Is Silvercrest Asset Management Group Inc (SAMG) Going to Burn These Hedge Funds?

After several tireless days we have finished crunching the numbers from nearly 900 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms’ equity portfolios as of March 31st. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards Silvercrest Asset Management Group Inc (NASDAQ:SAMG).

Hedge fund interest in Silvercrest Asset Management Group Inc (NASDAQ:SAMG) shares was flat at the end of last quarter. This is usually a negative indicator. Our calculations also showed that SAMG isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings). At the end of this article we will also compare SAMG to other stocks including Medicenna Therapeutics Corp. (NASDAQ:MDNA), PLx Pharma Inc. (NASDAQ:PLXP), and Kindred Biosciences Inc (NASDAQ:KIN) to get a better sense of its popularity.

Why do we pay any attention at all to hedge fund sentiment? Our research has shown that a select group of hedge fund holdings outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.

J. Carlo Cannell of Cannell Capital

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, an activist hedge fund wants to buy this $28 biotech stock for $50. So, we recommended a long position to our monthly premium newsletter subscribers. We go through lists like the 10 best battery 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. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind let’s take a peek at the fresh hedge fund action encompassing Silvercrest Asset Management Group Inc (NASDAQ:SAMG).

Do Hedge Funds Think SAMG Is A Good Stock To Buy Now?

At Q1’s end, a total of 4 of the hedge funds tracked by Insider Monkey were long this stock, a change of 0% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards SAMG over the last 23 quarters. So, let’s review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the number one position in Silvercrest Asset Management Group Inc (NASDAQ:SAMG). Royce & Associates has a $10.8 million position in the stock, comprising 0.1% of its 13F portfolio. The second most bullish fund manager is Renaissance Technologies, with a $3.6 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Some other professional money managers with similar optimism include J. Carlo Cannell’s Cannell Capital, Thomas Bailard’s Bailard Inc and . In terms of the portfolio weights assigned to each position Cannell Capital allocated the biggest weight to Silvercrest Asset Management Group Inc (NASDAQ:SAMG), around 0.12% of its 13F portfolio. Royce & Associates is also relatively very bullish on the stock, earmarking 0.07 percent of its 13F equity portfolio to SAMG.

Earlier we told you that the aggregate hedge fund interest in the stock was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions. This indicates that hedge funds, at the very best, perceive this stock as dead money and they haven’t identified any viable catalysts that can attract investor attention.

Let’s now review hedge fund activity in other stocks similar to Silvercrest Asset Management Group Inc (NASDAQ:SAMG). These stocks are Medicenna Therapeutics Corp. (NASDAQ:MDNA), PLx Pharma Inc. (NASDAQ:PLXP), Kindred Biosciences Inc (NASDAQ:KIN), IZEA Worldwide Inc. (NASDAQ:IZEA), Penn Virginia Corporation (NASDAQ:PVAC), Osmotica Pharmaceuticals plc (NASDAQ:OSMT), and Lantern Pharma Inc. (NASDAQ:LTRN). This group of stocks’ market values are closest to SAMG’s market value.

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As you can see these stocks had an average of 7.1 hedge funds with bullish positions and the average amount invested in these stocks was $22 million. That figure was $15 million in SAMG’s case. Kindred Biosciences Inc (NASDAQ:KIN) is the most popular stock in this table. On the other hand Lantern Pharma Inc. (NASDAQ:LTRN) is the least popular one with only 3 bullish hedge fund positions. Silvercrest Asset Management Group Inc (NASDAQ:SAMG) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for SAMG is 31.3. 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 17.2% in 2021 through June 11th and still beat the market by 3.3 percentage points. A small number of hedge funds were also right about betting on SAMG as the stock returned 13.4% since the end of the first quarter (through 6/11) and outperformed the market by an even larger margin.

Disclosure: None. This article was originally published at Insider Monkey.