Top Funds' Activity in Q3 2021
Global fund managers are ending the year with the biggest overweight in U.S. stocks since August 2013 as risk appetite outweighs inflation and tapering woes.
According to a Bank of America Corp. survey conducted Nov. 5 to 11, investors are now more constructive on global growth and earnings, and 51% expect lower inflation. Fund managers increased their allocation to U.S. equities by 13 percentage points from the previous month to a 29% overweight, the survey showed.
Clients are “convinced” inflation is transitory and expect the Federal Reserve to remain “well behind-the-curve,” BofA strategists led by Michael Hartnett wrote in a note on Tuesday.
Emerging-market and U.S. equities are seen providing the best returns next year, while most investors expect Bitcoin to remain within the $50,000 to $75,000 range in the next 12 months, according to BofA. The largest digital token currently trades at a little over $60,000.
Global equities have been rallying since the start of October, trading near a record high, as a robust earnings season and strong corporate outlooks have fueled optimism that companies can overcome surging costs and supply constraints.
Fund managers reduced their cash holdings to 4.4% from 4.7% in October as investors bought the dip in stocks, the survey showed.
BofA surveyed 345 participants with $1.1 trillion under management.
Other survey highlights include:
Most-crowded trades in November survey were long tech stocks, long Bitcoin, long ESG, short U.S. Treasuries, short China and EM stocks, and long oil
Bitcoin is a bubble, according to 59% of surveyed investors
Biggest tail risks are inflation, central bank rate hikes, China
More investors want companies to boost spending on capex
For Fed rate hikes in 2022, 39% of investors expect two hikes, while 37% expect one, and 13% expect none
Allocation to Eurozone stocks declined 1 percentage point versus October to net 33% overweight, allocation to EM equities rose 3 percentage points to a net 2% underweight, while exposure to U.K. stocks fell 3 percentage points to 15% underweight, the largest since January 2021
I began with the article above to give you a high level overview of what global fund managers think.
I don't read too much into these articles, they talk about positioning mostly, and that's often (but not always) a contrarian indicator (ie. when everyone agrees on something, it typically doesn't materialize!).
It's that time of the year again where we get a sneak peek into the portfolios of the world's best money managers, with the customary 45-day lag.
Below, some article on 13-F filings for you to skim through:
- Soros Reveals Four New Bets; Raises Stakes in Property and Bank Stocks
- 9 stocks Warren Buffett’s Berkshire Hathaway is buying or selling
- What's Behind Charlie Munger's Big Bet on Alibaba?
- Nelson Peltz's Trian cuts Sysco and Procter & Gamble stake, adds stake in Janus Henderson
- Palantir: Big Money Is Flowing In
- This Billionaire Hedge Fund Manager Sees Opportunity for APA
And on and on, you can read more 13-F news here.
Earlier this week, Zero Hedge did a decent job providing a complete 13F summary:
It was already well-known that many hedge funds got mangled on several occasions in the third quarter - most notably as a result of their high gross and net exposure to China during the Evergrande/property crisis - before getting hammered by the VaR shock and other cross-asset fireworks in October and other Q4 months. And, as discussed previously, even though the S&P kept rising for much of the quarter, hedge funds had no choice but to reduce gross leverage as single-name stock picking became extremely challenging, if not painful, as historical correlations broke apart.
That probably explains why institutional investors increased the amount of ETFs in their portfolios in the third quarter, while decreasing their exposure to single stocks, with consumer discretionary and industrial sectors taking the biggest hit, Bloomberg reported today after the end of the latest 13F filing deadline.
The last two weeks of September before the filing deadline saw an increase in ETF volume amid a number of events affecting the market including Evergrande and the Chinese property bubble, central bank decisions from the Fed, BoE and others, a natural gas shortage and the end the U.S. government’s fiscal year (ETFs are often used by funds as way to express macro views).
Overall, investors increased their ETF holdings by 1.4% in 3Q with the SPY (SPDR S&P 500) ETF and VOO (Vanguard 500 Index Fund) ETF the two most added ETFs in terms of total market cap. Meanwhile, holdings in consumer discretionary stocks dropped by 0.4%.
In the single-name space, Alibaba and Amazon.com were the biggest aggregate sales in the sector. Investors cut holdings of industrial stocks by 0.4%, with Fedex Corp. and Union Pacific tallying up the biggest sales.
