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Were Hedge Funds Right About Piling Into Peloton Interactive, Inc. (PTON)?

对冲基金涌入佩洛顿互动公司(peloton Interactive,Inc.)的说法是正确的吗?(PTON)?

2020/07/14 16:33  Insider Monkey

The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are almost done with the second quarter. Investors decided to bet on the economic recovery and a stock market rebound. S&P 500 Index returned almost 20% this quarter. In this article you are going to find out whether hedge funds thoughtPeloton Interactive, Inc. (NASDAQ:PTON) was a good investment heading into the second quarter and how the stock traded in comparison to the top hedge fund picks.

Peloton Interactive, Inc. (NASDAQ: PTON)shareholders have witnessed an increase in enthusiasm from smart money recently. PTON was in 36 hedge funds' portfolios at the end of the first quarter of 2020. There were 30 hedge funds in our database with PTON positions at the end of the previous quarter. Our calculations also showed that PTON 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.

According to most stock holders, hedge funds are assumed to be slow, outdated financial vehicles of yesteryear. While there are over 8000 funds in operation at the moment, Our researchers look at the moguls of this club, approximately 850 funds. These hedge fund managers preside over the lion's share of all hedge funds' total asset base, and by paying attention to their inimitable picks, Insider Monkey has brought to light a number of investment strategies that have historically outrun the S&P 500 index. Insider Monkey's flagship short hedge fund strategy outstripped the S&P 500 short ETFs by around 20 percentage points per year since its inception in March 2017. Our portfolio of short stocks lost 36% since February 2017 (through May 18th) even though the market was up 30% during the same period. We just shared a list of 8 short targets in ourlatest quarterly update.

[caption id="attachment_340081" align="aligncenter" width="400"] Phill Gross of Adage Capital Management[/caption]

At Insider Monkey we scour multiple sources to uncover the next great investment idea. There is a lot of volatility in the markets and this presents amazing investment opportunities from time to time. For example, this trader claims to deliver juiced up returns with one trade a week, so we are checking out his highest conviction idea . A second trader claims to score lucrative profits by utilizing a “weekend trading strategy”, so we look into his strategy’s picks . We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. Hedge fund sentiment towards Tesla reached its all time high at the end of 2019 and Tesla shares more than tripled this year. We are trying to identify other EV revolution winners, so we are checking out this tiny lithium stock . Now let's take a gander at the latest hedge fund action surrounding Peloton Interactive, Inc. (NASDAQ:PTON).

Hedge fund activity in Peloton Interactive, Inc. (NASDAQ:PTON)

At Q1's end, a total of 36 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 20% from the previous quarter. By comparison, 0 hedge funds held shares or bullish call options in PTON a year ago. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

The largest stake in Peloton Interactive, Inc. (NASDAQ:PTON) was held byTiger Global Management LLC, which reported holding $110.3 million worth of stock at the end of September. It was followed by Woodson Capital Management with a $92.9 million position. Other investors bullish on the company included Coatue Management, Soros Fund Management, and Eminence Capital. In terms of the portfolio weights assigned to each positionWoodson Capital Managementallocated the biggest weight to Peloton Interactive, Inc. (NASDAQ:PTON), around 13.2% of its 13F portfolio. Engle Capital is also relatively very bullish on the stock, setting aside 9.25 percent of its 13F equity portfolio to PTON.

As aggregate interest increased, specific money managers have been driving this bullishness. Tiger Global Management LLC, managed by Chase Coleman, assembled the most outsized position in Peloton Interactive, Inc. (NASDAQ:PTON). Tiger Global Management LLC had $110.3 million invested in the company at the end of the quarter. Alex Sacerdote'sWhale Rock Capital Managementalso initiated a $51.9 million position during the quarter. The other funds with new positions in the stock are Christopher Lyle's SCGE Management, Paul Marshall and Ian Wace's Marshall Wace LLP, and Seymour Sy Kaufman and Michael Stark's Crosslink Capital.

Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Peloton Interactive, Inc. (NASDAQ:PTON) but similarly valued. These stocks are Weibo Corp (NASDAQ:WB), Huntington Ingalls Industries Inc (NYSE:HII), Logitech International SA (NASDAQ:LOGI), and Amdocs Limited (NYSE:DOX). All of these stocks' market caps are closest to PTON's market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position WB,10,182637,-1 HII,21,322441,-1 LOGI,15,186537,2 DOX,23,444185,-3 Average,17.25,283950,-0.75 [/table]

View table hereif you experience formatting issues.

As you can see these stocks had an average of 17.25 hedge funds with bullish positions and the average amount invested in these stocks was $284 million. That figure was $748 million in PTON's case. Amdocs Limited (NYSE:DOX) is the most popular stock in this table. On the other hand Weibo Corp (NASDAQ:WB) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Peloton Interactive, Inc. (NASDAQ:PTON) is more popular among hedge funds. 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 returned 12.3% in 2020 through June 30th but still managed to beat the market by 15.5 percentage points. Hedge funds were also right about betting on PTON as the stock returned 117.6% in Q2 and outperformed the market by an even larger margin. Hedge funds were clearly right about piling into this stock relative to other stocks with similar market capitalizations.

