In this article we will take a look at the 10 best stocks to buy according to billionaire Glenn Russell Dubin’s Highbridge Capital Management. You can skip our detailed analysis of Dubin’s history, investment philosophy, and hedge fund performance, and go directly to the 5 Best Stocks to Buy According to Billionaire Glenn Russell Dubin’s Highbridge Capital.
Glenn Russell Dubin is an American billionaire who co-founded Highbridge Capital Management with Henry Sweica in 1992. But in 2004, Dubin and Sweica sold a majority stake in Highbridge Capital Management to JPMorgan Chase & Co. (NYSE: JPM) for $1.3 billion. Later, in 2020, Dubin announced that he’s retiring from Engineers Gate to focus more on private investments. As of June 2021, the real-time net worth of Glenn Dubin stands at $2 billion, according to Forbes.
At the end of Q1 2021, the value of Highbridge Capital Management’s stock portfolio has declined a little at $2.5 billion, compared with $2.61 billion in Q4 2020.
SPACs have been an area of interest for Highbridge over the last several months. Bloomberg reported last year that the fund was in talks with certain parties to raise $1 billion to bet on SPACs. However, earlier this year, Bloomberg quoted Jonathan Segal, co-chief investment officer of Highbridge Capital Management LLC, who said in a JPMorgan Chase & Co. podcast that SPAC-related securities have “bubble-like” characteristics.
GFL Environmental Inc. (NYSE: GFL) is the top holding of Highbridge Capital Management and accounts for 3.22% of its 13F portfolio. It is one of the best stocks to buy according to Highbridge, as the fund has over an $80 million stake in the company. Moreover, GFL Environmental Inc. (NYSE: GFL) stock has shown a massive improvement and has soared by 68.09% in the past year.
In Q1 2021, Highbridge Capital sold all shares in American Airlines Group Inc. (NASDAQ: AAL). The fund bought stakes in companies ViacomCBS Inc. (NASDAQ: VIAC) and Churchill Capital Corp II ( NYSE: CCX), which account for 0.77% and 0.6% of its 13F portfolio, respectively. Highbridge Capital increased its stakes by 34% in Danaher Corporation (NYSE: DHR) as DHR stock price has grown by 220% in the past 5 years. On the other hand, Highbridge Capital reduced its position in companies GFL Environmental Inc. (NYSE: GFL) and KKR & Co. Inc. (NYSE: KKR) by 15% and 6%, respectively.
According to Highbridge Capital’s 13F portfolio, the fund has made some investments in the healthcare and technology sectors. This move is evident from its new position in ViacomCBS Inc. (NASDAQ: VIAC) and its increased presence in Danaher Corporation (NYSE: DHR). In Quotient Limited (NASDAQ: QTNT), known for selling diagnostic products, Highbridge Capital has over 5.3 million shares as of the end of the first quarter.
Glenn Russell Dubin of Highbridge Capital Management
Highbridge Capital, like other hedge funds, is going through massive changes. The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and February 26th 2021 our monthly newsletter’s stock picks returned 197.2%, vs. 72.4% for the SPY. Our stock picks outperformed the market by more than 124 percentage points (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Let’s analyze the top 10 stocks to buy according to Highbridge Capital. The list is curated by taking Highbridge Capital’s 13F portfolio into account.
Best Stocks to Buy According to Highbridge Capital
10. Churchill Capital Corp IV (NYSE: CCIV)
Highbridge Capital’s Stake Value: $12,878,000
Percent of Highbridge Capital’s 13F Portfolio: 0.51%
Number of Hedge Fund Holders: 22
Churchill Capital Corp IV (NYSE: CCIV) is last on our list of the best stocks to buy according to Highbridge Capital. It is one of the latest acquisitions of Highbridge Capital, as the fund has bought shares in the company in Q1 2021. Highbridge Capital owns over 1.2 million shares of Churchill Capital Corp IV (NYSE: CCIV), worth $12.8 million.
The shares of Churchill Capital Corp IV (NYSE: CCIV) stock are up 167% in the past year and hit an all-time high of $52.9 in February 2021. In the past month, the stock price has grown by 42.1%.
