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Do Hedge Funds Love Oportun Financial Corporation (OPRT)?


2020/06/22 18:19  Insider Monkey

Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out what the billionaire investors and hedge funds think of Oportun Financial Corporation (NASDAQ:OPRT).

Is Oportun Financial Corporation (NASDAQ: OPRT)a good stock to buy now? Hedge funds are in a bullish mood. The number of bullish hedge fund bets advanced by 4 lately. Our calculations also showed that OPRT isn't among the30 most popular stocks among hedge funds(click for Q1 rankings and see the video for a quick look at the top 5 stocks). Video: Watch our video about the top 5 most popular hedge fund stocks.

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 101% since March 2017 and outperformed the S&P 500 ETFs by more than 58 percentage points. Our short strategy outperformed the S&P 500 short ETFs by 20 percentage points annually (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.

[caption id="attachment_27209" align="aligncenter" width="394"] Jim Simons Founder of Renaissance Technologies[/caption]


At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, We take a look at lists like the 10 most profitable companies in the world to identify the compounders that are likely to deliver double digit returns. We interview hedge fund managers and ask them about their best ideas. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. For example we are checking out stocks recommended/scorned by legendary Bill Miller . Our best call in 2020 was shorting the market when the S&P 500 was trading at 3150 in February after realizing the coronavirus pandemic’s significance before most investors. Keeping this in mind we're going to take a glance at the fresh hedge fund action surrounding Oportun Financial Corporation (NASDAQ:OPRT).

How are hedge funds trading Oportun Financial Corporation (NASDAQ:OPRT)?

Heading into the second quarter of 2020, a total of 8 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 100% from the fourth quarter of 2019. By comparison, 0 hedge funds held shares or bullish call options in OPRT a year ago. With hedge funds' sentiment swirling, there exists a select group of key hedge fund managers who were boosting their stakes significantly (or already accumulated large positions).


Among these funds,Mendon Capital Advisorsheld the most valuable stake in Oportun Financial Corporation (NASDAQ:OPRT), which was worth $1.4 million at the end of the third quarter. On the second spot was Citadel Investment Group which amassed $0.4 million worth of shares. D E Shaw, ExodusPoint Capital, and Renaissance Technologies were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Mendon Capital Advisors allocated the biggest weight to Oportun Financial Corporation (NASDAQ:OPRT), around 0.69% of its 13F portfolio.Wildcat Capital Managementis also relatively very bullish on the stock, dishing out 0.09 percent of its 13F equity portfolio to OPRT.

As aggregate interest increased, specific money managers were breaking ground themselves. Citadel Investment Group, managed by Ken Griffin, initiated the most valuable position in Oportun Financial Corporation (NASDAQ:OPRT). Citadel Investment Group had $0.4 million invested in the company at the end of the quarter. Michael Gelband'sExodusPoint Capitalalso made a $0.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Renaissance Technologies, Leonard A. Potter's Wildcat Capital Management, and Thomas Bailard'sBailard Inc.

Let's also examine hedge fund activity in other stocks similar to Oportun Financial Corporation (NASDAQ:OPRT). We will take a look at Calithera Biosciences Inc (NASDAQ:CALA), Peoples Financial Services Corp. (NASDAQ:PFIS), Tidewater Inc. (NYSE:TDW), and The Children's Place Inc. (NASDAQ:PLCE). This group of stocks' market valuations resemble OPRT's market valuation.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CALA,12,71096,-2 PFIS,1,3174,0 TDW,8,56765,-2 PLCE,18,93619,-7 Average,9.75,56164,-2.75 [/table]

View table hereif you experience formatting issues.

As you can see these stocks had an average of 9.75 hedge funds with bullish positions and the average amount invested in these stocks was $56 million. That figure was $3 million in OPRT's case. The Children's Place Inc. (NASDAQ:PLCE) is the most popular stock in this table. On the other hand Peoples Financial Services Corp. (NASDAQ:PFIS) is the least popular one with only 1 bullish hedge fund positions. Oportun Financial Corporation (NASDAQ:OPRT) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed thattop 10 most popular stocksamong hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 12.2% in 2020 through June 17th and still beat the market by 14.8 percentage points. A small number of hedge funds were also right about betting on OPRT as the stock returned 26.5% during the second quarter and outperformed the market by an even larger margin.

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Disclosure: None. This article was originally published atInsider Monkey.

