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 Four Corners Property Trust Inc(NYSE:FCPT) .
Four Corners Property Trust Inc(NYSE:FCPT) has seen a decrease in hedge fund sentiment recently. FCPT was in 23 hedge funds’ portfolios at the end of September. There were 25 hedge funds in our database with FCPT holdings at the end of the previous quarter. At the end of this article we will also compare FCPT to other stocks including Cabot Microelectronics Corporation (NASDAQ:CCMP), Consolidated Communications Holdings Inc (NASDAQ:CNSL), and Builders FirstSource, Inc. (NASDAQ:BLDR) to get a better sense of its popularity.
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 does the smart money think about Four Corners Property Trust Inc(NYSE:FCPT)?
Heading into the fourth quarter of 2016, a total of 23 of the hedge funds tracked by Insider Monkey were bullish on this stock, down by 8% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards FCPT over the last 5 quarters. With hedge funds’ capital changing hands, there exists a few noteworthy hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Millennium Management holds the most valuable position in Four Corners Property Trust Inc(NYSE:FCPT). Millennium Management has a $47.2 million position in the stock. Sitting at the No. 2 spot is Waterfront Capital Partners, led by Eduardo Abush, holding a $26.5 million position; the fund has 3.8% of its 13F portfolio invested in the stock. Remaining professional money managers with similar optimism comprise John Osterweis’ Osterweis Capital Management, Carson Yost’s Yost Capital Management and Michael Swotes’ Castle Ridge Investment Management. We should note that Yost Capital Management is among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.