Hedge Funds Favorite Stock Picks in First Quarter

Hedge Funds Favorite Stock Picks in First Quarter
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FactSet in its recent report revealed the 50 largest hedge funds increased their equity exposure by over 5 percent in the first quarter of 2013. This data fits in with much of what we have reported recently. They also mention the favorite stock picks of some of the larger funds.

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Hedge Funds Favorite Stock Picks in First Quarter

FactSet Research Systems Inc. (NYSE:FDS) is engaged in combining integrated financial information, analytical applications and client service to enhance the workflow and productivity of the global investment community.

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In its recently published “Hedge Fund Ownership Report”, it highlighted that the top hedge funds’ holdings include prominent Internet search and personal electronic devices.

Top 50 hedge funds increased their equity exposure:

According to Michael Amenta of FactSet Research Systems Inc. (NYSE:FDS) , though the top 50 hedge fund managers have upped their equity exposures, the funds have downsized their stakes in two successful stocks in 2013 viz.: News Corp (NASDAQ:NWSA) (NASDAQ:NWS) (NASDAQ:NWSA) and American International Group Inc. (NYSE:AIG).

Among the most widely held stocks by the biggest hedge funds, FactSet Research Systems Inc. (NYSE:FDS) reports Google Inc (NASDAQ:GOOG) was the most prominent with over 31 top funds reposed faith with the search engine.

Interestingly FactSet report reveals Icahn Enterprises, owned by Carl Icahn, ranks the last among the list of stocks owned by the top hedge funds. Carl Icahn has been involved in several corporate battles including Dell Inc (NASDAQ:DELL).

According to Factset, the search engine major Google Inc (NASDAQ:GOOG) is owned by 31 funds with 1.2 percent of shares outstanding held by the top 50 funds. Some of the top hedge funds owning Google include Lone Pine holding 1.4 million shares while Lansdowne Partners holds 0.8 million shares.

The global financial major American International Group Inc (NYSE:AIG) holds the second position with over 28 funds owning 0.9 percent of outstanding shares. The major hedge funds owning American International Group Inc (NYSE:AIG) include Third Point with 13.5 million shares followed closely by Perry with 13.2 million shares.

Over 27 top hedge funds reposed faith with the financial conglomerate Citigroup Inc (NYSE:C) holding 0.4 percent of outstanding shares. Citigroup occupies the third position from the top with Pzena holding 9 million shares followed by David Tepper’s Appaloosa holding 8.5 million shares.

Some of the other top companies with whom the top hedge funds reposed faith include News Corp (NASDAQ:NWSA) (NASDAQ:NWS), Priceline.com Inc (NASDAQ:PCLN) and the Information Technology major QUALCOMM, Inc. (NASDAQ:QCOM).

Icahn Enterprises LP (NASDAQ:IEP) ranks last among the top 50 with just 2 top funds owning the 0.9 percent of outstanding shares of Icahn.

Norwegian Cruise Line occupies the 49th position with 4 funds owning 0.4 percent of outstanding shares. Citadel, SAC and Sigma are the top shareholders by holding 2.5 million, 2.2 million and 1.5 million shares respectively.

Financials major Nationstar Mortgage finds favor with 5 funds holding 0.4 percent of outstanding shares. Fortress with 67.8 million shares, Osterweis with 1.5 million shares and Hayman with 1.5 million shares are Nationstar Mortgage Holdings Inc(NYSE:NSM)’s top holders in terms of number of shares held.

H/T Rob Wile of Business Insider

Further Reading Big Hedge Funds: Notable Q1 Stock Picks And Exits

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports
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