Consequently, specific money managers were leading the bulls’ herd. Balyasny Asset Management created the most valuable position in ConocoPhillips (NYSE:COP). Balyasny Asset Management had $64.1 million invested in the company at the end of the quarter. Malcolm Fairbairn’s Ascend Capital also made a $35.5 million investment in the stock during the quarter. The other funds with brand new COP positions are Curtis Macnguyen’s Ivory Capital (Investment Mgmt), Joe DiMenna’s ZWEIG DIMENNA PARTNERS, and Paul Tudor Jones’s Tudor Investment Corp.
Let’s also examine hedge fund activity in other stocks similar to ConocoPhillips (NYSE:COP). These stocks are Danaher Corporation (NYSE:DHR), Colgate-Palmolive Company (NYSE:CL), Simon Property Group, Inc (NYSE:SPG), and Time Warner Inc (NYSE:TWX). This group of stocks’ market values is similar to ConocoPhillips (NYSE:COP)’s market value.
|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 46 hedge funds with bullish positions and the average amount invested in these stocks was $2.32 billion. That figure was $1.24 billion in ConocoPhillips (NYSE:COP)’s case. Time Warner Inc (NYSE:TWX) is the most popular stock in this table. On the other hand, Simon Property Group, Inc (NYSE:SPG) is the least popular one with only 30 bullish hedge fund positions. ConocoPhillips (NYSE:COP) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Time Warner Inc (NYSE:TWX) might be a better candidate to consider a long position.