We at Insider Monkey have gone over 867 13F filings that hedge funds and prominent investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of September 30th. In this article, we look at what those funds think of Exelon Corporation (NASDAQ:EXC) based on that data.
Exelon Corporation (NASDAQ:EXC) investors should be aware of an increase in hedge fund interest of late. Exelon Corporation (NASDAQ:EXC) was in 36 hedge funds’ portfolios at the end of September. The all time high for this statistic is 44. Our calculations also showed that EXC isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings).
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Keeping this in mind we’re going to analyze the fresh hedge fund action encompassing Exelon Corporation (NASDAQ:EXC).
Stuart Zimmer of Zimmer Partners
Do Hedge Funds Think EXC Is A Good Stock To Buy Now?
At the end of September, a total of 36 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 3% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards EXC over the last 25 quarters. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Exelon Corporation (NASDAQ:EXC) was held by Zimmer Partners, which reported holding $211.8 million worth of stock at the end of September. It was followed by Electron Capital Partners with a $196.3 million position. Other investors bullish on the company included Citadel Investment Group, Corvex Capital, and Adage Capital Management. In terms of the portfolio weights assigned to each position Electron Capital Partners allocated the biggest weight to Exelon Corporation (NASDAQ:EXC), around 10.38% of its 13F portfolio. Coann Capital is also relatively very bullish on the stock, designating 7.08 percent of its 13F equity portfolio to EXC.
As one would reasonably expect, specific money managers were breaking ground themselves. ExodusPoint Capital, managed by Michael Gelband, assembled the largest position in Exelon Corporation (NASDAQ:EXC). ExodusPoint Capital had $42.4 million invested in the company at the end of the quarter. Richard C. Patton’s Courage Capital also made a $6.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Clint Carlson’s Carlson Capital, James Morrow’s Callodine Capital Management, and Paul Tudor Jones’s Tudor Investment Corp.
Let’s also examine hedge fund activity in other stocks similar to Exelon Corporation (NASDAQ:EXC). These stocks are TC Energy Corporation (NYSE:TRP), Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), Roper Technologies Inc. (NYSE:ROP), Monster Beverage Corp (NASDAQ:MNST), EOG Resources Inc (NYSE:EOG), Palo Alto Networks Inc (NASDAQ:PANW), and IHS Markit Ltd. (NYSE:INFO). This group of stocks’ market values resemble EXC’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| TRP | 15 | 84084 | -7 |
| VRTX | 55 | 2713283 | -5 |
| ROP | 45 | 1667275 | 4 |
| MNST | 42 | 2134498 | -4 |
| EOG | 47 | 1024547 | 12 |
| PANW | 73 | 5899838 | 4 |
| INFO | 64 | 6723219 | 3 |
| Average | 48.7 | 2892392 | 1 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 48.7 hedge funds with bullish positions and the average amount invested in these stocks was $2892 million. That figure was $1109 million in EXC’s case. Palo Alto Networks Inc (NASDAQ:PANW) is the most popular stock in this table. On the other hand TC Energy Corporation (NYSE:TRP) is the least popular one with only 15 bullish hedge fund positions. Exelon Corporation (NASDAQ:EXC) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for EXC is 48.6. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 28.6% in 2021 through November 30th and still beat the market by 5.6 percentage points. A small number of hedge funds were also right about betting on EXC as the stock returned 9.9% since the end of the third quarter (through 11/30) and outperformed the market by an even larger margin.
Follow Exelon Corp (NYSE:EXC)
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Disclosure: None. This article was originally published at Insider Monkey.
