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Tesoro Corporation (TSO): Are Hedge Funds Right About This Stock?

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Insider Monkey has processed numerous 13F filings of hedge funds and famous investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds and investors’ positions as of the end of the third quarter. You can find write-ups about an individual hedge fund’s trades on several financial news websites. However, in this article we will take a look at their collective moves and analyze what the smart money thinks of Tesoro Corporation (NYSE:TSO) based on that data.

Tesoro Corporation (NYSE:TSO) shareholders have witnessed an increase in activity from the world’s largest hedge funds in recent months. 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 Expeditors International of Washington (NASDAQ:EXPD), Albemarle Corporation (NYSE:ALB), and Fortune Brands Home & Security Inc (NYSE:FBHS) to gather more data points.

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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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With all of this in mind, let’s take a look at the new action encompassing Tesoro Corporation (NYSE:TSO).

How are hedge funds trading Tesoro Corporation (NYSE:TSO)?

At Q3’s end, a total of 41 of the hedge funds tracked by Insider Monkey were long this stock, a change of 8% from the second quarter of 2016. With the smart money’s sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their holdings substantially (or already accumulated large positions).

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When looking at the institutional investors followed by Insider Monkey, Hound Partners, managed by Jonathan Auerbach, holds the biggest position in Tesoro Corporation (NYSE:TSO). Hound Partners has a $395.5 million position in the stock, comprising 10.7% of its 13F portfolio. The second largest stake is held by AQR Capital Management, led by Cliff Asness, holding a $251 million position; the fund has 0.4% of its 13F portfolio invested in the stock. Other peers with similar optimism comprise D. E. Shaw’s D E Shaw, and Paul Marshall And Ian Wace’s Marshall Wace LLP.

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