Consequently, specific money managers were leading the bulls’ herd. Jet Capital Investors, managed by Matthew Mark, established a valuable position in Chico’s FAS, Inc. (NYSE:CHS). Jet Capital Investors had $26.2 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $21.7 million position during the quarter. The following funds were also among the new CHS investors: Paul Marshall and Ian Wace’s Marshall Wace LLP, Chao Ku’s Nine Chapters Capital Management, and Michael Platt and William Reeves’s BlueCrest Capital Mgmt..
Let’s now take a look at hedge fund activity in other stocks similar to Chico’s FAS, Inc. (NYSE:CHS). These stocks are SM Energy Co. (NYSE:SM), Asbury Automotive Group, Inc. (NYSE:ABG), Teekay Corporation (NYSE:TK), and CyrusOne Inc (NASDAQ:CONE). All of these stocks’ market caps are closest to CHS’s market cap.
|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 22 hedge funds with bullish positions and the average amount invested in these stocks was $389 million. That figure was $399 million in CHS’s case. The least popular stock in this table is CyrusOne Inc (NASDAQ:CONE), and the most popular one is Asbury Automotive Group, Inc. (NYSE:ABG). In comparison, Chico’s FAS, Inc. (NYSE:CHS), with 23 bullish hedge fund positions, is not the most nor the least popular one in this group. Although this may imply it is a stock worth considering, we’d rather spend our time focusing on stocks that hedge funds are piling on. In this regard, ABG might be a better alternative.