Shifts to ETFs and selling of certain Chinese and tech names notwithstanding, here are some of the main themes observed in Q3 courtesy of Bloomberg:
Chinese shares were a mixed bag for firms as the companies face heightened scrutiny. Philippe Laffont’s Coatue increased its positions in Kanzhun, the owner of a Chinese online recruitment platform, and Beijing-based JD.Com. Meanwhile, Lee Ainslie’s Maverick Capital exited its position in Alibaba, which lost about a third of its value this year.
George Soros’s family office boosted its bets on real estate and financial stocks during the period, while the value of its U.S. equity portfolio dipped to less than $5 billion. The firm disclosed new positions in Hill-Rom Holdings, MGM Growth Properties, JPMorgan and Goldman Sachs.
Not all firms added to financial stocks. Viking Global exited its position in Bank of America, a stake that was valued at $295.8 million as of June 30. Andreas Halvorsen’s firm made a few big bets in the quarter, including a stake worth $721 million in restaurant chain McDonald’s. Others who were loving McDonald’s included Melvin Capital and Balyasny.
Tiger Global and D1 Capital were among the names that listedRobinhood and Warby Parker among top new buys in the quarter. The online broker and eyeglass maker each made their public debuts in the period. Both names were actually companies that Tiger Global and D1 Capital had backed pre-IPO, a common theme as funds delve deeper into private wagers.
Warren Buffett’s Berkshire Hathaway ended up cutting back on two of its payment bets -- Visa and Mastercard-- as well as two of its recent pharma bets -- Bristol-Myers and AbbVie.
Dan Sundheim’s D1 Capital and Andreas Halvorsen’s Viking Global Investors both significantly boosted their holdings in exercise-equipment maker Peloton in the third quarter, ahead of this month’s 48% plunge. D1 padded its stake in New York-based Peloton by almost 75%, making it the firm’s sixth-biggest shareholder. Viking increased its position by more than 10-fold, becoming the seven-largest investor. Each of the hedge funds held stakes worth about $500 million at the end of September. Peloton plummeted the most on record on Nov. 5, after the company cut its annual revenue forecast and lowered its projections for subscribers and profit margins.
Bill Ackman’s Pershing Square Capital Management LP exited Agilent Technologies and boosted its holdings of Chipotle Mexican Grill Inc. in the third quarter. Lowe’s Cos. was the biggest holding, representing 22% of disclosed assets.
David Tepper’s Appaloosa almost doubled its stake in Macy’s adding 3.39 million shares for a stake worth $158.2 million.
Gabe Plotkin’s Melvin Capital increased its holding in Snap Inc., while paring Amazon.com. In Q4, SNAP crashed while AMZN surged.
Lone Pine Capital added to its holding of Twitter Inc. and trimmed its stake in Facebook parent Meta Platforms Inc.
McDonald’s Corp. was also a popular buy for hedge funds during the period, with Viking, Melvin and Balyasny establishing new positions
Soros increased its stake in IHS Markit Ltd. by about 80% to 2.44 million shares. IHS is up 2.5% Monday. Soros also took new positions in General Motors calls (1.53 million share equivalent) and Energy Select Sector SPDR Fund (XLE) calls (1.5 million share equivalent). GM shares are up over 19% since the end of 3Q while XLE has risen 12% over the same time frame.
Starboard Value took a new 11.6 million share position in Hunstman Corp. The industrial conglomerate is up 12% since the end of 3Q. Starboard is betting on small cap stocks and increased its position in the iShares Russell 2000 ETF by 159% to 1.5 million shares.
Jana Partners took a new 1.28 million share position in Valvoline Inc. The maker of motor oil advanced 3.3% on Monday. It also disclosed a new 1 million share position in analytics software platform Blacksky Technology Inc., which is trading up 6.4%.
Sachem Head Capital Management added 2.5 million shares of Dell Technologies Inc. to its portfolio. Dell is trading up by 1.2%. Sachem Head also took new positions in Bottomline Technologies Inc. (1.73 million shares, stock up 4.5% Monday), Lithia Motors Inc. (422,000 shares, up 1.1% Monday) and Post Holdings Inc (1.45 million shares, up 1.1% Monday).
