As industrywide interest jumped, some big names were breaking ground themselves. Lee Munder Capital Group, managed by Lee Munder, assembled the biggest position in Tumi Holdings Inc (NYSE:TUMI). According to its latest 13F filing, the fund had $3.4 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $1.9 million position during the quarter. The following funds were also among the new TUMI investors: Benjamin A. Smith’s Laurion Capital Management and George Hall’s Clinton Group.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Tumi Holdings Inc (NYSE:TUMI) but similarly valued. These stocks are Penumbra Inc (NYSE:PEN), Sonic Corporation (NASDAQ:SONC), Apollo Education Group Inc (NASDAQ:APOL), and Cott Corporation (USA) (NYSE:COT). This group of stocks’ market values are closest to TUMI’s market value.
|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 23 hedge funds with bullish positions and the average amount invested in these stocks was $219 million. TUMI only managed to attract $106 million from hedge funds. Sonic Corporation (NASDAQ:SONC) is the most popular stock in this table, while Penumbra Inc (NYSE:PEN) is the laggard with only 13 bullish hedge fund positions. Tumi Holdings Inc (NYSE:TUMI) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SONC might be a better candidate to consider a long position.