Were Hedge Funds Right About Piling Into Peloton Interactive, Inc. (PTON)?
Were Hedge Funds Right About Piling Into Peloton Interactive, Inc. (PTON)?
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.
Peloton Interactive股份有限公司(納斯達克：最近，PTON(PTON：行情)的股東們目睹了聰明的投資者熱情高漲。PTON截至2020年第一季度末，在36家對衝基金的投資組合中。在我們的數據庫中，截至上一季度末，有30只對衝基金持有PTON頭寸。我們的計算還顯示，PTON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。
According to most stock holders, hedge funds are assumed to be slow, outdated financial vehicles of yesteryear.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.
據大多數股票持有者稱，對衝基金被認為是緩慢的、過時的金融工具。雖然目前有超過8000只基金在運作，但我們的研究人員關注的是這個俱樂部的大亨，大約有850只基金。這些對衝基金經理掌管着所有對衝基金總資產基礎中的最大份額，通過關注他們無與倫比的選擇，Insider Monkey揭示了許多歷史上領先於標準普爾500指數的投資策略。自2017年3月推出以來，Insider Monkey的旗艦做空對衝基金策略每年比標準普爾500指數的做空ETF高出約20個百分點。我們的空頭股票投資組合自2017年2月(截至5月18日)以來下跌了36%，儘管同期市場上漲了30%。我們剛剛在最新的季度更新中分享了8個做空目標的清單。
[caption id="attachment_340081" align="aligncenter" width="400"] Phill Gross of Adage Capital Management[/caption]
[Caption id=“Attach_340081”Align=“AlignCenter”Width=“400”]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. 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).
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。對衝基金對特斯拉2019年底達到歷史最高水平，特斯拉股價今年上漲了兩倍多。我們正在努力確定其他電動汽車革命的獲勝者，所以我們正在檢查這一點微小的鋰庫存。現在我們來看看對衝基金圍繞peloton Interactive的最新動向。
Hedge fund activity in Peloton Interactive, Inc. (NASDAQ:PTON)
Peloton Interactive公司的對衝基金活動(納斯達克代碼：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.
截至第一季度末，Insider Monkey追蹤的對衝基金中共有36家持有這隻股票的多頭頭寸，較上一季度變化了20%。相比之下，一年前，0家對衝基金持有PTON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。
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.
Peloton Interactive股份有限公司(納斯達克代碼：PTON)的最大持股由老虎環球管理有限責任公司持有，據報道，截至9月底，該公司持有價值1.103億美元的股票。緊隨其後的是伍德森資本管理公司，持有9290萬美元的頭寸。其他看好該公司的投資者包括Coatue Management、Soros Fund Management和Eminence Capital。就每個頭寸的投資組合權重而言，伍德森資本管理公司給予peloton Interactive股份有限公司(納斯達克股票代碼：PTON)的權重最大，約佔其13F投資組合的13.2%。Engle Capital也相對非常看好該股，將其13F股票投資組合中的9.25%撥備給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.
隨着總興趣的增加，特定的基金經理一直在推動這種看漲。由蔡斯·科爾曼管理的老虎環球管理有限責任公司持有的peloton Interactive股份規模最大。截至本季度末，老虎全球管理公司在該公司的投資為1.103億美元。Alex Sacerdote的Whale Rock Capital Management在本季度也啟動了5190萬美元的頭寸。其他持有該股新頭寸的基金包括克里斯托弗·萊爾的SCGE Management，保羅·馬歇爾和伊恩·華斯的馬歇爾·華斯有限責任公司，以及西摩·西·考夫曼和邁克爾·斯塔克的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.
讓我們來看看其他股票的對衝基金活動-不一定與peloton Interactive(納斯達克：PTON)在同一行業，但估值相似。這些股票是微博(納斯達克：WB)，亨廷頓英格斯工業公司(紐約證券交易所代碼：HII)，羅技國際公司(納斯達克：Logi)，以及安多克有限公司(紐約證券交易所代碼：DOX)。所有這些股票的市值都最接近PTON的市值。
[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]
[表格]股票代碼，帶位置的高頻數量，高頻位置的總值(X1000)，高頻位置的變化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[/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 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.
如你所見，這些股票平均有17.25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2.84億美元。在PTON的案例中，這一數字是7.48億美元。Amdocs Limited(紐約證券交易所代碼：DOX)是該表中最受歡迎的股票。另一方面，微博(納斯達克代碼：WB)是最不受歡迎的，只有10個看漲對衝基金頭寸。與這些股票相比，peloton Interactive公司(納斯達克：PTON)在對衝基金中更受歡迎。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年的回報率為12.3%，但仍比大盤高出15.5個百分點。對衝基金對PTON的押注也是正確的，該股在第二季度的回報率為117.6%，表現優於大盤，幅度更大。相對於其他市值類似的股票，對衝基金大舉買入這隻股票顯然是正確的。
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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。
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