Soroban Capital Partners sold its entire 27 million share stake in Altice USA Inc., which is down 0.7% on Monday. The fund increased the stake in its second-largest holding, CSX Corp. by 22% to 39.6 million shares. The railroad operator is little changed.
Finally, here is a detaioled breakdown of the most notable position changes among marquee hedge funds:
- Top new buys: ALIT, WMT, OVV
- Top exits: EMR, NFLX, BP, RDS/A, RDS/B
- Boosted stakes in: M, GT, EQT, AR, GOOG, XOP, OXY, KSS, DHI, PHM
- Cut stakes in: MU, AMZN, BABA, PCG, FB, ET, TWTR, UBER, FCX, XLE
- Top new buys: DBX, JOBY, LFG, OB
- Top exits: AUR, CZOO
- Boosted stakes in: SSNC, VRNT, TBPH
- Cut stakes in: EBAY, PCG, WLTW, QRVO, INTC, IFF, PSTH
- Top new buys: RPRX, FND
- Top exits: MRK, LBTYK, OGN
- Boosted stakes in: CVX
- Cut stakes in: ABBV, CHTR, BMY, V, MA, MMC, USB
- Top new buys: MSFT, BLND, AFRM, BEKE, NTLA, ABSI, HOOD, TOST, CRBU, SUNL
- Top exits: DDOG, CHPT, ROOT, AI, LMND, SKLZ, LAZR, COIN, MVIS, SOFI
- Boosted stakes in: BZ, MQ, JD, CFLT, DDL, SNAP, GH, CVAC, LI, RBLX
- Cut stakes in: AMZN, NUAN, RUN, SQ, PYPL, TSLA, SHOP, PTON, Z, FB
- Top new buys: FIVN, UBER, USFD, SMFR, SLGC, SKYA, SRAD, APO
- Top exits: DOMA, TWND, HZON, ROVR, CZOO, LIDR, XME, LGV
- Boosted stakes in: ZNGA, CRM, MSFT, JPM, FB, DIS, CCEP
- Cut stakes in: ATUS, EXC, TMUS, BLMN, AMZN, GOOGL
D1 CAPITAL PARTNERS
- Top new buys: HOOD, WRBY, TXRH, NFLX, OPEN, PH, TPX, MASI, NTES, SGHT
- Top exits: BKNG, U, CMG, DECK, TUYA, BHG, LTCH, BZ, FUTU, WDH
- Boosted stakes in: EXPE, STNE, TMUS, DIS, BBWI, BLL, FTV, PTON, PODD, PINS
- Cut stakes in: AMZN, FB, SNOW, EW, MSFT, CVNA, PCOR, DHR, CRWD, SQSP
DUQUESNE FAMILY OFFICE
- Top new buys: CPNG, LYV, ZM, PRCT, OSCR, STNE, ABCL, FSLY, LAD, CFLT
- Top exits: NFLX, CMI, GE, MA, V, USFD, CAT, GM, ON, BLDR
- Boosted stakes in: GOOGL, EXPE, BKNG, DISH, OPCH, FTCH, COUP, AMZN, RETA
- Cut stakes in: MSFT, TMUS, CVNA, PLTR, TECK, FB, FCX, INTU, PENN, SMAR
ELLIOTT INVESTMENT MANAGEMENT
- Top new buys: SC, CTXS, HTA, VAL, APA, 1865300D
- Top exits: EDR, SNAP, DBX, PINS, TTD, HRB
- Cut stakes in: ARNC, FYBR, ETWO, BTU
- Top new buys: SLV, FREY, SNAX
- Top exits: SPY, JOBY, SNX, OPAD, DNA, CCCS, APG, IONQ, XOS, UWMC
- Boosted stakes in: TECK, ODP, BHF, LIVN, MYPS, SONO, GLD, CPRI, JACK, CHNG
- Cut stakes in: CNXC, CC, REZI, FUBO, SATS, AER, EXPE, ADMP, AGCB, GPOR
- Top new buys: SWX
- Boosted stakes in: DAN, IEP
- Cut stakes in: OXY
- Top new buys: M, VVV, BKSY
- Boosted stakes in: THS, VG, CONE
- Cut stakes in: SPY, LH, EHC
- Top new buys: WRK, FSLR, CTRA, CF, AGI, CCJ
- Top exits: LRCX, MU, AER, UAL, LUV, ENIA, TMUS, RBLX, SSO, UVXY
- Boosted stakes in: NVT, ILMN, GE, TSM, ADI, BKNG, IEUR
- Cut stakes in: FCX, CARR, ETN, VMC, AMAT, DAL, RYAAY, EGO, OTIS, WMG
