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Is Navigant Consulting, Inc. (NCI) Going to Burn These Hedge Funds?

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It was a rough third quarter for many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 7% during the quarter. The Russell 2000, composed of smaller companies, performed even worse, trailing the S&P by about 14 percentage points between June 25 and October 30, as investors fled less-known quantities for safe havens. This was the case with hedge funds, who we heard were pulling money from the market amid the volatility, which included money from small-cap stocks, which they invest in at a higher rate than other investors. This action contributed to the greater decline in these stocks during the tumultuous period. We will study how this market volatility affected their sentiment towards Navigant Consulting, Inc. (NYSE:NCI) during the quarter below.

Navigant Consulting, Inc. (NYSE:NCI)’s stock jumped in the third quarter and gained 8% between July and September, attracting more attention from smart money investors. With this in mind, we are going to take a closer look at the funds that amassed substantial stakes in NCI at the end of September and to get a better sense of its popularity, at the end of this article we will also compare NCI to other stocks including Resolute Forest Products Inc (NYSE:RFP), EZchip Semiconductor Ltd. (NASDAQ:EZCH), and Crossamerica Partners LP (NYSE:CAPL).

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In the eyes of most shareholders, hedge funds are assumed to be slow, old financial tools of years past. While there are more than 8000 funds in operation today, Our researchers choose to focus on the elite of this group, approximately 700 funds. These money managers handle the majority of the smart money’s total capital, and by shadowing their finest equity investments, Insider Monkey has uncovered several investment strategies that have historically outstripped the S&P 500 index. Insider Monkey’s small-cap hedge fund strategy outpaced the S&P 500 index by 12 percentage points per annum for a decade in their back tests.

Keeping this in mind, we’re going to take a look at the new action regarding Navigant Consulting, Inc. (NYSE:NCI).

What does the smart money think about Navigant Consulting, Inc. (NYSE:NCI)?

At the end of the third quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish on this stock, an increase of 25% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).

Of the funds tracked by Insider Monkey, SG Capital Management, managed by Ken Grossman and Glen Schneider, holds the biggest position in Navigant Consulting, Inc. (NYSE:NCI). SG Capital Management has a $14.6 million position in the stock, comprising 3.2% of its 13F portfolio. Sitting at the No. 2 spot is Royce & Associates, led by Chuck Royce, holding a $11.6 million position; 0.1% of its 13F portfolio is allocated to the stock. Other members of the smart money with similar optimism consist of D. E. Shaw’s D E Shaw, Israel Englander’s Millennium Management, and Mark Coe’s Coe Capital Management.

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