Hedge Funds Are Crazy About Colfax Corp (CFX)

Now, specific money managers have been driving this bullishness. Lodge Hill Capital, managed by Clint Murray, initiated the most outsized position in Colfax Corp (NYSE:CFX). Lodge Hill Capital had $34.6 million invested in the company at the end of the quarter. Jeffrey Bronchick’s Cove Street Capital also made a $21.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Alexander Mitchell’s Scopus Asset Management, Dmitry Balyasny’s Balyasny Asset Management, and Michael Platt and William Reeves’ BlueCrest Capital Mgmt..

Let’s now review hedge fund activity in other stocks similar to Colfax Corp (NYSE:CFX). We will take a look at Cedar Fair, L.P. (NYSE:FUN), Telephone & Data Systems, Inc. (NYSE:TDS), Blackbaud, Inc. (NASDAQ:BLKB), and Eldorado Gold Corp (USA) (NYSE:EGO). This group of stocks’ market values are similar to CFX’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
FUN 12 160605 2
TDS 19 263313 -1
BLKB 14 126784 4
EGO 19 111699 0

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $166 million. That figure was $931 million in CFX’s case. Telephone & Data Systems, Inc. (NYSE:TDS) is the most popular stock in this table. On the other hand Cedar Fair, L.P. (NYSE:FUN) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks Colfax Corp (NYSE:CFX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and ownership of it just soared, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None