quarter still sport strong fundamentals and their gains were more related to the general market sentiment rather than their individual performance and hedge funds kept their bullish stance. In this article we will find out how hedge fund sentiment to Nasdaq, Inc. (NASDAQ:NDAQ) changed recently.
Nasdaq, Inc. (NASDAQ:NDAQ)investors should be aware of a decrease in enthusiasm from smart money of late. Our calculations also showed that NDAQ isn't among the30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to analyze the recent hedge fund action encompassing Nasdaq, Inc. (NASDAQ:NDAQ).
Heading into the second quarter of 2019, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -24% from one quarter earlier. On the other hand, there were a total of 25 hedge funds with a bullish position in NDAQ a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,D E Shawwas the largest shareholder of Nasdaq, Inc. (NASDAQ:NDAQ), with a stake worth $41.9 million reported as of the end of March. Trailing D E Shaw was Adage Capital Management, which amassed a stake valued at $12.7 million. Marshall Wace LLP, Gotham Asset Management, and Balyasny Asset Management were also very fond of the stock, giving the stock large weights in their portfolios.
Due to the fact that Nasdaq, Inc. (NASDAQ:NDAQ) has witnessed a decline in interest from the entirety of the hedge funds we track, it's safe to say that there exists a select few money managers that decided to sell off their full holdings heading into Q3. Intriguingly, Israel Englander'sMillennium Managementdropped the largest investment of the 700 funds tracked by Insider Monkey, comprising an estimated $26 million in stock, and Peter Rathjens, Bruce Clarke and John Campbell's Arrowstreet Capital was right behind this move, as the fund cut about $22.8 million worth. These moves are interesting, as total hedge fund interest fell by 5 funds heading into Q3.
Let's check out hedge fund activity in other stocks similar to Nasdaq, Inc. (NASDAQ:NDAQ). These stocks are Arthur J. Gallagher & Co. (NYSE:AJG), Regions Financial Corporation (NYSE:RF), Equifax Inc. (NYSE:EFX), and ZTO Express (Cayman) Inc. (NYSE:ZTO). This group of stocks' market values resemble NDAQ's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position AJG,28,321793,6 RF,41,787954,-1 EFX,24,1247020,2 ZTO,16,335206,3 Average,27.25,672993,2.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 27.25 hedge funds with bullish positions and the average amount invested in these stocks was $673 million. That figure was $83 million in NDAQ's case. Regions Financial Corporation (NYSE:RF) is the most popular stock in this table. On the other hand ZTO Express (Cayman) Inc. (NYSE:ZTO) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Nasdaq, Inc. (NASDAQ:NDAQ) is even less popular than ZTO. Hedge funds clearly dropped the ball on NDAQ as the stock delivered strong returns, though hedge funds' consensus picks still generated respectable returns. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on NDAQ as the stock returned 10.9% during the same period and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here is What Hedge Funds Think About Sonoco Products Company (SON)
After several tireless days we have finished crunching the numbers from nearly 750 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms' equity portfolios as of March 31. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards Sonoco Products Company (NYSE:SON).
Hedge fund interest inSonoco Products Company (NYSE:SON)shares was flat at the end of last quarter. This is usually a negative indicator. The level and the change in hedge fund popularity aren't the only variables you need to analyze to decipher hedge funds' perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That's why at the end of this article we will examine companies such as Cullen/Frost Bankers, Inc. (NYSE:CFR), Macerich Company (NYSE:MAC), and Parsley Energy Inc (NYSE:PE) to gather more data points.
At the moment there are a large number of tools stock market investors have at their disposal to evaluate stocks. Two of the most innovative tools are hedge fund and insider trading sentiment. Our experts have shown that, historically, those who follow the best picks of the best hedge fund managers can beat their index-focused peers by a solid margin (see the details here).
[caption id="attachment_758454" align="aligncenter" width="450"]
James Dondero of Highland Capital Management[/caption]
We're going to analyze the key hedge fund action regarding Sonoco Products Company (NYSE:SON).
At the end of the first quarter, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 0% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards SON over the last 15 quarters. With hedge funds' capital changing hands, there exists a select group of notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
More specifically,Impax Asset Managementwas the largest shareholder of Sonoco Products Company (NYSE:SON), with a stake worth $30.1 million reported as of the end of March. Trailing Impax Asset Management was AQR Capital Management, which amassed a stake valued at $21.8 million. Royce & Associates, Citadel Investment Group, and GAMCO Investors were also very fond of the stock, giving the stock large weights in their portfolios.
Since Sonoco Products Company (NYSE:SON) has witnessed bearish sentiment from the smart money, logic holds that there lies a certain "tier" of funds that decided to sell off their positions entirely heading into Q3. Intriguingly, Israel Englander'sMillennium Managementsaid goodbye to the biggest investment of all the hedgies watched by Insider Monkey, valued at an estimated $4.3 million in stock, and Joel Greenblatt's Gotham Asset Management was right behind this move, as the fund dropped about $2 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Sonoco Products Company (NYSE:SON) but similarly valued. These stocks are Cullen/Frost Bankers, Inc. (NYSE:CFR), Macerich Company (NYSE:MAC), Parsley Energy Inc (NYSE:PE), and Helmerich & Payne, Inc. (NYSE:HP). This group of stocks' market caps resemble SON's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CFR,18,65975,0 MAC,22,298493,-3 PE,34,849803,-2 HP,31,399271,4 Average,26.25,403386,-0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 26.25 hedge funds with bullish positions and the average amount invested in these stocks was $403 million. That figure was $109 million in SON's case. Parsley Energy Inc (NYSE:PE) is the most popular stock in this table. On the other hand Cullen/Frost Bankers, Inc. (NYSE:CFR) is the least popular one with only 18 bullish hedge fund positions. Compared to these stocks Sonoco Products Company (NYSE:SON) is even less popular than CFR. Hedge funds clearly dropped the ball on SON as the stock delivered strong returns, though hedge funds' consensus picks still generated respectable returns. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on SON as the stock returned 6.8% during the same period and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Red Robin Gourmet Burgers, Inc. (RRGB)
Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out what the billionaire investors and hedge funds think of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB).
IsRed Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)a worthy investment now? Hedge funds are getting more optimistic. The number of long hedge fund bets rose by 1 in recent months. Our calculations also showed that RRGB isn't among the30 most popular stocks among hedge funds.RRGBwas in 15 hedge funds' portfolios at the end of March. There were 14 hedge funds in our database with RRGB holdings at the end of the previous quarter.
Today there are a multitude of methods stock traders employ to appraise publicly traded companies. A duo of the less known methods are hedge fund and insider trading indicators. Our researchers have shown that, historically, those who follow the top picks of the top fund managers can outperform the market by a healthy margin (see the details here).
We're going to go over the recent hedge fund action encompassing Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB).
At Q1's end, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of 7% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards RRGB over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,Citadel Investment Groupwas the largest shareholder of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB), with a stake worth $12.9 million reported as of the end of March. Trailing Citadel Investment Group was Millennium Management, which amassed a stake valued at $12.6 million. Arrowstreet Capital, Balyasny Asset Management, and GMT Capital were also very fond of the stock, giving the stock large weights in their portfolios.
As aggregate interest increased, key money managers were leading the bulls' herd.Balyasny Asset Management, managed by Dmitry Balyasny, created the biggest position in Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB). Balyasny Asset Management had $3.2 million invested in the company at the end of the quarter. D. E. Shaw'sD E Shawalso initiated a $0.5 million position during the quarter. The other funds with new positions in the stock are Frederick DiSanto'sAncora Advisors, Chuck Royce'sRoyce & Associates, and Ken Griffin'sCitadel Investment Group.
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) but similarly valued. These stocks are Del Taco Restaurants Inc (NASDAQ:TACO), 3PEA International, Inc. (NASDAQ:TPNL), Cardlytics, Inc. (NASDAQ:CDLX), and Zix Corporation (NASDAQ:ZIXI). This group of stocks' market valuations are similar to RRGB's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position TACO,14,20221,-4 TPNL,6,8071,3 CDLX,9,26098,3 ZIXI,21,70511,8 Average,12.5,31225,2.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 12.5 hedge funds with bullish positions and the average amount invested in these stocks was $31 million. That figure was $47 million in RRGB's case. Zix Corporation (NASDAQ:ZIXI) is the most popular stock in this table. On the other hand 3PEA International, Inc. (NASDAQ:TPNL) is the least popular one with only 6 bullish hedge fund positions. Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on RRGB as the stock returned 7.9% during the same period and outperformed the market by an even larger margin. Hedge funds were rewarded for their relative bullishness.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Karyopharm Therapeutics Inc (KPTI)
A market surge in the first quarter, spurred by easing global macroeconomic concerns and Powell's pivot ended up having a positive impact on the markets and many hedge funds as a result. The stocks of smaller companies which were especially hard hit during the fourth quarter slightly outperformed the market during the first quarter. Unfortunately, Trump is unpredictable and volatility returned in the second quarter and smaller-cap stocks went back to selling off. We finished compiling the latest 13F filings to get an idea about what hedge funds are thinking about the overall market as well as individual stocks. In this article we will study the hedge fund sentiment to see how those concerns affected their ownership of Karyopharm Therapeutics Inc (NASDAQ:KPTI) during the quarter.
Karyopharm Therapeutics Inc (NASDAQ:KPTI)investors should be aware of a decrease in hedge fund interest lately. Our calculations also showed that KPTI isn't among the30 most popular stocks among hedge funds.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
[caption id="attachment_758402" align="aligncenter" width="450"]
William Leland Edwards of Palo Alto Investors[/caption]
Let's take a peek at the latest hedge fund action regarding Karyopharm Therapeutics Inc (NASDAQ:KPTI).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a change of -12% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards KPTI over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Palo Alto Investorsheld the most valuable stake in Karyopharm Therapeutics Inc (NASDAQ:KPTI), which was worth $30.7 million at the end of the first quarter. On the second spot was Consonance Capital Management which amassed $30.1 million worth of shares. Moreover, Millennium Management, Citadel Investment Group, and Renaissance Technologies were also bullish on Karyopharm Therapeutics Inc (NASDAQ:KPTI), allocating a large percentage of their portfolios to this stock.
Due to the fact that Karyopharm Therapeutics Inc (NASDAQ:KPTI) has witnessed declining sentiment from the smart money, logic holds that there exists a select few money managers that slashed their positions entirely heading into Q3. At the top of the heap, Wayne Holman'sRidgeback Capital Managementcut the biggest position of the 700 funds watched by Insider Monkey, totaling an estimated $37 million in stock, and Steve Cohen's Point72 Asset Management was right behind this move, as the fund sold off about $14.4 million worth. These transactions are important to note, as total hedge fund interest fell by 2 funds heading into Q3.
Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Karyopharm Therapeutics Inc (NASDAQ:KPTI) but similarly valued. These stocks are Jumei International Holding Ltd (NYSE:JMEI), Dorian LPG Ltd (NYSE:LPG), Ferroglobe PLC (NASDAQ:GSM), and Southern National Banc. of Virginia, Inc (NASDAQ:SONA). This group of stocks' market caps resemble KPTI's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position JMEI,3,10350,0 LPG,9,71357,2 GSM,11,42976,-3 SONA,8,19342,0 Average,7.75,36006,-0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 7.75 hedge funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $104 million in KPTI's case. Ferroglobe PLC (NASDAQ:GSM) is the most popular stock in this table. On the other hand Jumei International Holding Ltd (NYSE:JMEI) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Karyopharm Therapeutics Inc (NASDAQ:KPTI) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately KPTI wasn't nearly as popular as these 20 stocks and hedge funds that were betting on KPTI were disappointed as the stock returned 1.7% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Is Nektar Therapeutics (NKTR) A Good Stock To Buy?
Hedge funds are not perfect. They have their bad picks just like everyone else. Facebook, a stock hedge funds have loved dearly, lost nearly 40% of its value at one point in 2018. Although hedge funds are not perfect, their consensus picks do deliver solid returns, however. Our data show the top 20 S&P 500 stocks among hedge funds beat the S&P 500 Index by more than 6 percentage points so far in 2019. Because hedge funds have a lot of resources and their consensus picks do well, we pay attention to what they think. In this article, we analyze what the elite funds think of Nektar Therapeutics (NASDAQ:NKTR).
IsNektar Therapeutics (NASDAQ:NKTR)going to take off soon? Hedge funds are getting less bullish. The number of bullish hedge fund positions were trimmed by 3 in recent months. Our calculations also showed that NKTR isn't among the30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to take a look at the new hedge fund action surrounding Nektar Therapeutics (NASDAQ:NKTR).
Heading into the second quarter of 2019, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -15% from the previous quarter. By comparison, 24 hedge funds held shares or bullish call options in NKTR a year ago. With hedgies' capital changing hands, there exists a few notable hedge fund managers who were upping their stakes substantially (or already accumulated large positions).
The largest stake in Nektar Therapeutics (NASDAQ:NKTR) was held byCamber Capital Management, which reported holding $67.2 million worth of stock at the end of March. It was followed by Bridger Management with a $41.6 million position. Other investors bullish on the company included AQR Capital Management, D E Shaw, and Cormorant Asset Management.
Judging by the fact that Nektar Therapeutics (NASDAQ:NKTR) has witnessed bearish sentiment from the smart money, it's easy to see that there was a specific group of fund managers who were dropping their entire stakes last quarter. Intriguingly, Oleg Nodelman'sEcoR1 Capitalsaid goodbye to the biggest position of all the hedgies tracked by Insider Monkey, comprising close to $10.4 million in call options. Bihua Chen's fund,Cormorant Asset Management, also said goodbye to its call options, about $8.2 million worth. These bearish behaviors are interesting, as total hedge fund interest fell by 3 funds last quarter.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Nektar Therapeutics (NASDAQ:NKTR) but similarly valued. We will take a look at BOK Financial Corporation (NASDAQ:BOKF), Caesars Entertainment Corp (NASDAQ:CZR), Ciena Corporation (NYSE:CIEN), and Monolithic Power Systems, Inc. (NASDAQ:MPWR). This group of stocks' market caps are similar to NKTR's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BOKF,16,215649,-3 CZR,57,3150352,-1 CIEN,30,510894,1 MPWR,20,172987,-5 Average,30.75,1012471,-2 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 30.75 hedge funds with bullish positions and the average amount invested in these stocks was $1012 million. That figure was $252 million in NKTR's case. Caesars Entertainment Corp (NASDAQ:CZR) is the most popular stock in this table. On the other hand BOK Financial Corporation (NASDAQ:BOKF) is the least popular one with only 16 bullish hedge fund positions. Nektar Therapeutics (NASDAQ:NKTR) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on NKTR, though not to the same extent, as the stock returned 5.2% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Abeona Therapeutics Inc (ABEO)
It was a rough fourth quarter for many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 4.8% during 2018 and average hedge fund losing about 1%. The Russell 2000, composed of smaller companies, performed even worse, trailing the S&P by more than 6 percentage points, as investors fled less-known quantities for safe havens. Luckily hedge funds were shifting their holdings into large-cap stocks. The 20 most popular hedge fund stocks actually generated an average return of 18.7% so far in 2019 and outperformed the S&P 500 ETF by 6.6 percentage points. We are done processing the latest 13f filings and in this article we will study how hedge fund sentiment towards Abeona Therapeutics Inc (NASDAQ:ABEO) changed during the first quarter.
Abeona Therapeutics Inc (NASDAQ:ABEO)shares haven't seen a lot of action during the first quarter. Overall, hedge fund sentiment was unchanged. The stock was in 15 hedge funds' portfolios at the end of March. At the end of this article we will also compare ABEO to other stocks including Miller Industries, Inc. (NYSE:MLR), Franklin Covey Co. (NYSE:FC), and Permian Basin Royalty Trust (NYSE:PBT) to get a better sense of its popularity.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
We're going to view the latest hedge fund action regarding Abeona Therapeutics Inc (NASDAQ:ABEO).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 0% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in ABEO over the last 15 quarters. With the smart money's capital changing hands, there exists a select group of key hedge fund managers who were increasing their holdings meaningfully (or already accumulated large positions).
Among these funds,Adage Capital Managementheld the most valuable stake in Abeona Therapeutics Inc (NASDAQ:ABEO), which was worth $19.1 million at the end of the first quarter. On the second spot was Knoll Capital Management which amassed $17.4 million worth of shares. Moreover, Baker Bros. Advisors, Millennium Management, and Opaleye Management were also bullish on Abeona Therapeutics Inc (NASDAQ:ABEO), allocating a large percentage of their portfolios to this stock.
We view hedge fund activity in the stock unfavorable, but in this case there was only a single hedge fund selling its entire position:Viking Global. One hedge fund selling its entire position doesn't always imply a bearish intent. Theoretically a hedge fund may decide to sell a promising position in order to invest the proceeds in a more promising idea. However, we don't think this is the case in this case because only one of the 800+ hedge funds tracked by Insider Monkey identified as a viable investment and initiated a position in the stock (that fund wasTudor Investment Corp).
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Abeona Therapeutics Inc (NASDAQ:ABEO) but similarly valued. We will take a look at Miller Industries, Inc. (NYSE:MLR), Franklin Covey Co. (NYSE:FC), Permian Basin Royalty Trust (NYSE:PBT), and Digi International Inc. (NASDAQ:DGII). This group of stocks' market values are closest to ABEO's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position MLR,8,51292,0 FC,7,18239,-1 PBT,6,11506,0 DGII,15,42028,4 Average,9,30766,0.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $31 million. That figure was $69 million in ABEO's case. Digi International Inc. (NASDAQ:DGII) is the most popular stock in this table. On the other hand Permian Basin Royalty Trust (NYSE:PBT) is the least popular one with only 6 bullish hedge fund positions. Abeona Therapeutics Inc (NASDAQ:ABEO) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately ABEO wasn't nearly as popular as these 20 stocks and hedge funds that were betting on ABEO were disappointed as the stock returned -33.6% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About EPR Properties (EPR)
Out of thousands of stocks that are currently traded on the market, it is difficult to identify those that will really generate strong returns. Hedge funds and institutional investors spend millions of dollars on analysts with MBAs and PhDs, who are industry experts and well connected to other industry and media insiders on top of that. Individual investors can piggyback the hedge funds employing these talents and can benefit from their vast resources and knowledge in that way. We analyze quarterly 13F filings of nearly 750 hedge funds and, by looking at the smart money sentiment that surrounds a stock, we can determine whether it has the potential to beat the market over the long-term. Therefore, let’s take a closer look at what smart money thinks about EPR Properties (NYSE:EPR).
IsEPR Properties (NYSE:EPR)going to take off soon? Prominent investors are in a bearish mood. The number of long hedge fund positions decreased by 5 recently. Our calculations also showed that EPR isn't among the30 most popular stocks among hedge funds.EPRwas in 17 hedge funds' portfolios at the end of March. There were 22 hedge funds in our database with EPR holdings at the end of the previous quarter.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
Let's view the latest hedge fund action regarding EPR Properties (NYSE:EPR).
Heading into the second quarter of 2019, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -23% from the previous quarter. The graph below displays the number of hedge funds with bullish position in EPR over the last 15 quarters. With hedge funds' capital changing hands, there exists an "upper tier" of noteworthy hedge fund managers who were upping their holdings meaningfully (or already accumulated large positions).
The largest stake in EPR Properties (NYSE:EPR) was held byTwo Sigma Advisors, which reported holding $31.9 million worth of stock at the end of March. It was followed by Citadel Investment Group with a $19.6 million position. Other investors bullish on the company included Renaissance Technologies, Millennium Management, and Forward Management.
Since EPR Properties (NYSE:EPR) has faced bearish sentiment from the smart money, it's safe to say that there is a sect of fund managers who sold off their full holdings heading into Q3. Interestingly, Greg Poole'sEcho Street Capital Managementdropped the biggest investment of all the hedgies tracked by Insider Monkey, worth close to $4.9 million in stock, and D. E. Shaw's D E Shaw was right behind this move, as the fund sold off about $4.2 million worth. These moves are important to note, as aggregate hedge fund interest was cut by 5 funds heading into Q3.
Let's now review hedge fund activity in other stocks similar to EPR Properties (NYSE:EPR). We will take a look at First American Financial Corp (NYSE:FAF), HUYA Inc. (NYSE:HUYA), Brookfield Renewable Partners L.P. (NYSE:BEP), and Elastic N.V. (NYSE:ESTC). This group of stocks' market caps match EPR's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FAF,30,679005,-3 HUYA,21,307858,5 BEP,3,2816,0 ESTC,18,161603,-3 Average,18,287821,-0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $288 million. That figure was $137 million in EPR's case. First American Financial Corp (NYSE:FAF) is the most popular stock in this table. On the other hand Brookfield Renewable Partners L.P. (NYSE:BEP) is the least popular one with only 3 bullish hedge fund positions. EPR Properties (NYSE:EPR) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately EPR wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); EPR investors were disappointed as the stock returned 3.5% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Hedge Funds Have Never Been This Bullish On Inseego Corp. (INSG)
The 700+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Inseego Corp. (NASDAQ:INSG).
Inseego Corp. (NASDAQ:INSG)shareholders have witnessed an increase in support from the world's most elite money managers recently.INSGwas in 15 hedge funds' portfolios at the end of the first quarter of 2019. There were 11 hedge funds in our database with INSG holdings at the end of the previous quarter. Our calculations also showed that INSG isn't among the30 most popular stocks among hedge funds.
According to most shareholders, hedge funds are perceived as slow, old financial vehicles of the past. While there are greater than 8000 funds trading at present, Our experts hone in on the upper echelon of this group, around 750 funds. These money managers oversee most of all hedge funds' total asset base, and by monitoring their inimitable stock picks, Insider Monkey has spotted several investment strategies that have historically outstripped the S&P 500 index. Insider Monkey's flagship hedge fund strategy outrun the S&P 500 index by around 5 percentage points per year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
Let's review the fresh hedge fund action regarding Inseego Corp. (NASDAQ:INSG).
