General Finance Corporation (GFN) Fell Out Of Favor With Hedge Funds
General Finance Corporation (GFN) Fell Out Of Favor With Hedge Funds
In this article we will analyze whether General Finance Corporation (NASDAQ:GFN) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There's no better way to get these firms' immense resources and analytical capabilities working for us than to follow their lead into their best ideas. While not all of these picks will be winners, our research shows that these picks historically outperformed the market by double digits annually.
在這篇文章中，我們將分析是否 通用金融公司 （納斯達克股票代碼：GFN）現在是一項不錯的投資，可以效仿一些世界上最好的投資者，並借鑑他們的想法。要讓這些公司的巨大資源和分析能力爲我們服務，沒有比跟隨他們提出最佳想法更好的方法了。儘管並非所有這些精選都會成爲贏家，但我們的研究表明，從歷史上看，這些選秀權每年的表現都比市場高出兩位數。
General Finance Corporation (NASDAQ:GFN) was in 3 hedge funds' portfolios at the end of September. The all time high for this statistics is 8. GFN investors should pay attention to a decrease in enthusiasm from smart money of late. There were 4 hedge funds in our database with GFN holdings at the end of June. Our calculations also showed that GFN isn't among the 30 most popular stocks among hedge funds (click for Q3 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.
截至9月底，通用金融公司（納斯達克股票代碼：GFN）進入了3家對沖基金的投資組合。該統計數據的歷史最高水平爲8。GFN投資者應注意最近對智能貨幣的熱情有所下降。截至6月底，我們的數據庫中有4家持有GFN的對沖基金。我們的計算還顯示，GFN不在對沖基金中最受歡迎的30只股票之列（點擊查看第三季度排名，觀看視頻，快速瀏覽前五名股票）。視頻：觀看我們關於最受歡迎的5只對衝基金股票的視頻。
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 66 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in stocks that are in our short portfolio.David Siegel of Two Sigma Advisors
那麼，爲什麼我們在做出任何投資決策之前要關注對沖基金的情緒呢？我們的研究表明，在1999年至2016年期間，對沖基金的小盤股精選每年都以兩位數的優勢擊敗市場，但近年來跑贏大盤的幅度一直在下降。儘管如此，我們仍然能夠提前確定自2017年3月以來表現比標準普爾500指數ETF高出66個百分點的精選對沖基金持股（詳情見此處）。我們還能夠提前確定一組在2006年至2017年期間每年表現低於市場10個百分點的對沖基金持股。有趣的是，近年來，這些股票表現不佳的幅度一直在增加。在2015年至2017年之間，做多市場並做空這些股票的投資者每年的回報率將超過27％。自2017年2月以來，我們一直在季度通訊中追蹤和分享這些股票的清單。即使你對做空股票不滿意，也至少應避免對我們空頭投資組合中的股票進行多頭頭寸。Two Sigma Advisors的David Siegel
At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended thisreal estate stockto our monthly premium newsletter subscribers. We go through lists like the 10most profitable companiesin the world to pick the best large-cap stocks to buy. 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 website. Now we're going to take a glance at the new hedge fund action regarding General Finance Corporation (NASDAQ:GFN).Hedge fund activity in General Finance Corporation (NASDAQ:GFN)
在Insider Monkey，我們搜尋了多個來源，以發現下一個不錯的投資想法。例如，聯儲局一直在通過電子方式創造數萬億美元，以將利率保持在零附近。我們認爲這將導致通貨膨脹並提振房地產價格。因此，我們向我們的每月高級時事通訊訂閱者推薦了這隻房地產股票。我們會瀏覽全球十大最賺錢的公司等名單，挑選最適合買入的大盤股。儘管我們只建議在我們分析的公司中有一小部分持倉，但我們會盡可能多地查看股票。我們閱讀對沖基金投資者的來信，並在對沖基金會議上聽取股票推介。您可以在我們的網站上訂閱我們的免費每日時事通訊。現在我們將看一看對沖基金針對通用金融公司（納斯達克股票代碼：GFN）的新行動。通用金融公司（納斯達克股票代碼：GFN）的對沖基金活動
Heading into the fourth quarter of 2020, a total of 3 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -25% from one quarter earlier. On the other hand, there were a total of 5 hedge funds with a bullish position in GFN a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
進入2020年第四季度，Insider Monkey追蹤的對沖基金中共有3家看好該股，較之下變動了-25％ 一 一個季度前。另一方面，一年前共有5家對沖基金在GFN中處於看漲地位。因此，讓我們來看看哪些對沖基金是該股的最大持有者，哪些對沖基金正在採取重大舉措。
The largest stake in General Finance Corporation (NASDAQ:GFN) was held by Renaissance Technologies, which reported holding $4.1 million worth of stock at the end of September. It was followed by Royce & Associates with a $3.5 million position. The only other hedge fund that is bullish on the company was Two Sigma Advisors.
