Were Hedge Funds Right About Betting On Accenture Plc (ACN)?
Were Hedge Funds Right About Betting On Accenture Plc (ACN)?
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. In this article, we will take a closer look at hedge fund sentiment towards Accenture Plc (NYSE:ACN) at the end of the first quarter and determine whether the smart money was really smart about this stock.
Is Accenture Plc (NYSE: ACN)a healthy stock for your portfolio? The best stock pickers were taking a bullish view. The number of long hedge fund positions moved up by 8 in recent months. Our calculations also showed that ACN 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.
是埃森哲(紐約證券交易所：ACN(ACN：行情)是一隻健康的股票，適合你的投資組合？最好的選股人持看漲觀點。近幾個月來，對衝基金多頭頭寸增加了8個。我們的計算還顯示，ACN不在對衝基金最受歡迎的30只股票之列(點擊Q1排名，快速瀏覽前5只股票的視頻)。視頻：觀看我們關於最受歡迎的5只對衝基金股票的視頻。
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that a select group of hedge fund holdings outperformed the S&P 500 ETFs by 58 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'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 36% through May 18th. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
我們為什麼要關注對衝基金的情緒呢？我們的研究表明，一組精選的對衝基金持股表現優於標準普爾500指數自2017年3月以來，ETF上漲了58個百分點(詳情見此處)。我們還能夠提前確定一組精選的對衝基金持股，這些基金的表現將顯著遜於市場。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5月18日，它們下跌了36%。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。
[caption id="attachment_340081" align="aligncenter" width="392"] Phill Gross of Adage Capital Management[/caption]
[Caption id=“Attach_340081”Align=“AlignCenter”Width=“392”]Adage資本管理公司的菲爾·格羅斯[/標題]
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. We recently recommended several stocks partly inspired by legendary Bill Miller's investor letter . 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. Now we're going to take a gander at the recent hedge fund action surrounding Accenture Plc (NYSE:ACN).
在Insider Monkey，我們搜索多個來源，以發現下一個偉大的投資想法。市場波動性很大，這不時帶來令人驚歎的投資機會。例如，這位交易員聲稱每週進行一次交易就能獲得豐厚的回報，所以我們正在結賬。他的最高信念。第二個交易者聲稱利用“週末交易策略”獲得豐厚利潤，所以我們調查了他的戰略選擇。我們閲讀對衝基金投資者的信件，並在對衝基金會議上聽取股票推介。我們最近推薦了幾隻股票，部分靈感來自傳奇比爾·米勒的投資者信。我們在2020年最好的決策是做空市場，當時標準普爾500指數在2月份的交易價格為3,150點，此前我們意識到冠狀病毒™在大多數投資者面前的重要性。現在我們來看看最近對衝基金圍繞埃森哲(紐約證券交易所股票代碼：ACN)的動作。
How have hedgies been trading Accenture Plc (NYSE:ACN)?
對衝基金對埃森哲(紐約證券交易所代碼：ACN)的交易情況如何？
At Q1's end, a total of 49 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 20% from one quarter earlier. By comparison, 40 hedge funds held shares or bullish call options in ACN a year ago. With hedgies' sentiment swirling, there exists a few notable hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).
截至第一季度末，Insider Monkey追蹤的對衝基金中共有49家持有這隻股票的多頭頭寸，比上一季度增加了20%。相比之下，一年前有40家對衝基金持有ACN的股票或看漲期權。隨着套期保值者情緒的波動，有幾位著名的對衝基金經理正在大幅增持股份(或者已經積累了大量頭寸)。
According to Insider Monkey's hedge fund database, AQR Capital Management, managed by Cliff Asness, holds the largest position in Accenture Plc (NYSE:ACN). AQR Capital Management has a $236.4 million position in the stock, comprising 0.4% of its 13F portfolio. The second most bullish fund manager is Rajiv Jain of GQG Partners, with a $177.6 million position; the fund has 1.2% of its 13F portfolio invested in the stock. Other hedge funds and institutional investors with similar optimism comprise Phill Gross and Robert Atchinson's Adage Capital Management, Kevin Oram and Peter Uddo'sPraesidium Investment Management Companyand Ken Griffin's Citadel Investment Group. In terms of the portfolio weights assigned to each position Praesidium Investment Management Company allocated the biggest weight to Accenture Plc (NYSE:ACN), around 8.41% of its 13F portfolio.Steel Canyon Capitalis also relatively very bullish on the stock, designating 6.19 percent of its 13F equity portfolio to ACN.
