As one would reasonably expect, key money managers have been driving this bullishness. Ascend Capital, managed by Malcolm Fairbairn, created the biggest position in Spirit Realty Capital Inc (NYSE:SRC). Ascend Capital had $10.7 million invested in the company at the end of the quarter. Curtis Schenker and Craig Effron’s Scoggin also made an $8.9 million investment in the stock during the quarter. The following funds were also among the new SRC investors: Richard Driehaus’s Driehaus Capital, David Costen Haley’s HBK Investments, and J. Alan Reid, Jr.’s Forward Management.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Spirit Realty Capital Inc (NYSE:SRC) but similarly valued. These stocks are Phillips 66 Partners LP (NYSE:PSXP), Endurance Specialty Holdings Ltd. (NYSE:ENH), Cullen/Frost Bankers, Inc. (NYSE:CFR), and Mercadolibre Inc (NASDAQ:MELI). This group of stocks’ market values resemble SRC’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| PSXP | 7 | 25554 | 1 |
| ENH | 22 | 227523 | 7 |
| CFR | 15 | 51427 | 4 |
| MELI | 14 | 286423 | 0 |
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 $148 million. That figure was $337 million in SRC’s case. Endurance Specialty Holdings Ltd. (NYSE:ENH) 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 7 bullish hedge fund positions. Compared to these stocks Spirit Realty Capital Inc (NYSE:SRC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
