A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on Companhia Paranaense de Energia (ADR) (NYSE:ELP).
Companhia Paranaense de Energia (ADR) (NYSE:ELP) shares didn’t see a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 10 hedge funds’ portfolios at the end of the third quarter of 2016. At the end of this article we will also compare ELP to other stocks including J.C. Penney Company, Inc. (NYSE:JCP), New Jersey Resources Corp (NYSE:NJR), and Seritage Growth Properties (NYSE:SRG) to get a better sense of its popularity.
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
Keeping this in mind, let’s take a look at the recent action surrounding Companhia Paranaense de Energia (ADR) (NYSE:ELP).
How have hedgies been trading Companhia Paranaense de Energia (ADR) (NYSE:ELP)?
Heading into the fourth quarter of 2016, a total of 10 of the hedge funds tracked by Insider Monkey held long positions in this stock, unchanged from the previous quarter. On the other hand, there were a total of 4 hedge funds with a bullish position in ELP at the beginning of this year. 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, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital has the number one position in Companhia Paranaense de Energia (ADR) (NYSE:ELP), worth close to $9.9 million. The second largest stake is held by D E Shaw, one of the biggest hedge funds in the world, which oversees a $7.1 million position. Remaining members of the smart money that hold long positions include Jos Shaver’s Electron Capital Partners, Israel Englander’s Millennium Management and Cliff Asness’ AQR Capital Management. We should note that Electron Capital Partners is 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.