Were Hedge Funds Right about Their Top 10 Picks in Q3?

The top financial pick among hedge funds, Citigroup Inc (NYSE:C) also proved to be a “miss” in the third quarter, losing over 10%. Overall, 126 funds from our database reported stakes amassing 7.10% of the company, carrying a total value of $11.82 billion at the end of June. Citigroup Inc (NYSE:C) has lost 7% since the beginning of the year, underperforming the Global Banks industry, which gained 4% in the same period. The recent Fed decision to leave the interest rate unchanged put some downward pressure on financial stocks, including Citigroup’s, but with a high probability for the rate to be increased later this year, Citigroup is a good bet. Boykin Curry’s Eagle Capital Management is one of the largest shareholders of Citigroup Inc (NYSE:C), owning 24.37 million shares at the end of June, down by 8% on the quarter.