- Top new buys: INST, CRBU, EHTH, SPIR, STZ, CCL, AAP, SHW, OLPX, PZZA
- Top exits: BABA, AON, BECN, CZOO, TSM, HIMS, DGNS, SBUX, XMTR, KVSA
- Boosted stakes in: V, WDAY, SE, ATVI, CRIS, LRCX, RCKT, NFLX, TWLO, DECK
- Cut stakes in: CPNG, FB, LIVN, ALNY, ADSK, FLT, IFF, GOOG, CCK, MELI
MELVIN CAPITAL MANAGEMENT
- Top new buys: AFRM, MAR, SQ, MCD, ASML, VSCO, WMG, CRL, BURL, OLPX
- Top exits: V, JD, PYPL, LVS, ADSK, CRWD, NTES, TGT, UBER, SHOP
- Boosted stakes in: SNAP, BILL, MA, BBWI, LYV, HLT, FB, DT, EFX, DDOG
- Cut stakes in: AMZN, EXPE, FICO, GOOGL, ALGN, ATVI, USFD, VMEO, VAC, IAA
- Top new buys: LVS
- Top exits: FOE, CS, PNTM, CRBN, JWSM, ANAC, APSG
- Boosted stakes in: CTRA, BHC, PFSI, WSC, GM, DMAC, VRT, SRGA, FLMN, ASPU
- Cut stakes in: NAVI, MP, OCN, BBDC, TRN, FCRD, ABR
- Top new buys: RKLB, ALCC, LICY, CPAR, POND
- Top exits: ATUS, DOMA, SPIR, ATIP, VYGG, ME, PAYO, SUNL, BGRY, TALK
- Boosted stakes in: UNP, PLNT, WAB, MA, CSX, LOW, FB, V, KIND, ML
- Cut stakes in: ADI, AMZN, MSFT, NFLX
SOROS FUND MANAGEMENT
- Top new buys: HRC, JPM, UNH, CPNG, EQT, XLE, GS, HYZN, MTB, INTU
- Top exits: OTIS, QS, CLVT, IFF, W, UPST, AXTA, TXN, S, NXPI
- Boosted stakes in: INFO, NUAN, PPD, ARMK, CRM, ACN, GM, SYF, BKNG, VICI
- Cut stakes in: FIGS, QQQ, ATVI, MGLN, ELAN, AMZN, DIS, LBRDK, GOOGL, XLU
- Top new buys: HUN, CYXT, BRDS, ENFA, VPCC, TREB, DKDCA, BTTX, HCIC, CPAR
- Top exits: IWN, KVSC, ROIV, STRC, OPAD, LILM, RBOT, SPIR, ROVR, GDEV
- Boosted stakes in: IWM, AUS, MTAC, KVSB, LNFA, FVT, TWND, PLMI, PRPB, ACAH
- Cut stakes in: MD, BOX, CTVA, IWR, ELAN, PZZA, ACM, MMSI, ON
- Top new buys: ETWO, USIG, ONEM, BLND, POSH, DUOL, IRNT, HLTH, PATH, MNDY
- Top exits: CTVA, SOFI, COPX, PICK, KREF, BIDU, TAL, BZ, EDU, MSFT
- Boosted stakes in: GOVT, SCHP, GRCL, BGNE, SNOW, IAU, XME, FIXX, EWY, AFRM
- Cut stakes in: BABA, INFO, RBLX, DIDI, ABNB, MA, DCT, NTLA, LCTU, CRM
- Top new buys: WRBY, HOOD, BLND, VTEX, MTTR, SPIR, TOST, BKSY, AVPT, ALCC
- Top exits: TAL
- Boosted stakes in: SNOW, SE, DASH, DDOG, OZON, WDAY, XM, SQ, OSCR, ONTF
- Cut stakes in: RBLX, APO, PTON, JD, SPOT, YSG, UBER, CVNA, INTU, DESP
Before you rush to buy or sell what the world's most famous mney managers are buying and selling, have a look at Apple's shares, hitting a record after a report says the company wants to build self-driving car as soon as 2025:
Apple shares hit record after report says the company wants to build self-driving car as soon as 2025 https://t.co/1U3aDObaUs— Leo Kolivakis (@PensionPulse) November 19, 2021
Sweet but I'm pretty sure the Swiss National Bank (aka, the Fed's Swiss surrogate) is helping to drive Apple's shares higher (see its holdings here) along with other portfolio managers scared to death here, going for safe, liquid tech names in uncertain times.
