Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cut their entire stakes in the stock during the third quarter. It’s worth mentioning that Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital cut the largest investment of the 700 funds tracked by Insider Monkey, comprising an estimated $2.6 million in stock. D E Shaw, one of the biggest hedge funds in the world, also said goodbye to its call options, about $1.2 million worth.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Credit Suisse Group AG (ADR) (NYSE:CS) but similarly valued. We will take a look at SYSCO Corporation (NYSE:SYY), Chunghwa Telecom Co., Ltd (ADR) (NYSE:CHT), State Street Corporation (NYSE:STT), and Tata Motors Limited (ADR) (NYSE:TTM). This group of stocks’ market caps are similar to CS’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| SYY | 33 | 3556925 | 2 |
| CHT | 7 | 118953 | -3 |
| STT | 31 | 633743 | -2 |
| TTM | 22 | 844281 | 10 |
As you can see these stocks had an average of 23.25 hedge funds with bullish positions and the average amount invested in these stocks was $1.3 billion. That figure was merely $123 million in CS’s case. SYSCO Corporation (NYSE:SYY) is the most popular stock in this table. On the other hand Chunghwa Telecom Co., Ltd (ADR) (NYSE:CHT) is the least popular one with only 7 bullish hedge fund positions. Credit Suisse Group AG (ADR) (NYSE:CS) 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 SYY might be a better candidate to consider taking a long position in.
