Now, key money managers have been driving this bullishness. Cliff Asness’ AQR Capital Management created the largest position in iKang Healthcare Group Inc (ADR) (NASDAQ:KANG). AQR Capital Management had $0.5 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $0.5 million investment in the stock during the quarter. The following funds were also among the new KANG investors: Citadel Investment Group and Matthew Hulsizer’s PEAK6 Capital Management.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as iKang Healthcare Group Inc (ADR) (NASDAQ:KANG) but similarly valued. These stocks are Foundation Medicine Inc (NASDAQ:FMI), Independent Bank Group Inc (NASDAQ:IBTX), Apptio Inc (NASDAQ:APTI), and Meridian Bioscience, Inc. (NASDAQ:VIVO). This group of stocks’ market caps are similar to KANG’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 12 hedge funds with bullish positions and the average amount invested in these stocks was $32 million. That figure was $63 million in KANG’s case. Meridian Bioscience, Inc. (NASDAQ:VIVO) is the most popular stock in this table. On the other hand Independent Bank Group Inc (NASDAQ:IBTX) is the least popular one with only 9 bullish hedge fund positions. iKang Healthcare Group Inc (ADR) (NASDAQ:KANG) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard VIVO might be a better candidate to consider taking a long position in.