Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of September. At Insider Monkey, we follow nearly 900 active hedge funds and notable investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA), so let’s take a closer look at the sentiment that surrounds it in the current quarter.
Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA) has seen an increase in hedge fund sentiment recently. Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA) was in 21 hedge funds’ portfolios at the end of March. The all time high for this statistic is 34. There were 18 hedge funds in our database with LTRPA holdings at the end of December. Our calculations also showed that LTRPA isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).
In the eyes of most investors, hedge funds are assumed to be unimportant, outdated financial vehicles of the past. While there are over 8000 funds with their doors open at present, We choose to focus on the masters of this club, around 850 funds. These money managers have their hands on the majority of all hedge funds’ total asset base, and by tailing their best picks, Insider Monkey has spotted several investment strategies that have historically outpaced the market. Insider Monkey’s flagship short hedge fund strategy beat the S&P 500 short ETFs by around 20 percentage points per year since its inception in March 2017. Also, our monthly newsletter’s portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, Chuck Schumer recently stated that marijuana legalization will be a Senate priority. So, we are checking out this under the radar stock that will benefit from this. We go through lists like the 10 best battery stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Keeping this in mind let’s view the recent hedge fund action regarding Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA).
Do Hedge Funds Think LTRPA Is A Good Stock To Buy Now?
At Q1’s end, a total of 21 of the hedge funds tracked by Insider Monkey were long this stock, a change of 17% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards LTRPA over the last 23 quarters. With hedgies’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were increasing their stakes significantly (or already accumulated large positions).
More specifically, Ancient Art (Teton Capital) was the largest shareholder of Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA), with a stake worth $16.2 million reported as of the end of March. Trailing Ancient Art (Teton Capital) was Millennium Management, which amassed a stake valued at $15.7 million. Rubric Capital Management, Isomer Partners, and HG Vora Capital Management were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Isomer Partners allocated the biggest weight to Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA), around 3.43% of its 13F portfolio. Symmetry Peak Management is also relatively very bullish on the stock, earmarking 3.42 percent of its 13F equity portfolio to LTRPA.
Now, some big names have been driving this bullishness. Rubric Capital Management, managed by David Rosen, created the biggest position in Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA). Rubric Capital Management had $14.8 million invested in the company at the end of the quarter. Parag Vora’s HG Vora Capital Management also made a $12.8 million investment in the stock during the quarter. The other funds with brand new LTRPA positions are David Fiszel’s Honeycomb Asset Management, Ken Griffin’s Citadel Investment Group, and Nick Thakore’s Diametric Capital.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA) but similarly valued. We will take a look at City Office REIT Inc (NYSE:CIO), Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), Nesco Holdings, Inc. (NYSE:NSCO), Accuray Incorporated (NASDAQ:ARAY), XOMA Corp (NASDAQ:XOMA), Yunji Inc. (NASDAQ:YJ), and Seneca Foods Corp. (NASDAQ:SENEB). All of these stocks’ market caps are closest to LTRPA’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
View table here if you experience formatting issues.
As you can see these stocks had an average of 9.4 hedge funds with bullish positions and the average amount invested in these stocks was $63 million. That figure was $127 million in LTRPA’s case. Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) is the most popular stock in this table. On the other hand Seneca Foods Corp. (NASDAQ:SENEB) is the least popular one with only 2 bullish hedge fund positions. Compared to these stocks Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA) is more popular among hedge funds. Our overall hedge fund sentiment score for LTRPA is 76.5. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 23.8% in 2021 through July 16th and still beat the market by 7.7 percentage points. Unfortunately LTRPA wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on LTRPA were disappointed as the stock returned -43.6% since the end of the first quarter (through 7/16) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.
Follow Liberty Tripadvisor Holdings Inc. (NASDAQ:LTRPA)
Follow Liberty Tripadvisor Holdings Inc. (NASDAQ:LTRPA)
- 10 Best Dow Stocks To Buy Now
- 10 Most Profitable Movies Of All Time
- 10 Best Cryptocurrency Startups to Watch
Disclosure: None. This article was originally published at Insider Monkey.