Is The Bank of Nova Scotia (USA) (BNS) Going to Burn These Hedge Funds?

Consequently, specific money managers were leading the bulls’ herd. Highbridge Capital Management, managed by Glenn Russell Dubin, initiated the largest position in The Bank of Nova Scotia (USA) (NYSE:BNS). Highbridge Capital Management had $2.3 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also initiated a $0.8 million position during the quarter. The following funds were also among the new BNS investors: Alec Litowitz and Ross Laser’s Magnetar Capital and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s also examine hedge fund activity in other stocks similar to The Bank of Nova Scotia (USA) (NYSE:BNS). We will take a look at Banco Bilbao Vizcaya Argentaria SA (ADR) (NYSE:BBVA), Metlife Inc (NYSE:MET), National Grid plc (ADR) (NYSE:NGG), and Sumitomo Mitsui Financial Grp, Inc. (ADR) (NYSE:SMFG). This group of stocks’ market values match BNS’s market value.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $482 million. That figure was $327 million in BNS’s case. Metlife Inc (NYSE:MET) is the most popular stock in this table, while the least popular one is Banco Bilbao Vizcaya Argentaria SA (ADR) (NYSE:BBVA. In comparison, The Bank of Nova Scotia (USA) (NYSE:BNS), with 17 bullish hedge fund positions, is not the least popular stock in this group but hedge fund interest is still below average. This may imply that it is not a stock worth considering; therefore, we’d rather spend our time focusing on stocks that hedge funds are collectively the fondest of, such as MET in this particular case.