We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article we look at what those investors think of Invesco Ltd. (NYSE:IVZ).
Invesco Ltd. (NYSE:IVZ) shares haven’t seen a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 38 hedge funds’ portfolios at the end of the third quarter of 2015. At the end of this article we will also compare IVZ to other stocks including SBA Communications Corporation (NASDAQ:SBAC), Vale SA (ADR) (NYSE:VALE), and Symantec Corporation (NASDAQ:SYMC) to get a better sense of its popularity.
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Now, let’s take a glance at the latest action encompassing Invesco Ltd. (NYSE:IVZ).
What have hedge funds been doing with Invesco Ltd. (NYSE:IVZ)?
Heading into Q4, a total of 38 of the hedge funds tracked by Insider Monkey were long this stock, a change of 0% from the previous quarter. With hedgies’ sentiment swirling, there exist a few noteworthy hedge fund managers who were increasing their holdings meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Citadel Investment Group, managed by Ken Griffin, holds the largest position in Invesco Ltd. (NYSE:IVZ). Citadel Investment Group has a $273.1 million position in the stock, comprising 0.3% of its 13F portfolio. Sitting at the No. 2 spot is Adage Capital Management, managed by Phill Gross and Robert Atchinson, which holds a $51.8 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Remaining professional money managers with similar optimism contain Richard S. Pzena’s Pzena Investment Management, Anand Parekh’s Alyeska Investment Group and Cliff Asness’s AQR Capital Management.
Seeing as Invesco Ltd. (NYSE:IVZ) has experienced declining sentiment from hedge fund managers, logic holds that there were a few money managers that slashed their full holdings in the third quarter. Intriguingly, Steve Cohen’s Point72 Asset Management sold off the largest position of all the hedgies tracked by Insider Monkey, totaling close to $10.6 million in stock, and George Hall’s Clinton Group was right behind this move, as the fund dumped about $6.2 million worth. These bearish behaviors are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s go over hedge fund activity in other stocks similar to Invesco Ltd. (NYSE:IVZ). These stocks are SBA Communications Corporation (NASDAQ:SBAC), Vale SA (ADR) (NYSE:VALE), Symantec Corporation (NASDAQ:SYMC), and NVIDIA Corporation (NASDAQ:NVDA). This group of stocks’ market values are similar to IVZ’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 36 hedge funds with bullish positions and the average amount invested in these stocks was $814 million. That figure was $691 million in IVZ’s case. SBA Communications Corporation (NASDAQ:SBAC) is the most popular stock in this table. On the other hand Vale SA (ADR) (NYSE:VALE is the least popular one with only 24 bullish hedge fund positions. Invesco Ltd. (NYSE:IVZ) is not the most popular stock in this group but hedge fund interest is still above average. Event though, this is a slightly positive signal, and it might imply it is a stock worth considering, but we’d rather spend our time focusing on more popular stocks. In this particular case, SBAC might be a better alternative.