Money managers are worried here, inflation is picking up, there is a sense of uneasiness that the Fed is behind the infation curve, and if so, will it be forced to respond early next year by aggressively hiking rates?
In his weekly comment, Francois Trahan of Trahan Macro Research notes this:
The inflation story intensified once again this week. I am not referring to the 33% rise in chicken prices highlighted in the media. Rather, I am talking about public comments made by former Fed officials questioning the current course of policy and whether this is all one big mistake. Surely, former Fed governors have been vocal in the past but this almost felt like a coordinated effort.
It's clear there are signs of cracks in the plaster at the Fed. This is not the unity seen last Spring around the word "transitory". That ship has clearly sailed. Inflation is not just a Fed problem, however. It is now an economic problem that impacts everyone to a varying degree. On that note, housing starts slowed again in October despite low rates. We believe housing is the ultimate early cyclical industry and currently it is giving us a heads up on what will eventually happen to the broader economy. It appears the world needs some reminding that inflation is a job killer and kindle for recessions.
It's not just housing that is showing the consequences of inflation. Equity markets around the world have been impacted by inflation. Roughly speaking, the greater the rise in inflation an economy has witnessed the greater the P/E compression its equity market has suffered. The impact of inflation is typically quicker in EM countries than in the developed world where it often works with a lag. In other words, this year's inflation is next year's economic problems! This is not a simple backdrop, admittedly. The effects of inflation on equities are well documented however, and clearly having an impact.
I highly recommend you read Francois' full report, it's excellent, and register for his upcoming conference call on December 8th:
Will stagflation spell the end of equities and hit global markets and economies next year?
Stay tuned, nobody knows for sure but you really need to pay attention to the macro backdrop, top money managers are doing so because they know that's what ultimately matters most right now.
In his weekly wrap-up, Martin Roberge of Canaccord Genuity notes how COVID is spurring growth again:
We concluded our fall marketing roadshow this week, and the overwhelming feeling among portfolio managers (PMs) is that sentiment appears similar to that seen prior to the technology bubble in 1999-2000. Interestingly, while many PMs we talked to were not around back then, they all remember last year and growth stocks closing the year on a sugar high owing to the unravelling of the 3rd COVID wave. Our Chart of the Week provides a snapshot of the market action in November-December 2020. As one can see, the NY FANG+ index (a proxy for large cap growth), the ARKK Innovation ETF (a proxy for high-flyer speculative stocks), and Shopify (a nightmare for many Canadian PMs) strongly led the S&P 500. The outperformance lasted up until new daily COVID cases worldwide peaked out just before Christmas. Needless to say that PMs that were too low on growth had a tough year-end (and likely a tough calendar year). This brings us back to a large cap growth mania likely building on the back of performance-chasing activity. None of these PMs want to re-live November/December last year as a 5th COVID wave is underway. Like my old parents would say, no way that there will be apples and oranges under the Christmas tree this year.
Great food for thought!
Alright, let me wrap it up there.
Have fun looking into the portfolios of the world's most famous money managers.
The links below take you straight to their top holdings and then click to see where they increased and decreased their holdings (see column headings).