Heading into the second quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 36% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in INSG over the last 15 quarters. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Inseego Corp. (NASDAQ:INSG) was held byRenaissance Technologies, which reported holding $11.1 million worth of stock at the end of March. It was followed by Cannell Capital with a $9.2 million position. Other investors bullish on the company included Arrowstreet Capital, Millennium Management, and Laurion Capital Management.
As industrywide interest jumped, some big names were breaking ground themselves.Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, assembled the largest position in Inseego Corp. (NASDAQ:INSG). Arrowstreet Capital had $3.4 million invested in the company at the end of the quarter. Daniel S. Och'sOZ Managementalso made a $1.5 million investment in the stock during the quarter. The other funds with brand new INSG positions are Ken Griffin'sCitadel Investment Group, Mike Vranos'sEllington, and David Harding'sWinton Capital Management.
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Inseego Corp. (NASDAQ:INSG) but similarly valued. We will take a look at Armstrong Flooring, Inc. (NYSE:AFI), Constellation Pharmaceuticals, Inc. (NASDAQ:CNST), Carriage Services, Inc. (NYSE:CSV), and Civeo Corporation (NYSE:CVEO). All of these stocks' market caps resemble INSG's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position AFI,12,141658,-1 CNST,8,60492,0 CSV,8,33703,-1 CVEO,14,146012,1 Average,10.5,95466,-0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 10.5 hedge funds with bullish positions and the average amount invested in these stocks was $95 million. That figure was $33 million in INSG's case. Civeo Corporation (NYSE:CVEO) is the most popular stock in this table. On the other hand Constellation Pharmaceuticals, Inc. (NASDAQ:CNST) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks Inseego Corp. (NASDAQ:INSG) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately INSG wasn't nearly as popular as these 20 stocks and hedge funds that were betting on INSG were disappointed as the stock returned -4.9% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About CyrusOne Inc (CONE)
Hedge fund managers like David Einhorn, Bill Ackman, or Carl Icahn became billionaires through reaping large profits for their investors, which is why piggybacking their stock picks may provide us with significant returns as well. Many hedge funds, like Paul Singer’s Elliott Management, are pretty secretive, but we can still get some insights by analyzing their quarterly 13F filings. One of the most fertile grounds for large abnormal returns is hedge funds’ most popular small-cap picks, which are not so widely followed and often trade at a discount to their intrinsic value. In this article we will check out hedge fund activity in another small-cap stock: CyrusOne Inc (NASDAQ:CONE).
CyrusOne Inc (NASDAQ:CONE)was in 17 hedge funds' portfolios at the end of the first quarter of 2019. CONE investors should pay attention to an increase in hedge fund sentiment recently. There were 14 hedge funds in our database with CONE positions at the end of the previous quarter. Our calculations also showed that CONE isn't among the30 most popular stocks among hedge funds.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio.
We're going to review the recent hedge fund action surrounding CyrusOne Inc (NASDAQ:CONE).
Heading into the second quarter of 2019, a total of 17 of the hedge funds tracked by Insider Monkey were long this stock, a change of 21% from the previous quarter. By comparison, 20 hedge funds held shares or bullish call options in CONE a year ago. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,AEW Capital Managementheld the most valuable stake in CyrusOne Inc (NASDAQ:CONE), which was worth $37.6 million at the end of the first quarter. On the second spot was Citadel Investment Group which amassed $33.8 million worth of shares. Moreover, Fisher Asset Management, Balyasny Asset Management, and Point72 Asset Management were also bullish on CyrusOne Inc (NASDAQ:CONE), allocating a large percentage of their portfolios to this stock.
As industrywide interest jumped, specific money managers have been driving this bullishness.Citadel Investment Group, managed by Ken Griffin, assembled the most outsized position in CyrusOne Inc (NASDAQ:CONE). Citadel Investment Group had $33.8 million invested in the company at the end of the quarter. Dmitry Balyasny'sBalyasny Asset Managementalso made a $27.3 million investment in the stock during the quarter. The following funds were also among the new CONE investors: Steve Cohen'sPoint72 Asset Management, D. E. Shaw'sD E Shaw, and Greg Poole'sEcho Street Capital Management.
Let's now review hedge fund activity in other stocks similar to CyrusOne Inc (NASDAQ:CONE). We will take a look at RealPage, Inc. (NASDAQ:RP), Jefferies Financial Group Inc. (NYSE:JEF), Companhia Siderurgica Nacional (NYSE:SID), and Wix.Com Ltd (NASDAQ:WIX). This group of stocks' market valuations are closest to CONE's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position RP,26,435872,5 JEF,35,669334,-1 SID,8,69878,1 WIX,27,960848,0 Average,24,533983,1.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $534 million. That figure was $193 million in CONE's case. Jefferies Financial Group Inc. (NYSE:JEF) is the most popular stock in this table. On the other hand Companhia Siderurgica Nacional (NYSE:SID) is the least popular one with only 8 bullish hedge fund positions. CyrusOne Inc (NASDAQ:CONE) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on CONE as the stock returned 16.9% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About Digi International Inc. (DGII)
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 700 world-class investment firms that we track and now have access to the collective wisdom contained in these filings, which are based on their March 31 holdings, data that is available nowhere else. Should you consider Digi International Inc. (NASDAQ:DGII) for your portfolio? We'll look to this invaluable collective wisdom for the answer.
Digi International Inc. (NASDAQ:DGII)has seen an increase in enthusiasm from smart money of late.DGIIwas in 15 hedge funds' portfolios at the end of the first quarter of 2019. There were 11 hedge funds in our database with DGII holdings at the end of the previous quarter. Our calculations also showed that DGII isn't among the30 most popular stocks among hedge funds.
If you'd ask most investors, hedge funds are assumed to be slow, outdated financial tools of the past. While there are greater than 8000 funds trading at the moment, Our researchers look at the masters of this club, around 750 funds. These hedge fund managers control the majority of the hedge fund industry's total capital, and by tracking their best equity investments, Insider Monkey has unearthed various investment strategies that have historically outpaced the market. Insider Monkey's flagship hedge fund strategy outrun the S&P 500 index by around 5 percentage points annually since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year).
We're going to review the latest hedge fund action surrounding Digi International Inc. (NASDAQ:DGII).
At the end of the first quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 36% from the fourth quarter of 2018. The graph below displays the number of hedge funds with bullish position in DGII over the last 15 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an "upper tier" of noteworthy hedge fund managers who were adding to their stakes significantly (or already accumulated large positions).
More specifically,Royce & Associateswas the largest shareholder of Digi International Inc. (NASDAQ:DGII), with a stake worth $11.2 million reported as of the end of March. Trailing Royce & Associates was Renaissance Technologies, which amassed a stake valued at $8.5 million. North Run Capital, Arrowstreet Capital, and D E Shaw were also very fond of the stock, giving the stock large weights in their portfolios.
As one would reasonably expect, some big names were leading the bulls' herd.North Run Capital, managed by Thomas Ellis and Todd Hammer, initiated the most valuable position in Digi International Inc. (NASDAQ:DGII). North Run Capital had $7.5 million invested in the company at the end of the quarter. Cliff Asness'sAQR Capital Managementalso initiated a $1.6 million position during the quarter. The other funds with brand new DGII positions are David Harding'sWinton Capital Management, Peter Algert and Kevin Coldiron'sAlgert Coldiron Investors, and Peter Muller'sPDT Partners.
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as Digi International Inc. (NASDAQ:DGII) but similarly valued. We will take a look at Inseego Corp. (NASDAQ:INSG), Armstrong Flooring, Inc. (NYSE:AFI), Constellation Pharmaceuticals, Inc. (NASDAQ:CNST), and Carriage Services, Inc. (NYSE:CSV). This group of stocks' market values match DGII's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position INSG,15,33006,4 AFI,12,141658,-1 CNST,8,60492,0 CSV,8,33703,-1 Average,10.75,67215,0.5 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 10.75 hedge funds with bullish positions and the average amount invested in these stocks was $67 million. That figure was $42 million in DGII's case. Inseego Corp. (NASDAQ:INSG) is the most popular stock in this table. On the other hand Constellation Pharmaceuticals, Inc. (NASDAQ:CNST) is the least popular one with only 8 bullish hedge fund positions. Digi International Inc. (NASDAQ:DGII) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately DGII wasn't nearly as popular as these 20 stocks and hedge funds that were betting on DGII were disappointed as the stock returned -6.4% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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Is ZTO Express (Cayman) Inc. (ZTO) A Good Stock To Buy?
Before we spend days researching a stock idea we like to take a look at how hedge funds and billionaire investors recently traded that stock. The S&P 500 Index ETF (SPY) lost 2.6% in the first two months of the second quarter. Ten out of 11 industry groups in the S&P 500 Index lost value in May. The average return of a randomly picked stock in the index was even worse (-3.6%). This means you (or a monkey throwing a dart) have less than an even chance of beating the market by randomly picking a stock. On the other hand, the top 20 most popular S&P 500 stocks among hedge funds not only generated positive returns but also outperformed the index by about 3 percentage points through May 30th. In this article, we will take a look at what hedge funds think about ZTO Express (Cayman) Inc. (NYSE:ZTO).
IsZTO Express (Cayman) Inc. (NYSE:ZTO)the right pick for your portfolio? Prominent investors are getting more optimistic. The number of long hedge fund bets went up by 3 in recent months. Our calculations also showed that zto isn't among the30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to go over the fresh hedge fund action regarding ZTO Express (Cayman) Inc. (NYSE:ZTO).
At Q1's end, a total of 16 of the hedge funds tracked by Insider Monkey were long this stock, a change of 23% from one quarter earlier. On the other hand, there were a total of 13 hedge funds with a bullish position in ZTO a year ago. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Platinum Asset Managementheld the most valuable stake in ZTO Express (Cayman) Inc. (NYSE:ZTO), which was worth $183.6 million at the end of the first quarter. On the second spot was Tairen Capital which amassed $62.9 million worth of shares. Moreover, Segantii Capital, Element Capital Management, and Tiger Global Management were also bullish on ZTO Express (Cayman) Inc. (NYSE:ZTO), allocating a large percentage of their portfolios to this stock.
Now, some big names were leading the bulls' herd.Segantii Capital, managed by Simon Sadler, created the most valuable position in ZTO Express (Cayman) Inc. (NYSE:ZTO). Segantii Capital had $21.6 million invested in the company at the end of the quarter. Jeffrey Talpins'sElement Capital Managementalso initiated a $19.2 million position during the quarter. The following funds were also among the new ZTO investors: Jim Simons'sRenaissance Technologies, Alexander Charles McAree'sRed Cedar Management, and Matthew Hulsizer'sPEAK6 Capital Management.
Let's go over hedge fund activity in other stocks similar to ZTO Express (Cayman) Inc. (NYSE:ZTO). These stocks are Skyworks Solutions Inc (NASDAQ:SWKS), Cardinal Health, Inc. (NYSE:CAH), Fortinet Inc (NASDAQ:FTNT), and New Oriental Education & Technology Group Inc. (NYSE:EDU). This group of stocks' market caps are closest to ZTO's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SWKS,38,964084,6 CAH,26,849877,-9 FTNT,34,1245315,1 EDU,28,932754,3 Average,31.5,998008,0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 31.5 hedge funds with bullish positions and the average amount invested in these stocks was $998 million. That figure was $335 million in ZTO's case. Skyworks Solutions Inc (NASDAQ:SWKS) is the most popular stock in this table. On the other hand Cardinal Health, Inc. (NYSE:CAH) is the least popular one with only 26 bullish hedge fund positions. Compared to these stocks ZTO Express (Cayman) Inc. (NYSE:ZTO) is even less popular than CAH. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on ZTO, though not to the same extent, as the stock returned 3.8% during the same time frame and outperformed the market as well.
Disclosure: None. This article was originally published atInsider Monkey.
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Here’s What Hedge Funds Think About International Flavors & Fragrances Inc (IFF)
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 700 world-class investment firms that we track and now have access to the collective wisdom contained in these filings, which are based on their March 31 holdings, data that is available nowhere else. Should you consider International Flavors & Fragrances Inc (NYSE:IFF) for your portfolio? We'll look to this invaluable collective wisdom for the answer.
International Flavors & Fragrances Inc (NYSE:IFF)investors should be aware of a decrease in hedge fund sentiment lately. Our calculations also showed that IFF isn't among the30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's check out the fresh hedge fund action surrounding International Flavors & Fragrances Inc (NYSE:IFF).
At Q1's end, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -24% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards IFF over the last 15 quarters. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically,GAMCO Investorswas the largest shareholder of International Flavors & Fragrances Inc (NYSE:IFF), with a stake worth $74.1 million reported as of the end of March. Trailing GAMCO Investors was Sirios Capital Management, which amassed a stake valued at $46.2 million. Citadel Investment Group, Echo Street Capital Management, and Markel Gayner Asset Management were also very fond of the stock, giving the stock large weights in their portfolios.
Judging by the fact that International Flavors & Fragrances Inc (NYSE:IFF) has experienced declining sentiment from the smart money, we can see that there was a specific group of funds that slashed their full holdings last quarter. At the top of the heap, Howard Marks'sOaktree Capital Managementsaid goodbye to the largest position of the 700 funds monitored by Insider Monkey, totaling about $9.6 million in stock. Andrew Feldstein and Stephen Siderow's fund,Blue Mountain Capital, also dropped its stock, about $6.2 million worth. These moves are important to note, as total hedge fund interest fell by 5 funds last quarter.
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as International Flavors & Fragrances Inc (NYSE:IFF) but similarly valued. These stocks are Marathon Oil Corporation (NYSE:MRO), Rollins, Inc. (NYSE:ROL), Dover Corporation (NYSE:DOV), and Gartner Inc (NYSE:IT). This group of stocks' market valuations are closest to IFF's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position MRO,37,732698,0 ROL,20,286732,-2 DOV,30,474968,1 IT,15,1205964,-6 Average,25.5,675091,-1.75 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 25.5 hedge funds with bullish positions and the average amount invested in these stocks was $675 million. That figure was $188 million in IFF's case. Marathon Oil Corporation (NYSE:MRO) is the most popular stock in this table. On the other hand Gartner Inc (NYSE:IT) is the least popular one with only 15 bullish hedge fund positions. International Flavors & Fragrances Inc (NYSE:IFF) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on IFF as the stock returned 15.7% during the same time frame and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published atInsider Monkey.
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Is Autohome Inc (ATHM) A Good Stock To Buy?
We at Insider Monkey have gone over 738 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article, we look at what those funds think of Autohome Inc (NYSE:ATHM) based on that data.
IsAutohome Inc (NYSE:ATHM)a cheap investment right now? Investors who are in the know are in a bullish mood. The number of long hedge fund positions moved up by 2 recently. Our calculations also showed that athm isn't among the30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Let's take a gander at the fresh hedge fund action regarding Autohome Inc (NYSE:ATHM).
Heading into the second quarter of 2019, a total of 16 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 14% from the previous quarter. On the other hand, there were a total of 13 hedge funds with a bullish position in ATHM a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds,Orbis Investment Managementheld the most valuable stake in Autohome Inc (NYSE:ATHM), which was worth $1029.6 million at the end of the first quarter. On the second spot was Platinum Asset Management which amassed $102.7 million worth of shares. Moreover, D E Shaw, GLG Partners, and AQR Capital Management were also bullish on Autohome Inc (NYSE:ATHM), allocating a large percentage of their portfolios to this stock.
Consequently, specific money managers have jumped into Autohome Inc (NYSE:ATHM) headfirst.Platinum Asset Management, managed by Kerr Neilson, assembled the largest position in Autohome Inc (NYSE:ATHM). Platinum Asset Management had $102.7 million invested in the company at the end of the quarter. Noam Gottesman'sGLG Partnersalso initiated a $21.5 million position during the quarter. The following funds were also among the new ATHM investors: Matthew Hulsizer'sPEAK6 Capital Management, Benjamin A. Smith'sLaurion Capital Management, and Simon Sadler'sSegantii Capital.
Let's check out hedge fund activity in other stocks similar to Autohome Inc (NYSE:ATHM). These stocks are Huazhu Group Limited (NASDAQ:HTHT), BanColombia S.A. (NYSE:CIB), Advance Auto Parts, Inc. (NYSE:AAP), and Universal Health Services, Inc. (NYSE:UHS). All of these stocks' market caps are similar to ATHM's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position HTHT,14,196127,-1 CIB,11,154486,5 AAP,47,2297068,-4 UHS,29,761401,1 Average,25.25,852271,0.25 [/table]
View table hereif you experience formatting issues.
As you can see these stocks had an average of 25.25 hedge funds with bullish positions and the average amount invested in these stocks was $852 million. That figure was $1252 million in ATHM's case. Advance Auto Parts, Inc. (NYSE:AAP) is the most popular stock in this table. On the other hand BanColombia S.A. (NYSE:CIB) is the least popular one with only 11 bullish hedge fund positions. Autohome Inc (NYSE:ATHM) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately ATHM wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); ATHM investors were disappointed as the stock returned -15.4% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2.
Disclosure: None. This article was originally published atInsider Monkey.
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University of Utah Student Mackenzie Lueck Missing for Nearly a Week After Taking Lyft
SLC Police Department Mackenzie Lueck, a 23-year-old University of Utah student, texted her parents on June 17 to let them know she had landed safely at the Salt Lake City airport, her father told Fox News. Nobody has heard from her in the week since. According to police, Lueck landed home from a trip around 1 a.m. She then ordered a Lyft to an unfamiliar address in North Salt Lake City, The Salt Lake Tribune reports . According to friends, Lueck’s phone has been off since she went missing, her car is still at her home, and her luggage hasn’t been found. She has not shown up to work, or class, since that early morning ride. Lueck's dad told local Fox station KTSU his daughter texted he and his wife to tell them her flight landed around 1 a.m. on Monday, June 17. Her family officially reported her missing that Thursday. Though Lueck has been missing for nearly a week, and police are investigating her disappearance, a formal search party has not been set up, the Tribune reports. In a press release issued by the Salt Lake City police department on Saturday, investigators said they have not “discovered any information that would lead us to believe that Mackenzie has been harmed or is in danger at this time.” In the same release, police also said “detectives are concerned for Mackenzie’s welfare.” Lyft has been working with Utah police to help trace Lueck's last known whereabouts, the Tribune reports. The ride share company told Fox News that the car’s route showed no irregularities, Lueck was successfully dropped off at her desired destination, and the driver began picking up more passengers immediately after her ride was complete. Authorities said they've been in contact with Lueck's apparent driver, but have not provided details of their account. “We’ve confirmed with Lyft, the app, that’s where she requested to go, and with the driver that that’s where she did go,” Salt Lake City Police Sargeant Brandon Shearer told ABC News . Shearer said the driver and Lyft have been cooperative. Story continues Lyft told Fox News in a statement on Sunday that they “recognize how scary this must be for those who know and love Ms. Lueck... The safety of our community is fundamental to Lyft and we are actively assisting law enforcement with their investigations.” Lueck, who reportedly goes by “Kenzie,” is a member of the Alpha Chi Omega sorority, according to the Tribune . Her sorority sister Ashley Fine has been organizing volunteers to help in the informal search. Fine told The Salt Lake Tribune she does not know why her friend, who does not have a significant other, would have taken a ride to the address in North Salt Lake, instead of going directly to her home. As part of the community effort to find her, Lueck's friends organized a postering event at Liberty Park in Salt Lake City on Saturday. A Facebook page with over 2,000 members has also been set up to help spread the word about her disappearance. “Everyone thinks that there’s danger in this story,” Fine told a local abc news affiliate . “Things aren’t adding up. She had another trip planned,” Fine said. “She’s making those plans with friends and family to have plans for the future. I don’t think she would hurt herself or anything like that... If you’re in a bad situation, please reach out... We’re really concerned for you.” Anyone with information about Lueck’s whereabouts is encouraged to contact Salt Lake City Police at 801-799-3000 and reference case No. 19-111129. This is a developing story. Read more at The Daily Beast. Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more. |
French fiscal administration launches probe over Ghosn's wealth: Liberation
PARIS (Reuters) - The French fiscal administration has launched an in-depth probe into the wealth of former Renault-Nissan Chairman Carlos Ghosn, French daily Liberation reported on Sunday, citing sources.
Ghosn, who holds French, Lebanese and Brazilian citizenship, is facing financial misconduct charges, which he denies. He was freed in April from jail in Japan on $4.5 million bail.
Suspect expenses Ghosn made when he chaired carmakers Renault and Nissan amounted to about 11 million euros, Renault's board said in a statement on June 4.
A notification on the investigation was sent to Ghosn and his wife, the daily reported. Francois Zimeray, one of the lawyers for Ghosn, said he had not been informed.
(Reporting by Mathieu Rosemain and Emmanuel Jarry; Editing by Peter Cooney) |
Is Brookfield Renewable Partners a Buy?
Units ofBrookfield Renewable Partners(NYSE: BEP)have been red-hot this year, surging more than 30%. As a result, the renewable energy company isn't quite as attractive an investment as it was to start the year since its valuation isn't as cheap while the yield isn't as high.
However, that doesn't mean it isn't still a worthwhile stock to buy these days. Here's a look at what it offers investors.
Image source: Getty Images.
The main reason most investors would consider buying Brookfield Renewable Partners is its high-yielding dividend. At 5.8%, it's still well above average, making it an attractive option for income-seeking investors.
Furthermore, the payout is on an increasingly sustainable footing. For starters, Brookfield Renewable has long-term, fixed-price contracts in place to sell the bulk of the power it produces, which currently locks in about 87% of its cash flow. On top of that, the company has a top-notch balance sheet. The only concern is that its dividend payout ratio over the past year was a bit high at around 90% of its cash flow, which is well above its 70% target ratio. However, that number has been improving thanks to the company's efforts to increase its cash flow.
