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.
Meredith Corporation (NYSE:MDP) was in 17 hedge funds’ portfolios at the end of September. MDP investors should be aware of an increase in activity from the world’s largest hedge funds of late. There were 15 hedge funds in our database with MDP holdings at the end of the previous quarter. At the end of this article we will also compare MDP to other stocks including HNI Corp (NYSE:HNI), Party City Holdco Inc (NYSE:PRTY), and KLX Inc (NASDAQ:KLXI) to get a better sense of its popularity.
With all of this in mind, we’re going to take a look at the new action encompassing Meredith Corporation (NYSE:MDP).
Hedge fund activity in Meredith Corporation (NYSE:MDP)
Heading into Q4, a total of 17 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 13% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were upping their stakes substantially (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the biggest position in Meredith Corporation (NYSE:MDP). Royce & Associates has a $112.8 million position in the stock, comprising 0.6% of its 13F portfolio. On Royce & Associates’ heels is Fisher Asset Management, led by Ken Fisher, holding a $41 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism comprise Alec Litowitz and Ross Laser’s Magnetar Capital, Joel Greenblatt’s Gotham Asset Management and Mario Gabelli’s GAMCO Investors.