Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of September. At Insider Monkey, we follow over 700 of the best-performing investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is DBV Technologies SA – ADR (NASDAQ:DBVT), so let’s take a closer look at the sentiment that surrounds it in the current quarter.
DBV Technologies SA – ADR (NASDAQ:DBVT) was in 17 hedge funds’ portfolios at the end of September. DBVT investors should be aware of an increase in support from the world’s most elite money managers in recent months. There were 12 hedge funds in our database with DBVT positions at the end of the previous quarter. At the end of this article we will also compare DBVT to other stocks including Coherent, Inc. (NASDAQ:COHR), Genesco Inc. (NYSE:GCO), and Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) to get a better sense of its popularity.
If you’d ask most stock holders, hedge funds are seen as underperforming, old financial tools of the past. While there are greater than an 8000 funds in operation at present, Our researchers look at the masters of this club, approximately 700 funds. Most estimates calculate that this group of people command most of all hedge funds’ total asset base, and by observing their inimitable picks, Insider Monkey has discovered various investment strategies that have historically outrun the broader indices. Insider Monkey’s small-cap hedge fund strategy defeated the S&P 500 index by 12 percentage points annually for a decade in their back tests.
Keeping this in mind, let’s go over the key action encompassing DBV Technologies SA – ADR (NASDAQ:DBVT).
Hedge fund activity in DBV Technologies SA – ADR (NASDAQ:DBVT)
At the end of the third quarter, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 42% from the previous quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings considerably (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Julian Baker and Felix Baker’s Baker Bros. Advisors has the most valuable position in DBV Technologies SA – ADR (NASDAQ:DBVT), worth close to $194.4 million, accounting for 1.8% of its total 13F portfolio. The second largest stake is held by Anders Hove and Bong Koh of VHCP Management, with a $45.6 million position; the fund has 11.7% of its 13F portfolio invested in the stock. Remaining peers that are bullish encompass Jeremy Green’s Redmile Group, Jacob Gottlieb’s Visium Asset Management and James E. Flynn’s Deerfield Management.
Consequently, key money managers were breaking ground themselves. Redmile Group, managed by Jeremy Green, created the biggest position in DBV Technologies SA – ADR (NASDAQ:DBVT). Redmile Group had $19 million invested in the company at the end of the quarter. Christopher James’s Partner Fund Management also made a $9.8 million investment in the stock during the quarter. The other funds with brand new DBVT positions are Kyle Bass’s Hayman Advisors, Richard Driehaus’s Driehaus Capital, and Brad Farber’s Atika Capital.
Let’s now review hedge fund activity in other stocks similar to DBV Technologies SA – ADR (NASDAQ:DBVT). We will take a look at Coherent, Inc. (NASDAQ:COHR), Genesco Inc. (NYSE:GCO), Himax Technologies, Inc. (ADR) (NASDAQ:HIMX), and CoreSite Realty Corp (NYSE:COR). This group of stocks’ market caps match DBVT’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| COHR | 17 | 74097 | -5 |
| GCO | 12 | 106406 | 1 |
| HIMX | 11 | 85966 | -5 |
| COR | 10 | 92476 | 1 |
As you can see these stocks had an average of 12.5 hedge funds with bullish positions and the average amount invested in these stocks was $90 million. That figure was $344 million in DBVT’s case. Coherent, Inc. (NASDAQ:COHR) is the most popular stock in this table. On the other hand CoreSite Realty Corp (NYSE:COR) is the least popular one with only 10 bullish hedge fund positions. Compared to the other stocks, DBV Technologies SA – ADR (NASDAQ:DBVT) is the most popular stock in this group and that signal makes DBVT worth a closer look.
