TerraForm Global Inc (GLBL): Are Hedge Funds Right About This Stock?

Concerns over a shift in Fed’s easy monetary policy have hit several hedge funds hard during the third quarter. A number of sectors are in correction territory. More importantly, Russell 2000 ETF (IWM) underperformed the larger S&P 500 ETF (SPY) by more than 14 percentage points between June 25, 2015 and October 30, 2015. Hedge funds and institutional investors tracked by Insider Monkey usually invest a disproportionate amount of their portfolios in smaller cap stocks. We have been receiving indications that hedge funds were paring back their overall exposure and this is one of the factors behind the recent movements in major indices. In this article, we will take a closer look at hedge fund sentiment towards TerraForm Global Inc (NASDAQ:GLBL).

TerraForm Global Inc shareholders have witnessed an increase in activity from the world’s largest hedge funds recently. GLBL was in 23 hedge funds’ portfolios at the end of September. There were 0 hedge funds in our database with GLBL holdings at the end of the previous quarter due to the fact that GLBL did its IPO recently. At the end of this article we will also compare GLBL to other stocks including MiMedx Group Inc (NASDAQ:MDXG), American Woodmark Corporation (NASDAQ:AMWD), and Sunrun Inc (NASDAQ:RUN) to get a better sense of its popularity.

To most market participants, hedge funds are perceived as worthless, old financial vehicles of yesteryear. While there are over 8000 funds in operation at the moment, Our researchers choose to focus on the aristocrats of this club, about 700 funds. These investment experts have their hands on most of all hedge funds’ total capital, and by tailing their best investments, Insider Monkey has unearthed a few investment strategies that have historically outstripped Mr. Market. Insider Monkey’s small-cap hedge fund strategy outstripped the S&P 500 index by 12 percentage points per year for a decade in their back tests.

Now, let’s take a glance at the fresh action regarding TerraForm Global Inc (NASDAQ:GLBL).

What have hedge funds been doing with TerraForm Global Inc (NASDAQ:GLBL)?

According to Insider Monkey’s hedge fund database, Omega Advisors, managed by Leon Cooperman, holds the largest position in TerraForm Global Inc (NASDAQ:GLBL). Omega Advisors has a $38.6 million position in the stock, comprising 0.8% of its 13F portfolio. On Omega Advisors’s heels is Jonathan Barrett and Paul Segal of Luminus Management, with a $26.8 million position; 0.8% of its 13F portfolio is allocated to the stock. Other professional money managers with similar optimism consist of Larry Robbins’s Glenview Capital, Robert Pohly’s Samlyn Capital and Mark Kingdon’s Kingdon Capital.