In this article you are going to find out whether hedge funds think Yandex NV (NASDAQ:YNDX) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market.
Yandex NV (NASDAQ:YNDX) was in 31 hedge funds’ portfolios at the end of June. The all time high for this statistic is 48. YNDX investors should be aware of an increase in support from the world’s most elite money managers of late. There were 29 hedge funds in our database with YNDX positions at the end of the first quarter. Our calculations also showed that YNDX isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings).
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Do Hedge Funds Think YNDX Is A Good Stock To Buy Now?
At Q2’s end, a total of 31 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from the first quarter of 2020. On the other hand, there were a total of 44 hedge funds with a bullish position in YNDX a year ago. With hedgies’ positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
The largest stake in Yandex NV (NASDAQ:YNDX) was held by 0, which reported holding $418.8 million worth of stock at the end of June. It was followed by Fisher Asset Management with a $356.1 million position. Other investors bullish on the company included Egerton Capital Limited, Driehaus Capital, and Marshall Wace LLP. In terms of the portfolio weights assigned to each position Portsea Asset Management allocated the biggest weight to Yandex NV (NASDAQ:YNDX), around 9.53% of its 13F portfolio. Cartica Management is also relatively very bullish on the stock, designating 6.58 percent of its 13F equity portfolio to YNDX.
Consequently, specific money managers have been driving this bullishness. Marshall Wace LLP, managed by Paul Marshall and Ian Wace, initiated the most valuable position in Yandex NV (NASDAQ:YNDX). Marshall Wace LLP had $54.3 million invested in the company at the end of the quarter. Cyrus de Weck’s Portsea Asset Management also made a $17.4 million investment in the stock during the quarter. The other funds with brand new YNDX positions are Brian Ashford-Russell and Tim Woolley’s Polar Capital, Guy Shahar’s DSAM Partners, and Clayton Gardner and Joe Percoco’s Titan Global Capital.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Yandex NV (NASDAQ:YNDX) but similarly valued. We will take a look at CDW Corporation (NASDAQ:CDW), Ryanair Holdings plc (NASDAQ:RYAAY), Fresenius Medical Care AG & Co. KGaA (NYSE:FMS), XP Inc. (NASDAQ:XP), Northern Trust Corporation (NASDAQ:NTRS), Expedia Group Inc (NASDAQ:EXPE), and International Paper Company (NYSE:IP). This group of stocks’ market valuations are similar to YNDX’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| CDW | 27 | 1760880 | -3 |
| RYAAY | 15 | 456068 | 1 |
| FMS | 5 | 5127 | -7 |
| XP | 25 | 579824 | 2 |
| NTRS | 32 | 499610 | 4 |
| EXPE | 87 | 5922167 | 1 |
| IP | 31 | 209500 | -5 |
| Average | 31.7 | 1347597 | -1 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 31.7 hedge funds with bullish positions and the average amount invested in these stocks was $1348 million. That figure was $1362 million in YNDX’s case. Expedia Group Inc (NASDAQ:EXPE) is the most popular stock in this table. On the other hand Fresenius Medical Care AG & Co. KGaA (NYSE:FMS) is the least popular one with only 5 bullish hedge fund positions. Yandex NV (NASDAQ:YNDX) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for YNDX is 42.2. 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 29.6% in 2021 through November 5th and still beat the market by 3.1 percentage points. A small number of hedge funds were also right about betting on YNDX as the stock returned 21.7% since the end of the second quarter (through 11/5) and outperformed the market by an even larger margin.
Follow Yandex N.v. (NASDAQ:YNDX)
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Disclosure: None. This article was originally published at Insider Monkey.
