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What This Metric Says about Calpine Corporation (CPN)

Now, specific money managers were breaking ground themselves. Tourbillon Capital Partners, managed by Jason Karp, established the biggest call position in Calpine Corporation (NYSE:CPN). Tourbillon Capital Partners had $20.5 million invested in the company at the end of September. Ken Griffin’s Citadel Investment Group also initiated a $7.9 million position during the quarter. The other funds with new positions in the stock are Jody LaNasa’s Serengeti Asset Management, Robert Polak’s Anchor Bolt Capital, and Leon Shaulov’s Maplelane Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Calpine Corporation (NYSE:CPN) but similarly valued. We will take a look at Polaris Industries Inc. (NYSE:PII), Carlyle Group LP (NASDAQ:CG), Core Laboratories N.V. (NYSE:CLB), and Douglas Emmett, Inc. (NYSE:DEI). This group of stocks’ market caps match CPN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PII 12 75063 -5
CG 11 90845 1
CLB 22 145268 1
DEI 5 63268 -1

As you can see these stocks had an average of 13 investors that reported long positions in the stock and the average amount invested in these stocks was $94 million, significantly lower compared to the $837 million figure in CPN’s case. Core Laboratories N.V. (NYSE:CLB) is the most popular stock in this table. On the other hand Douglas Emmett, Inc. (NYSE:DEI) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Calpine Corporation (NYSE:CPN) 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.

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