The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Fortress Investment Group LLC (NYSE:FIG).
Fortress Investment Group LLC (NYSE:FIG) has seen a decrease in activity from the world’s largest hedge funds lately. FIG was in 21 hedge funds’ portfolios at the end of the third quarter of 2016. There were 23 hedge funds in our database with FIG holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Acxiom Corporation (NASDAQ:ACXM), Monogram Residential Trust Inc (NYSE:MORE), and WPP PLC (ADR) (NASDAQ:WPPGY) to gather more data points.
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
What have hedge funds been doing with Fortress Investment Group LLC (NYSE:FIG)?
At Q3’s end, a total of 21 of the hedge funds tracked by Insider Monkey were long this stock, a 9% drop from the previous quarter. Hedge fund ownership has remained largely stable this year after FIG struggled mightily in the second-half of last year. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Michael Barnes and Arif Inayatullah’s Tricadia Capital Management has the largest position in Fortress Investment Group LLC (NYSE:FIG), worth close to $21.8 million, accounting for 6% of its total 13F portfolio. The second most bullish fund manager is Ric Dillon of Diamond Hill Capital, with a $20.2 million position. Remaining members of the smart money that hold long positions comprise Jody LaNasa’s Serengeti Asset Management, Brian Gaines’ Springhouse Capital Management and James Dondero’s Highland Capital Management.