Hedge funds and other investment firms that we track manage billions of dollars of their wealthy clients’ money, and needless to say, they are painstakingly thorough when analyzing where to invest this money, as their own wealth depends on it. Regardless of the various methods used by elite investors like David Tepper and Dan Loeb, the resources they expend are second-to-none. This is especially valuable when it comes to small-cap stocks, which is where they generate their strongest outperformance, as their resources give them a huge edge when it comes to studying these stocks compared to the average investor, which is why we intently follow their activity in the small-cap space.
Is Forward Air Corporation (NASDAQ:FWRD) the right investment to pursue these days? The smart money is getting less optimistic. The number of bullish hedge fund bets retreated by 3 in recent months. At the end of this article we will also compare FWRD to other stocks including Progress Software Corporation (NASDAQ:PRGS), Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI), and 3D Systems Corporation (NYSE:DDD) to get a better sense of its popularity.
With all of this in mind, we’re going to go over the fresh action encompassing Forward Air Corporation (NASDAQ:FWRD).
What does the smart money think about Forward Air Corporation (NASDAQ:FWRD)?
At Q3’s end, a total of 13 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -19% from the second quarter. With the smart money’s capital changing hands, there exists a few noteworthy hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the biggest position in Forward Air Corporation (NASDAQ:FWRD). Royce & Associates has a $108.5 million position in the stock, comprising 0.6% of its 13F portfolio. The second most bullish fund manager is Daruma Asset Management, led by Mariko Gordon, holding a $53.2 million position; the fund has 3.3% of its 13F portfolio invested in the stock. Remaining peers that hold long positions consist of Clifford Fox’s Columbus Circle Investors, Alexander Mitchell’s Scopus Asset Management and Jim Simons’s Renaissance Technologies.