Wipro Limited (ADR) (WIT): Are Hedge Funds Right About This Stock?

We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article, we look at what those funds think of Wipro Limited (ADR) (NYSE:WIT) based on that data.

Is Wipro Limited (ADR) (NYSE:WIT) a bargain? Prominent investors are in an optimistic mood. The number of bullish hedge fund bets increased by 1 recently. WIT was in 7 hedge funds’ portfolios at the end of the third quarter of 2015. There were 6 hedge funds in our database with WIT positions at the end of the previous quarter. At the end of this article we will also compare WIT to other stocks, including Las Vegas Sands Corp. (NYSE:LVS), Halliburton Company (NYSE:HAL), and Illinois Tool Works Inc. (NYSE:ITW) to get a better sense of its popularity.

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If you’d ask most market participants, hedge funds are viewed as worthless, outdated financial tools of the past. While there are over 8000 funds with their doors open today, We look at the bigwigs of this club, approximately 700 funds. These investment experts manage bulk of the smart money’s total asset base, and by tracking their highest performing picks, Insider Monkey has determined a few investment strategies that have historically outpaced the broader indices. Insider Monkey’s small-cap hedge fund strategy defeated the S&P 500 index by 12 percentage points per year for a decade in their back tests.

Now, we’re going to review the latest action encompassing Wipro Limited (ADR) (NYSE:WIT).

What have hedge funds been doing with Wipro Limited (ADR) (NYSE:WIT)?

At the Q3’s end, a total of 7 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 17% from the previous quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).

According to Insider Monkey’s hedge fund database, AQR Capital Management, managed by Cliff Asness, holds the biggest position in Wipro Limited (ADR) (NYSE:WIT). AQR Capital Management has a $58.1 million position in the stock, comprising 0.1% of its 13F portfolio. Sitting at the No. 2 spot is Lee Munder Capital Group, led by Lee Munder, holding a $12 million position; the fund has 0.3% of its 13F portfolio invested in the stock. Some other peers that hold long positions include Ken Fisher’s Fisher Asset Management, Jim Simons’s Renaissance Technologies, and Ken Gray and Steve Walsh’s Bryn Mawr Capital.