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 at Insider Monkey have plowed through 752 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of September 30th. In this article we look at what those investors think of Lindblad Expeditions Holdings Inc (NASDAQ:LIND).
Is Lindblad Expeditions Holdings Inc (NASDAQ:LIND) going to take off soon? Prominent investors are buying. The number of long hedge fund bets inched up by 3 lately. Our calculations also showed that LIND isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video below for Q2 rankings). Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.
In the 21st century investor’s toolkit there are a large number of indicators shareholders can use to evaluate publicly traded companies. A couple of the most innovative indicators are hedge fund and insider trading interest. We have shown that, historically, those who follow the top picks of the elite investment managers can outclass the S&P 500 by a significant amount (see the details here).
[caption id="attachment_193003" align="aligncenter" width="450"] Chuck Royce of Royce & Associates[/caption]
We leave no stone unturned when looking for the next great investment idea. For example Discover is offering this insane cashback card, so we look into shorting the stock. One of the most bullish analysts in America just put his money where his mouth is. He says, "I'm investing more today than I did back in early 2009." So we check out his pitch. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. We even check out this option genius' weekly trade ideas. This December, we recommended Adams Energy as a one-way bet based on an under-the-radar fund manager's investor letter and the stock already gained 20 percent. With all of this in mind we're going to take a gander at the key hedge fund action surrounding Lindblad Expeditions Holdings Inc (NASDAQ:LIND).
What have hedge funds been doing with Lindblad Expeditions Holdings Inc (NASDAQ:LIND)?
At Q3's end, a total of 18 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 20% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards LIND over the last 17 quarters. With the smart money's sentiment swirling, there exists an "upper tier" of notable hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Jeffrey Ubben's ValueAct Capital has the biggest position in Lindblad Expeditions Holdings Inc (NASDAQ:LIND), worth close to $47.9 million, corresponding to 0.5% of its total 13F portfolio. Coming in second is Renaissance Technologies which holds a $23.5 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining professional money managers with similar optimism include Chuck Royce's Royce & Associates, Jordan Moelis and Jeff Farroni's Deep Field Asset Management and Robert Joseph Caruso's Select Equity Group. In terms of the portfolio weights assigned to each position Deep Field Asset Management allocated the biggest weight to Lindblad Expeditions Holdings Inc (NASDAQ:LIND), around 8.95% of its 13F portfolio. Headlands Capital is also relatively very bullish on the stock, earmarking 8.87 percent of its 13F equity portfolio to LIND.
As one would reasonably expect, some big names were leading the bulls' herd. Winton Capital Management, managed by David Harding, created the biggest position in Lindblad Expeditions Holdings Inc (NASDAQ:LIND). Winton Capital Management had $2.6 million invested in the company at the end of the quarter. Cliff Asness's AQR Capital Management also initiated a $0.4 million position during the quarter. The other funds with brand new LIND positions are Michael Gelband's ExodusPoint Capital and Gavin Saitowitz and Cisco J. del Valle's Springbok Capital.
Let's now review hedge fund activity in other stocks similar to Lindblad Expeditions Holdings Inc (NASDAQ:LIND). We will take a look at ProSight Global, Inc. (NYSE:PROS), Baytex Energy Corp (NYSE:BTE), Systemax Inc. (NYSE:SYX), and Rudolph Technologies Inc (NYSE:RTEC). This group of stocks' market caps are similar to LIND's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position PROS,6,15728,6 BTE,9,41900,2 SYX,11,20690,0 RTEC,10,75539,2 Average,9,38464,2.5 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $38 million. That figure was $167 million in LIND's case. Systemax Inc. (NYSE:SYX) is the most popular stock in this table. On the other hand ProSight Global, Inc. (NYSE:PROS) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks Lindblad Expeditions Holdings Inc (NASDAQ:LIND) is more popular among hedge funds. Our calculations showed that top 20 most popular stocks among hedge funds returned 37.4% in 2019 through the end of November and outperformed the S&P 500 ETF (SPY) by 9.9 percentage points. Unfortunately LIND wasn't nearly as popular as these 20 stocks and hedge funds that were betting on LIND were disappointed as the stock returned -7.5% during the first two months of the fourth quarter and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 20 most popular stocks among hedge funds as 70 percent of these stocks already outperformed the market in Q4.
Disclosure: None. This article was originally published at Insider Monkey.