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在我们花费无数小时研究一家公司之前,我们喜欢先分析内部人士、对冲基金和亿万富翁投资者对这只股票的看法。这是我们投资过程中必要的第一步,因为我们的研究表明,精英投资者的共识回报一直非常出色。在以下段落中,我们将了解亿万富翁投资者和对冲基金对Oportun Financial Corporation(纳斯达克股票代码:OPRT)的看法。


在金融界,投资者有大量的工具可以用来给股票评级。最不引人注意的两个工具是对冲基金和内幕交易指标。我们已经证明,从历史上看,那些追随最优秀基金经理的人的表现可以比更广泛的指数高出很多。自2017年3月以来,Insider Monkey的月度选股回报率为101%,表现比标准普尔500指数ETF高出58个百分点以上。我们的做空策略每年的表现比标准普尔500指数做空ETF高出20个百分点(详见此处)。这就是为什么我们认为对冲基金情绪是投资者应该关注的有用指标。



在Insider Monkey,我们不遗余力地寻找下一个伟大的投资想法。例如,我们查看了世界上最赚钱的10家公司的名单,以确定可能提供两位数回报的复利公司。我们采访对冲基金经理,询问他们最好的想法。我们读对冲基金投资者的信,听对冲基金会议上的股票推介。例如,我们正在检查传奇人物比尔·米勒(Bill Miller)推荐/鄙视的股票。我们在2020年最好的决定是做空市场,当时标准普尔500指数在2月份的交易价格为3,150点,此前我们意识到冠状病毒大流行™在大多数投资者面前的重要性。牢记这一点,我们来看看围绕Oportun金融公司(纳斯达克股票代码:OPRT)的对冲基金的新行动。

对冲基金如何交易Oportun Financial Corporation(纳斯达克股票代码:OPRT)?

进入2020年第二季度,Insider Monkey追踪的对冲基金中共有8家持有这只股票的多头头寸,与2019年第四季度相比变化了100%。相比之下,一年前对冲基金持有OPRT的股票或看涨期权。随着对冲基金情绪的波动,有一批精选的关键对冲基金经理正在大幅增持股份(或者已经积累了大量头寸)。


在这些基金中,Mendon Capital Advisorsheld持有Oportun Financial Corporation(纳斯达克市场代码:OPRT)最有价值的股份,在第三季度末价值140万美元。排名第二的是城堡投资集团(Citadel Investment Group),该集团积累了价值40万美元的股票。D E Shaw、ExodusPoint Capital和Renaissance Technologies也非常喜欢这只股票,成为该公司最大的对冲基金持有者之一。就每个头寸的投资组合权重而言,Mendon Capital Advisors给予Oportun Financial Corporation(纳斯达克股票代码:OPRT)的权重最大,约占其13F投资组合的0.69%,Wildcat Capital Management也相对非常看好该股,将其13F股票投资组合的0.09%分配给OPRT。

随着总利息的增加,特定的基金经理自己也在破土动工。由肯·格里芬(Ken Griffin)管理的城堡投资集团(Citadel Investment Group)在奥波顿金融公司(纳斯达克市场代码:OPRT)设立了最有价值的职位。截至季度末,Citadel Investment Group向该公司投资了40万美元。迈克尔·盖尔班德(Michael Gelband)的ExodusPoint Capital在本季度也对该股进行了30万美元的投资。其他持有该股新头寸的基金包括复兴技术公司(Renaissance Technologies)、伦纳德·A·波特(Leonard A.Potter)的野猫资本管理公司(Wildcat Capital Management)和托马斯·贝拉德(Thomas Bailard)的Bailard Inc。

我们也来看看其他类似波顿金融公司(纳斯达克股票代码:OPRT)的股票中的对冲基金活动。我们将看看Calithera Biosciences Inc(纳斯达克股票代码:CALA)、人民金融服务公司(People Financial Services Corp.)。(纳斯达克股票代码:PFIS),Tidewater Inc.(纽约证券交易所股票代码:TDW)和The Children‘s Place Inc.(纳斯达克市场代码:PLCE)。这组股票的市场估值与OPRT的市场估值相似。

[表]滚动条,有位置的HF数量,HF位置的总值(X1000),HF位置CALA的变化,12,71096,-2\f25 PFI-2\f6,-2\f25 1,3174,0 TDW,8,56765,-2\f25 PLCE-2\f6,18,93619,-7\f25 Average,9.75,56164,-2.75[/TABLE]


正如你所看到的,这些股票平均有9.75个持有看涨头寸的对冲基金,平均投资于这些股票的金额为5600万美元。在OPRT的案例中,这个数字是300万美元。儿童之家(The Children‘s Place Inc.)纳斯达克股票代码:PLCE)是本表中最受欢迎的股票。另一方面,人民金融服务公司。(纳斯达克股票代码:PFIS)是最不受欢迎的,只有1个看涨对冲基金头寸。Oportun Financial Corporation(纳斯达克股票代码:OPRT)不是这类股票中最不受欢迎的股票,但对冲基金的兴趣仍然低于平均水平。我们的计算显示,对冲基金中最受欢迎的前10只股票在2019年的回报率为41.4%,表现比标准普尔500指数交易所交易基金(SPY)高出10.1个百分点。截至6月17日,这些股票在2020年上涨了12.2%,仍比大盘高出14.8个百分点。少数对冲基金对OPRT的押注也是正确的,因为该股在第二季度的回报率为26.5%,表现优于大盘,幅度更大。


披露:没有。本文最初发表在“内幕猴子”(Insider Monkey)杂志上。






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