As industrywide interest jumped, some big names have jumped into Enbridge Inc (USA) (NYSE:ENB) headfirst. Renaissance Technologies, managed by Jim Simons, initiated the largest position in Enbridge Inc (USA) (NYSE:ENB). Renaissance Technologies had $27.7 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also made a $25.8 million investment in the stock during the quarter. The following funds were also among the new ENB investors: Stephen J. Errico’s Locust Wood Capital Advisers, John Overdeck and David Siegel’s Two Sigma Advisors, and Richard Driehaus’s Driehaus Capital.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Enbridge Inc (USA) (NYSE:ENB) but similarly valued. We will take a look at Netflix, Inc. (NASDAQ:NFLX), Sumitomo Mitsui Financial Grp, Inc. (ADR) (NYSE:SMFG), Halliburton Company (NYSE:HAL), and PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ). This group of stocks’ market values are closest to ENB’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| NFLX | 55 | 3711921 | 1 |
| SMFG | 10 | 26743 | 0 |
| HAL | 56 | 1801346 | -6 |
| QQQ | 24 | 1423248 | 4 |
As you can see these stocks had an average of 36.25 hedge funds with bullish positions and the average amount invested in these stocks was $1741 million. That figure was $286 million in ENB’s case. Halliburton Company (NYSE:HAL) is the most popular stock in this table. On the other hand Sumitomo Mitsui Financial Grp, Inc. (ADR) (NYSE:SMFG) is the least popular one with only 10 bullish hedge fund positions. Enbridge Inc (USA) (NYSE:ENB) 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. In this regard HAL might be a better candidate to consider a long position.
