The government requires hedge funds and wealthy investors with over a certain portfolio size to file a report that shows their positions at the end of every quarter. Even though it isn’t the intention, these filings level the playing field for ordinary investors. The latest round of 13F filings discloses the funds’ positions on September 30. We at Insider Monkey have made an extensive database of more than 700 of those elite funds and prominent investors’ filings. In this article, we analyze how these elite funds and prominent investors traded Contango Oil & Gas Company (NYSEMKT:MCF) based on those filings.
Contango Oil & Gas Company (NYSEMKT:MCF) investors should be aware of a decrease in hedge fund sentiment of late. MCF was in 11 hedge funds’ portfolios at the end of the third quarter of 2015. There were 14 hedge funds in our database with MCF holdings at the end of the previous quarter. At the end of this article we will also compare MCF to other stocks including Enzo Biochem, Inc. (NYSE:ENZ), Information Services Group, Inc. (NASDAQ:III), and Rosetta Stone Inc (NYSE:RST) to get a better sense of its popularity.
If you’d ask most stock holders, hedge funds are seen as unimportant, outdated financial vehicles of the past. While there are more than 8000 funds with their doors open at the moment, We hone in on the upper echelon of this group, approximately 700 funds. These money managers manage bulk of the smart money’s total asset base, and by shadowing their matchless stock picks, Insider Monkey has determined many investment strategies that have historically exceeded the broader indices. Insider Monkey’s small-cap hedge fund strategy outstripped the S&P 500 index by 12 percentage points per year for a decade in their back tests.
Keeping this in mind, we’re going to view the fresh action regarding Contango Oil & Gas Company (NYSEMKT:MCF).
What does the smart money think about Contango Oil & Gas Company (NYSEMKT:MCF)?
At Q3’s end, a total of 11 of the hedge funds tracked by Insider Monkey were long this stock, a change of -21% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of notable hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Howard Marks’s Oaktree Capital Management has the largest position in Contango Oil & Gas Company (NYSEMKT:MCF), worth close to $9.8 million, corresponding to 0.1% of its total 13F portfolio. On Oaktree Capital Management’s heels is GRT Capital Partners, managed by Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk, which holds an $2.5 million position; the fund has 0.7% of its 13F portfolio invested in the stock. Some other members of the smart money with similar optimism comprise Jim Simons’ Renaissance Technologies, and Glenn Russell Dubin’s Highbridge Capital Management.