As one would reasonably expect, key hedge funds were breaking ground themselves. AQR Capital Management, led by Cliff Asness, initiated the largest position in Ascent Capital Group Inc (NASDAQ:ASCMA). AQR Capital Management had $0.6 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.3 million position during the quarter.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Ascent Capital Group Inc (NASDAQ:ASCMA) but similarly valued. These stocks are Black Box Corporation (NASDAQ:BBOX), Era Group Inc (NYSE:ERA), Magnachip Semiconductor Corp (NYSE:MX), and Pfenex Inc (NYSEMKT:PFNX). This group of stocks’ market values resemble ASCMA’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 12 hedge funds with bullish positions and the average amount invested in these stocks was $56 million. That figure was $100 million in ASCMA’s case. Magnachip Semiconductor Corp (NYSE:MX) is the most popular stock in this table. On the other hand Era Group Inc (NYSE:ERA) is the least popular one with only 7 bullish hedge fund positions. Ascent Capital Group Inc (NASDAQ:ASCMA) 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 MX might be a better candidate to consider taking a long position in.