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Are Investors Right To Be Bullish On Nevro Corp (NVRO)?

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Legendary investors such as Leon Cooperman and Seth Klarman earn enormous amounts of money for themselves and their investors by doing in-depth research on small-cap stocks that big brokerage houses don’t publish. Small-cap stocks, especially when they are screened well, can generate substantial outperformance versus a boring index fund. That’s why we analyze the activity of those elite funds in these small-cap stocks. In the following paragraphs, we analyze Nevro Corp (NYSE:NVRO) from the perspective of those elite funds.

Nevro Corp (NYSE:NVRO) has seen an increase in activity from the world’s largest hedge funds in recent months. NVRO was in 33 hedge funds’ portfolios at the end of the third quarter of 2016. There were 31 hedge funds in our database with NVRO holdings at the end of the prior quarter. At the end of this article we will also compare NVRO to other stocks including NetScout Systems, Inc. (NASDAQ:NTCT), G-III Apparel Group, Ltd. (NASDAQ:GIII), and Swift Transportation Co (NYSE:SWFT) to get a better sense of its popularity.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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What have hedge funds been doing with Nevro Corp (NYSE:NVRO)?

At Q3’s end, a total of 33 of the hedge funds tracked by Insider Monkey held long positions in this stock, a 6% increase from the second quarter of 2016. It’s also the fourth straight quarterly filing period in which hedge fund sentiment for Nevro has increased. With hedge funds’ capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their stakes significantly (or already accumulated large positions).

HedgeFundSentimentChart

Of the funds tracked by Insider Monkey, Columbus Circle Investors, managed by Principal Global Investors, holds the largest position in Nevro Corp (NYSE:NVRO). Columbus Circle Investors has a $75.6 million position in the stock. On Columbus Circle Investors’ heels is Deerfield Management, led by James E. Flynn, holding a $56 million position. Some other peers that hold long positions include Bihua Chen’s Cormorant Asset Management, Israel Englander’s Millennium Management, and Ken Griffin’s Citadel Investment Group.

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