Novus examines hedge fund equity positioning using public filings, highlighting where concentrated “smart money” ownership sat entering Q2 2016. The paper argues alpha may still exist in high conviction holdings, even as crowding, liquidity constraints, and fee drag potentially dilute returns across the industry.
Hedge Fund Ownership Report / Q2 2016
Novus
Research
56 Pages
Key Takeaways
Technology Concentration: Information technology represented $337.74B in long exposure and 19.42% of hedge fund AUM, narrowly trailing consumer discretionary allocations.
Crowded Equity Bets: Hedge funds owned 29.82% of Charter Communications and 24.66% of Dollar Tree shares, highlighting extreme concentration in select consumer holdings.
Mega Cap Dominance: Microsoft, Facebook, and Amazon each attracted over 200 hedge fund owners, with Microsoft positions totaling roughly $15.3B across the tracked universe.
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