Bruno Del Ama, manager of the Global X Guru ETF shifts his holdings based on the quarterly 13F filings of hedge funds and has almost doubled the performance of the Standard & Poor’s 500 stock index this year.
Archive for the ‘13F filings’ Category
Reuters’ Katya Wachtel talks with Reuters TV’s Lisa Bernhard about what can be gleaned about hedge fund managers’ market views and performance based on their quarterly holdings filings with the SEC. George Soros looks prescient with his decision to dump shares of U.S. Airways Group Inc. ahead of news that the Justice Department would sue to block a proposed merger between U.S. Airways and American Airlines. Soros also got into Sprintâ€”along with Eton Park, Farallon and Omega Advisorsâ€”ahead of news that SoftBank would buy the mobile provider. Meanwhile after losing hundreds of billions on gold, John Paulson halved his gold bet in the second quarter. Dan Loeb also cut his gold holdings.
Katya’s discussion runs from the opening to about the 3:55 mark.
Our friends at Chadwick Investment Group are out with a short research piece talking about how the VIX doesn’t really get the job done for analyzing whether the volatility environment is good or bad for managed futures:. The rest of their piece is a nice ‘back to the basics’ look at how volatility in multiple markets affects trend following returns, including some charts showing global volatility back near pre-crisis 2007 levels. Here’s to hoping that is a spring being loaded up with tension about to pop like it did in 2008… Continue Reading..
Adding ‘alternatives’ to your portfolio has never been as easy as today with the plethora of so called ‘liquid alternatives’, or mutual funds specializing in alternative investments such as mutual funds, which has made it even easier to separate the naive from their money. Principal Group explains all you ever need to know about managed futures in your portfolio in just a couple sentences. (heavy on the sarcasm). Continue Reading…
Street of Walls is out with its latest analysis of hedge fund SEC Form 13F filings. As we have point out previously, the 13F filings are an interesting, if incomplete, trailing indicator of hedge fund sentiment. Nevertheless, it makes for good reading and the Street of Walls folks do a nice job digging through them and synthesizing what they find.
Here are the highlights of their report:
- The most crowded new ideas during the quarter were AAPL, GOOG, WYNN, and HCA. Other new positions shared among hedge funds but with less overlap were PCLN, DTV, LBTYA, SHW, ANV, NFLX, VRSN, SHW, TRIP, and SIRI.
- Excluding large allocation from Hayman, Financials saw a -2.0% decline in sector exposures. Low rates and mortgage related put-back problems in Financials may have led managers to trim and exit positions within the space throughout 2011 and into 2012.
- We found a majority of hedge funds largest positions were shared amongst the hedge funds in our universe. AAPL was by far the most crowded position in the top 12 holdings for hedge funds: Greenlight, Lone Pine, Appaloosa, Maverick, Passport, Blue Ridge, Coatue, and Tiger all have AAPL as one of the largest position in their holdings. Other large crowded positions include GOOG, ESRX, DLPH, QCOM, and C.
- On average the funds listed below bought companies with a 2012 forward price to earnings ratio of 17.5x vs. 18.6x last quarter. Appaloosa and Baupost bought into the higher valuation stocks at 47.4x and 27.9x respectively while Glenview and Hayman bought into much lower valuations at 12.4x and 11.8x respectively.
To read the full report at streetofwalls.com, click here.