Monday, May 21, 2012
Street of Walls Q1 Report on Hedge Fund Positions
Highlights from Hedge Fund Intelligence Report:
AAPL was by far the most crowded position in hedge fund portfolio's in 12 of our hedge fund universe vs. 8 last quarter
The most crowded
during the quarter were AAPL, GOOG, WYNN, and HCA. Other new positions shared among hedge funds but with less overlap were PCLN, DTV, LBTYA, SHW, ANV, NFLX, VRSN, SHW, TRIP, and SIRI
Excluding large allocation from Hayman, Financials saw a -2.0% decline in sector exposures. Low rates and mortgage related put-back problems in Financials may have led managers to continue trimming and exiting positions within the space
We found a majority of hedge funds largest positions were shared amongst the hedge funds in our universe. AAPL was by far the most crowded position in the top 12 holdings for hedge funds: Greenlight, Lone Pine, Appaloosa, Maverick, Passport, Blue Ridge, Coatue, and Tiger all have AAPL as one of the largest position in their holdings. Other large crowded positions include GOOG, ESRX, DLPH, QCOM, and C.
On average the funds listed below bought companies with a 2012 forward price to earnings ratio of 17.5x vs 18.6x last quarter. Appaloosa and Viking bought into the higher valuation stocks at 47.4x and 27.9x respectively while Glenview and Hayman bought into much lower valuations at 12.4x and 11.8x respectively.