Healthcare Facilities Citigroup Hedge Fund Tracker: Who is Buying?

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Healthcare Facilities Citigroup Hedge Fund Tracker: Who is Buying?
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Healthcare Facilities Hedge Fund Tracker via Citigroup and Updated for 3/31/13 Holdings (5/15/13 filing deadline) based on 13F filings. Citigroup asks that with mutual fund ownership a 5 year lows who is buying these stocks?

Healthcare Facilities Citigroup Hedge Fund Tracker: Who is Buying?

Hedge Fund Tracker summary

Hospital stocks have soared 80% in the 11-months since SCOTUS. The most common question investors ask us is “who is buying the stocks”? Per most recent comprehensive filings (3/31/13), hedge fund ownership of hospitals is up 500bp yty (but only 20bp sequentially) to a 5-year high (27% of float), implying that mutual fund/ long-only ownership is inversely at 5-year lows. Share turnover increased sequentially, no doubt due to the negative preannouncements and weak 1Q13 results.

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Acute companies per Citi  Hedge Fund Tracker

Equal-weight hedge fund ownership (as % of total share ownership) is up +490bps yty and +20bps seq (to 27.1% of total float). Community Health Systems (NYDE:CYH) (26%) & Tenet Healthcare Corp (NYSE:THC) (29%) enjoy the largest % hedge fund ownership. Vanguard Health Systems, Inc. (NYSE:VHS) (8%) & Universal Health Services, Inc. (NYSE:UHS) (14%) have the lowest % hedge fund ownership. YTY hedge fund ownership increased the most for CYH & declined the most for UHS. Sequentially (from 12/31/12), hedge fund ownership increased the most for CYH & declined the most for Health Management Associates Inc (NYSE:HMA) (despite an increased stake by a 13D filer see Marketfolly).

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Sub-Acute companies per Citi  Hedge Fund Tracker

Equal-weight hedge fund ownership (as % of total share ownership) is up +40bps yty & up +90bps seq (to 14.1% of float). Brookdale Senior Living, Inc. (NYSE:BKD) (28%) & Emeritus Corporation (NYSE:ESC) (21%) enjoy the largest % hedge fund ownership. The Ensign Group, Inc. (NASDAQ:ENSG) (1%), National HealthCare Corporation (NYSE:NHC) (2%) & HealthSouth Corp (NYSE:HLS) (3%) have the lowest % hedge fund ownership. YTY hedge fund ownership increased the most for ESC & declined the most for SKH. Sequentially, hedge fund ownership increased the most for ESC & declined the most for Acadia Healthcare Company Inc (NASDAQ:ACHC).

Outpatient companies per Citi  Hedge Fund Tracker

Equal-weight hedge fund ownership (as % of total share ownership) is up +270bps yty & up +40bps seq (to 10.7% of float). Gentiva Health Services, Inc. (NASDAQ:GTIV) (16%) & Amedisys Inc (NASDAQ:AMED) (13%) enjoy the largest % hedge fund ownership. Chemed Corporation (NYSE:CHE) (3%) & Amsurg Corp (NASDAQ:AMSG) (4%) have the lowest % hedge fund ownership. YTY hedge fund ownership increased the most for GTIV & declined the most for CHE. Sequentially, hedge fund ownership increased the most for AMED & declined the most for CHE.

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Outsourced Services companies per Citi  Hedge Fund Tracker

Equal-weight hedge fund ownership (as % of total share ownership) is up +10bps yty but down -30bps seq (to 9.7% of float). AMN Healthcare Services, Inc. (NASDAQ:AHS) (19%) & Cross Country Healthcare, Inc. (NASDAQ:CCRN) (17%) enjoy the largest % hedge fund ownership. On Assignment, Inc. (NYSE:ASGN) (3%) & Bio-Reference Laboratories Inc (NASDAQ:BRLI) (3%) have the lowest % hedge fund ownership. YTY hedge fund ownership increased the most for Team Health Holdings LLC (NYSE:TMH) & declined the most for MedAssets, Inc. (NASDAQ:MDAS). Sequentially, hedge fund ownership increased the most for TMH & declined the most for MDAS.

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