While Brookfield Renewable Partners is mainly an income story, that doesn't mean it lacks growth. Currently, the renewable energy giant believes its cash flow per unit will grow at a 6% to 11% annual pace over the next five years. Two factors power that forecast. First, it thinks it can increase the earnings of its existing assets by a 3% to 6% annual rate through a combination of cost reduction efforts and initiatives to increase cash flow, such as signing higher-rate contracts when legacy ones roll off. Brookfield believes it can boost its annual earnings total by another 3% to 5% by investing in high-return renewable expansion projects, such as building new wind farms, solar projects, hydro facilities, and energy storage assets. This organic growth alone should enable it to increase its high-yielding distribution at a 5% to 9% yearly pace.
In addition to its attractive organic growth profile, Brookfield Renewable has an excellent track record of making accretive investments and acquisitions. Its most recentdealwas a 750 million Canadian dollar ($568 million) investment in utilityTransAlta(NYSE: TAC). The company will initially earn a fixed 7% rate on its investment in TransAlta. However, it can eventually convert this into a direct interest in TransAlta's hydroelectric assets in Canada. Brookfield's ability to continue finding compelling outside investment opportunities will enable it to grow its cash flow at an even faster rate in the future.
Brookfield Renewable's unit price has bounced back sharply this year, powered in part by its strongquarterlyresults. Overall, units have surged more than 30% this year and currently trade at around $34 apiece. With the company generating $2.27 per unit of cash flow over the past 12 months, it implies that Brookfield Renewable sells for about 15 times cash flow. That's a reasonable valuation for a company that boasts a strong financial profile and healthy growth prospects.
Brookfield Renewable Partners checks all the boxes for investors. The company pays an attractive dividend, has compelling growth prospects, has a sound financial profile, and trades at a reasonable valuation. Consequently, it should be able to produce market-beating total returns over the next several years. That above-average upside potential makes it an ideal stock to buy for the long term.
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Matthew DiLalloowns shares of Brookfield Renewable Partners L.P. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. |
Thousands turn out for new Boston-area casino grand opening
EVERETT, Mass. (AP) Massachusetts' third casino officially opened its doors near Boston on Sunday to thousands of patrons, including some who had lined up in the early morning hours to finally get their first look at the glitzy $2.6 billion Encore Boston Harbor facility after years of anticipation and controversy . The crowd, which packed the pathways and harbor walk that surround the tree-lined, waterfront casino complex, cheered as dignitaries and a handful of the roughly 5,000 new workers participated in the ribbon-cutting ceremony using oversized golden scissors. Puffs of brightly colored smoke could be seen for miles, shot into the air following a countdown. Wynn Resorts expected 50,000 visitors Sunday. The facility, which features a 671-room bronzed-toned hotel tower, a gambling floor with 3,100 slot machines and 231 table games, 15 bars and restaurants, shops, lavish art displays, sits on 33 acres of formerly industrial land along the Mystic River in Everett, Massachusetts. It was billed Sunday as opportunity to finally transform the reputation of a city of more than 46,000, just north of Boston. "When you drive through Everett, you'll no longer smell gas and sulfur and oils. But you'll smell flowers and trees," Mayor Carlo DeMaria told the enthusiastic crowd, which included many of his residents. "We will no longer be the back door to the city of Boston. We will now be the front door to the city of Everett." Emotional at times, DeMaria thanked his wife and family for supporting him throughout the challenging process of getting the casino complex built, which took more than seven years. The development project involved an environmental cleanup of a former chemical plant. The project has also been mired in controversy since Wynn Resorts won the lone state gambling license reserved for the wealthy and populous Boston area nearly five years ago. Casino regulators in Massachusetts and Nevada hit Wynn Resorts with $55 million in fines and other penalties after determining officials failed to investigate allegations of sexual misconduct against Steve Wynn, the company's founder. Wynn has denied the misconduct allegations but resigned as CEO last year. And the company, weeks before opening, negotiated to sell the Everett casino to MGM, but those talks ended amid public criticism. Story continues However, Matt Maddox, the new CEO of Wynn Resorts, recently told The Associated Press "the controversy is behind us" and "our eyes are on the future." The Everett facility is the company's first casino outside the gambling centers of Las Vegas and Macau. Glenn Reynolds, 65, of Quincy, was so excited about the new casino that he arrived 17 hours before the doors opened so he could be first in line. He spent much of the time waving to drivers and giving interviews to reporters. He told MassLive.com that he has waited for hours outside Fenway Park on opening day as well. But for this occasion, he brought a homemade sign with the words "Encore" and "Great!" with an American flag sticker. "With (Encore) when I saw it and I said 'I'm going to take it up a notch,'" Reynolds said. "I'm going to make a nice sign, come here and enjoy this casino." During the speaking part of the ceremony, Maddox recalled standing with DeMaria about seven years ago on the property when there wasn't a blade of grass. "Now there's a thousand mature trees, 50,000 flowering plants, tens of thousands of shrubs and a living shoreline for the first time in 100 hundred years," said Maddox, who told AP he envisions Encore Boston Harbor becoming a template for the company's future and the casino industry more broadly as Wynn Resorts continues to extend its reach to other cities. DeMaria promised to continue efforts to redevelop Everett's industrial waterfront area, including improvements to rail and water transportation. "We're going to take this Superfund site," he said, referring to the federal program to clean up and redevelop contaminated land, "and make it a super site." |
France vs Brazil result: Extra-time winner sends hosts through to Women's World Cup quarter-finals
Captain Amandine Henry steered hosts France into the quarter-finals of the Women’s World Cup with the extra-time winner in a 2-1 victory over Brazil . After Thaisa had cancelled out Valerie Gauvin’s 52nd-minute opener just after the hour mark, Henry settled a tense tie at Stade Oceane in Le Havre in the first minute of the second period of extra time. The Lyon midfielder stole in front of covering defender Monica to sidefoot home from Amel Majri’s beautifully weighted right-wing free-kick to set up a last-eight clash with Spain or three-times champions the United States. Following a cagey opening 22 minutes, France believed they had taken the lead only for VAR to again intervene in this tournament. Kadidiatou Diani superbly turned Tamires near the corner flag on the right before whipping in an outswinging delivery to the edge of the six-yard box. Coming off her line, Brazil goalkeeper Barbara could only push the ball on to the shoulder of the incoming Gauvin, a collision that resulted in both players requiring treatment. Only after a couple of minutes was a decision taken for the apparent goal to be reviewed, with Canadian referee Marie-Soleil Beaudoin deciding Barbara had been fouled. It meant France ended the half without a shot on target, with Brazil’s best effort an acutely angled shot from Cristiane that was beaten away by the right foot of Sarah Bouhaddi two minutes from the break. Amandine Henry acknowledges the crowd after the full-time whistle (Getty) There was no doubt about France’s go-ahead goal in the 52nd minute as Diani again teed up Gauvin with a low, piercing ball into the six-yard box. On this occasion Barbara failed to intercept, allowing the Montpellier striker to stab home her seventh goal in her last nine internationals. Brazil responded but Bouhaddi tipped on to the crossbar a 55th-minute looping header from Cristiane, who had met a deep free-kick from Marta. Eight minutes later Brazil levelled, courtesy of VAR, as Debinha was initially flagged offside in receiving a through ball down the left. The move culminated in her delivering a cross that was cut out by Wendie Renard but straight into the path of Thaisa to firmly drive home from 12 yards. Story continues Brazil’s players cut dejected figures after the game (Getty) Despite the offside flag, a quick consultation with VAR from Beaudoin ruled Debinha onside, giving Thaisa her fifth goal in her 65th appearance. At 1-1 after 90 minutes, the game then swung within two minutes either side of the extra-time interval as just before the break Mbock Bathy Nka superbly cleared off the line a goal-bound shot from Debinha following a powerful run into the area. Then in the minute after, Henry struck the winner to the delight of the partisan crowd. PA |
Ethereum Climbs Above 305.56 Level, Up 3%
Investing.com - Ethereum rose above the $305.56 threshold on Monday. Ethereum was trading at 305.56 by 21:15 (01:15 GMT) on the Investing.com Index, up 3.06% on the day. It was the largest one-day percentage gain since June 18.
The move upwards pushed Ethereum's market cap up to $32.36B, or 10.08% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.
Ethereum had traded in a range of $297.90 to $308.51 in the previous twenty-four hours.
Over the past seven days, Ethereum has seen a rise in value, as it gained 12.51%. The volume of Ethereum traded in the twenty-four hours to time of writing was $8.16B or 11.70% of the total volume of all cryptocurrencies. It has traded in a range of $261.7589 to $320.7867 in the past 7 days.
At its current price, Ethereum is still down 78.53% from its all-time high of $1,423.20 set on January 13, 2018.
Bitcoin was last at $10,725.4 on the Investing.com Index, down 1.43% on the day.
XRP was trading at $0.45844 on the Investing.com Index, a loss of 5.72%.
Bitcoin's market cap was last at $189.70B or 59.07% of the total cryptocurrency market cap, while XRP's market cap totaled $19.37B or 6.03% of the total cryptocurrency market value.
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Bitcoin Millionaire John McAfee Makes Cuba His Presidential HQ
ByCCN Markets: Bitcoin millionaire John McAfee, who's still running for U.S. president despite being afugitive for tax evasion, has selected Havana, Cuba, as his campaign headquarters.
McAfee made the revelation on Twitter, where he announced his "Campaign in Exile" under the banner of the Libertarian Party. McAfee noted that he was forced to make his headquarters in communist Cuba because he's "being politically persecuted" in the United States.
"My headquarters, since I am being politically persecuted, is now located in Havana, Cuba. I am still fighting. Stay with me, America!"
Bitcoin mogul John McAfee, who's a fugitive for tax evasion, has designated Havana as his presidential campaign headquarters. | Source: John McAfee/Twitter
Hours earlier, McAfee torched the U.S. government (the body that he wants to lead), saying it has enslaved its citizens.
