Hedge fund activity in Carnival Corporation (NYSE:CCL)
By the end of the first quarter of 2015, a total of 49 of the hedge funds tracked by Insider Monkey were bullish in this stock, a change of 17% from the previous quarter, while total investment rose to $1.96 billion from $1.56 billion at the end of 2014, an increase of more than 25%. Shares only rose by 5.5% during the quarter, indicating that much of the increased investment was entirely from bullish investors.
According to hedge fund intelligence website Insider Monkey, Kerr Neilson’s Platinum Asset Management had the largest position in Carnival Corporation (NYSE:CCL), worth close to $453.6 million, accounting for 9.1% of its total 13F portfolio, by the end of the first quarter of 2015. Coming in second is William B. Gray of Orbis Investment Management, with a $247 million position, 2% of its 13F portfolio being allocated to the stock. Other hedgies that are bullish comprise Ricky Sandler’s Eminence Capital, John Brennan’s Sirios Capital Management, and Ken Griffin’s Citadel Investment Group.
As one would reasonably expect, some big names were breaking ground themselves. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the most outsized new position in Carnival Corporation (NYSE:CCL). Balyasny Asset Management had $33.3 million invested in the company at the end of the first quarter. Jacob Doft’s Highline Capital Management also opened a $27.5 million position in the stock during the quarter. The other funds with brand new Carnival positions are Doug Gordon, Jon Hilsabeck and Don Jabro’s Shellback Capital, Louis Bacon’s Moore Global Investments, and Christopher Medlock James’ Partner Fund Management.
Due to the optimism of Deutsche Bank for the stock, as well as the positive sentiment among the hedge funds Insider Monkey tracks, we recommend a long position in Carnival Corporation (NYSE:CCL).