Garmin Ltd. (GRMN): Have Hedge Funds Found A Hidden Gem?

Page 1 of 2

Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30. In this article we are going to take a look at smart money sentiment towards Garmin Ltd. (NASDAQ:GRMN).

Garmin Ltd. (NASDAQ:GRMN) shareholders have witnessed an increase in hedge fund sentiment in recent months, with ownership among the hedgies tracked by Insider Monkey shooting up by nearly 50% in Q3. At the end of this article we will also compare GRMN to other stocks including Crescent Point Energy Corp (NYSE:CPG), ANSYS, Inc. (NASDAQ:ANSS), and Xylem Inc (NYSE:XYL) to get a better sense of its popularity.

Follow Garmin Ltd (NASDAQ:GRMN)

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.

phone, smartphone, smart, texting, hand, using, cell, man, call, internet, wireless, screen, work, touchscreen, lawyer, touch, cellular, sms, model, corporate, telephone,

Kostenko Maxim/Shutterstock.com

How are hedge funds trading Garmin Ltd. (NASDAQ:GRMN)?

At Q3’s end, a total of 25 of the hedge funds tracked by Insider Monkey held long positions in this stock, a jump of 47% from one quarter earlier, pushing Garmin share ownership among successful hedge funds to a yearly high. With hedgies’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
3
According to Insider Monkey’s hedge fund database, Jim Simons’ Renaissance Technologies holds the biggest position in Garmin Ltd. (NASDAQ:GRMN). According to regulatory filings, the fund has a $43.8 million position in the stock. The second largest stake is held by Winton Capital Management, led by David Harding, holding a $23.3 million position. Other professional money managers that hold long positions consist of Joel Greenblatt’s Gotham Asset Management, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and Anthony Scaramucci’s Skybridge Capital.

Page 1 of 2