Top multi-strategy and event driven hedge funds
As the name implies, these hedge funds invest across a wide variety of hedge fund strategies like L/S Equity, L/S credit, global macro, convertible arbitrage, risk arbitrage, volatility arbitrage, merger arbitrage, distressed debt and statistical pair trading. Below are links to the holdings of some top multi-strategy hedge funds I track closely:
1) Appaloosa LP
2) Citadel Advisors
3) Balyasny Asset Management
4) Point72 Asset Management (Steve Cohen)
5) Peak6 Investments
6) Kingdon Capital Management
7) Millennium Management
8) Farallon Capital Management
9) HBK Investments
10) Highbridge Capital Management
11) Highland Capital Management
12) Hudson Bay Capital Management
13) Pentwater Capital Management
14) Sculptor Capital Management (formerly known as Och-Ziff Capital Management)
15) ExodusPoint Capital Management
16) Carlson Capital Management
17) Magnetar Capital
18) Whitebox Advisors
19) QVT Financial
20) Paloma Partners
21) Weiss Multi-Strategy Advisors
22) York Capital Management
Top Global Macro Hedge Funds and Family Offices
These hedge funds gained notoriety because of George Soros, arguably the best and most famous hedge fund manager. Global macros typically invest across fixed income, currency, commodity and equity markets.
George Soros, Carl Icahn, Stanley Druckenmiller, Julian Robertson have converted their hedge funds into family offices to manage their own money.
1) Soros Fund Management
2) Icahn Associates
3) Duquesne Family Office (Stanley Druckenmiller)
4) Bridgewater Associates
5) Pointstate Capital Partners
6) Caxton Associates (Bruce Kovner)
7) Tudor Investment Corporation (Paul Tudor Jones)
8) Tiger Management (Julian Robertson)
9) Discovery Capital Management (Rob Citrone)
10 Moore Capital Management
11) Element Capital
12) Bill and Melinda Gates Foundation Trust (Michael Larson, the man behind Gates)
Top Quant and Market Neutral Hedge Funds
These funds use sophisticated mathematical algorithms to make their returns, typically using high-frequency models so they churn their portfolios often. A few of them have outstanding long-term track records and many believe quants are taking over the world. They typically only hire PhDs in mathematics, physics and computer science to develop their algorithms. Market neutral funds will engage in pair trading to remove market beta. Some are large asset managers that specialize in factor investing.
1) Alyeska Investment Group
2) Renaissance Technologies
3) DE Shaw & Co.
4) Two Sigma Investments
5) Cubist Systematic Strategies (a quant division of Point72)
6) Numeric Investors now part of Man Group
7) Analytic Investors
8) AQR Capital Management
9) Dimensional Fund Advisors
10) Quantitative Investment Management
11) Oxford Asset Management
12) PDT Partners
13) Angelo Gordon
14) Quantitative Systematic Strategies
15) Quantitative Investment Management
16) Bayesian Capital Management
17) SABA Capital Management
18) Quadrature Capital
19) Simplex Trading
Top Deep Value, Activist, Event Driven and Distressed Debt Funds
These are among the top long-only funds that everyone tracks. They include funds run by legendary investors like Warren Buffet, Seth Klarman, Ron Baron and Ken Fisher. Activist investors like to make investments in companies where management lacks the proper incentives to maximize shareholder value. They differ from traditional L/S hedge funds by having a more concentrated portfolio. Distressed debt funds typically invest in debt of a company but sometimes take equity positions.
1) Abrams Capital Management (the one-man wealth machine)
2) Berkshire Hathaway
3) TCI Fund Management
4) Baron Partners Fund (click here to view other Baron funds)
5) BHR Capital
6) Fisher Asset Management
7) Baupost Group
8) Fairfax Financial Holdings
9) Fairholme Capital
10) Gotham Asset Management
11) Fir Tree Partners
12) Elliott Investment Management (Paul Singer)
13) Jana Partners
14) Miller Value Partners (Bill Miller)
15) Highfields Capital Management
16) Eminence Capital
17) Pershing Square Capital Management
18) New Mountain Vantage Advisers
19) Atlantic Investment Management
20) Polaris Capital Management
21) Third Point
22) Marcato Capital Management
23) Glenview Capital Management
24) Apollo Management
25) Avenue Capital
26) Armistice Capital
27) Blue Harbor Group
28) Brigade Capital Management
29) Caspian Capital
30) Kerrisdale Advisers
31) Knighthead Capital Management
32) Relational Investors
33) Roystone Capital Management
34) Scopia Capital Management
35) Schneider Capital Management
36) ValueAct Capital
37) Vulcan Value Partners
38) Okumus Fund Management
39) Eagle Capital Management
40) Sasco Capital
41) Lyrical Asset Management
42) Gabelli Funds
43) Brave Warrior Advisors
44) Matrix Asset Advisors
45) Jet Capital
46) Conatus Capital Management
47) Starboard Value
48) Pzena Investment Management
49) Trian Fund Management
50) Oaktree Capital Management
Top Long/Short Hedge Funds
These hedge funds go long shares they think will rise in value and short those they think will fall. Along with global macro funds, they command the bulk of hedge fund assets. There are many L/S funds but here is a small sample of some well-known funds.