Read the full story on CCN.com. |
Go, Peep: ‘Toy Story 4’ Takes $120M Offshore Bow; ‘Aladdin’ Rides Past $800M WW – International Box Office
SUNDAY UPDATE, writethru : With a $120M start at the international box office , Toy Story 4 came in above pre-weekend industry projections , boosted by terrific performances in Latin America. In like-for-like markets, the overall offshore opening tops Incredibles 2 , which bowed last year to $115M (adjusted). A soft $13.4M debut in China was to be expected given competition, although social scores and word of mouth are strong in the Middle Kingdom and holds through the weekend were good. With domestic , the global opening for Woody, Forky, Bo Peep and the gang is $238M , a worldwide debut record for animation. Family-friendly Latin America was truly the standout on the Josh Cooley-helmed installment as the film over-indexed and set new toon benchmarks throughout the region. Mexico leads all play at $23.4M and scored the 3rd highest opening weekend of all time, behind only the last two Avengers movies. In Argentina , the toys beat their Endgame stablemates in terms of admissions to log an industry record opening. The gross there was $6.9M. Brazil ’s $9.6M is a new launch record for an animated title in the market. Related stories 'Toy Story 4': Disney Leaves Money On The Table Stateside With $118M Debut, But Grabs $238M Global Opening Record For Animated Pic 'Toy Story 4' Lines Up Biggest Promo Push For Disney Animation Title At $150M With Chrysler, Go RVing, McDonald's & More Tom Hanks, 'Frozen 2', 'Mulan', 'Maleficent' -- And Fox -- Feature At Disney's CineEurope Session Elsewhere, the UK bowed to $15M for the best three-day animated debut ever. Asian markets outside of China include a No. 1 Korea start of $8.5M for the 2nd best Pixar debut of all time. Indonesia launched to $2M for the top Disney /Pixar start ever, and in Thailand , TS4 ’s Saturday gross set a single-day record for Dis/Pixar. Disney last week brought Tom Hanks to Barcelona to energize European exhibitors at the CineEurope convention, where the star talked about the history of the franchise and gave high praise to the latest installment. Today, Cathleen Taff, Disney’s President of Theatrical Distribution, Franchise Management and Business & Audience Insights, tells Deadline, “After almost a decade since we’ve seen these characters on the big screen, clearly the audience was looking for them to come back.” Story continues In IMAX , TS4 grossed $3.9M overseas to set the format’s best-ever bow for an animated movie. And there’s still a host of markets that aren’t yet along for the ride. France, Italy, Japan and Germany are rolling out over the next several weeks. Much like Aladdin , word of mouth should propel the family adventure through the summer period. Speaking of Aladdin , the Will Smith-starrer’s magic carpet is still flying strong, with another $32.9M in its 5th frame (topping Men In Black: International ’s $30.2M sophomore session). This weekend sped Aladdin past $500M offshore and $800M globally; $900M worldwide is a possibility on this picture which has surprised with its traction. In other milestone news, Paramount’s Rocketman has topped £20M in the UK to become the biggest non-Disney title of the year there, and the No. 1 British film of 2019. Lionsgate’s John Wick: Chapter 3 – Parabellum is nearing $300M global while Illumination/Universal’s The Secret Life Of Pets 2 is close to collaring the $200M threshold worldwide. Avengers: Endgame , which is getting a re-release this coming week , has a running global cume of $2,749.6M. Also on deck this week is Sony/Marvel’s Spider-Man: Far From Home which is getting an early release in China on Friday and will also swing into Japan. The rest of international begins rollout the following week in step with domestic. Breakdowns on the films above and more have been updated below. NEW TOY STORY 4 Toy Story 4 came in above overseas projections with a $120M start to top the like-for-like bow of Incredibles 2 last year. While domestic was lower than where the industry initially saw it, the fourquel still set a global debut record for an animated movie with $238M . France, Italy and the Netherlands are due to open next weekend, followed by Japan in July and Germany in August. The Toy Story movies have traditionally trended biggest in the UK and Japan. Word of mouth is robust and holidays are in swing, though midweeks and further openings will help hone in on an international/global final. And, Disney’s not done yet this summer with The Lion King teed up for a tremendous roar. Out of 37 material offshore markets overall, TS4 this weekend found a huge fanbase in Latin America where new records were set throughout. The strength of the region was notably seen in Argentina which launched with $6.9M and scored the best-ever opening in terms of admissions — topping Avengers: Endgame ’s previous benchmark. Mexico set the 3rd best opening weekend of all time with $23.4M to lead all play — it’s not often we see a market other than China or the UK lead offshore during an opening session. Along with the above and Brazil, record animated debuts were seen in such hubs as Colombia, Ecuador, Chile, Central America, Bolivia, Peru and Paraguay. In Europe, TS4 was No. 1 everywhere it bowed including the UK with a three-day animation record and 69% of the market at $15M. In Russia , the debut was double that of TS3 . The UAE gave Gabby Gabby Disney /Pixar’s 2nd best opening weekend of all time, behind only Incredibles 2 . Turning to Asia, Korea ’s debut came in as the 2nd best for Pixar ever with $8.5M, behind Incredibles 2 . In Indonesia , $2M gave TS4 bragging rights to the top Disney Animation/Pixar opening weekend of all time. Thailand ’s Saturday gross set a single-day record for any Disney Animation/Pixar release. In the eleven markets that opened regionally, TS4 was ahead of TS3 in nine. In China , the movie faced strong competition from the long-delayed release of Hayao Miyazaki’s Oscar-winning Spirited Away . This is part of a trend to bring older Studio Ghibli films to market following a similar move last year with Miyazaki’s Tonari No Totoro which went on to gross $26M locally. Spirited Away this weekend did about $28M. Although Pixar movies have found tougher traction in China (outside of Coco ), TS4 saw strong holds — up over 100% on Saturday and flat on Sunday — and has strong social scores with a 9.2 on Maoyan and Tao Piao Piao, and a 9 on Douban. The Top 5 markets this weekend are as follows: Mexico ($23.4M), UK ($15M), China ($13.4M), Brazil ($9.6M) and Korea ($8.5M). HOLDOVERS/EXPANSIONS ALADDIN Disney’s remake of the 1994 animated hit keeps granting wishes at the overseas box office. In its 5th weekend, the Will Smith-starrer fell 34% to add $32.9M in 55 material markets. That brings the offshore cume to $522.6M and the global total soaring to $810.1M . Europe overall dropped by 50%, notably with a No. 1 hold in Germany (+11%). Switzerland, where Aladdin regained the top spot, increased by 8%. Asia Pacific as a region dropped by 21% including a slight 2% dip in Korea (where it was No. 1 on Friday during the opening of TS4 ), and just -11% in Japan. Latin America, where the toys were tops, dropped by 47%. Brazil was down just 10%. The Top 5 markets to date are China ($53.4M), Japan ($50.7M), Korea ($49.5M), UK ($41.2M) and Mexico ($31.3M). MEN IN BLACK: INTERNATIONAL In its sophomore session, Sony’s fourquel added $30.2M from 23,000+ screens in 65 markets. After a $74M opening last frame , the overseas total is now $129.4M for $182.1M worldwide. As noted last week, finance sources tell us a final worldwide box office of about $300M would trigger ancillaries for a break-even result. Indonesia had a good start with $2.9M at No. 1 and more than double Men In Black 3 , which was released before the market started to emerge like it has in the recent past. There were also No. 1s across the Middle East for a total $2.1M, on par with MIB3 . Holdover markets are led by China with a $41.4M cume to date, Russia at $7.9M, Mexico with $7.2M, Australia’s $4.7M and France with $4M. Italy releases July 25. DARK PHOENIX Disney/Fox’s bird made another $11.1M in 55 markets for a total of $172.8M overseas and $233M global after three weekends. Japan bowed to $1.8M — this is the final market on the ashen X-Men entry. Lead cumes through Sunday are $58M in China, $9.6M in Mexico, $9M in France, $8.5M in the UK and $6.7M in Russia. THE SECRET LIFE OF PETS 2 Illumination/Universal’s sequel added such markets as Australia and Hong Kong this session, putting $10.8M in the food bowl from a total 42 markets. The offshore cume is now $77.1M for $194.7M worldwide. Australia bowed at No. 2 with $4.1M from 281 locations and ahead of the start of school holidays. Hong Kong was a $926K No. 1 debut at 52 sites to track in line with Sing . Norway also had a No. 1 start with $802K from 145 locations and in line with Despicable Me 2 . New Zealand barked up $555K at No. 1 and 73% over last summer’s Hotel Transylvania 3 . In continuing markets, Russia still leads the way with $22.1M followed by the UK at 22M. The movie is underperforming compared to the original, but will be profitable and has several key markets to come including China on July 5 where it may have dodged a bullet as it looks like local title The Eight Hundred is not sticking to that date. Also still on deck are Germany, Brazil, Japan, Korea, France, Spain and Mexico. ROCKETMAN Paramount’s Elton John biopic has become the No. 1 British film of the year in the UK with $26.8M through Sunday. It’s also the highest-grossing non-Disney movie of 2019 and the No. 1 title that’s not part of a franchise or a remake. Since the Dexter Fletcher-helmed musical fantasy rocked the Cannes Film Festival in May, it has grossed $76.1M internationally and $153.4M worldwide. There were five new small openings in Asia this frame to total 59 markets in release for a $5.5M weekend. Behind the UK, Australia has cumed $11.4M followed by France with $4.8M, Germany with $4.7M and Brazil at $3.4M. Japan, which leans into musicals, is the final market to release on August 23. UPDATED CUMES/NOTABLE John Wick: Chapter 3 – Parabellum (LGF): $3.4M intl weekend (82 markets); $133.1M intl cume Ma (UNI): $1M intl weekend (35 markets); $13.1M intl cume Avengers: Endgame (DIS): $1.3M intl weekend (36 markets); $1.915B intl cume The Dead Don’t Die (UNI): $500K intl weekend (7 markets); $3.9M intl cume PREVIOUS, SATURDAY UPDATE: Through Friday, Disney/Pixar’s Toy Story 4 put $38.3M in the piggy bank, for a likely $110M+ opening frame at the international box office. That would land it slightly above pre-weekend industry projections , with great starts in Latin America and despite soft — if not unexpected — results out of China (more on China below). The fourquel is out in 49 markets repping 64% of the overseas footprint. Mexico is leading all play at $6.4M through yesterday with Brazil next at $5M and the UK at $3.9M. To get a sense of how well Latin America is leaning in, Brazil welcomed a new record on Thursday with Toy Story 4 roping $2.7M for the best opening day ever on an animated movie. In Argentina, TS4 drew the industry’s all-time biggest opening day in admissions, and was No. 2 in terms of box office, behind only Avengers: Endgame . Mexico on Friday grabbed the biggest opening day ever for animation and the No. 4 industry start of all time. In Europe, Spain scored the biggest animation opening day of 2019 yesterday and the UK saw the best non-holiday Friday ever for animation. (Also of note in the UK, Paramount’s Rocketman has surpassed £20M, becoming the only non-Disney title to do so this year as well as the highest-grossing British film of 2019.) As for Asia, Korea put TS4 in the top spot on Thursday with the best opening day ever for Disney/Pixar. On Friday, Disney’s Aladdin moved back up the chart to No. 1 with TS4 at No. 2, but they have again switched places today. The running estimated cume in Korea is $5.5M through Saturday (today’s figures are not included in the international cume above). Indonesia on Friday delivered the biggest opening day ever for Disney/Pixar and the 2nd best ever for animation behind Despicable Me 3 . The China cume through Saturday (not reflected in the international total above) is estimated at around $8.4M. Woody and Forky are in 2nd place in the Middle Kingdom, as we expected would be the case since they have competition from Hayao Miyazaki’s Oscar-winning 2001 film Spirited Away which is just getting its first theatrical release there. However, TS4 jumped by over 100% on Saturday over Friday with matinees kicking in and as Spirited Away skews to an older demo. The social scores in China are high with a 9.2 on Maoyan and Tao Piao Piao and a 9 on Douban. Pixar movies in China, outside Coco , have been slower to gain traction versus Disney’s other brands. This Toy Story is still unfolding overseas with Italy, France, Japan and Germany on deck in the coming weeks. Franchise-wise, it trends big in both Japan and the UK with the last one clearing well above $100M at final in each of those. More recent overseas comparisons include Incredibles 2 , likewise a fresh entry many years following the previous title, with a key difference being that TS4 is a 4th film rather than a second installment. Incredibles 2 in like-for-like markets and at today’s rates opened last summer to $115M. Finding Dory in summer 2016 opened to $90M abroad in like-for-like markets and at today’s exchanges. The Top 10 markets through Friday are Mexico ($6.4M), Brazil ($5M), UK, ($3.9M), Argentina ($3.1M), China ($2.7M), Korea ($2.4M), Australia ($1.8M), Colombia ($1.3M) and Peru ($1.2M). We’ll have a full update on Sunday. Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
‘We Didn’t Understand the Risks’: Neil Armstrong’s Sons Remember Life Under an Apollo 11 Astronaut’s Roof
With the 50th anniversary of the Apollo 11 lunar landing and Neil Armstrong’s historic moon walk approaching, the NASA mission and its astronauts are having a media moment. The milestone, which takes place on July 20, is being celebrated with several television specials, includingApollo’s Moon Shot,a six-part series that premiered June 16 on the Smithsonian Channel, and CNN’sApollo 11,which will premiere Sunday, June 23 at 9 p.m. ET.
