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Hedge Funds Are Cooling to EnerSys (ENS)

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Billionaire hedge fund managers such as Steve Cohen and Stan Druckenmiller can generate millions or even billions of dollars every year by pinning down high-potential small-cap stocks and pouring cash into these candidates. Small-cap stocks are overlooked by most investors, brokerage houses, and financial services hubs, while the unlimited research abilities of the big players within the hedge fund industry can easily identify the undervalued and high-potential stocks that reside the ignored corners of equity markets. There are numerous small-cap stocks that have turned out to be great winners, which is one of the main reasons the Insider Monkey team pays close attention to the hedge fund activity in relation to these stocks.

Is EnerSys (NYSE:ENS) a buy now? The best stock pickers are getting less bullish. The number of bullish hedge fund positions retreated by 1 recently. ENS was in 21 hedge funds’ portfolios at the end of September. There were 22 hedge funds in our database with ENS holdings at the end of the previous quarter. At the end of this article we will also compare ENS to other stocks including Masimo Corporation (NASDAQ:MASI), Janus Capital Group Inc (NYSE:JNS), and The Wendy’s Company (NASDAQ:WEN) 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 EnerSys (NYSE:ENS)?

Heading into the fourth quarter of 2016, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, a 5% drop from the previous quarter. That did follow a surge in ownership in Q2 however, when there was a greater than 50% increase in the number of hedge funds with long positions. With hedgies’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were upping their holdings substantially (or already accumulated large positions).
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According to Insider Monkey’s hedge fund database, Joel Greenblatt’s Gotham Asset Management has the largest position in EnerSys (NYSE:ENS), worth close to $14.8 million. Sitting at the No. 2 spot is Benjamin A. Smith of Laurion Capital Management, with a $9.9 million position. Other members of the smart money with similar optimism consist of John Overdeck and David Siegel’s Two Sigma Advisors, Cliff Asness’ AQR Capital Management and Jim Simons’ Renaissance Technologies.

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