With a general bullishness amongst the heavyweights, some big names have been driving this bullishness. Alyeska Investment Group, managed by Anand Parekh, assembled the most valuable position in Nordstrom, Inc. (NYSE:JWN) during the quarter, followed by John Tompkins’s Tyvor Capital, that initiated a $32.4 million position during the quarter. The following funds were also among the new JWN investors: Ken Griffin’s Citadel Investment Group, Ross Margolies’s Stelliam Investment Management, and Don Morgan’s Brigade Capital.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Nordstrom, Inc. (NYSE:JWN) but similarly valued. These stocks are Domino’s Pizza, Inc. (NYSE:DPZ), News Corp (NASDAQ:NWSA), AerCap Holdings N.V. (NYSE:AER), and American Capital Agency Corp. (NASDAQ:AGNC). All of these stocks’ market caps are similar to JWN’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 27 hedge funds with bullish positions and the average amount invested in these stocks was $906 million. That figure was a minor $282 million in JWN’s case. Domino’s Pizza, Inc. (NYSE:DPZ) is the most popular stock in this table. On the other hand American Capital Agency Corp. (NASDAQ:AGNC) is the least popular one with only 11 bullish hedge fund positions. Nordstrom, Inc. (NYSE:JWN) 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 DPZ might be a better candidate to consider a long position.