As one would reasonably expect, key hedge funds have jumped into Michael Kors Holdings Ltd (NYSE:KORS) headfirst. MIK Capital, managed by Kamyar Khajavi, assembled the most outsized position in Michael Kors Holdings Ltd (NYSE:KORS). According to regulatory filings, the fund had $41.5 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $12.2 million investment in the stock during the quarter. The following funds were also among the new KORS investors: D. E. Shaw’s D E Shaw, David Keidan’s Buckingham Capital Management, and David Harding’s Winton Capital Management.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Michael Kors Holdings Ltd (NYSE:KORS) but similarly valued. These stocks are Amdocs Limited (NYSE:DOX), Cemex SAB de CV (ADR) (NYSE:CX), Juniper Networks, Inc. (NYSE:JNPR), and CDK Global Inc (NASDAQ:CDK). This group of stocks’ market valuations are closest to KORS’s market valuation.
|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 29 hedge funds with bullish positions and the average amount invested in these stocks was $1.09 billion. That figure was just $584 million in KORS’s case. CDK Global Inc (NASDAQ:CDK) is the most popular stock in this table. On the other hand Amdocs Limited (NYSE:DOX) is the least popular one with only 24 bullish hedge fund positions. Michael Kors Holdings Ltd (NYSE:KORS) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CDK might be a better candidate to consider a long position.