With a general bullishness amongst the heavyweights, key hedge funds were leading the bulls’ herd. Balyasny Asset Management, managed by Dmitry Balyasny, initiated the largest position in INC Research Holdings Inc (NASDAQ:INCR). Balyasny Asset Management had $6.6 million invested in the company at the end of the quarter. Nick Niell’s Arrowgrass Capital Partners also initiated an $3.4 million position during the quarter. The following funds were also among the new INCR investors: David Rodriguez-Fraile’s BlueMar Capital Management, David Costen Haley’s HBK Investments, and Matthew Hulsizer’s PEAK6 Capital Management.
Let’s now take a look at hedge fund activity in other stocks similar to INC Research Holdings Inc (NASDAQ:INCR). These stocks are Steelcase Inc. (NYSE:SCS), Dril-Quip, Inc. (NYSE:DRQ), Companhia Paranaense de Energia (ADR) (NYSE:ELP), and Portola Pharmaceuticals Inc (NASDAQ:PTLA). This group of stocks’ market valuations are similar to INCR’s market valuation.
|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 16.5 hedge funds with bullish positions and the average amount invested in these stocks was $221 million. That figure was $209 million in INCR’s case. Portola Pharmaceuticals Inc (NASDAQ:PTLA) is the most popular stock in this table. On the other hand Companhia Paranaense de Energia (ADR) (NYSE:ELP) is the least popular one with only 5 bullish hedge fund positions. INC Research Holdings Inc (NASDAQ:INCR) 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 PTLA might be a better candidate to consider a long position.