Like ViacomCBS Inc. (NASDAQ: VIAC), Churchill Capital Corp II ( NYSE: CCX), Danaher Corporation (NYSE: DHR), GFL Environmental Inc. (NYSE: GFL) and KKR & Co. Inc. (NYSE: KKR), CCIV is one of the notable holdings of Highbridge Capital as of the end of the first quarter of 2021.
9. Amryt Pharma plc (NASDAQ: AMYT)
Highbridge Capital’s Stake Value: $14,103,000
Percent of Highbridge Capital’s 13F Portfolio: 0.56%
Number of Hedge Fund Holders: 8
Amryt Pharma plc (NASDAQ: AMYT) is a pharmaceutical company that caters to patients with rare diseases by providing them innovative treatments. As of Q1 2021, Highbridge Capital has increased its stakes in the company by 23% owing to Highbridge’s growing interest in the healthcare sector. The fund owns over 1 million shares in the company, worth $14.1 million.
Amryt Pharma plc (NASDAQ: AMYT) reported revenue of $48.4 million in Q1 2021, compared with 44.5 million during the same period last year. The AMYT stock price has also grown by 50.4% in the past five years. However, it has declined by 14.8% year to date.
8. Churchill Capital Corp II (NYSE: CCX)
Highbridge Capital’s Stake Value: $15,087,000
Percent of Highbridge Capital’s 13F Portfolio: 0.6%
Number of Hedge Fund Holders: 34
Churchill Capital Corp II (NYSE: CCX) stands eighth on our list of the best stocks to buy according to Highbridge Capital. As of Q1 2021, Highbridge Capital Management owns over 1.5 million shares in the company, worth $15.8 million. The company went public in 2019 and raised $690 million in its initial public offering.
Churchill Capital Corp II (NYSE: CCX) is down 8% over the last 12 months.
7. ViacomCBS Inc. (NASDAQ: VIAC)
Highbridge Capital’s Stake Value: $19,497,000
Percent of Highbridge Capital’s 13F Portfolio: 0.77%
Number of Hedge Fund Holders: 89
ViacomCBS Inc. (NASDAQ: VIAC) is seventh on our list of the best stocks to buy according to Highbridge Capital. It is an American entertainment company delivering premium content to a global audience. Highbridge Capital Management owns 432,306 shares in the company which is worth $19.4 million.
ViacomCBS Inc. (NASDAQ: VIAC) Q1 reports show a promising quarter with revenues standing at $7.4 billion, compared with $6.6 billion during the same period last year. ViacomCBS Inc. (NASDAQ: VIAC) is up 15% year to date.
Like Churchill Capital Corp II ( NYSE: CCX), Danaher Corporation (NYSE: DHR), GFL Environmental Inc. (NYSE: GFL) and KKR & Co. Inc. (NYSE: KKR), ViacomCBS Inc. (NASDAQ: VIAC) is one of the notable holdings of Highbridge Capital as of the end of the first quarter of 2021.
6. Quotient Limited (NASDAQ: QTNT)
Highbridge Capital’s Stake Value: $19,585,000
Percent of Highbridge Capital’s 13F Portfolio: 0.78%
Number of Hedge Fund Holders: 10
Quotient Limited (NASDAQ: QTNT) is a diagnostics company that manufactures and sells diagnostic products. The company currently employs over 400 professionals. As of Q1 2021, Highbridge Capital Management owns over 5.3 million shares in the company, worth $19.5 million.
Quotient Limited (NASDAQ: QTNT) Q1 reports showed revenue of over $43 million, compared with $32.6 million in the same period last year. Despite this revenue growth, the stock’s performance remained miserable by hitting an all-time low of $3.4 in March 2020. The stock price also declined by 17% year to date.
As of the end of the first quarter, 10 hedge funds hold stakes in the company, compared to 17 funds a quarter earlier. A privately owned hedge fund, Perceptive Advisor, is the biggest shareholder of Quotient Limited (NASDAQ: QTNT).
Like ViacomCBS Inc. (NASDAQ: VIAC), Churchill Capital Corp II ( NYSE: CCX), Danaher Corporation (NYSE: DHR), GFL Environmental Inc. (NYSE: GFL) and KKR & Co. Inc. (NYSE: KKR), Quotient Limited (NASDAQ: QTNT) is one of the notable holdings of Highbridge Capital as of the end of the first quarter of 2021.
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Disclosure: None. 10 Best Stocks to Buy According to Highbridge Capital Management is originally published on Insider Monkey.
