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Is 8Point3 Energy Partners LP (CAFD) Going to Burn These Hedge Funds?

The third-quarter stock market correction has turned out to resemble the situation observed during the Asian financial crisis of 1997. The two relatively short-lived corrections occurred at a time with stable interest rates, falling commodity markets, with strong-performing technology and healthcare sectors, and struggling energy sector. Similarly, the two corrections followed long periods without a correction, which had to come sooner or later and it did. Even so, several prominent hedge fund investors publicly asserted their bearish view on the current state of the U.S. equity markets, suggesting that they significantly cut their exposure to equities during the latest quarter. Having said that, it would be worthwhile to take a look at the hedge fund sentiment on 8Point3 Energy Partners LP (NASDAQ:CAFD) in order to identify whether reputable and successful top money managers continue to believe in its potential.

8Point3 Energy Partners LP (NASDAQ:CAFD) has seen a decrease in support from the world’s most elite money managers lately. 8Point3 Energy Partners LP (NASDAQ:CAFD) was in 10 hedge funds’ portfolios at the end of September. There were 15 hedge funds in our database with 8Point3 Energy Partners LP (NASDAQ:CAFD) holdings at the end of the previous quarter. At the end of this article, we will also compare 8Point3 Energy Partners LP (NASDAQ:CAFD) to other stocks, including Quality Systems, Inc. (NASDAQ:QSII), Leju Holdings Ltd (ADR) (NYSE:LEJU), and U.S. Silica Holdings Inc (NYSE:SLCA) to get a better sense of its popularity.

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Trade (NASDAQ:CAFD) Now!

Today, there are a multitude of methods stock traders employ to size up their stock investments. Some of the most innovative methods are hedge fund and insider trading activity. We have shown that, historically, those who follow the best picks of the elite fund managers can outclass the market by a significant margin (see the details here).

Keeping this in mind, we’re going to check out the new action encompassing 8Point3 Energy Partners LP (NASDAQ:CAFD).

Hedge fund activity in 8Point3 Energy Partners LP (NASDAQ:CAFD)

At the end of the third quarter, a total of 10 of the hedge funds tracked by Insider Monkey were long this stock, a drop of 33% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Ken Hahn’s Quentec Asset Management has the biggest position in 8Point3 Energy Partners LP (NASDAQ:CAFD), worth close to $14 million, comprising 2.4% of its total 13F portfolio. The second most bullish fund manager is Ecofin Ltd, managed by Bernard Lambilliotte, which holds a $11.9 million position; the fund has 2.3% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism contain Seymour Sy Kaufman and Michael Stark’s Crosslink Capital, John Segrich and Michael Molnar’s Lorem Ipsum Management, and Ken Griffin’s Citadel Investment Group.

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