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|
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.