Hedge Fund Ownership Report / Q1 2015

Novus

Research

56 Pages

Novus examines hedge fund equity ownership trends using a database covering more than 5,000 hedge funds. The paper explores whether high conviction positions generate alpha and where it may be lost. It also highlights surprisingly concentrated ownership in a handful of stocks and sectors.

Key Takeaways

Ownership Concentration Matters: Apple was the largest hedge fund holding at $23.8 billion, while Actavis represented 23.61% ownership of shares outstanding across reporting managers.
Sector Bets Stand Out: Consumer Discretionary was the largest long exposure at 20.43% of AUM, followed by Information Technology at 18.01% and Health Care at 16.42%.
Scale Drives Insights: Novus analyzed more than 10,000 institutions, including over 5,000 hedge funds, to identify ownership patterns, crowding risks, and high conviction positions.
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