As industrywide interest jumped, key money managers have been driving this bullishness. Scoggin, managed by Curtis Schenker and Craig Effron, assembled the most outsized position in BGC Partners, Inc. (NASDAQ:BGCP). Scoggin had $8 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also initiated an $3.3 million position during the quarter. The following funds were also among the new BGCP investors: Mike Vranos’s Ellington, David Dreman’s Dreman Value Management, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as BGC Partners, Inc. (NASDAQ:BGCP) but similarly valued. These stocks are Gold Fields Limited (ADR) (NYSE:GFI), Littelfuse, Inc. (NASDAQ:LFUS), Cheetah Mobile Inc (ADR) (NYSE:CMCM), and Nortel Inversora S.A. (ADR) (NYSE:NTL). This group of stocks’ market caps resemble BGCP’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 9.5 hedge funds with bullish positions and the average amount invested in these stocks was $85 million. That figure was $128 million in BGCP’s case. Gold Fields Limited (ADR) (NYSE:GFI) is the most popular stock in this table. On the other hand Nortel Inversora S.A. (ADR) (NYSE:NTL) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks BGC Partners, Inc. (NASDAQ:BGCP) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.