1) Adage Capital Management
2) Viking Global Investors
3) Greenlight Capital
4) Maverick Capital
5) Pointstate Capital Partners
6) Marathon Asset Management
7) Tiger Global Management (Chase Coleman)
8) Coatue Management
9) D1 Capital Partners
10) Artis Capital Management
11) Fox Point Capital Management
12) Jabre Capital Partners
13) Lone Pine Capital
14) Paulson & Co.
15) Bronson Point Management
16) Hoplite Capital Management
17) LSV Asset Management
18) Hussman Strategic Advisors
19) Cantillon Capital Management
20) Brookside Capital Management
21) Blue Ridge Capital
22) Iridian Asset Management
23) Clough Capital Partners
24) GLG Partners LP
25) Cadence Capital Management
26) Honeycomb Asset Management
27) New Mountain Vantage
28) Penserra Capital Management
29) Eminence Capital
30) Steadfast Capital Management
31) Brookside Capital Management
32) PAR Capital Capital Management
33) Gilder, Gagnon, Howe & Co
34) Brahman Capital
35) Bridger Management
36) Kensico Capital Management
37) Kynikos Associates
38) Soroban Capital Partners
39) Passport Capital
40) Pennant Capital Management
41) Mason Capital Management
42) Tide Point Capital Management
43) Sirios Capital Management
44) Hayman Capital Management
45) Highside Capital Management
46) Tremblant Capital Group
47) Decade Capital Management
48) Suvretta Capital Management
49) Bloom Tree Partners
50) Cadian Capital Management
51) Matrix Capital Management
52) Senvest Partners
53) Falcon Edge Capital Management
54) Park West Asset Management
55) Melvin Capital Partners
56) Owl Creek Asset Management
57) Portolan Capital Management
58) Proxima Capital Management
59) Tourbillon Capital Partners
60) Impala Asset Management
61) Valinor Management
62) Marshall Wace
63) Light Street Capital Management
64) Rock Springs Capital Management
65) Rubric Capital Management
66) Whale Rock Capital
67) Skye Global Management
68) York Capital Management
69) Zweig-Dimenna Associates
Top Sector and Specialized Funds
I like tracking activity funds that specialize in real estate, biotech, healthcare, retail and other sectors like mid, small and micro caps. Here are some funds worth tracking closely.
1) Avoro Capital Advisors (formerly Venbio Select Advisors)
2) Baker Brothers Advisors
3) Perceptive Advisors
4) Broadfin Capital
5) Healthcor Management
6) Orbimed Advisors
7) Deerfield Management
8) BB Biotech AG
9) Birchview Capital
10) Ghost Tree Capital
11) Sectoral Asset Management
12) Oracle Investment Management
13) Palo Alto Investors
14) Consonance Capital Management
15) Camber Capital Management
16) Redmile Group
17) RTW Investments
18) Bridger Capital Management
19) Boxer Capital
20) Bridgeway Capital Management
21) Cohen & Steers
22) Cardinal Capital Management
23) Munder Capital Management
24) Diamondhill Capital Management
25) Cortina Asset Management
26) Geneva Capital Management
27) Criterion Capital Management
28) Daruma Capital Management
29) 12 West Capital Management
30) RA Capital Management
31) Sarissa Capital Management
32) Rock Springs Capital Management
33) Senzar Asset Management
34) Southeastern Asset Management
35) Sphera Funds
36) Tang Capital Management
37) Thomson Horstmann & Bryant
38) Ecor1 Capital
39) Opaleye Management
40) NEA Management Company
41) Great Point Partners
42) Tekla Capital Management
43) Van Berkom and Associates
Mutual Funds and Asset Managers
Mutual funds and large asset managers are not hedge funds but their sheer size makes them important players. Some asset managers have excellent track records. Below, are a few funds investors track closely.
