In this article, we discuss the 5 stocks that Israel Englander is buying. If you want to read our detailed analysis of Englander’s hedge fund and recent developments, go directly to read Billionaire Israel Englander is Buying These 10 Stocks.
5. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Holders: 101
Millennium Management’s Stake Value: $246,173,000
Though JPMorgan Chase & Co. (NYSE:JPM) underperformed in 2021 relative to its peers, analysts present a positive outlook on the bank’s performance in the coming quarters. Recently, UBS initiated its coverage on the stock with a Buy rating and a $210 price target.
In Q3 2021, Millennium Management increased its stake in JPMorgan Chase & Co. (NYSE:JPM) by 233%, which now accounted for 0.14% of Israel Englander’s portfolio. In its third-quarter results, JPMorgan Chase & Co. (NYSE:JPM) reported revenue of $29.6 billion, up 2% from the prior-year quarter. Since the start of 2021, the stock has delivered a 24.1% return to shareholders, as of the close of December 20.
Of the 867 hedge funds tracked by Insider Monkey, 101 hedge funds were bullish on JPMorgan Chase & Co. (NYSE:JPM) in Q3, down from 108 in the preceding quarter. These stakes are valued at over $5.6 billion. Fisher Asset Management was the company’s leading shareholder in Q3, owning shares worth $1.1 billion.
Vltava Fund mentioned JPMorgan Chase & Co. (NYSE:JPM) in its Q3 2021 investor letter. Here is what the firm has to say:
“While all the previous names could be categorised as founder, continuing, or key shareholders, these last two names fall into the category of hired professional managers. This is actually the most numerous category among the bosses of large companies, but even among them there exist a number of individuals with exceptional long-term track records. In our view, these include also Jamie Dimon and Herman Gref.
We consider JP Morgan to be the strongest, largest, and most profitable bank in the world. It has not always been so, and the fact that it is what it is today can be attributed especially to its CEO Jamie Dimon. Dimon has spent his entire career in banking. He came to JP Morgan in a roundabout way in 2004 after the bank bought Bank One, of which he was CEO at the time. Since early 2006, Dimon has been CEO of the entire JP Morgan.
The quality and strength of JP Morgan under his leadership became fully apparent for the first time in 2008. Not only did JP Morgan help to stabilise the market by taking over the failing Bear Stearns in the spring of that year, but it was the only major US bank that did not require government assistance throughout the Great Financial Crisis and that was highly profitable even in the difficult year of 2008. Today, JP Morgan is even bigger, even more profitable, and even stronger than ever before. Many investors view banks with disdain, but a good bank with good management can be a very good long-term investment. From the time of its merger with Bank One in 2004 through the end of 2020, JP Morgan’s stock has outperformed even the S&P 500 index. The bank has earned a total net profit of USD 330 billion during this period, of which USD 232 billion has been paid out to shareholders in dividends and in share buybacks. I can recommend two books about Jamie Dimon: The House of Dimon and Last Man Standing.”