Insider Monkey has processed numerous 13F filings of hedge funds and famous investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds and investors’ positions as of the end of the third quarter. You can find write-ups about an individual hedge fund’s trades on numerous financial news websites. However, in this article we will take a look at their collective moves and analyze what the smart money thinks of ClubCorp Holdings Inc (NYSE:MYCC) based on that data.
ClubCorp Holdings Inc has seen a decrease in support from the world’s most elite money managers of late. MYCC was in 23 hedge funds’ portfolios at the end of September. There were 26 hedge funds in our database with MYCC positions at the end of the previous quarter. At the end of this article we will also compare MYCC to other stocks including Park National Corporation (NYSEMKT:PRK), Builders FirstSource, Inc. (NASDAQ:BLDR), and Kaiser Aluminum Corp. (NASDAQ:KALU) to get a better sense of its popularity.
If you’d ask most market participants, hedge funds are seen as underperforming, outdated financial tools of years past. While there are greater than 8000 funds in operation at the moment, We choose to focus on the moguls of this group, approximately 700 funds. These investment experts handle the majority of the smart money’s total asset base, and by keeping track of their best investments, Insider Monkey has discovered many investment strategies that have historically exceeded Mr. Market. Insider Monkey’s small-cap hedge fund strategy outstripped the S&P 500 index by 12 percentage points per year for a decade in their back tests.
Now, we’re going to review the latest action regarding ClubCorp Holdings Inc (NYSE:MYCC).
How have hedgies been trading ClubCorp Holdings Inc (NYSE:MYCC)?
Heading into Q4, a total of 23 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -12% from the previous quarter. With the smart money’s capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings substantially (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Citadel Investment Group, managed by Ken Griffin, holds the most valuable position in ClubCorp Holdings Inc (NYSE:MYCC). Citadel Investment Group has a $67 million position in the stock, comprising 0.1% of its 13F portfolio. The second most bullish fund manager is Canyon Capital Advisors, managed by Joshua Friedman and Mitchell Julis, which holds a $51.8 million position; the fund has 1.4% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism consist of Stephen Loukas, David A. Lorber, Zachary George’s FrontFour Capital Group, James Dondero’s Highland Capital Management and Marc Majzner’s Clearline Capital.
Since ClubCorp Holdings Inc (NYSE:MYCC) has witnessed falling interest from the entirety of the hedge funds we track, it’s safe to say that there were a few hedge funds who were dropping their positions entirely last quarter. Intriguingly, Anand Parekh’s Alyeska Investment Group dumped the largest position of the 700 funds monitored by Insider Monkey, totaling close to $12.3 million in stock, and Quincy Lee’s Teton Capital was right behind this move, as the fund said goodbye to about $7.3 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest dropped by 3 funds last quarter.
Let’s now take a look at hedge fund activity in other stocks similar to ClubCorp Holdings Inc (NYSE:MYCC). We will take a look at Park National Corporation (NYSEMKT:PRK), Builders FirstSource, Inc. (NASDAQ:BLDR), Kaiser Aluminum Corp. (NASDAQ:KALU), and Home Inns & Hotels Management Inc. (ADR) (NASDAQ:HMIN). All of these stocks’ market caps are similar to MYCC’s market cap.
|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 17.5 hedge funds with bullish positions and the average amount invested in these stocks was $118 million. That figure was $241 million in MYCC’s case. Builders FirstSource, Inc. (NASDAQ:BLDR) is the most popular stock in this table. On the other hand Park National Corporation (NYSEMKT:PRK) is the least popular one with only 5 bullish hedge fund positions. ClubCorp Holdings Inc (NYSE:MYCC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BLDR might be a better candidate to consider a long position.