Quant Billionaire Jim Simons Loves These 5 Defensive Stocks

2. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 104     

JPMorgan Chase & Co. (NYSE:JPM) operates as a financial services company worldwide. The hedge fund chaired by Jim Simons owned close to 3.9 million shares of JPMorgan Chase & Co. (NYSE:JPM) at the end of June 2022 worth $442 million, representing 0.52% of the portfolio.

On September 12, Deutsche Bank analyst Matt O’Connor kept a Buy rating on JPMorgan Chase & Co. (NYSE:JPM) stock and lowered the price target to $155 from $174, noting that banks had underperformed this year, largely driven by recession fears. 

Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in JPMorgan Chase & Co. (NYSE:JPM), with 7.99 million shares worth roughly $900 million.  

In its Q1 2022 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and JPMorgan Chase & Co. (NYSE:JPM) was one of them. Here is what the fund said:

“More cyclical sectors, including technology and consumer discretionary, were among the weakest, likely due to rising interest rates and inflation. It was encouraging to see the quarter finish on a strong note with the S&P 500 only about 5% away from its all-time highs. Shares of JPMorgan Chase (NYSE:JPM) detracted from performance due to the company’s increased expense guidance, announced in January.”