The Insider Monkey team has completed processing the quarterly 13F filings for the June quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors experienced strong gains on the back of a strong market performance, which certainly propelled them to adjust their equity holdings so as to maintain the desired risk profile. As a result, the relevancy of these public filings and their content is indisputable, as they may reveal numerous high-potential stocks. The following article will discuss the smart money sentiment towards Yandex NV (NASDAQ:YNDX).
Yandex NV (NASDAQ:YNDX) has experienced an increase in activity from the world’s largest hedge funds lately. Yandex NV (NASDAQ:YNDX) was in 31 hedge funds’ portfolios at the end of the second quarter of 2021. The all time high for this statistic is 48. Our calculations also showed that YNDX isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings).
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey’s monthly stock picks returned 185.4% since March 2017 and outperformed the S&P 500 ETFs by more than 79 percentage points (see the details here). That’s why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
John Armitage of Egerton Capital
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV 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 go over the recent hedge fund action regarding Yandex NV (NASDAQ:YNDX).
Do Hedge Funds Think YNDX Is A Good Stock To Buy Now?
Heading into the third quarter of 2021, a total of 31 of the hedge funds tracked by Insider Monkey were long this stock, a change of 7% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in YNDX over the last 24 quarters. With the smart money’s positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their holdings substantially (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.
Now, specific money managers were leading the bulls’ herd. Marshall Wace LLP, managed by Paul Marshall and Ian Wace, created the biggest 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 initiated a $17.4 million position during the quarter. The other funds with new positions in the stock 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 also examine hedge fund activity in other stocks – not necessarily in the same industry as Yandex NV (NASDAQ:YNDX) but similarly valued. These stocks are 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 values are closest to YNDX’s market value.
| 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 24.9% in 2021 through October 15th and still beat the market by 4.5 percentage points. A small number of hedge funds were also right about betting on YNDX as the stock returned 7.7% since the end of the second quarter (through 10/15) 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.
