Rovi Corporation (NASDAQ:ROVI) was in 15 hedge funds’ portfolio at the end of December. ROVI has seen a decrease in support from the world’s most elite money managers lately. There were 16 hedge funds in our database with ROVI holdings at the end of the previous quarter.
In the financial world, there are many metrics shareholders can use to monitor stocks. Some of the best are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the best money managers can outperform the market by a healthy margin (see just how much).
Equally as integral, bullish insider trading activity is a second way to break down the investments you’re interested in. Obviously, there are many incentives for an upper level exec to cut shares of his or her company, but only one, very simple reason why they would initiate a purchase. Plenty of academic studies have demonstrated the valuable potential of this strategy if “monkeys” know what to do (learn more here).
Consequently, it’s important to take a peek at the latest action encompassing Rovi Corporation (NASDAQ:ROVI).
Hedge fund activity in Rovi Corporation (NASDAQ:ROVI)
In preparation for this year, a total of 15 of the hedge funds we track were long in this stock, a change of -6% from the previous quarter. With hedge funds’ sentiment swirling, there exists a few notable hedge fund managers who were upping their holdings significantly.
Of the funds we track, Glenview Capital, managed by Larry Robbins, holds the biggest position in Rovi Corporation (NASDAQ:ROVI). Glenview Capital has a $139 million position in the stock, comprising 2% of its 13F portfolio. On Glenview Capital’s heels is Seth Klarman of Baupost Group, with a $64 million position; the fund has 2.1% of its 13F portfolio invested in the stock. Remaining peers with similar optimism include Mariko Gordon’s Daruma Asset Management, Joseph A. Jolson’s Harvest Capital Strategies and Jim Simons’s Renaissance Technologies.
Due to the fact that Rovi Corporation (NASDAQ:ROVI) has experienced bearish sentiment from the aggregate hedge fund industry, logic holds that there lies a certain “tier” of hedgies that slashed their entire stakes heading into 2013. Intriguingly, Bruce Kovner’s Caxton Associates LP cut the biggest position of the 450+ funds we monitor, worth about $1 million in stock.. Peter Rathjens, Bruce Clarke and John Campbell’s fund, Arrowstreet Capital, also cut its stock, about $1 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest was cut by 1 funds heading into 2013.
What do corporate executives and insiders think about Rovi Corporation (NASDAQ:ROVI)?
Insider buying is at its handiest when the company we’re looking at has seen transactions within the past half-year. Over the last half-year time period, Rovi Corporation (NASDAQ:ROVI) has seen 1 unique insiders buying, and 2 insider sales (see the details of insider trades here).
With the results exhibited by our research, retail investors must always monitor hedge fund and insider trading sentiment, and Rovi Corporation (NASDAQ:ROVI) is an important part of this process.
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