通用金融公司（納斯達克股票代碼：GFN）的最大股份由文藝復興科技公司持有，該公司報告截至9月底持有價值410萬美元的股票。緊隨其後的是Royce & Associates，頭寸爲350萬美元。唯一看好該公司的對沖基金是Two Sigma Advisors。
We view hedge fund activity in the stock unfavorable, but in this case there was only a single hedge fund selling its entire position: Millennium Management. One hedge fund selling its entire position doesn't always imply a bearish intent. Theoretically a hedge fund may decide to sell a promising position in order to invest the proceeds in a more promising idea. However, we don't think this is the case in this case because none of the 750+ hedge funds tracked by Insider Monkey identified GFN as a viable investment and initiated a position in the stock.
我們認爲該股的對沖基金活動不利，但在這種情況下，只有一家對沖基金出售其全部頭寸：千禧管理公司。一家對沖基金出售其全部頭寸並不總是意味着看跌意圖。從理論上講，對沖基金可能會決定出售有前景的頭寸，以便將所得款項投資於更有前途的想法。但是，我們認爲本案並非如此，因爲Insider Monkey追蹤的750多家對沖基金均未將GFN確定爲可行的投資，並啓動了該股的頭寸。
Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as General Finance Corporation (NASDAQ:GFN) but similarly valued. These stocks are Atlanticus Holdings Corp (NASDAQ:ATLC), Great Ajax Corp (NYSE:AJX), North American Construction Group Ltd. (NYSE:NOA), CASI Pharmaceuticals Inc (NASDAQ:CASI), Immersion Corporation (NASDAQ:IMMR), Rekor Systems, Inc. (NASDAQ:REKR), and Fluent, Inc. (NASDAQ:FLNT). This group of stocks' market values match GFN's market value.
我們還要研究一下其他股票的對沖基金活動——不一定是同一個行業 通用金融公司 （納斯達克股票代碼：GFN），但估值相似。這些股票是 大西洋控股公司 （納斯達克股票代碼：ATLC）， Great Ajax 公司 （紐約證券交易所代碼：AJX）， 北美建築集團有限公司。（紐約證券交易所代碼：NOA）， CASI 製藥公司 （納斯達克股票代碼：CASI）， 沉浸公司 （納斯達克股票代碼：IMMR）， Rekor 系統公司。（納斯達克股票代碼：REKR），以及 Fluent, Inc。（納斯達克股票代碼：FLNT）。這組股票的市值與GFN的市值相符。
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ATLC,2,5259,0 AJX,5,13167,-1 NOA,9,23376,0 CASI,10,15008,4 IMMR,21,70678,4 REKR,6,9184,4 FLNT,7,2407,0 Average,8.6,19868,1.6 [/table]
[表] 股票行情，帶持倉的HF數量，HF持倉總價值（x1000），HF位置的變化 ATLC,2,5259,0 AJX,5,13167，-1 NOA,9,23376,0 CASI,10,15008,4 IMMR,21,7067,4 REKR,6,9184,4 FLNT,7,2407,0 平均值,8.6,19868,1.6 [/表]
View table here if you experience formatting issues.
如果您遇到格式問題，請在此處查看錶格。
As you can see these stocks had an average of 8.6 hedge funds with bullish positions and the average amount invested in these stocks was $20 million. That figure was $8 million in GFN's case. Immersion Corporation (NASDAQ:IMMR) is the most popular stock in this table. On the other hand Atlanticus Holdings Corp (NASDAQ:ATLC) is the least popular one with only 2 bullish hedge fund positions. General Finance Corporation (NASDAQ:GFN) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for GFN is 17.9. 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 20 most popular stocks among hedge funds returned 41.3% in 2019 and outperformed the S&P 500 ETF (SPY) by 10 percentage points. These stocks gained 28.1% in 2020 through November 23rd and still beat the market by 15.4 percentage points. A small number of hedge funds were also right about betting on GFN as the stock returned 16.1% since the end of the third quarter (through 11/23) and outperformed the market by an even larger margin.
如你所見，這些股票平均有8.6家對沖基金持看漲頭寸，平均投資於這些股票的金額爲2000萬美元。就GFN而言，這個數字爲800萬美元。Immersion Corporation（納斯達克股票代碼：IMMR）是該表中最受歡迎的股票。另一方面，大西洋控股公司（納斯達克股票代碼：ATLC）是最不受歡迎的公司，只有兩個看漲的對沖基金頭寸。通用金融公司（納斯達克股票代碼：GFN）並不是該集團中最不受歡迎的股票，但對沖基金的利息仍低於平均水平。我們對GFN的總體對沖基金信心指數爲17.9。相對於其他股票以及相對於歷史區間而言，對沖基金頭寸數量較高的股票的情緒得分較高。我們的計算顯示，2019年對沖基金中最受歡迎的20只股票的回報率爲41.3％，表現比標準普爾500指數ETF（SPY）高出10個百分點。截至11月23日，這些股票在2020年上漲了28.1％，但仍比市場高出15.4個百分點。少數對沖基金對GFN的押注也是正確的，因爲該股自第三季度末（截至11月23日）的回報率爲16.1％，表現甚至超過市場。
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獲取實時電子郵件提醒：關注通用金融公司（納斯達克股票代碼：GFN）
Disclosure: None. This article was originally published at Insider Monkey.
披露：無。這篇文章最初發表在 Insider Monkey 上。
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