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 Alaska Communications Systems Group Inc (NASDAQ:ALSK) based on those filings.
Hedge fund interest in Alaska Communications Systems Group Inc (NASDAQ:ALSK) shares was flat at the end of last quarter. This is usually a negative indicator, coupled with the fact that the shares of Alaska Communications Systems Group Inc (NASDAQ:ALSK) were down 8.75% during the third quarter. However, it doesn’t offer a firm reason for the hedge fund behavior, prompting us to cover hedge funds that held positions in the company during the last quarter.
The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article, we will examine companies such as ASB Bancorp Inc (NASDAQ:ASBB), PC Tel Inc (NASDAQ:PCTI), and Olympic Steel, Inc. (NASDAQ:ZEUS) to gather more data points.
According to most shareholders, hedge funds are perceived as unimportant, outdated financial tools of yesteryear. While there are greater than 8000 funds trading at present, our experts look at the upper echelon of this group, about 700 funds. Most estimates calculate that this group of people handles the lion’s share of all hedge funds’ total capital, and by observing their inimitable equity investments, Insider Monkey has brought to light a number of investment strategies that have historically defeated Mr. Market. Insider Monkey’s small-cap hedge fund strategy exceeded the S&P 500 index by 12 percentage points per year for a decade in their back tests.
With all of this in mind, let’s analyze the recent action encompassing Alaska Communications Systems Group Inc (NASDAQ:ALSK).
How are hedge funds trading Alaska Communications Systems Group Inc (NASDAQ:ALSK)?
At the end of the third quarter, a total of 6 of the hedge funds tracked by Insider Monkey were bullish on this stock, flat over the second quarter. With hedge funds’ capital changing hands, there exists a few noteworthy hedge fund managers who were boosting their holdings significantly (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Renaissance Technologies holds the most valuable position in Alaska Communications Systems Group Inc (NASDAQ:ALSK). Renaissance Technologies has a $2.7 million position in the stock, comprising less than 0.1% of its 13F portfolio. The second most bullish fund manager is John Overdeck and David Siegel of Two Sigma Advisors, with a $0.2 million position; the fund has less than 0.1% of its 13F portfolio invested in the stock. Remaining peers that are bullish include Israel Englander’s Millennium Management, Chao Ku’s Nine Chapters Capital Management, and Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners.