It is already common knowledge that individual investors do not usually have the necessary resources and abilities to properly research an investment opportunity. As a result, most investors pick their illusory “winners” by making a superficial analysis and research that leads to poor performance on aggregate. The Standard and Poor’s 500 Index returned 5.2% over the 12-month period ending October 30, while more than 51% of the constituents of the index underperformed the benchmark. Hence, a random stock picking process will most likely lead to disappointment. At the same time, the 30 most favored S&P 500 stocks by the hedge funds monitored by Insider Monkey (as of September 2014) generated a return of 9.5% over the same time span, with 63% of these stocks outperforming the benchmark. Of course, hedge funds do make wrong bets on some occasions and these get disproportionately publicized on financial media, but piggybacking their moves can beat the broader market on average. That’s why we are going to go over recent hedge fund activity in TTM Technologies, Inc. (NASDAQ:TTMI).
TTM Technologies, Inc. (NASDAQ:TTMI) investors should be aware of a decrease in enthusiasm from smart money in recent months. TTMI was in 17 hedge funds’ portfolios at the end of September. There were 23 hedge funds in our database with TTMI positions at the end of the previous quarter. At the end of this article we will also compare TTMI to other stocks including Workiva Inc (NYSE:WK), Tidewater Inc. (NYSE:TDW), and ProNAi Therapeutics Inc (NASDAQ:DNAI) to get a better sense of its popularity.
With all of this in mind, we’re going to take a look at the fresh action regarding TTM Technologies, Inc. (NASDAQ:TTMI).
What have hedge funds been doing with TTM Technologies, Inc. (NASDAQ:TTMI)?
At Q3’s end, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -26% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were upping their stakes considerably (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Chuck Royce’s Royce & Associates has the most valuable position in TTM Technologies, Inc. (NASDAQ:TTMI), worth close to $16.3 million, accounting for 0.1% of its total 13F portfolio. Coming in second is Renaissance Technologies, managed by Jim Simons, which holds a $6 million position; the fund has less than 0.1% of its 13F portfolio invested in the stock. Other peers that hold long positions contain Ken Griffin’s Citadel Investment Group, John Overdeck and David Siegel’s Two Sigma Advisors and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.