Disney (DIS) and 4 Other Stocks Billionaire Phill Gross Was Buying Up in Q1.

4. Nutrien Ltd. (NYSE:NTR)

Value of Adage Capital Management’s 13F Position: $213 million

Number of Hedge Fund Shareholders: 61

Hedge funds were going crazy over Nutrien Ltd. (NYSE:NTR) shares in Q1, as there was a 61% surge in hedge fund ownership of the company. Adage Capital Management was already a shareholder, but further raised the size of its long position in NTR by 20% to 2.05 million shares during the March quarter.

Nutrien Ltd. (NYSE:NTR) had a record quarter in Q1, earning $1.4 billion even as the potash producer is unable to keep up with the surging demand that’s been triggered by Russia’s removal from the global potash stage. In response, Nutrien plans to grow potash production to 18 million tonnes by 2025, which represents a 40% increase over the Canadian company’s 2020 production.

Nutrien Ltd. (NYSE:NTR) can accomplish that boost thanks to having the largest low-cost capacity in the industry. The company is also exploring further opportunities to expand its low-cost potash production capabilities that would fuel further growth beyond 2025. The company recently announced that it will also buy back an additional $2 billion of its shares this year thanks to its strong expected cash flow, resulting in close to $5 billion in capital being returned to shareholders in 2022.