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The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 873 world-class investment firms that we track and now have access to the collective wisdom contained in these filings, which are based on their June 30th holdings, data that is available nowhere else. Should you consider WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) for your portfolio? We'll look to this invaluable collective wisdom for the answer.
Is WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) a first-rate investment today? The smart money was getting more bullish. The number of bullish hedge fund positions inched up by 5 in recent months. WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) was in 52 hedge funds' portfolios at the end of the second quarter of 2021. The all time high for this statistic is 47. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that WSC isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings).
In the eyes of most traders, hedge funds are assumed to be worthless, old financial tools of yesteryear. While there are over 8000 funds trading at present, Our researchers hone in on the top tier of this club, around 850 funds. These hedge fund managers handle the majority of the smart money's total asset base, and by monitoring their finest equity investments, Insider Monkey has spotted various investment strategies that have historically defeated the broader indices. Insider Monkey's flagship short hedge fund strategy surpassed the S&P 500 short ETFs by around 20 percentage points per annum since its inception in March 2017. Also, our monthly newsletter's portfolio of long stock picks returned 185.4% since March 2017 (through August 2021) and beat the S&P 500 Index by more than 79 percentage points. You can download a sample issue of this newsletter on our website .
Jeffrey Talpins of Element Capital
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV 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 we're going to view the new hedge fund action encompassing WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC).
Do Hedge Funds Think WSC Is A Good Stock To Buy Now?
Heading into the third quarter of 2021, a total of 52 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 11% from the first quarter of 2020. Below, you can check out the change in hedge fund sentiment towards WSC over the last 24 quarters. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) was held by Eminence Capital, which reported holding $244.5 million worth of stock at the end of June. It was followed by Point State Capital with a $116.7 million position. Other investors bullish on the company included Permian Investment Partners, Broad Bay Capital, and Rubric Capital Management. In terms of the portfolio weights assigned to each position Clearfield Capital allocated the biggest weight to WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC), around 13.34% of its 13F portfolio. Yarra Square Partners is also relatively very bullish on the stock, earmarking 12.64 percent of its 13F equity portfolio to WSC.
Consequently, key hedge funds have jumped into WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) headfirst. Waterfront Capital Partners, managed by Eduardo Abush, initiated the biggest position in WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC). Waterfront Capital Partners had $17 million invested in the company at the end of the quarter. Chris Rokos's Rokos Capital Management also made a $13.9 million investment in the stock during the quarter. The other funds with brand new WSC positions are Jeffrey Talpins's Element Capital Management, Sahm Adrangi's Kerrisdale Capital, and Mark Kingdon's Kingdon Capital.
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) but similarly valued. These stocks are Affiliated Managers Group, Inc. (NYSE:AMG), DCP Midstream LP (NYSE:DCP), Foot Locker, Inc. (NYSE:FL), 360 DigiTech, Inc. (NASDAQ:QFIN), Reynolds Consumer Products Inc. (NASDAQ:REYN), MultiPlan Corporation (NYSE:MPLN), and Medpace Holdings, Inc. (NASDAQ:MEDP). All of these stocks' market caps are closest to WSC's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position AMG,30,784733,4 DCP,3,31363,-1 FL,31,416162,3 QFIN,14,82360,-5 REYN,14,108385,-5 MPLN,16,480813,-14 MEDP,24,337127,3 Average,18.9,320135,-2.1 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 18.9 hedge funds with bullish positions and the average amount invested in these stocks was $320 million. That figure was $1400 million in WSC's case. Foot Locker, Inc. (NYSE:FL) is the most popular stock in this table. On the other hand DCP Midstream LP (NYSE:DCP) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) is more popular among hedge funds. Our overall hedge fund sentiment score for WSC is 90. 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 returned 22.9% in 2021 through October 1st but still managed to beat the market by 5.6 percentage points. Hedge funds were also right about betting on WSC as the stock returned 15.4% since the end of June (through 10/1) and outperformed the market by an even larger margin. Hedge funds were clearly right about piling into this stock relative to other stocks with similar market capitalizations.
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Disclosure: None. This article was originally published at Insider Monkey.