Hedge Funds Have Never Been This Bullish On The Gap Inc. (GPS)
Hedge Funds Have Never Been This Bullish On The Gap Inc. (GPS)
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of capital and have to conduct due diligence while choosing their next pick. They don't always get it right, but, on average, their stock picks historically generated strong returns after adjusting for known risk factors. With this in mind, let’s take a look at the recent hedge fund activity surrounding The Gap Inc. (NYSE:GPS) and determine whether hedge funds had an edge regarding this stock.
IsThe Gap Inc. (NYSE:GPS)a bargain? Investors who are in the know were buying. The number of long hedge fund bets improved by 14 lately. The Gap Inc. (NYSE:GPS) was in 38 hedge funds' portfolios at the end of the second quarter of 2020. The all time high for this statistics is 37. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that GPS isn't among the 30 most popular stocks among hedge funds (click for Q2 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The Gap Inc.(紐約證券交易所代碼：GPS)討價還價？知情的投資者正在買入。對衝基金多頭押注的數量最近增加了14筆。截至2020年第二季度末，Gap Inc.(紐約證券交易所代碼：GPS)在38家對衝基金的投資組合中。這一統計數據的歷史最高值為37。這意味着，這隻股票的看漲對衝基金頭寸數量目前處於歷史最高水平。我們的計算還顯示，GPS不在對衝基金最受歡迎的30只股票之列(點擊查看第二季度排名，查看視頻快速瀏覽排名前5的股票)。視頻：觀看我們關於最受歡迎的5只對衝基金股票的視頻。
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 was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 56 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 34% through August 17th. 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裏受到了損害，因為它們的對衝回報趕不上市場指數的非對衝回報。我們的研究提前確定了一組精選的對衝基金，自2017年3月以來，這些基金的表現比標準普爾500指數ETF高出56個百分點以上(請參見此處的詳細信息)。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8月17日，它們下跌了34%。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。
Cliff Asness of AQR Capital Management
AQR資本管理的克利夫資產
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 precious metals prices. So, we are checking out thisjunior gold mining stock. Legal marijuana is one of the fastest growing industries right now, so we are checking out stock pitches like “the Starbucks of cannabis” to identify the next tenbagger. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. 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. Now we're going to view the fresh hedge fund action encompassing The Gap Inc. (NYSE:GPS).
在Insider Monkey，我們搜索多個來源，以發現下一個偉大的投資想法。例如，美聯儲一直在通過電子手段創造數萬億美元，以將利率保持在接近零的水平。我們認為這將導致通脹並提振貴金屬價格。所以，我們正在調查這件事初級金礦股。合法大麻是目前增長最快的行業之一，所以我們正在查看股票推介，比如這個星巴克大麻的數量“來辨認下一個刺客。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。我們看了一下清單，比如10最賺錢的公司在世界上挑選最好的大盤股來購買。儘管我們只推薦了我們分析的公司中的一小部分，但我們會盡可能多地查看股票。現在我們來看看包括Gap Inc.(紐約證券交易所代碼：GPS)在內的對衝基金的最新行動。
How are hedge funds trading The Gap Inc. (NYSE:GPS)?
對衝基金如何交易Gap Inc.(紐約證券交易所代碼：GPS)？
At the end of the second quarter, a total of 38 of the hedge funds tracked by Insider Monkey were long this stock, a change of 58% from the first quarter of 2020. Below, you can check out the change in hedge fund sentiment towards GPS over the last 20 quarters. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
截至第二季度末，Insider Monkey跟蹤的對衝基金中共有38只做多這隻股票，較2020年第一季度變化了58%。下面，你可以查看對衝基金在過去20個季度對全球定位系統的看法變化。那麼，讓我們來看看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。
Of the funds tracked by Insider Monkey, Jack Woodruff's Candlestick Capital Management has the largest position in The Gap Inc. (NYSE:GPS), worth close to $80 million, amounting to 2.9% of its total 13F portfolio. Coming in second is AQR Capital Management, managed by Cliff Asness, which holds a $79.1 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Other peers that hold long positions contain Aaron Cowen's Suvretta Capital Management, Peter Rathjens, Bruce Clarke and John Campbell's Arrowstreet Capital and Dan Loeb's Third Point. In terms of the portfolio weights assigned to each position Candlestick Capital Management allocated the biggest weight to The Gap Inc. (NYSE:GPS), around 2.91% of its 13F portfolio. Suvretta Capital Management is also relatively very bullish on the stock, earmarking 1.36 percent of its 13F equity portfolio to GPS.
