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Last Quarter’s Best Performing Hedge Fund Is Betting On These Stocks

Next up is PJT Partners Inc (NYSE:PJT). At Q2’s end, a total of 14 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -18% from the previous quarter. John Petry’s Sessa Capital has the number one position in PJT Partners Inc (NYSE:PJT), worth close to $34.5 million, comprising 10.3% of its total 13F portfolio. The second most bullish fund manager is Kingstown Capital Management, managed by Michael Blitzer, which holds a $20.7 million position; the fund has 2.3% of its 13F portfolio invested in the stock. Remaining hedge funds and institutional investors with similar optimism consist of Mark Rachesky’s MHR Fund Management, Gunnar Overstrom’s Three Corner Global Investors and Paul Tudor Jones’s Tudor Investment Corp.

PJT Partners returned close to 15% during the quarter. We should note that we haven’t included this stock in our return calculations because its market cap is less than a billion dollars.

Ashford Hospitality Prime Inc (NYSE:AHP) sits at number 4 in John Petry’s 13F portfolio. Heading into the third quarter of 2016, a total of 10 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 11% from the previous quarter. According to Insider Monkey’s hedge fund database, John Petry’s Sessa Capital has the most valuable position in Ashford Hospitality Prime Inc (NYSE:AHP), worth close to $33 million, accounting for 9.8% of its total 13F portfolio. The second most bullish fund manager is Steve Pei of Gratia Capital, with a $14.9 million position; the fund has 5% of its 13F portfolio invested in the stock. Other peers with similar optimism comprise J. Alan Reid, Jr.’s Forward Management and Jim Simons’s Renaissance Technologies. AHP returned less than 1 percent during the third quarter.

Ally Financial Inc (NYSE:ALLY) is the fifth and the final stock we will discuss in this article. ALLY is another stock that outperformed the market in Q3 by returning nearly 15%. Sessa Capital allocated 8.2% of its portfolio to this financial company, yet it wasn’t one of its top 5 holders due to the stock’s popularity among other hedge funds. At Q2’s end, a total of 49 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -4% from one quarter earlier.

When looking at the institutional investors followed by Insider Monkey, Cerberus Capital Management, managed by Stephen Feinberg, holds the largest position in Ally Financial Inc (NYSE:ALLY). Cerberus Capital Management has a $411.7 million position in the stock, comprising 75.6% of its 13F portfolio. On Cerberus Capital Management’s heels is Richard Perry of Perry Capital, with a $269 million position; 18.8% of its 13F portfolio is allocated to the stock. Some other hedge funds and institutional investors with similar optimism encompass Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC, Howard Marks’s Oaktree Capital Management and Joshua Friedman and Mitchell Julis’s Canyon Capital Advisors.

 

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