The government requires hedge funds and wealthy investors with over a certain portfolio size to file a report that shows their positions at the end of every quarter. Even though it isn’t the intention, these filings level the playing field for ordinary investors. The latest round of 13F filings disclosed the funds’ positions on September 30. We at Insider Monkey have made an extensive database of more than 700 of those elite funds and prominent investors’ filings. In this article, we analyze how these elite funds and prominent investors traded Universal Logistics Holdings, Inc. (NASDAQ:ULH) based on those filings.
Universal Logistics Holdings, Inc. (NASDAQ:ULH) investors should be aware of an increase in hedge fund interest lately. Our calculations also showed that ulh isn’t among the 30 most popular stocks among hedge funds.
According to most shareholders, hedge funds are perceived as worthless, old financial tools of the past. While there are more than 8,000 funds trading today, Our experts hone in on the elite of this club, approximately 700 funds. These money managers handle most of the smart money’s total asset base, and by following their unrivaled equity investments, Insider Monkey has brought to light a few investment strategies that have historically surpassed the market. Insider Monkey’s flagship hedge fund strategy outperformed the S&P 500 index by 6 percentage points a year since its inception in May 2014 through early November 2018. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 24% since February 2017 (through December 3rd) even though the market was up nearly 23% during the same period. We just shared a list of 11 short targets in our latest quarterly update.
We’re going to check out the latest hedge fund action surrounding Universal Logistics Holdings, Inc. (NASDAQ:ULH).
How have hedgies been trading Universal Logistics Holdings, Inc. (NASDAQ:ULH)?
Heading into the fourth quarter of 2018, a total of 12 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 100% from one quarter earlier. By comparison, 4 hedge funds held shares or bullish call options in ULH heading into this year. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically, Royce & Associates was the largest shareholder of Universal Logistics Holdings, Inc. (NASDAQ:ULH), with a stake worth $24.3 million reported as of the end of September. Trailing Royce & Associates was Renaissance Technologies, which amassed a stake valued at $12.8 million. Arrowstreet Capital, Driehaus Capital, and D E Shaw were also very fond of the stock, giving the stock large weights in their portfolios.
Consequently, some big names were breaking ground themselves. Driehaus Capital, managed by Richard Driehaus, assembled the most valuable position in Universal Logistics Holdings, Inc. (NASDAQ:ULH). Driehaus Capital had $2.2 million invested in the company at the end of the quarter. Louis Navellier’s Navellier & Associates also made a $0.9 million investment in the stock during the quarter. The other funds with new positions in the stock are John Overdeck and David Siegel’s Two Sigma Advisors, Jeffrey Talpins’s Element Capital Management, and Roger Ibbotson’s Zebra Capital Management.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Universal Logistics Holdings, Inc. (NASDAQ:ULH) but similarly valued. These stocks are Wabash National Corporation (NYSE:WNC), HighPoint Resources Corporation (NYSE:HPR), AdvanSix Inc. (NYSE:ASIX), and Athenex, Inc. (NASDAQ:ATNX). This group of stocks’ market valuations are similar to ULH’s market valuation.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
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As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $110 million. That figure was $47 million in ULH’s case. AdvanSix Inc. (NYSE:ASIX) is the most popular stock in this table. On the other hand Athenex, Inc. (NASDAQ:ATNX) is the least popular one with only 7 bullish hedge fund positions. Universal Logistics Holdings, Inc. (NASDAQ:ULH) 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 ASIX might be a better candidate to consider a long position.
Disclosure: None. This article was originally published at Insider Monkey.