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 Care Capital Properties Inc (NYSE:CCP) .
Is Care Capital Properties Inc (NYSE:CCP) a great investment right now? Investors who are in the know are definitely becoming more confident. The number of long hedge fund positions that are disclosed in regulatory 13F filings went up by 2 recently. CCP was in 13 hedge funds’ portfolios at the end of the third quarter of 2016. There were 11 hedge funds in our database with CCP positions at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Virgin America Inc (NASDAQ:VA), Generac Holdings Inc. (NYSE:GNRC), and Retail Opportunity Investments Corp (NASDAQ:ROIC) to gather more data points.
We follow over 700 hedge funds and other institutional investors and by analyzing their quarterly 13F filings, we identify stocks that they are collectively bullish on and develop investment strategies based on this data. One strategy that outperformed the market over the last year involves selecting the 100 best-performing funds and identifying the 30 mid-cap stocks that they are collectively most bullish on. Over the past year, this strategy generated returns of 18%, topping the 8% gain registered by S&P 500 ETFs. We launched this strategy 2.5 years ago and it returned more than 39% since then, vs. 22% gain registered by the S&P 500 ETFs.
With all of this in mind, let’s take a look at the recent action regarding Care Capital Properties Inc (NYSE:CCP).
What have hedge funds been doing with Care Capital Properties Inc (NYSE:CCP)?
At the end of the third quarter, a total of 13 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 18% from the second quarter of 2016. The graph below displays the number of hedge funds with bullish position in CCP over the last 5 quarters. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to Insider Monkey’s hedge fund database, Millennium Management, one of the 10 largest hedge funds in the world, holds the number one position in Care Capital Properties Inc (NYSE:CCP). Millennium Management has a $16.2 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second most bullish fund manager is D E Shaw, a quant hedge fund, holding a $7.6 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Other members of the smart money that hold long positions consist of Anand Parekh’s Alyeska Investment Group, Jim Simons’s Renaissance Technologies and John Overdeck and David Siegel’s Two Sigma Advisors. We should note that none of these hedge funds are 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.