What Hedge Funds Think About XPO Logistics Inc (XPO)’s Acquisition Of Con-way Inc (CNW)

Why do we track the hedge funds activities? We follow the hedge fund sentiment surrounding a company because our research has shown that hedge funds’ long picks can generate market-beating returns over the long term. Through analyzing quarterly 13F filings, we identify top 15 small-cap picks among more than 700 hedge funds, and, during the last 36 months this strategy has returned some 118%, outperforming the S&P 500 ETF (SPY) by over 60 percentage points. Moreover, in our backtests for the period between 1999 and 2012, the same strategy generated alpha of some 10 percentage points per year (read more details about our backtests here).

Among the hedge funds that opened fresh position in Con-way Inc (NYSE:CNW) during the second quarter, Robert Bishop’s Impala Asset Management initiated the largest fresh position in the stock as the hedge funds bought around 1.6 million shares. Other hedge funds with similar optimism includes Clint Carlson‘s Carlson Capital and Kevin Michael Ulrich and Anthony Davis’ Anchorage Advisors. Edgar Wachenheim’s Greenhaven Associates increased the holding in the stock by a whopping 286% to 945,000 shares during the second quarter. There hedge funds were right in pouring money into the stock as they gained big today following the acquisition announcement.

Looking at XPO Logistics Inc (NYSE:XPO), top hedge funds like Ken Griffin‘s Citadel Investment Group and Israel Englander‘s Millennium Management opted to increase holding in the stock by 354% and 53% to 1.4 million and 1.5 million shares respectively during the second quarter. Jane Mendillo’s Harvard Management Co opened largest fresh position in the stock during the second trimester as the hedge funds purchased around 2.5 million shares during the same period.

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