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

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最新的13F报告期来了又走,Insider Monkey已经费力地阅读了对冲基金和知名价值投资者必须提交给SEC的821份13F文件。13F文件显示了截至3月31日,即市场低谷后一周,这些基金和投资者的投资组合头寸。现在,我们几乎完成了第二季度的工作。投资者决定押注经济复苏和股市反弹。标准普尔500指数本季度的回报率接近20%。在这篇文章中,您将了解对冲基金是否认为Peloton Interactive,Inc.(纳斯达克股票代码:PTON)是进入第二季度的一笔不错的投资,以及与顶级对冲基金相比,该股的交易方式。


根据大多数股票持有者的说法,对冲基金被认为是缓慢的、过时的昨天的金融工具。虽然目前有超过8000只基金在运作,但我们的研究人员关注的是这个俱乐部的大亨,大约有850只基金。这些对冲基金经理掌管着所有对冲基金总资产基础中的最大份额,通过关注他们无与伦比的选择,Insider Monkey揭露了一些历史上超过标准普尔500指数(S&P500 index)的投资策略。自2017年3月成立以来,Insider Monkey的旗舰做空对冲基金策略每年比标准普尔500指数的做空ETF高出约20个百分点。我们的空头股票投资组合自2017年2月(截至5月18日)以来下跌了36%,尽管同期市场上涨了30%。在我们最新的季度更新中,我们刚刚分享了8个空头目标。

[Caption id=“Attach_340081”Align=“Aligncenter”Width=“400”]Adage资本管理公司的菲尔·格罗斯(Phill Gross)[/标题]

在Insider Monkey,我们搜索多个来源,以发现下一个伟大的投资想法。市场波动性很大,这不时带来令人惊叹的投资机会。例如,这位交易员声称每周进行一次交易就能获得更高的回报,所以我们正在检查他的最高定罪想法。第二个交易者声称利用“周末交易策略”获得了丰厚的利润,所以我们研究了他的策略选择。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。对冲基金对特斯拉的情绪在2019年底达到历史最高水平,特斯拉股价今年上涨了两倍多。我们正在努力寻找其他电动汽车革命的获胜者,所以我们正在检查这个小小的锂库存。现在让我们来看看对冲基金围绕佩洛顿互动公司的最新行动。(纳斯达克市场代码:PTON)。

Peloton Interactive,Inc.的对冲基金活动。(纳斯达克股票代码:PTON)

在第一季度末,Insider Monkey追踪的对冲基金中共有36家持有这只股票的多头头寸,较上一季度变化了20%。相比之下,一年前对冲基金持有PTON的股票或看涨期权。那么,让我们回顾一下哪些对冲基金是这只股票的最大持有者之一,哪些对冲基金正在大举行动。

佩洛顿互动公司(peloton Interactive,Inc.)最大的股份。纳斯达克股票代码:PTON)由老虎全球管理有限责任公司(Tiger Global Management LLC)持有,据报道,截至9月底,老虎全球管理公司持有价值1.103亿美元的股票。紧随其后的是伍德森资本管理公司(Woodson Capital Management),头寸为9290万美元。其他看好该公司的投资者包括Coatue Management、索罗斯基金管理公司(Soros Fund Management)和Eminence Capital。就分配给每个头寸的投资组合权重而言,伍德森资本管理公司(Woodson Capital Management)分配给佩洛顿互动公司(peloton Interactive,Inc.)的权重最大。(纳斯达克股票代码:PTON),约占其13F投资组合的13.2%。Engle Capital也相对非常看好该股,将其13F股票投资组合中的9.25%拨给了PTON。

随着总利息的增加,特定的基金经理一直在推动这种看涨。由蔡斯·科尔曼管理的老虎全球管理有限责任公司(Tiger Global Management LLC)在佩洛顿互动公司(peloton Interactive,Inc.)建立了最大的头寸。(纳斯达克市场代码:PTON)。截至季度末,老虎全球管理公司(Tiger Global Management LLC)在该公司的投资为1.103亿美元。亚历克斯·萨塞尔多特(Alex Sacerdote)的鲸石资本管理公司(Whale Rock Capital Management)也在本季度启动了5190万美元的头寸。其他持有该股新头寸的基金包括克里斯托弗·莱尔(Christopher Lyle)的SCGE Management,保罗·马歇尔(Paul Marshall)和伊恩·华斯(Ian Wace)的Marshall Wace LLP,以及西摩·西·考夫曼(Seymour Sy Kaufman)和迈克尔·斯塔克(Michael Stark

让我们来看看其他股票的对冲基金活动-不一定是与peloton Interactive,Inc.处于同一行业。(纳斯达克股票代码:PTON),但估值相同。这些股票是微博公司(纳斯达克市场代码:WB)、亨廷顿英格斯工业公司(纽约证券交易所市场代码:HII)、罗技国际公司(纳斯达克市场代码:LOGI)和Amdocs Limited(纽约证券交易所市场代码:DOX)。所有这些股票的市值都最接近PTON的市值。

[表]自动收录机,带位置的HF数,HF位置的总值(X1000),HF位置的变化WB,10,182637,-1\f25 HII,21,322441,-1\f25 LOGI-1,15,186537,2 DOX,23,444185,-3平均值,17.25,283950,-0.75[/TABLE]


正如你所看到的,这些股票平均有17.25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2.84亿美元。在PTON的案例中,这个数字是7.48亿美元。Amdocs Limited(纽约证券交易所市场代码:DOX)是该表中最受欢迎的股票。另一方面,新浪微博(纳斯达克股票代码:WB)是最不受欢迎的,只有10个看涨对冲基金头寸。与这些股票相比,佩洛顿互动公司。(纳斯达克股票代码:PTON)在对冲基金中更受欢迎。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30日,这些股票在2020年的回报率为12.3%,但仍比大盘高出15.5个百分点。对冲基金对PTON的押注也是正确的,该股在第二季度的回报率为117.6%,表现优于大盘,幅度更大。相对于其他市值相似的股票,对冲基金大举买入这只股票显然是正确的。

获取实时电子邮件警报:FollowPeloton Interactive Inc.(纳斯达克股票代码:PTON)

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






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