The late Armstrong’s sons, Mark and Rick, recently spoke withFortune,discussing their late father, what his pioneering space mission meant to them, and their hopes for the future of space exploration. Mark, now an engineer, was 6 years old when his father became the first man to set foot on the moon. His brother, Rick, a software developer, was 12 years old at the time.
The brothers remember a dining room discussion with their parents, in which they talked about their dad’s upcoming moon trip, and the risks. Then there was the launch, and watching their father on television. Still, to the two young boys, it all seemed very normal.
“We lived in a neighborhood where a lot of people worked at NASA and where that was kind of the norm,” says Mark. “We didn’t understand the risks, the greater historical context.”
What they also didn’t quite understand was the gravity of the moment, 50 years ago, when an estimated 650 million people around the world watched their fatherset foot on the moonand deliver the now famous phrase:“That’s one small step for man, one giant leap for mankind.”
While the world remembers Neil Armstrong as a space pioneer, Rick shared what it was like growing up with such a celebrated dad, away from the launchpad and the cameras.
“You could get advice from him, talk to him about a lot of things, and he provided information for you to figure out what you want to do,” Rick says of his father, who was 82 years old when he passed away in 2012. “He didn’t push in any direction in particular. He didn’t give us instructions on how to handle a problem. He was just a support network. He was great at that.”
Both Mark and Rick are also excited for the next steps in space exploration, including seeing a woman walk in their father’s footsteps.
NASA has a plan to put the first woman on the moon in 2024. In June,NASA administrator Jim Bridenstineestimated this would cost between $20 billion and $30 billion.
“Going back to the moon is a great plan; it’s the right plan,” Mark says. “We can learn a lot … from the moon. We go back there, set up camp, learn everything that we can, and then we can apply those learnings to Mars and beyond,” he adds.
While the Armstrong brothers are excited that NASA is focusing on a lunar mission, they also have high praise for the billionaire tech titans—including Elon Musk, Jeff Bezos, and Richard Branson—who are racing to send tourists to space.
SpaceX CEO Muskannounced last year that hisfirst paying lunar passenger, Japanese entrepreneurYusaku Maezawa, had put down a “significant deposit”on a lunar trip. Musk did not disclose the cost.
“They aren’t just going to be concerned about getting you there—they’re going to be concerned about the safety of getting there, the safety of getting back, the day-to-day mundane things that you’re going to need to be able to do while you’re in space,” Mark says. “It takes this community of innovators and pioneers to be able to solve the problems of the future.” |
Ocasio-Cortez and Steve King trade jabs over 'concentration camps' reference
Rep. Alexandria Ocasio-Cortez (D-N.Y.) on Sunday lashed back at Rep. Steve King (R-Iowa) after he suggested she accept an open invitation from a Holocaust remembrance group to tour Auschwitz and other Nazi concentration camps during summer recess. @AOC I went to Auschwitz & Birkenau with Eddie Mausberg & Jonny Daniels with In the Depths, King wrote on Saturday. I went with a deep understanding of the Shoah and had a profound personal experience. Please accept their offer. The New York Democrat, known for her Twitter ripostes, responded on Sunday: The last time you went on this trip it was reported that you also met w/ fringe Austrian neo-Nazi groups to talk shop. Im going to have to decline your invite, she tweeted. But thank you for revealing to all how transparently the far-right manipulates these moments for political gain. Before declining the invitation, Ocasio-Cortez also took jabs at the Iowa Republican over his defense of the terms white supremacist and white nationalist during a New York Times interview. Mr. King, the Republican Party literally stripped you of your Congressional committee assignments because you were too racist even for them, she wrote on Twitter. My Jewish constituents have made clear to me that they proudly stand w/ caged children who are starved, denied sleep & sanitation a reference to migrants at the U.S.-Mexico border. The squabble follows Ocasio-Cortezs comments in a video last week in which she compared Immigration and Customs Enforcement detention centers to concentration camps. The United States is running concentration camps on our southern border, and that is exactly what they are they are concentration camps, Ocasio-Cortez said in the Instagram video, sparking an online debate. The term concentration camp predates the Holocaust by decades and became widely used during the Boer War in South Africa, when British troops rounded up and interned tens of thousands of people. Similar tactics were used by U.S. forces fighting against Filipino soldiers to defeat the independence movement in the Philippines. Story continues King isnt the first Republican to criticize Ocasio-Cortez over her border remarks. Rep. Liz Cheney (R-Wyo.) took to Twitter last week to rail against them, saying she was happy to help educate her Democratic colleague. Please @AOC do us all a favor and spend just a few minutes learning some actual history. 6 million Jews were exterminated in the Holocaust, Cheney wrote. You demean their memory and disgrace yourself with comments like this. On Sunday, Ocasio-Cortez fired back at Cheney, as well. Hey @Liz_Cheney, youre the GOP Conference Chair perhaps you should come collect your colleague before more members of your caucus start saying the quiet parts loud, she tweeted, referring to King. |
Red Sox broadcaster Dennis Eckersley calls out Marcus Stroman's antics
Marcus Stroman got some heat from the Boston Broadcast. (Mandatory Credit: Paul Rutherford-USA TODAY Sports) Marcus Stroman threw six scoreless innings for the Blue Jays on Sunday, but it wasn’t his pitching that attracted the attention of the Boston broadcast. In a couple of big moments in the game Stroman was pretty energetic in his celebrations - most specifically when got out of the sixth by striking out Eduardo Nunez. Give us Stroman pls pic.twitter.com/YoiWI3GIkh — Coco steph (@stephtbh) June 23, 2019 Hall of Fame pitcher and Red Sox broadcaster Dennis Eckersley was not a fan of Stroman’s energy and touched on it a couple of time throughout the game, specifically calling it “tired”: That's not Dennis Eckersley calling Stroman's celebrations "tired," is it? "He was aggressive and animated on the mound, and he was known for his intimidating stare and pumping his fist after a strikeout. " https://t.co/Cu6cA6k49A Somewhere a pot is screaming at a kettle. pic.twitter.com/BbYKfT78Qj — Rob Friedman (@PitchingNinja) June 23, 2019 It was a bit surprising to see Eckersley go in on Stroman considering his well-documented history with the fist-pump. However, it’s not uncommon for the older baseball establishment to disapprove of the Blue Jays’ right-hander. The 28-year-old is used to it, and doesn’t seem to be concerned in the least, telling the Toronto Sun’s Rob Longley , “That’s me just showing emotion. The passion I have for the game. I couldn’t care less who judges me or who says anything about it.” Stroman also responded to Eckersley on his twitter account after the game, offering a much more succinct summary of his opinion. Hypocrite. https://t.co/XqyTUzuXDN — Marcus Stroman (@MStrooo6) June 23, 2019 Eckersley is entitled to dislike Stroman’s antics as much as he wants, but Stroman is equally within his rights to ignore him. Such is the “right way to play” debate in baseball, which at this point is - as Eckersley himself would put it - tired. More Blue Jays coverage from Yahoo Sports Canada View comments |
Google Brushes Off a Shareholder Revolt Over Its Plans in China
Last year,Alphabet's(NASDAQ: GOOG)(NASDAQ: GOOGL)Google faced a fierce backlash after details leaked about its censored search engine for China, codenamed Dragonfly. In December, The Intercept claimed that Google "effectively ended" the development of Dragonfly, but CEO Sundar Pichai refused to rule out future plans to develop another censored search engine for China.
That refusal sparked a revolt among some shareholders, who tried to persuade Google to conduct and publish a human-rights impact assessment of a censored Google search engine in China. Google recently struck down that proposal during a shareholder meeting, and the company reiterated its "desire to increase its ability to serve users in China and other countries."
Image source: Getty Images.
That result shouldn't surprise investors. Google still sees China as a big growth market, and its investors don't have any real power over its decisions -- since it uses a controversial multiclass share structure that silences regular investors.
Back in 2014, Googlesplit its stockinto three classes -- Class A, Class B, and Class C. The Class A shares, currently trading under the GOOGL ticker, give investors one vote per share.
The Class B shares, which aren't publicly traded and are reserved for founders and insiders, are worth a whopping10 votesper share and account for the majority of Google's voting power. The Class C (GOOG) shares, which were split from the Class A shares in a 2-for-1 split, included no voting rights. Google's transformation into Alphabet didn't affect the voting structure -- it merely swapped each share of the old company for the new one.
In other words, any shareholder revolt against Google is doomed to fail unless it has the support of a major Class B shareholder like co-founders Sergey Brin and Larry Page, who remains Alphabet's CEO despite being missing from the public spotlight for years.
Brin and Page were both reportedly responsible for pushing then-CEO Eric Schmidt to pull Google out of China back in 2010. However, it now seems unlikely that Brin or Page would side with shareholders and undermine Pichai.
When Google left China over a row with the Chinese government regarding allegations of censorship and email hacking, it controlled over 40% of the country's search market. Its abrupt exit cleared the way forBaidu(NASDAQ: BIDU), which controlled over half the market, to become China's undisputed leader in searches.
Baidu controls 65% of the market today, according to StatCounter, followed bySogou's 18% share andAlibaba's Shenma, which controls 8%. That market looks saturated, but there's still a strong demand for Google to return to China.
Last year, a poll onWeibofound that 72.8% of respondents would use Google if it returned to China, compared with 21.7% who preferred Baidu and 5.5% who were willing to use both. If Google returns to China and claims a meaningful slice of the market again, the growth of its core advertising business -- which faces market saturation and tough competition in many markets -- could surge.
Google probably still plans to launch a censored search engine in China. But for now, it'staking other stepsback into the market through alliances withTencent(NASDAQOTH: TCEHY)and its e-commerce partnerJD.com(NASDAQ: JD).
