Is Nuveen Credit Strategies Income Fund (JQC) A Good Stock To Buy?

As one would reasonably expect, some big names were breaking ground themselves. Millennium Management, one of the biggest hedge funds in the world, created the most valuable position in Nuveen Credit Strategies Income Fund (NYSE:JQC). Millennium Management had $0.3 million invested in the company at the end of the quarter.

Let’s also examine hedge fund activity in other stocks similar to Nuveen Credit Strategies Income Fund (NYSE:JQC). We will take a look at AK Steel Holding Corporation (NYSE:AKS), Ferro Corporation (NYSE:FOE), Summit Hotel Properties Inc (NYSE:INN), and TTM Technologies, Inc. (NASDAQ:TTMI). This group of stocks’ market caps are similar to JQC’s market cap.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $143 million. That figure was $12 million in JQC’s case. AK Steel Holding Corporation (NYSE:AKS) is the most popular stock in this table. On the other hand Summit Hotel Properties Inc (NYSE:INN) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Nuveen Credit Strategies Income Fund (NYSE:JQC) is even less popular than INN. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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