Key money managers were leading the bulls’ herd. Adage Capital Management assembled the most valuable position in United States Steel Corporation (NYSE:X). Adage Capital Management had $41.7 million invested in the company at the end of the quarter. Water Street Capital also initiated a $28.1 million position during the quarter. The other funds with brand new United States Steel Corporation (NYSE:X) positions are Robert Bishop’s Impala Asset Management, Kurt Billick’s Bocage Capital, and Robert Polak’s Anchor Bolt Capital.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as United States Steel Corporation (NYSE:X) but similarly valued. These stocks are Groupon Inc (NASDAQ:GRPN), AllianceBernstein Holding LP (NYSE:AB), YY Inc (ADR) (NASDAQ:YY), and Cheetah Mobile Inc (ADR) (NYSE:CMCM). This group of stocks’ market values resemble X’s market value.
|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 13 hedge funds with bullish positions and the average amount invested in these stocks was $94 million. That figure was $230 million in United States Steel Corporation (NYSE:X)’s case. YY Inc (ADR) (NASDAQ:YY) is the most popular stock in this table. On the other hand Cheetah Mobile Inc (ADR) (NYSE:CMCM) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks United States Steel Corporation (NYSE:X) 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.