Hedge Funds Never Been This Bullish On Leggett & Platt, Inc. (LEG)
Hedge Funds Never Been This Bullish On Leggett & Platt, Inc. (LEG)
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 Leggett & Platt, Inc. (NYSE:LEG) and determine whether hedge funds had an edge regarding this stock.
你如何挑選下一隻要投資的股票？一種方法是花幾天的時間對數千家上市公司進行研究。然而，更簡單的方法是看看聰明的投資者集體看好的股票。對衝基金和其他機構投資者通常會投入大量資本，在選擇下一個選擇時必須進行盡職調查。他們並不總是正確的，但平均而言，他們挑選的股票在根據已知風險因素進行調整後，歷史上產生了強勁的回報。考慮到這一點，我們來看看最近對衝基金的活動圍繞Leggett&Platt公司。(紐約證券交易所股票代碼：LEG)和確定對衝基金對這隻股票是否有優勢。
IsLeggett & Platt, Inc. (NYSE:LEG)a buy right now? The smart money was betting on the stock. The number of bullish hedge fund positions inched up by 4 recently. Leggett & Platt, Inc. (NYSE:LEG) was in 29 hedge funds' portfolios at the end of the second quarter of 2020. The all time high for this statistics is 27. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that LEG 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Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)現在就買嗎？聰明的投資者把賭注押在了股票上。看漲對衝基金頭寸的數量最近小幅增加了4只。截至2020年第二季度末，Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)在29家對衝基金的投資組合中。這一統計數據的歷史最高值為27。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，Leg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，查看視頻快速查看前5只股票)。視頻：觀看我們關於最受歡迎的5只對衝基金股票的視頻。
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's monthly stock picks returned 101% since March 2017 and outperformed the S&P 500 ETFs by more than 56 percentage points. Our short strategy outperformed the S&P 500 short ETFs by 20 percentage points annually (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
在金融界，投資者有大量工具可以用來給股票評級。最不為人注意的兩種工具是對衝基金和內幕交易指標。我們已經證明，從歷史上看，那些追隨最優秀基金經理的人的表現可以比更廣泛的指數高出很多。自2017年3月以來，Insider Monkey的月度選股回報率為101%，表現比標準普爾500指數ETF高出逾56個百分點。我們的做空策略每年的表現比標準普爾500指數做空ETF高出20個百分點(詳情請看這裏)。這就是為什麼我們認為對衝基金情緒是一個有用的指標，投資者應該注意。
Peter Rathjens of Arrowstreet Capital
彼得·拉特延斯，ArrowStreet Capital公司
At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, this “mom” trader turned $2000 into $2 million within 2 years. So, we are checking outher best trade ideaof the month. 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. With all of this in mind let's analyze the key hedge fund action regarding Leggett & Platt, Inc. (NYSE:LEG).
在Insider Monkey，我們不遺餘力地尋找下一個偉大的投資想法。例如，這位“媽媽”交易員在兩年內將2000美元變成了200萬美元。所以，我們正在退房她最好的交易點子當月的。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。考慮到這一切，讓我們來分析一下對衝基金對Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)的關鍵行動。
Hedge fund activity in Leggett & Platt, Inc. (NYSE:LEG)
Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)的對衝基金活動
At the end of June, a total of 29 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 16% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards LEG over the last 20 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
截至6月底，在Insider Monkey追蹤的對衝基金中，共有29家看好這隻股票，較上一季度變化16%。下面，您可以查看對衝基金在過去20個季度對Leg的信心變化。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。
The largest stake in Leggett & Platt, Inc. (NYSE:LEG) was held by Scopus Asset Management, which reported holding $49.2 million worth of stock at the end of September. It was followed by Adage Capital Management with a $30.4 million position. Other investors bullish on the company included Renaissance Technologies, D E Shaw, and Arrowstreet Capital. In terms of the portfolio weights assigned to each position Scopus Asset Management allocated the biggest weight to Leggett & Platt, Inc. (NYSE:LEG), around 1.39% of its 13F portfolio. Gotham Asset Management is also relatively very bullish on the stock, dishing out 0.13 percent of its 13F equity portfolio to LEG.
Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)的最大股份由Scope us Asset Management持有，據報道，截至9月底，該公司持有價值4920萬美元的股票。緊隨其後的是Adage Capital Management，持有3040萬美元的頭寸。其他看好該公司的投資者包括文藝復興技術公司、D E Shaw和ArrowStreet Capital。就分配給每個頭寸的投資組合權重而言，Scopus Asset Management分配給Leggett&Platt，Inc.(紐約證券交易所股票代碼：LEG)的權重最大，約佔其13F投資組合的1.39%。Gotham Asset Management也相對非常看好該股，將其13F股票投資組合中的0.13%分配給Leg。
As industrywide interest jumped, some big names were breaking ground themselves. Scopus Asset Management, managed by Alexander Mitchell, assembled the most valuable position in Leggett & Platt, Inc. (NYSE:LEG). Scopus Asset Management had $49.2 million invested in the company at the end of the quarter. Phill Gross and Robert Atchinson's Adage Capital Management also made a $30.4 million investment in the stock during the quarter. The other funds with new positions in the stock are Steve Cohen's Point72 Asset Management, Paul Marshall and Ian Wace's Marshall Wace LLP, and Sander Gerber's Hudson Bay Capital Management.
隨着整個行業的興趣激增，一些大牌公司自己也在破土動工。由Alexander Mitchell管理的Scope us Asset Management是Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)最有價值的頭寸。截至季度末，Scope us Asset Management在該公司的投資為4920萬美元。菲爾·格羅斯和羅伯特·阿欽森的Adage Capital Management在本季度也對該股進行了3040萬美元的投資。其他持有該股新頭寸的基金包括史蒂夫·科恩的Point72 Asset Management，保羅·馬歇爾和伊恩·華斯的馬歇爾·華斯有限責任公司，以及桑德·格伯的哈德遜灣資本管理公司。
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Leggett & Platt, Inc. (NYSE:LEG) but similarly valued. We will take a look at Globus Medical Inc (NYSE:GMED), Eastgroup Properties Inc (NYSE:EGP), Texas Pacific Land Trust (NYSE:TPL), Pure Storage, Inc. (NYSE:PSTG), The AZEK Company Inc. (NYSE:AZEK), Virtu Financial Inc (NASDAQ:VIRT), and CoreSite Realty Corp (NYSE:COR). This group of stocks' market valuations match LEG's market valuation.
現在讓我們來看看對衝基金在其他股票中的活動--不一定與Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)在同一行業，但估值相似。我們來看看Globus醫療公司(紐約證券交易所代碼：GMED)，東方集團地產公司(紐約證券交易所代碼：EGP)，德克薩斯太平洋土地信託基金(紐約證券交易所代碼：TPL)，Pure Storage公司。(紐約證券交易所代碼：PSTG)，AZEK公司(紐約證券交易所：AZEK), Virtu Financial Inc.(納斯達克：Virt)，以及CoreSite房地產公司(紐約證券交易所代碼：COR)。這組股票的市值與LEG的市值相匹配。
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position GMED,32,132005,13 EGP,14,46516,1 TPL,14,1048637,0 PSTG,29,354129,4 AZEK,26,237042,26 VIRT,28,213170,11 COR,21,265464,-2 Average,23.4,328138,7.6 [/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GMED，32,132005，13 EGP，14,46516，1 TPL，14,1048637，0 PSTG，29,354129，4 AZEK，26,237042，26 VIRT，28,213170，11 COR，21,265464，平均值，234,328138，7.6[/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 23.4 hedge funds with bullish positions and the average amount invested in these stocks was $328 million. That figure was $184 million in LEG's case. Globus Medical Inc (NYSE:GMED) is the most popular stock in this table. On the other hand Eastgroup Properties Inc (NYSE:EGP) is the least popular one with only 14 bullish hedge fund positions. Leggett & Platt, Inc. (NYSE:LEG) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for LEG is 80.7. 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 gained 23.8% in 2020 through September 14th and still beat the market by 17.6 percentage points. Hedge funds were also right about betting on LEG as the stock returned 28.1% during Q3 (through September 14th) and outperformed the market. Hedge funds were rewarded for their relative bullishness.
正如你所看到的，這些股票平均有23.4只對衝基金持有看漲頭寸，平均投資於這些股票的金額為3.28億美元。以Leg為例，這個數字是1.84億美元。Globus Medical Inc.(紐約證券交易所代碼：GMED)是該表中最受歡迎的股票。另一方面，EastGroup Properties Inc(NYSE：EGP)是最不受歡迎的，只有14個看漲對衝基金頭寸。Leggett&Platt，Inc.(紐約證券交易所代碼：LEG)不是這類股票中最受歡迎的股票，但對衝基金的興趣仍高於平均水平。我們對Leg的整體對衝基金情緒得分為80.7。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9月14日，這些股票在2020年上漲了23.8%，仍比大盤高出17.6個百分點。對衝基金對Leg的押注也是正確的，該股在第三季度(截至9月14日)的回報率為28.1%，表現優於大盤。對衝基金因相對看漲而獲得回報。
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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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