The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards ACCO Brands Corporation (NYSE:ACCO) .
Is ACCO Brands Corporation (NYSE:ACCO) ready to rally soon? Investors who are in the know are taking a bullish view. The number of long hedge fund investments advanced by 1 lately. ACCO was in 20 hedge funds’ portfolios at the end of September. There were 19 hedge funds in our database with ACCO holdings at the end of the previous quarter. At the end of this article we will also compare ACCO to other stocks including Green Dot Corporation (NYSE:GDOT), Amplify Snack Brands Inc (NYSE:BETR), and Innospec Inc. (NASDAQ:IOSP) to get a better sense of its popularity.
Follow Acco Brands Corp (NYSE:ACCO)
Follow Acco Brands Corp (NYSE:ACCO)
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
Hedge fund activity in ACCO Brands Corporation (NYSE:ACCO)
At Q3’s end, a total of 20 of the hedge funds tracked by Insider Monkey were long this stock, a rise of 5% from the second quarter of 2016. The graph below displays the number of hedge funds with bullish position in ACCO over the last 5 quarters, which has steadily risen throughout that time. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
When looking at the institutional investors followed by Insider Monkey, D E Shaw has the most valuable position in ACCO Brands Corporation (NYSE:ACCO), worth close to $12.8 million. On D E Shaw’s heels is AQR Capital Management, led by Cliff Asness, holding an $8.4 million position. Other members of the smart money with similar optimism consist of Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Robert B. Gillam’s McKinley Capital Management and Ken Griffin’s Citadel Investment Group. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.
As aggregate interest increased, some big names were breaking ground themselves. McKinley Capital Management established the biggest position in ACCO Brands Corporation (NYSE:ACCO). McKinley Capital Management had $2.7 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $0.2 million investment in the stock during the quarter.
Let’s now take a look at hedge fund activity in other stocks similar to ACCO Brands Corporation (NYSE:ACCO). We will take a look at Green Dot Corporation (NYSE:GDOT), Amplify Snack Brands Inc (NYSE:BETR), Innospec Inc. (NASDAQ:IOSP), and NuStar GP Holdings, LLC (NYSE:NSH). All of these stocks’ market caps are similar to ACCO’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| GDOT | 17 | 180354 | -2 |
| BETR | 5 | 13193 | -5 |
| IOSP | 18 | 141063 | 0 |
| NSH | 4 | 6488 | -2 |
As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $85 million. That figure was $41 million in ACCO’s case. Innospec Inc. (NASDAQ:IOSP) is the most popular stock in this table. On the other hand NuStar GP Holdings, LLC (NYSE:NSH) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks ACCO Brands Corporation (NYSE:ACCO) 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.
Disclosure: None