在Insider Monkey追蹤的基金中，Jack Woodruff的Candlestick Capital Management持有Gap Inc.(紐約證券交易所代碼：GPS)的最大頭寸，價值近8000萬美元，佔其13F總投資組合的2.9%。排在第二位的是由Cliff Asness管理的AQR Capital Management，該基金持有7,910萬美元的頭寸；該基金13F投資組合中有0.1%投資於該股。其他持有多頭頭寸的同行包括Aaron Cowen的Suvretta Capital Management、Peter Rathjens、Bruce Clarke和John Campbell的ArrowStreet Capital以及Dan Loeb的Third Point。就分配給每個頭寸的投資組合權重而言，Candlestick Capital Management對Gap Inc.(紐約證券交易所代碼：GPS)的權重最大，約佔其13F投資組合的2.91%。Suvretta Capital Management也相對非常看好該股，將其13F股票投資組合中的1.36%專門用於GPS。
As one would reasonably expect, some big names were breaking ground themselves. Candlestick Capital Management, managed by Jack Woodruff, initiated the largest position in The Gap Inc. (NYSE:GPS). Candlestick Capital Management had $80 million invested in the company at the end of the quarter. Aaron Cowen's Suvretta Capital Management also initiated a $63.1 million position during the quarter. The following funds were also among the new GPS investors: Dan Loeb's Third Point, Alexander Mitchell's Scopus Asset Management, and Joseph Samuels's Islet Management.
正如人們可以合理預期的那樣，一些大牌公司自己也在破土動工。由傑克·伍德拉夫管理的Candlestick資本管理公司在Gap Inc.(紐約證券交易所代碼：GPS)中設立了最大的頭寸。截至季度末，Candlestick Capital Management向該公司投資了8000萬美元。Aaron Cowen的Suvretta資本管理公司也在本季度啟動了6310萬美元的頭寸。以下基金也在新的GPS投資者之列：丹·勒布的Third Point、亞歷山大·米切爾的Scope us Asset Management和約瑟夫·塞繆爾的Islet Management。
Let's now take a look at hedge fund activity in other stocks similar to The Gap Inc. (NYSE:GPS). We will take a look at ServiceMaster Global Holdings Inc (NYSE:SERV), Primerica, Inc. (NYSE:PRI), Targa Resources Corp (NYSE:TRGP), BlackLine, Inc. (NASDAQ:BL), Ultragenyx Pharmaceutical Inc (NASDAQ:RARE), Cullen/Frost Bankers, Inc. (NYSE:CFR), and Leggett & Platt, Inc. (NYSE:LEG). This group of stocks' market values are closest to GPS's market value.
現在讓我們來看看類似Gap Inc.(紐約證券交易所代碼：GPS)的其他股票中的對衝基金活動。我們來看看ServiceMaster Global Holdings Inc.(紐約證券交易所代碼：SERV)，Primerica，Inc.。(紐約證券交易所股票代碼：PRI)，塔爾加資源公司(紐約證券交易所代碼：TRGP)，BlackLine，Inc.。(納斯達克：BL)，Ultragenyx製藥公司(納斯達克：罕見)，庫倫/弗羅斯特銀行家公司。(紐約證券交易所股票代碼：CFR)，以及Leggett&Platt公司。(紐約證券交易所股票代碼：LEG)。這組股票的市值與GPS的市值最接近。
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SERV,35,725891,4 PRI,25,385205,2 TRGP,31,289537,2 BL,18,227498,0 RARE,24,352560,6 CFR,13,21532,-5 LEG,29,184075,4 Average,25,312328,1.9 [/table]
[表格]股票代碼，帶位置HFs數量，HF位置的總值(X1000)，HF位置服務器的變化，35,725891，4 PRI，25,385205，2 TRGP，31,289537，2BL，18,227498，0 Rare，24,352560，6 CFR，13,21532，-5 Leg，29,184075，4 Average，25,312328，1.9[/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 25 hedge funds with bullish positions and the average amount invested in these stocks was $312 million. That figure was $459 million in GPS's case. ServiceMaster Global Holdings Inc (NYSE:SERV) is the most popular stock in this table. On the other hand Cullen/Frost Bankers, Inc. (NYSE:CFR) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks The Gap Inc. (NYSE:GPS) is more popular among hedge funds. Our overall hedge fund sentiment score for GPS is 90. 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 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks returned 33% in 2020 through the end of August but still managed to beat the market by 23.2 percentage points. Hedge funds were also right about betting on GPS as the stock returned 37.8% since the end of June 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3.12億美元。以GPS為例，這個數字是4.59億美元。ServiceMaster Global Holdings Inc.(紐約證券交易所代碼：SERV)是該表中最受歡迎的股票。另一方面，Cullen/Frost Bankers，Inc.(紐約證券交易所代碼：CFR)是最不受歡迎的，只有13個看漲對衝基金頭寸。與這些股票相比，Gap Inc.(NYSE：GPS)在對衝基金中更受歡迎。我們對全球定位系統的總體對衝基金情緒得分為90。相對於其他股票，對衝基金持倉數量較多的股票，以及相對於其歷史區間的股票，獲得更高的情緒得分。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%，表現優於標準普爾500指數ETF(標普500ETF)10.1個百分點。截至8月底，這些股票在2020年的回報率為33%，但仍比大盤高出23.2個百分點。對衝基金對GPS的押注也是正確的，自6月底以來，該股回報率為37.8%，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。
Get real-time email alerts: Follow Gap Inc (NYSE:GPS)
獲取實時電子郵件提醒：關注Gap Inc.(紐約證券交易所代碼：GPS)
Disclosure: None. This article was originally published at Insider Monkey.
披露：沒有。本文最初發表在《內幕猴子》雜誌上。
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