Hedge Funds Are Betting On Ashland Global Holdings Inc. (ASH)

As industrywide interest jumped, key hedge funds were breaking ground themselves. OZ Management, led by Daniel S. Och, created the biggest position in Ashland Global Holdings Inc. (NYSE:ASH). According to regulatory filings, the fund had $118.1 million invested in the company at the end of the quarter. Phill Gross and Robert Atchinson’s Adage Capital Management also made a $45.3 million investment in the stock during the quarter. The other funds with brand new ASH positions are David S. Winter and David J. Millstone’s 40 North Management, Gunnar Overstrom’s Three Corner Global Investors, and Doug Silverman and Alexander Klabin’s Senator Investment Group.

Let’s check out hedge fund activity in other stocks similar to Ashland Global Holdings Inc. (NYSE:ASH). We will take a look at STMicroelectronics N.V. (ADR) (NYSE:STM), Apollo Global Management LLC (NYSE:APO), Apartment Investment and Management Co. (NYSE:AIV), and Huntington Ingalls Industries Inc (NYSE:HII). This group of stocks’ market caps resemble ASH’s market cap.

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $287 million. That figure was an impressive $727 million in ASH’s case. Huntington Ingalls Industries Inc (NYSE:HII) is the most popular stock in this table. On the other hand STMicroelectronics N.V. (ADR) (NYSE:STM) is the least popular one with only 11 bullish hedge fund positions. Ashland Global Holdings Inc. (NYSE:ASH) 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 HII might be a better candidate to consider taking a long position in.

Disclosure: none.