Hedge Funds Are Crazy About People’s United Financial, Inc. (PBCT)
Hedge Funds Are Crazy About People’s United Financial, Inc. (PBCT)
Is People's United Financial, Inc. (NASDAQ:PBCT) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before doing days of research on it. Given their 2 and 20 payment structure, hedge funds have more incentives and resources than the average investor. The funds have access to expert networks and get tips from industry insiders. They also have numerous Ivy League graduates and MBAs. Like everyone else, hedge funds perform miserably at times, but their consensus picks have historically outperformed the market after risk adjustments.
人民聯合金融公司(納斯達克股票代碼：PBCT)現在是一隻值得買入的股票嗎？我們Insider Monkey喜歡在對一家公司進行為期幾天的研究之前，先調查一下億萬富翁和對衝基金對該公司的看法。考慮到對衝基金2和20的支付結構，它們比普通投資者擁有更多的激勵措施和資源。這些基金可以進入專家網絡，並從業內人士那裏獲得提示。他們也有很多常春藤盟校的畢業生和MBA。與其他所有人一樣，對衝基金的表現有時也很糟糕，但他們的共識選擇在經過風險調整後，歷史上表現優於市場。
Is People's United Financial, Inc. (NASDAQ: PBCT)a splendid investment today? The smart money is getting more bullish. The number of long hedge fund positions increased by 2 in recent months. Our calculations also showed that PBCT isn't among the30 most popular stocks among hedge funds. PBCT was in 22 hedge funds' portfolios at the end of December. There were 20 hedge funds in our database with PBCT positions at the end of the previous quarter.
是人民聯合金融公司(納斯達克：PBCT)今天是一筆精彩的投資嗎？聰明的投資者正變得更加看漲。近幾個月對衝基金多頭倉位增加2口。我們的計算還顯示，PBCT不在對衝基金最受歡迎的30只股票之列。PBCT截至12月底，在22個對衝基金的投資組合中。在我們的數據庫中，上一季度末有20家對衝基金持有PBCT頭寸。
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 32 percentage points since May 2014 through March 12, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 27.5% through March 12, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
對衝基金作為精明投資者的聲譽在過去十年中受到了損害，因為它們的對衝回報趕不上市場指數的未對衝回報。我們的研究表明，在1999年至2016年期間，對衝基金的大盤股選擇確實未能跑贏大盤。然而，我們能夠提前確定一組精選的對衝基金持股，自2014年5月至2019年3月12日，這些對衝基金的表現比市場高出32個百分點(請參見此處的詳細信息)。我們還能夠提前識別出一批表現將明顯遜於大盤的精選對衝基金持有量。自2017年2月以來，我們一直在跟蹤和分享這些股票的名單，截至2019年3月12日，它們下跌了27.5%。這就是為什麼我們認為對衝基金情緒是投資者應該關注的一個極其有用的指標。
We're going to take a look at the fresh hedge fund action surrounding People's United Financial, Inc. (NASDAQ:PBCT).
我們來看看對衝基金圍繞人民聯合金融公司(納斯達克股票代碼：PBCT)的最新行動。
How have hedgies been trading People's United Financial, Inc. (NASDAQ:PBCT)?
套期保值者是如何交易人民聯合金融公司(納斯達克市場代碼：PBCT)的？
At Q4's end, a total of 22 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 10% from the previous quarter. By comparison, 16 hedge funds held shares or bullish call options in PBCT 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.
截至第四季度末，Insider Monkey追蹤的對衝基金中共有22家持有這隻股票的多頭頭寸，較上一季度增加了10%。相比之下，一年前有16家對衝基金持有PBCT的股票或看漲期權。那麼，讓我們回顧一下哪些對衝基金是這隻股票的最大持有者之一，哪些對衝基金正在採取重大行動。
Among these funds,Renaissance Technologiesheld the most valuable stake in People's United Financial, Inc. (NASDAQ:PBCT), which was worth $42.7 million at the end of the third quarter. On the second spot was Millennium Management which amassed $15.5 million worth of shares. Moreover, AQR Capital Management, Two Sigma Advisors, and Gillson Capital were also bullish on People's United Financial, Inc. (NASDAQ:PBCT), allocating a large percentage of their portfolios to this stock.