2) BlackRock Inc
3) Wellington Management
4) AQR Capital Management
5) Sands Capital Management
6) Brookfield Asset Management
7) Dodge & Cox
8) Eaton Vance Management
9) Grantham, Mayo, Van Otterloo & Co.
10) Geode Capital Management
11) Goldman Sachs Group
12) JP Morgan Chase & Co.
13) Morgan Stanley
14) Manulife Asset Management
15) UBS Asset Management
16) Barclays Global Investor
17) Epoch Investment Partners
18) Thornburg Investment Management
19) Kornitzer Capital Management
20) Batterymarch Financial Management
21) Tocqueville Asset Management
22) Neuberger Berman
23) Winslow Capital Management
24) Herndon Capital Management
25) Artisan Partners
26) Great West Life Insurance Management
27) Lazard Asset Management
28) Janus Capital Management
29) Franklin Resources
30) Capital Research Global Investors
31) T. Rowe Price
32) First Eagle Investment Management
33) Frontier Capital Management
34) Akre Capital Management
35) Brandywine Global
36) Brown Capital Management
37) Victory Capital Management
39) Ariel Investments
40) ARK Investment Management
Canadian Asset Managers
Here are a few Canadian funds I track closely:
1) Addenda Capital
2) Letko, Brosseau and Associates
3) Fiera Capital Corporation
4) West Face Capital
6) 1832 Asset Management
7) Jarislowsky, Fraser
8) Connor, Clark & Lunn Investment Management
9) TD Asset Management
10) CIBC Asset Management
11) Beutel, Goodman & Co
12) Greystone Managed Investments
13) Mackenzie Financial Corporation
14) Great West Life Assurance Co
15) Guardian Capital
16) Scotia Capital
17) AGF Investments
18) Montrusco Bolton
19) CI Investments
20) Venator Capital Management
21) Van Berkom and Associates
22) Formula Growth
23) Hillsdale Investment Management
Pension Funds, Endowment Funds, Sovereign Wealth Funds and the Fed's Swiss Surrogate
Last but not least, I the track activity of some pension funds, endowment, sovereign wealth funds and the Swiss National Bank (aka the Fed's Swiss surrogate). Below, a sample of the funds I track closely:
1) Alberta Investment Management Corporation (AIMco)
2) Ontario Teachers' Pension Plan
3) Canada Pension Plan Investment Board
4) Caisse de dépôt et placement du Québec
5) OMERS Administration Corp.
6) Healthcare of Ontario Pension Pan (HOOPP)
7) British Columbia Investment Management Corporation (BCI)
8) Public Sector Pension Investment Board (PSP Investments)
9) PGGM Investments
10) APG All Pensions Group
11) California Public Employees Retirement System (CalPERS)
12) California State Teachers Retirement System (CalSTRS)
13) New York State Common Fund
14) New York State Teachers Retirement System
15) State Board of Administration of Florida Retirement System
16) State of Wisconsin Investment Board
17) State of New Jersey Common Pension Fund
18) Public Employees Retirement System of Ohio
19) STRS Ohio
20) Teacher Retirement System of Texas
21) Virginia Retirement Systems
22) TIAA CREF investment Management
23) Harvard Management Co.
24) Norges Bank
25) Nordea Investment Management
26) Korea Investment Corp.
27) Singapore Temasek Holdings
28) Yale Endowment Fund
29) Swiss National Bank (aka, the Fed's Swiss surrogate)
And Pete Najarian and Kevin O'Leary join the 'Halftime Report' with their outlook on the market and whether investors should expect any major pullbacks into year-end.
Third, Joyce Chang, JPMorgan chair of global research, joins 'Closing Bell' to discuss trends in investing in China and whether or not it's smart to buy in those markets now.
Lastly, CNBC's Leslie Picker joins 'Closing Bell' to report on why Citadel founder Ken Griffin purchased a copy of the US Constitution at auction for $43 million.
Ken Griffin is running the world's best hedge fund and he outbid a band of more than 17,000 crypto enthusiasts who had crowdfunded more than $40 million via social media earlier this week.
Griffin intends to lend the piece to a free Arkansas art museum (well done, in my opinion, it should be donated to museum for all to enjoy).