Broadcom Corporation (NASDAQ:BRCM) was in 37 hedge funds' portfolio at the end of December. BRCM has seen an increase in enthusiasm from smart money in recent months. There were 35 hedge funds in our database with BRCM positions at the end of the previous quarter.
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With these "truths" under our belt, it's important to take a gander at the key action regarding Broadcom Corporation (NASDAQ:BRCM).
At year's end, a total of 37 of the hedge funds we track held long positions in this stock, a change of 6% from the previous quarter. With the smart money's capital changing hands, there exists an "upper tier" of key hedge fund managers who were boosting their holdings substantially.
Of the funds we track, Ken Griffin's Citadel Investment Group had the biggest position in Broadcom Corporation (NASDAQ:BRCM), worth close to $164.4 million, comprising 0.3% of its total 13F portfolio. Coming in second is David Tepper of Appaloosa Management LP, with a $113.6 million position; the fund has 2.5% of its 13F portfolio invested in the stock. Some other hedgies with similar optimism include Glenn Russell Dubin's Highbridge Capital Management, Scott Fine and Peter Richards's Empire Capital Management and Jim Simons's Renaissance Technologies.
As one would reasonably expect, key money managers were breaking ground themselves. Highbridge Capital Management, managed by Glenn Russell Dubin, initiated the most valuable position in Broadcom Corporation (NASDAQ:BRCM). Highbridge Capital Management had 61.7 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell's Arrowstreet Capital also made a $16 million investment in the stock during the quarter. The other funds with brand new BRCM positions are Israel Englander's Millennium Management, Joe DiMenna's ZWEIG DIMENNA PARTNERS, and John Hurley's Cavalry Asset Management.
Bullish insider trading is at its handiest when the company in focus has experienced transactions within the past 180 days. Over the latest six-month time frame, Broadcom Corporation (NASDAQ:BRCM) has experienced zero unique insiders buying, and 10 insider sales (see the details of insider trades here).
Let's also examine hedge fund and insider activity in other stocks similar to Broadcom Corporation (NASDAQ:BRCM). These stocks are Skyworks Solutions Inc (NASDAQ:SWKS), Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM), Marvell Technology Group Ltd. (NASDAQ:MRVL), Xilinx, Inc. (NASDAQ:XLNX), and Analog Devices, Inc. (NASDAQ:ADI). This group of stocks are the members of the semiconductor - integrated circuits industry and their market caps match BRCM's market cap.