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With the third-quarter round of 13F filings behind us it is time to take a look at the stocks in which some of the best money managers in the world preferred to invest or sell heading into the fourth quarter. One of these stocks was Grupo Televisa SAB (NYSE:TV).
Grupo Televisa SAB (NYSE:TV) investors should pay attention to a decrease in hedge fund interest of late. Grupo Televisa SAB (NYSE:TV) was in 17 hedge funds' portfolios at the end of September. The all time high for this statistic is 29. Our calculations also showed that TV isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video for a quick look at the top 5 stocks).
Video: Watch our video about the top 5 most popular hedge fund stocks.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 66 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 17th. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Ryan Tolkin, CIO of Schonfeld Strategic Advisors
At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended this real estate stock to our monthly premium newsletter subscribers. We go through lists like the 15 best blue chip stocks to pick the best large-cap stocks to buy. 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 website. Now let's take a gander at the latest hedge fund action encompassing Grupo Televisa SAB (NYSE:TV).
Do Hedge Funds Think TV Is A Good Stock To Buy Now?
At the end of the third quarter, a total of 17 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -19% from the previous quarter. On the other hand, there were a total of 15 hedge funds with a bullish position in TV a year ago. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds, FPR Partners held the most valuable stake in Grupo Televisa SAB (NYSE:TV), which was worth $209.9 million at the end of the third quarter. On the second spot was Bill & Melinda Gates Foundation Trust which amassed $104.3 million worth of shares. Renaissance Technologies, MIG Capital, and GAMCO Investors 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 FPR Partners allocated the biggest weight to Grupo Televisa SAB (NYSE:TV), around 7.21% of its 13F portfolio. MIG Capital is also relatively very bullish on the stock, earmarking 4.44 percent of its 13F equity portfolio to TV.
Judging by the fact that Grupo Televisa SAB (NYSE:TV) has faced bearish sentiment from the smart money, we can see that there exists a select few hedge funds that elected to cut their positions entirely by the end of the third quarter. Intriguingly, Matthew Hulsizer's PEAK6 Capital Management said goodbye to the biggest stake of the 750 funds tracked by Insider Monkey, totaling about $0.5 million in stock. Donald Sussman's fund, Paloma Partners, also said goodbye to its stock, about $0.3 million worth. These moves are intriguing to say the least, as total hedge fund interest dropped by 4 funds by the end of the third quarter.
Let's check out hedge fund activity in other stocks similar to Grupo Televisa SAB (NYSE:TV). We will take a look at Grupo Aeroportuario del Sureste (NYSE:ASR), Spirit Realty Capital Inc (NYSE:SRC), Fate Therapeutics Inc (NASDAQ:FATE), Endava plc (NYSE:DAVA), Lazard Ltd (NYSE:LAZ), Stifel Financial Corp. (NYSE:SF), and Brixmor Property Group Inc (NYSE:BRX). This group of stocks' market values resemble TV's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ASR,10,51222,-1 SRC,16,136469,-2 FATE,34,1045651,-2 DAVA,11,131431,3 LAZ,19,604256,1 SF,18,170037,-3 BRX,18,43439,-6 Average,18,311786,-1.4 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $312 million. That figure was $499 million in TV's case. Fate Therapeutics Inc (NASDAQ:FATE) is the most popular stock in this table. On the other hand Grupo Aeroportuario del Sureste (NYSE:ASR) is the least popular one with only 10 bullish hedge fund positions. Grupo Televisa SAB (NYSE:TV) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for TV is 33.2. 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 20 most popular stocks among hedge funds returned 41.3% in 2019 and outperformed the S&P 500 ETF (SPY) by 10 percentage points. These stocks gained 30.7% in 2020 through December 14th and still beat the market by 15.8 percentage points. A small number of hedge funds were also right about betting on TV as the stock returned 29.6% since the end of the third quarter (through 12/14) and outperformed the market by an even larger margin.
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Disclosure: None. This article was originally published at Insider Monkey.