Consequently, some big names were leading the bulls’ herd. Steadfast Capital Management, managed by Robert Pitts, established the most outsized position in Tesoro Corporation (NYSE:TSO). Steadfast Capital Management had $194.3 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also initiated a $160.9 million position during the quarter. The following funds were also among the new TSO investors: Zach Schreiber’s Point State Capital, Gilchrist Berg’s Water Street Capital, and Ken Griffin’s Citadel Investment Group.
Let’s check out hedge fund activity in other stocks similar to Tesoro Corporation (NYSE:TSO). We will take a look at Expeditors International of Washington (NASDAQ:EXPD), Albemarle Corporation (NYSE:ALB), Fortune Brands Home & Security Inc (NYSE:FBHS), and CBRE Group Inc (NYSE:CBG). This group of stocks’ market valuations are closest to TSO’s market valuation.
Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
---|---|---|---|
EXPD | 21 | 582053 | 1 |
ALB | 38 | 882632 | -2 |
FBHS | 25 | 332101 | 1 |
CBG | 34 | 1890453 | 6 |
As you can see these stocks had an average of 29.5 hedge funds with bullish positions and the average amount invested in these stocks was $922 million. That figure was $1.67 billion in TSO’s case. Albemarle Corporation (NYSE:ALB) is the most popular stock in this table. On the other hand Expeditors International of Washington (NASDAQ:EXPD) is the least popular one with only 21 bullish hedge fund positions. Compared to these stocks Tesoro Corporation (NYSE:TSO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.