As industry-wide interest jumped, key hedge funds were leading the bulls’ herd. Millennium Management, managed by Israel Englander, established the most valuable position in ICICI Bank Ltd (ADR) (NYSE:IBN). Millennium Management had $1.2 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $0.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Matthew Tewksbury’s Stevens Capital Management and Louis Navellier’s Navellier & Associates.
Let’s now take a look at hedge fund activity in other stocks similar to ICICI Bank Ltd (ADR) (NYSE:IBN). We will take a look at Credit Suisse Group AG (ADR) (NYSE:CS), Newmont Mining Corp (NYSE:NEM), Illumina, Inc. (NASDAQ:ILMN), and Wisconsin Energy Corporation (NYSE:WEC). This group of stocks’ market caps are similar to IBN’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| CS | 13 | 122876 | 0 |
| NEM | 38 | 888003 | -1 |
| ILMN | 28 | 433053 | 0 |
| WEC | 20 | 101872 | 7 |
As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $386 million. That figure was $413 million in IBN’s case. Newmont Mining Corp (NYSE:NEM) is the most popular stock in this table. On the other hand Credit Suisse Group AG (ADR) (NYSE:CS) is the least popular one with only 13 bullish hedge fund positions. ICICI Bank Ltd (ADR) (NYSE:IBN) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard NEM might be a better candidate to consider a long position in.
Disclosure: None