Google partnered with Tencent in a patent cross-licensing deal; launched social games for Tencent's WeChat, the top mobile messaging app in China; and introduced new mobile apps, including Files Go and Google Translate, for Chinese users. Google alsoinvested $550 millionin JD.com and started selling JD's products on its Google Shopping marketplaces overseas.
Those moves, along with the whopping voting power of Google's top brass, indicate that the tech giant still has big plans for China -- and it isn't worried that shareholder revolts will get in the way.
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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors.Leo Sunowns shares of Baidu, JD.com, and Tencent Holdings. The Motley Fool recommends Alphabet (A shares), Alphabet (C shares), Baidu, JD.com, Tencent Holdings, and Weibo. The Motley Fool has adisclosure policy. |
Blockchain Exec Reveals the Facebook Crypto's Unspoken Advantage
ByCCN Markets: Blockchain.com Head of Growth Haider Rafique believes thatFacebook’s Libra projectwill be aboon tocryptocurrencyas a whole, for numerous reasons.
As Head of Growth atBlockchain, adoption is the executive’s primary drive, and he believes Facebook’s crypto entry will have a positive impact.
The growth expert laid out his case for Facebook’s potentially positive impact on cryptocurrency in anexclusive interview with CCN.
He alsorevealed Libra's "unspoken advantage"as it seeks to make its blockbuster entry into the crypto industry.
For starters, despite its myriad ofscandals, Facebook scores high on name recognition and trustworthiness metrics.
Read the full story on CCN.com. |
2019 FIFA Women's World Cup: France beats Brazil, awaits potential quarterfinal showdown with USWNT
From the very day the draw for this Women’s World Cup was held, back in December, the worry had been about how the United States women’s national team would avoid France in the quarterfinal. There was much handwringing from all manner of observers, while the team itself opted to simply power ahead and hope for the best. And on Sunday, Les Bleues very nearly didn’t even make if that far after Brazil took them to extra time before the French prevailed 2-1. The trouble, as ever, with these kind of calculations is that the soccer still has to be played. Just as the Americans have yet to beat an up-and-coming and underappreciated Spain in their own knockout game on Monday. At any rate, the French favorites remain alive, in spite of a disjointed performance. And they were twice victimized by the controversial Video Assistant Referee. France was denied a rightful goal thanks to an incomprehensible VAR decision, while Brazil’s goal was disallowed at first only to be overturned by the new technology. Valerie Gauvin put the home team ahead in the 52nd minute, but after Thaisa tied things up in the 63rd, there would be no winner until Amandine Henry scored in the 106th minute. French captain Amandine Henry (6) celebrates her goal to beat Brazil with Amel Majri on Sunday in Le Havre. (Getty) And so a quarterfinal showdown with the other favorite, the United States, remains on the cards for Friday, Spain notwithstanding. But first, controversy. The irrepressible Kadidiatou Diani’s cross was flubbed by Brazilian goalkeeper Barbara midway through the first half and went into the net off Gauvin’s shoulder. But in a bizarre decision, as the ball was obviously loose, the goal was disallowed after VAR flagged it for a review. Another game, another VAR controversy! France believe they have a 1-0 lead as Gauvin and Barbara collide. But after a lengthy review, VAR decides it was a foul. No goal! #FIFAWWC pic.twitter.com/3MLaF9RQdI — FOX Soccer (@FOXSoccer) June 23, 2019 Brazil was energized by its escape and a chippy game broke out. The Brazilians, while the decided underdog for this affair, in fact had more shots and more of the ball in the first half. Story continues But after the intermission, Diani again got away from Tamires and slipped the ball across for Gauvin, who slid it into the net from close range. It was France’s first shot on goal. Can't take that one away! Gauvin puts the ball in the net again after a great run and cross from Diani, and France get their 1-0 lead. #FIFAWWC pic.twitter.com/czo21hzleE — FOX Soccer (@FOXSoccer) June 23, 2019 The six-time FIFA World Player of the Year Marta then began Brazil’s push for an equalizer. She swerved in a free kick for Cristiane, whose header French goalkeeper Sarah Bouhaddi only just managed to tip off her crossbar. And then Brazil leveled it. Thaisa cleaned up a rebound and was eventually vindicated by VAR after the goal was initially called off for offside. WE'RE ALL TIED UP! Brazil get the equalizer through Thaisa after VAR intervenes AGAIN, overturning an offside decision. #FIFAWWC pic.twitter.com/MhSxvHGGjT — FOX Soccer (@FOXSoccer) June 23, 2019 Tamires also put the ball in the back of the net, but was rightly called for being well offside. So it would take an extra 30 minutes to sort out a winner, and as the game grew sloppy, Brazil started with the better of the chances. Debinha beat Bouhaddi but her finish was cleared just in front of the line by Griedge Mbock Bathy. MBOCK BATHY SAVES FRANCE! 😱😱 Debinha has the potential game-winner on the breakaway but Mbock slides in and France survive! pic.twitter.com/2o2OwxHJvD — FOX Soccer (@FOXSoccer) June 23, 2019 At length, a minute into the second half of extra time, Henry redirected a deep free kick past Barbara to win it and send France through. AMANDINE HENRY! 2-1 FRANCE! 🇫🇷 Big players come through in big moments, and France's captain just gave the hosts the lead in extra time. #FIFAWWC pic.twitter.com/EzYzdSnsrO — FOX Soccer (@FOXSoccer) June 23, 2019 Yet in spite of Brazil’s failure to survive the round of 16 for a second straight World Cup, this tournament may nevertheless prove a tipping point for its program. There was always a sense that for the Canarinhas to come anywhere close to matching their semifinals berth at the last Olympics, they would need the banged-up Marta and Cristiane, the attacking stars good for more than 200 combined national team goals and aged 34 and 33, respectively, to carry the team throughout the tournament. Much of the lineup, in fact, is older than 30, highlighted by the 41-year-old Formiga. This desperate shortage of youthful players capable of starting speaks to the complete lack of institutional support this team has received from the Brazilian federation. The domestic women’s game is catastrophically underfunded. For all the success of Brazil’s men’s team and the record five World Cup titles it holds, the women’s national team remains an afterthought. Going into this tournament, the Brazilian women had lost nine games in a row and 10 of 11. That plainly isn’t because Brazil is bad at soccer. But this Women’s World Cup, aired on Brazil’s equivalent of basic cable for the first time rather than subscription channels, has drawn enormous TV ratings. Its opener got 19.7 million viewers. The final group stage match averaged 22.4 million and peaked at 26.99 million, making it the second-largest domestic TV audience for a women’s game ever – trailing only the U.S. in its 2015 World Cup final – per the Wall Street Journal. That, perhaps, will ignite a spark in Brazil, where it’s now plain to see that there’s actually plenty of interest in its women’s team, in spite of its lack of resources or recent success. Perhaps that will be a silver lining in another failed Women’s World Cup campaign for the Brazilians. Leander Schaerlaeckens is a Yahoo Sports soccer columnist and a sports communication lecturer at Marist College. Follow him on Twitter @LeanderAlphabet. More from Yahoo Sports: Is this the best USWNT of all time? One player says yes Morgan, Ertz expected to play for U.S. against Spain LaVar Ball talks again, makes ’First Take’ drama worse Sources: UConn move to the Big East inevitable |
Migrant detention conditions in Texas 'the worst I've ever seen', admits Republican after reports of lice-infested children sleeping on floors
Conditions in Texas migrant detention centres are the “worst I’ve ever seen”, a Republican from the state has admitted, after reports from lawyers suggested children were enduring lice infestations, flu infections and nights sleeping on cold concrete floors. Representative Michael McCaul added that “at a minimum”, Congress should create a humanitarian aid package for young people being held near the US-Mexico border. He blamed a lack of action by politicians for the filthy conditions. Speaking on CBS’s Face The Nation programme, he said: “I’ve been down there throughout my 15 years in Congress and before that, as a federal prosecutor. This is the worst I’ve ever seen it, and it has to be taken care of.” He would vote for a “compassionate, humanitarian package” whether or not it was tied to wider border security measures, he said. It came after a lawyer working with migrant children detained at Border Patrol facilities in Texas raised concerns for their welfare. Warren Binford said she had met children who had been held for weeks at a time – when the limit is 72 hours – with hundreds living together in a windowless warehouse at one base in Clint, in El Paso county. Families were separated and older children made to care for younger ones, she told the New Yorker magazine. “The United States is taking children away from their family unit and reclassifying them as unaccompanied children. “But they were not unaccompanied children. And some of them were separated from their parents.” She added: “We received reports from children of a lice outbreak in one of the cells where there were about twenty-five children, and what they told us is that six of the children were found to have lice. “They were given a lice shampoo, and the other children were given two combs and told to share those two combs ... which is something you never do with a lice outbreak. “One of the combs was lost, and Border Patrol agents got so mad that they took away the children’s blankets and mats. They weren’t allowed to sleep on the beds, and they had to sleep on the floor ... as punishment.” Story continues Some children had not been able to shower or brush their teeth for some days, Ms Binford told the magazine, while some had caught flu. At the weekend, Mr Trump delayed a planned migration crackdown in 10 major cities “at the request of Democrats”, in order to give politicians a chance to resolve the border issue that has plagued his presidency. Immigration and Customs Enforcement raids designed to snare families who had been served with deportation orders were put back two weeks. |
Militia member arrested for impersonating US Border Patrol agent
By Julio-Cesar Chavez EL PASO (Reuters) - A member of an armed group known for stopping migrants at the U.S.-Mexico border has been arrested after authorities charged him with impersonating a U.S. Border Patrol agent, according to court documents. Jim Benvie, spokesman for the Guardian Patriots, who have been camped at the border near Sunland Park, New Mexico, was arrested on Friday in Oklahoma after a warrant was issued on Wednesday in southern New Mexico. The U.S. Department of Justice filed two federal charges, alleging that Benvie, 44, passed himself off as a Border Patrol agent in mid April. It was the second arrest to target members of armed groups that since February have been patrolling the border near Sunland Park. The groups say they are trying to help overwhelmed Border Patrol agents deal with a surge in arrivals of Central American migrant families. News photographs of Benvie taken in March showed him wearing a camouflage jacket with a badge reading "Fugitive Recovery Agent" and a patch with an eagle-head insignia. In Reuters interviews earlier this year, he denied his group posed as Border Patrol agents and said he was a citizen journalist documenting proof of the need for the border wall promised by U.S. President Donald Trump. William Early, an Oklahoma public defender representing Benvie, did not immediately respond to a request for comment. Benvie remains in federal custody pending a detention hearing scheduled for Tuesday in Oklahoma before his full trial begins in Las Cruces, New Mexico. He also faces a fraud charge in Oklahoma for allegedly running a child-cancer charity scam. In May, the Guardian Patriots split from another armed group on the border, the United Constitutional Patriots (UCP). Larry Hopkins, the leader of the UCP, was arrested in April on charges of being a felon in possession of firearms. At the time, the American Civil Liberties Union described the UCP as a "fascist militia" and said its members were illegally detaining migrants at gunpoint. (Reporting by Julio-Cesar Chavez in El Paso; Writing by Andrew Hay; Editing by Daniel Wallis) |
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