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Is KKR & Co. L.P. (KKR) Going to Burn These Hedge Funds?

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Concerns over a shift in Fed’s easy monetary policy have hit several hedge funds hard during the third quarter. A number of sectors are in correction territory. More importantly, Russell 2000 ETF (IWM) underperformed the larger S&P 500 ETF (SPY) by more than 14 percentage points between June 25, 2015 and October 30, 2015. Hedge funds and institutional investors tracked by Insider Monkey usually invest a disproportionate amount of their portfolios in smaller cap stocks. We have been receiving indications that hedge funds were paring back their overall exposure and this is one of the factors behind the recent movements in major indices. In this article, we will take a closer look at hedge fund sentiment towards KKR & Co. L.P. (NYSE:KKR).

Hedge fund interest in KKR & Co. L.P. (NYSE:KKR) shares was flat at the end of last quarter. This is usually a negative indicator. At the end of this article we will also compare KKR to other stocks including Mylan N.V. (NASDAQ:MYL), Ross Stores, Inc. (NASDAQ:ROST), and CRH PLC (ADR) (NYSE:CRH) to get a better sense of its popularity.

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With all of this in mind, we’re going to take a glance at the new action encompassing KKR & Co. L.P. (NYSE:KKR).

How have hedgies been trading KKR & Co. L.P. (NYSE:KKR)?

At the end of the third quarter, a total of 30 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 0% from the previous quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were increasing their holdings considerably (or already accumulated large positions).

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Thomas E. Claugus’s GMT Capital has the biggest position in KKR & Co. L.P. (NYSE:KKR), worth close to $112.5 million, comprising 2.8% of its total 13F portfolio. Sitting at the No. 2 spot is Legg Mason Capital Management, managed by Bill Miller, which holds a $50 million position; 1% of its 13F portfolio is allocated to the company. Remaining members of the smart money with similar optimism consist of Emanuel J. Friedman’s EJF Capital, Leon Cooperman’s Omega Advisors and Robert Joseph Caruso’s Select Equity Group.

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