根據Insider Monkey的對衝基金數據庫，由克里夫·阿斯內斯管理的AQR資本管理公司持有埃森哲(紐約證券交易所代碼：ACN)的最大頭寸。AQR Capital Management持有2.364億美元的股票頭寸，佔其13F投資組合的0.4%。第二個最看漲的基金經理是GQG Partners的Rajiv Jain，他持有1.776億美元的頭寸；該基金13F投資組合中有1.2%投資於這隻股票。其他持類似樂觀態度的對衝基金和機構投資者包括Phill Gross和Robert Atchinson的Adage Capital Management，Kevin Oram和Peter Uddo的Praesidium Investment Management公司，以及Ken Griffin的Citadel Investment Group。就每個頭寸的投資組合權重而言，Preesidium投資管理公司對埃森哲(紐約證券交易所股票代碼：ACN)的權重最大，約佔其13F投資組合的8.41%。鋼谷資本也相對非常看好該股，將其13F股票投資組合的6.19%分配給ACN。
Now, some big names were leading the bulls' herd. Millennium Management, managed by Israel Englander, assembled the most valuable position in Accenture Plc (NYSE:ACN). Millennium Management had $21.4 million invested in the company at the end of the quarter. Benjamin A. Smith'sLaurion Capital Managementalso made a $16.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Doug Gordon, Jon Hilsabeck and Don Jabro'sShellback Capital, Steve Cohen's Point72 Asset Management, and Ken Griffin's Citadel Investment Group.
現在，一些大名鼎鼎的公司正在引領牛羣。由伊斯雷爾·英格蘭德管理的千禧管理公司集合了埃森哲(紐約證券交易所股票代碼：ACN)最有價值的職位。截至本季度末，千禧管理公司向該公司投資了2140萬美元。本傑明·A·史密斯的Laurion Capital Management在本季度也對該公司的股票進行了1670萬美元的投資。其他持有該股新頭寸的基金包括道格·戈登、喬恩·希爾薩貝克和唐·賈布羅的Shellback Capital，史蒂夫·科恩的Point72 Asset Management，以及肯·格里芬的Citadel Investment Group。
Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Accenture Plc (NYSE:ACN) but similarly valued. These stocks are Charter Communications, Inc. (NASDAQ:CHTR), International Business Machines Corp. (NYSE:IBM), Union Pacific Corporation (NYSE:UNP), and Tesla Inc. (NASDAQ:TSLA). This group of stocks' market caps are closest to ACN's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CHTR,104,9914920,39 IBM,41,902956,-9 UNP,63,3442520,-2 TSLA,61,2124859,10 Average,67.25,4096314,9.5 [/table]
[表格]股票代碼，有位置的高頻數量，高頻位置的總值(X1000)，高頻位置的變化CHTR，104,9914920，39 IBM，41,902956，-9 UNP，63,3442520，-2特斯拉，61,2124859，10平均值，67.25,4096314，9.5[/表]
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 67.25 hedge funds with bullish positions and the average amount invested in these stocks was $4096 million. That figure was $1003 million in ACN's case. Charter Communications, Inc. (NASDAQ:CHTR) is the most popular stock in this table. On the other hand International Business Machines Corp. (NYSE:IBM) is the least popular one with only 41 bullish hedge fund positions. Accenture Plc (NYSE:ACN) 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 12.3% in 2020 through June 30th and still beat the market by 15.5 percentage points. A small number of hedge funds were also right about betting on ACN as the stock returned 32.1% during the second quarter and outperformed the market by an even larger margin.
正如你所看到的，這些股票平均有67.25只對衝基金持有看漲頭寸，平均投資於這些股票的金額為4.096億美元。在ACN的案例中，這一數字是1.03億美元。納斯達克公司(Charge Communications，Inc.)是該表格中最受歡迎的股票。另一方面，國際商業機器公司(NYSE：IBM)是最不受歡迎的，只有41個看漲對衝基金頭寸。埃森哲(紐約證券交易所代碼：ACN)並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，對衝基金中最受歡迎的10只股票在2019年的回報率為41.4%，表現比標準普爾500指數ETF(標普500ETF)高出10.1個百分點。截至6月30日，這些股票在2020年上漲了12.3%，仍比大盤高出15.5個百分點。少數對衝基金對ACN的押注也是正確的，該股在第二季度的回報率為32.1%，表現優於大盤，幅度更大。
Get real-time email alerts: FollowAccenture Plc (NYSE:ACN)
獲取實時電子郵件警報：FollowAccenture Plc(紐約證券交易所代碼：ACN)
Disclosure: None. This article was originally published atInsider Monkey.
披露：沒有。本文最初發表在《內幕猴子》雜誌上。
Related Content
相關內容
How to Best Use Insider Monkey To Increase Your Returns
如何最好地利用內幕猴子來增加你的回報
20 Strongest Cigarette Brands in USA
美國最強的20個捲煙品牌
15 Gayest Cities in America Per Capita in 2018
2018年美國人均15個同性戀城市
譯文內容由第三人軟體翻譯。