As industrywide interest jumped, key hedge funds were breaking ground themselves. Viking Global, managed by Andreas Halvorsen, assembled the most valuable position in Netflix, Inc. (NASDAQ:NFLX). The fund reportedly had $466.4 million invested in the company at the end of the quarter. Robert Pitts’s Steadfast Capital Management also initiated a $52.7 million position during the quarter. The other funds with brand new NFLX positions are Jim Simons’s Renaissance Technologies, Pasco Alfaro / Richard Tumure’s Miura Global Management, and George Soros’s Soros Fund Management.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Netflix, Inc. (NASDAQ:NFLX) but similarly valued. We will take a look at E I Du Pont De Nemours And Co (NYSE:DD), The Bank of New York Mellon Corporation (NYSE:BK), McKesson Corporation (NYSE:MCK), and Carnival plc (ADR) (NYSE:CUK). This group of stocks’ market caps resemble NFLX’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 42 hedge funds with bullish positions and the average amount invested in these stocks was a little over $3 billion. That figure was $6.51 million in NFLX’s case. McKesson Corporation (NYSE:MCK) is the most popular stock in this table, while Carnival plc (ADR) (NYSE:CUK) is at the other end of the specter with only 8 bullish hedge fund positions. Netflix, Inc. (NASDAQ:NFLX) 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 MCK might be a better candidate to consider a long position.