在這些基金中，復興科技持有人民聯合金融公司(納斯達克股票代碼：PBCT)最有價值的股份，第三季度末價值4270萬美元。排名第二的是千禧管理公司(Millennium Management)，該公司積累了價值1550萬美元的股票。此外，AQR Capital Management、Two Sigma Advisors和Gillson Capital也看好人民聯合金融公司(People‘s United Financial，Inc.)(納斯達克市場代碼：PBCT)，將很大比例的投資組合配置到這隻股票上。
Now, key money managers have jumped into People's United Financial, Inc. (NASDAQ:PBCT) headfirst.Element Capital Management, managed by Jeffrey Talpins, assembled the biggest position in People's United Financial, Inc. (NASDAQ:PBCT). Element Capital Management had $2.5 million invested in the company at the end of the quarter. John D. Gillespie'sProspector Partnersalso initiated a $1.8 million position during the quarter. The other funds with new positions in the stock are Matthew Hulsizer'sPEAK6 Capital Management, Joel Greenblatt'sGotham Asset Management, and Bernard Horn'sPolaris Capital Management.
現在，主要的基金經理已經躍居人民聯合金融公司(納斯達克股票代碼：PBCT)的首位，傑弗裏·塔爾平斯管理的元素資本管理公司(Element Capital Management)在人民聯合金融公司(納斯達克股票代碼：PBCT)中持有最大頭寸。截至季度末，Element Capital Management向該公司投資了250萬美元。約翰·D·吉萊斯皮的Prospector Partners也在本季度啟動了180萬美元的頭寸。其他持有該股新頭寸的基金包括Matthew Hulsizer的PEAK6資本管理公司、Joel Greenblatt的Gotham資產管理公司和Bernard Horn的北極星資本管理公司。
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as People's United Financial, Inc. (NASDAQ:PBCT) but similarly valued. These stocks are Charles River Laboratories International Inc. (NYSE:CRL), Hubbell Incorporated (NYSE:HUBB), athenahealth, Inc (NASDAQ:ATHN), and Starwood Property Trust, Inc. (NYSE:STWD). This group of stocks' market values are closest to PBCT's market value.
現在讓我們來看看其他股票的對衝基金活動--不一定與人民聯合金融公司(納斯達克股票代碼：PBCT)在同一行業，但估值相似。這些股票是查爾斯河實驗室國際公司(紐約證券交易所市場代碼：CRL)、哈貝爾公司(紐約證券交易所市場代碼：HUBB)、athenaHealth公司(納斯達克市場代碼：ATHN)和喜達屋地產信託公司(紐約證券交易所市場代碼：STWD)。這組股票的市值與PBCT的市值最接近。
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CRL,28,699016,8 HUBB,24,449250,-3 ATHN,26,738702,-1 STWD,17,131281,-4 Average,23.75,504562,0 [/table]
[表格]自動收錄機，帶位置的高頻數量，高頻位置的總值(X1000)，高頻位置變化CRL，28,699016，8集線器，24,449250，-3\f25 ATHN-3\f6，-3\f25 26,738702-3\f6，-1\f25 STWD-1\f6，-1\f25 17,131281-1\f6，-4平均值，-4\f25 23.75,504562，0[/TABLE]
View table hereif you experience formatting issues.
如果您遇到格式問題，請查看此處的表格。
As you can see these stocks had an average of 23.75 hedge funds with bullish positions and the average amount invested in these stocks was $505 million. That figure was $118 million in PBCT's case. Charles River Laboratories International Inc. (NYSE:CRL) is the most popular stock in this table. On the other hand Starwood Property Trust, Inc. (NYSE:STWD) is the least popular one with only 17 bullish hedge fund positions. People's United Financial, Inc. (NASDAQ:PBCT) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed that thetop 15 most popular stocksamong hedge funds returned 21.3% year-to-date through April 8th and outperformed the S&P 500 ETF (SPY) by more than 5 percentage points. Hedge funds were also right about betting on PBCT, though not to the same extent, as the stock returned 18.3% and outperformed the market as well.
正如你所看到的，這些股票平均有23.75只持有看漲頭寸的對衝基金，平均投資於這些股票的金額為5.05億美元。在PBCT的案例中，這個數字是1.18億美元。查爾斯河實驗室國際公司(紐約證券交易所代碼：CRL)是該表中最受歡迎的股票。另一方面，喜達屋地產信託公司(紐約證券交易所代碼：STWD)是最不受歡迎的公司，只有17個看漲對衝基金頭寸。人民聯合金融公司(納斯達克股票代碼：PBCT)不是這類股票中最不受歡迎的股票，但對衝基金的興趣仍然低於平均水平。我們的計算顯示，截至4月8日，對衝基金中最受歡迎的15只股票今年迄今的回報率為21.3%，表現比標準普爾500ETF(標普500ETF)高出5個百分點以上。對衝基金對PBCT的押注也是正確的，儘管程度不同，因為PBCT的回報率為18.3%，表現也好於大盤。
Disclosure: None. This article was originally published atInsider Monkey.
披露：沒有。本文最初發表在“內幕猴子”(Insider Monkey)雜誌上。
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