Why Are So Many Hedge Funds Long Sinclair Broadcast Group (SBGI)?

In terms of overall hedge fund activity, of the 749 hedge funds that we track which filed 13F’s for the June quarter, 33 funds were long Sinclair Broadcast Group Inc (NASDAQ:SBGI) on June 30, owning $406 million worth of its shares, which accounted for 14.30% of the float. There were 42 funds with $476.06 million in SBGI holdings on March 31, so smart money has has fallen but still remains strong.

In terms of individual activity, the top shareholder of the stock in our database, Ken Griffin‘s Citadel Investment Group, raised its stake in  it by 45% during the second quarter, to 1.66 million shares at the end of June. Going the opposite way was Richard Barrera’s Roystone Capital Partners, which pared the size of its holding by 37% to 1.28 million shares during the second quarter. Carl Goldsmith and Scott Klein‘s Beach Point Capital Management also cut its holding somewhat, selling 6% of its shares. Beach Point Capital Management ended June with slightly over 792,000 shares, good for 12.77% of its equity portfolio’s value.

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