David Harding is a British hedge fund manager and physicist by training, studied natural sciences at St. Catharine’s College, University of Cambridge, with a focus on theoretical physics. His education in empirical science would go on to inform his pioneering approach to financial markets. Harding began his career in finance in the mid-1980s, working at Sabre Fund Management. At Sabre, he was instrumental in developing early systematic trading models that used statistical analysis to identify patterns in market behavior. This experience laid the foundation for his future endeavors in quantitative finance.
In 1997, he established Winton Capital Management (now Winton Group), with the goal of applying scientific research and data-driven techniques to financial markets. Under Harding’s leadership, Winton grew rapidly, at one point managing over $28 billion in assets. The firm became one of the most prominent names in the quantitative hedge fund space, known for its commitment to rigorous data analysis and skepticism toward discretionary trading. Winton’s strategies typically involve global futures and equities, relying on vast historical datasets and algorithmic models rather than human intuition.
In recent years, Harding’s firm has experienced a resurgence. After a significant downturn, Winton rebounded with a 47% return in 2022, marking its best performance since the financial crisis. As of the end of last year, the firm’s assets under management had risen to $12.3 billion, reflecting a strong recovery. Winton remains committed to its systematic, research-driven approach. The firm’s ability to adapt to changing market conditions and its focus on long-term trends suggest potential for sustained performance in the future.
At the LSEG Lipper Fund Awards 2024, Winton Capital Management was honored with the “Best Fund over 3 Years” award in the Managed Futures category. This accolade recognizes the firm’s outstanding risk-adjusted performance over a three-year period. The Awards are based on the Lipper Leader rating for Consistent Return, which evaluates funds using a risk-adjusted performance measure over multiple non-overlapping periods. This methodology ensures that the winners have provided superior consistency and risk-adjusted returns compared to similar funds. This recognition underscores Winton’s commitment to delivering high-quality, systematic investment strategies that prioritize consistent performance for investors.
David Harding of Winton Capital Management
Our Methodology
For this list, we picked stocks from Winston Group’s 13F portfolio as of the end of the fourth quarter of 2024. We listed them in the ascending order of analysts’ average upside potential. These equities are also popular among other hedge funds.
Note: All data was recorded on April 29, 2025.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Billionaire David Harding’s 10 Stock Picks with Huge Upside Potential
10. Lattice Semiconductor Corporation (NASDAQ:LSCC)
Winton Group’s stake: $17,680,805
Upside Potential: 33.12%
Number of Hedge Fund Holders: 41
Lattice Semiconductor Corporation (NASDAQ:LSCC) develops low-power programmable logic devices and system solutions for global markets including Communications, Computing, Industrial, Automotive, and Consumer sectors. Their FPGAs support key functions such as control, connectivity, compute, and hardware security. With strengths in small form factor, energy efficiency, and I/O expansion, Lattice is positioned to benefit from trends like 5G, AI, smart devices, and increased hardware security needs. Its solutions are especially suited for edge-to-cloud applications, offering flexibility, performance, and integration in compact, cost-efficient packages.
Lattice Semiconductor Corporation (NASDAQ:LSCC) continues to strengthen its position in the fast-growing small- and mid-range FPGA market, driven by demand across AI, industrial automation, data centers, automotive, and IoT. Despite a revenue decline in 2024 due to inventory normalization, Lattice maintained strong margins, achieved record design wins, launched new products like Nexus 2 and Avant devices, and improved customer demand trends. With increased backlog and a book-to-bill ratio over 1, Lattice is optimistic about a U-shaped recovery and future growth. The company’s strategic workforce realignment expanded product offerings, and solid financial discipline. As a result, Lattice is positioned for a recovery in 2025 and targets 15–20% long-term revenue growth beginning in 2026.
9. Victoria’s Secret & Co. (NYSE:VSCO)
Winton Group’s stake: $7,992,030
Upside Potential: 33.36%
Number of Hedge Fund Holders: 46
Victoria’s Secret & Co. (NYSE:VSCO) is a global specialty retailer of women’s intimate apparel and beauty products through its Victoria’s Secret, PINK, and Adore Me brands. The company operates over 880 stores in the U.S., Canada, and China, alongside 500+ international franchise and licensed locations. It also sells through major digital platforms. In 2022, the company acquired Adore Me, a digital-first, size-inclusive lingerie brand. Victoria’s Secret also holds a majority stake in a joint venture with Regina Miracle to run its China business.
Victoria’s Secret & Co. (NYSE:VSCO) is driving growth by modernizing its core brands—Victoria’s Secret, PINK, and Beauty—focusing on inclusive design, customer engagement, and strategic collaborations. The refreshed Very Sexy collection and strong swimwear and sport lines showcase its expertise in fit and innovation. PINK is evolving to recapture Gen Z with lifestyle offerings and trend-driven products. Beauty, led by Bombshell, remains a standout. The company is strengthening its market positioning through digital strategy, distinct brand identities, and leadership realignment. Despite economic challenges, Victoria’s Secret & Co.(NYSE:VSCO) is committed to long-term growth with a customer-centric, agile, and performance-focused operating model.
