Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds’ and successful investors’ positions as of the end of the third quarter. You can find articles about an individual hedge fund’s trades on numerous financial news websites. However, in this article we will take a look at their collective moves over the last 4 years and analyze what the smart money thinks of Oxford Industries, Inc. (NYSE:OXM) based on that data.
Oxford Industries, Inc. (NYSE:OXM) investors should be aware of an increase in activity from the world’s largest hedge funds recently. Our calculations also showed that OXM isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video below for Q2 rankings).
Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.
If you’d ask most shareholders, hedge funds are assumed to be underperforming, outdated investment tools of yesteryear. While there are greater than 8000 funds trading today, Our researchers look at the leaders of this group, about 750 funds. Most estimates calculate that this group of people shepherd the majority of all hedge funds’ total capital, and by keeping an eye on their first-class stock picks, Insider Monkey has found various investment strategies that have historically defeated the market. Insider Monkey’s flagship short hedge fund strategy exceeded the S&P 500 short ETFs by around 20 percentage points a year since its inception in May 2014. Our portfolio of short stocks lost 27.8% since February 2017 (through November 21st) even though the market was up more than 39% during the same period. We just shared a list of 7 short targets in our latest quarterly update .
Lee Ainslie of Maverick Capital
We leave no stone unturned when looking for the next great investment idea. For example Europe is set to become the world’s largest cannabis market, so we check out this European marijuana stock pitch. One of the most bullish analysts in America just put his money where his mouth is. He says, “I’m investing more today than I did back in early 2009.” So we check out his pitch. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. We also rely on the best performing hedge funds‘ buy/sell signals. Let’s take a gander at the key hedge fund action surrounding Oxford Industries, Inc. (NYSE:OXM).
How have hedgies been trading Oxford Industries, Inc. (NYSE:OXM)?
At the end of the third quarter, a total of 14 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 8% from the second quarter of 2019. The graph below displays the number of hedge funds with bullish position in OXM over the last 17 quarters. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were boosting their stakes substantially (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Cardinal Capital, managed by Amy Minella, holds the largest position in Oxford Industries, Inc. (NYSE:OXM). Cardinal Capital has a $40.5 million position in the stock, comprising 1.3% of its 13F portfolio. Sitting at the No. 2 spot is Maverick Capital, led by Lee Ainslie, holding a $11.6 million position; 0.2% of its 13F portfolio is allocated to the stock. Remaining hedge funds and institutional investors that are bullish consist of Ken Griffin’s Citadel Investment Group, Israel Englander’s Millennium Management and Philippe Laffont’s Coatue Management. In terms of the portfolio weights assigned to each position Cardinal Capital allocated the biggest weight to Oxford Industries, Inc. (NYSE:OXM), around 1.34% of its 13F portfolio. Maverick Capital is also relatively very bullish on the stock, earmarking 0.17 percent of its 13F equity portfolio to OXM.
As aggregate interest increased, key hedge funds have jumped into Oxford Industries, Inc. (NYSE:OXM) headfirst. Balyasny Asset Management, managed by Dmitry Balyasny, initiated the biggest position in Oxford Industries, Inc. (NYSE:OXM). Balyasny Asset Management had $0.9 million invested in the company at the end of the quarter. Mike Vranos’s Ellington also initiated a $0.7 million position during the quarter. The only other fund with a new position in the stock is Matthew Hulsizer’s PEAK6 Capital Management.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Oxford Industries, Inc. (NYSE:OXM) but similarly valued. These stocks are Summit Hotel Properties Inc (NYSE:INN), Guess’, Inc. (NYSE:GES), Tabula Rasa HealthCare, Inc. (NASDAQ:TRHC), and OceanFirst Financial Corp. (NASDAQ:OCFC). This group of stocks’ market valuations are similar to OXM’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| INN | 15 | 31264 | 3 |
| GES | 17 | 84122 | 2 |
| TRHC | 10 | 58647 | 3 |
| OCFC | 13 | 66418 | 0 |
| Average | 13.75 | 60113 | 2 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 13.75 hedge funds with bullish positions and the average amount invested in these stocks was $60 million. That figure was $75 million in OXM’s case. Guess’, Inc. (NYSE:GES) is the most popular stock in this table. On the other hand Tabula Rasa HealthCare, Inc. (NASDAQ:TRHC) is the least popular one with only 10 bullish hedge fund positions. Oxford Industries, Inc. (NYSE:OXM) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 20 most popular stocks among hedge funds returned 37.4% in 2019 through the end of November and outperformed the S&P 500 ETF (SPY) by 9.9 percentage points. Unfortunately OXM wasn’t nearly as popular as these 20 stocks and hedge funds that were betting on OXM were disappointed as the stock returned 4.3% during the fourth quarter (through the end of November) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 20 most popular stocks among hedge funds as many of these stocks already outperformed the market so far this year.
Disclosure: None. This article was originally published at Insider Monkey.
