Is Yandex NV (YNDX) Going to Burn These Hedge Funds?

As industrywide interest jumped, specific money managers have been driving this bullishness. Point72 Asset Management, managed by Steve Cohen, assembled the largest position in Yandex NV (NASDAQ:YNDX). Point72 Asset Management had $7 million invested in the company at the end of the quarter. Scott Fine and Peter Richards’s Empire Capital Management also made a $6.1 million investment in the stock during the quarter. The following funds were also among the new YNDX investors: Simon Sadler’s Segantii Capital, David Costen Haley’s HBK Investments, and Peter Muller’s PDT Partners.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Yandex NV (NASDAQ:YNDX) but similarly valued. These stocks are Cavium Inc (NASDAQ:CAVM), Questar Corporation (NYSE:STR), Gaming and Leisure Properties Inc (NASDAQ:GLPI), and American Homes 4 Rent (NYSE:AMH). This group of stocks’ market valuations resemble YNDX’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CAVM 21 224494 -3
STR 15 60287 -1
GLPI 28 915687 -4
AMH 16 373270 0

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $393 million. That figure was $290 million in YNDX’s case. Gaming and Leisure Properties Inc (NASDAQ:GLPI) is the most popular stock in this table, while Questar Corporation (NYSE:STR) is the least popular one with only 15 bullish hedge fund positions. Yandex NV (NASDAQ:YNDX) 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.