Stock trading

Trading the Top 10 Stocks of 40 Large Hedge Funds – Trading Update 02/07/2022

By Blake S. Gillen

designer491/iStock via Getty Images

13F filings for the first quarter of 2022 were completed on May 15, so we’ve updated the consensus stock universe of 40 major hedge funds. The change in holdings is visible in trading signals for iM-Top50 (out of 40 major Hedge Funds), see below.

Research by Barclays and Novus published in October 2019 found that a copycat stock-picking strategy that combines conviction and consensus from fund managers who have longer-term views outperformed the S&P 500 by 3.80% on average per year from the first quarter of 2004 to the second quarter of 2019.

Based on this logic, we previously presented two trading models (in Article 1 and Article 2) that use the top 50 consensus stocks of 40 major hedge funds (listed in Appendix A below) , which have historically outperformed the S&P 500. The iM -Top50 model (of 40 hedge funds) holds all 50 stocks equally weighted and has a low turnover rate. The iM-Top10 model (from 40 hedge funds) contains a subset of 10 stocks, also equally weighted, but with higher turnover which is rewarded with improved returns.

Performance simulation and trading signal generation for these strategies are performed using the Portfolio123 platform and reported below. For a more complete description of the 50-stock universe, please refer here.

Note: This update is released on Seeking Alpha, if the publisher allows it, only if the model has generated trading signals.

Model performance:

relative performance

iMarketSignals

Note: The iM-Top10VariableWeight model (green line) is an experimental model. It holds the same stocks as the iM-Top10 model, the position weights are adjusted to an inverse function of the market capitalization, i.e. the higher the market capitalization of the stock, the greater the weighting of position is weak. As a result, it is difficult to trade because the market capitalization changes with the stock price.

Trade signals for 05/07/2022

iM-Top10 (out of 40 major hedge funds)
Teleprinter Stock Shares Last name
UNP SALE 128 Union Pacific Corp.
INCY TO BUY 310 Incyte Corp.
BBWI Rebalance purchase 148 Bath & Body Works Inc

iM-Top50 (out of 40 major hedge funds)
Teleprinter Stock Shares Last name
No exchange

The models trade on the first trading day of the week. Trading signals are published weekly here on Seeking Alpha (subject to trading model and publisher acceptance) and on iMarketSignals. Next update on Sunday 10/07/2022

Holdings for iM-Top10 (out of 40 major hedge funds) as of 01/07/2022

Current portfolio 01/07/2022 Cash flow
Teleprinter Number of shares lester Value now Opening date Open costs Rebal Costs | Come back Dividends received Gain to date
(AAPL) 188 10.03% $26,119 06/13/22 ($24,955) – – $1,164
(BBWI) 715 7.66% $19,934 02/28/22 ($30,285) ($4,517) $143 ($14,725)
(HRD) 103 10.21% $26,579 06/13/22 ($25,190) – $26 $1,415
(MY) 76 9.29% $24,186 02/05/22 ($27,266) – – ($3,080)
(NFLX) 147 10.16% $26,453 05/16/22 ($27,760) – – ($1,307)
(QCOM) 218 10.34% $26,930 02/08/21 ($32,635) $2,794 $586 ($2,325)
(SCW) 421 10.34% $26,910 05/16/22 ($27,054) – – ($143)
(TMD) 50 10.40% $27,085 05/23/22 ($28,158) – – ($1,073)
(UNP) 129 10.67% $27,769 05/23/22 ($27,931) – $168 $6
(V) 140 10.71% $27,885 07/12/20 ($30,865) $1,269 $308 ($1,403)

Holdings for iM-Top50 (out of 40 major hedge funds) as of 07/01/2022

Current portfolio 01/07/2022 Cash flow
Teleprinter Number of shares lester Value now Opening date Open costs Rebal Costs | Come back Dividends received Gain to date
(AAPL) 31 2.54% $4,307 04/01/16 ($2,109) $3,910 $264 $6,371
(ADBE) ten 2.17% $3,685 04/01/16 ($2,118) $2,765 – $4,333
(ATM) 13 1.98% $3,359 04/01/16 ($2,033) $1,938 $480 $3,744
(AMZN) 30 1.94% $3,287 04/01/16 ($1,913) $3,784 – $5,158
(APP) 92 1.90% $3,218 05/30/22 ($3,147) ($1,142) – ($1,070)
(BBWI) 98 1.61% $2,732 02/28/22 ($4,533) ($805) $17 ($2,589)
(BRK.B) 11 1.80% $3,053 05/23/22 ($4,343) $631 – ($659)
(BSX) 89 1.99% $3,383 02/24/20 ($3,949) $387 – ($179)
(NIC) 27 1.80% $3,056 05/23/22 ($4,410) $1,315 $23 ($17)
(CUT) 55 1.93% $3,271 08/19/19 ($3,549) ($3,674) – ($3,951)
(RCMP) 19 1.88% $3,196 05/22/17 ($2,315) $897 – $1,778
(CRWD) 20 2.11% $3,585 05/26/20 ($4,210) $5,590 – $4,965
(DASH) 53 2.12% $3,601 05/30/22 ($3,127) ($1,381) – ($907)
(HRD) 13 1.98% $3,355 08/19/19 ($3,547) $3,226 $54 $3,088
(SAY) 33 1.87% $3,173 08/24/20 ($5,102) $790 – ($1,139)
(DOCU) 50 1.80% $3,061 08/24/20 ($5,118) ($3,821) – ($5,878)
(ELV) seven 2.01% $3,402 02/28/22 ($4,503) $1,382 $29 $310
(SPELL) 167 2.48% $4,198 02/16/21 ($6,499) ($4,835) – ($7,136)
(FISV) 44 2.40% $4,074 11/18/19 ($3,209) ($1,830) – ($966)
(BEND) 396 2.52% $4,277 05/23/22 ($4,407) $1,277 – $1,147
(GOOGL) 2 2.56% $4,350 04/01/16 ($2,281) $2,292 – $4,361
(INCY) 47 2.15% $3,650 02/28/22 ($4,566) $1,320 – $405
(INTU) 9 2.06% $3,495 02/19/19 ($3,523) $2,617 $106 $2,694
(KMX) 34 1.86% $3,151 05/24/21 ($5,377) $1,166 – ($1,060)
(MY) ten 1.88% $3,182 04/01/16 ($2,088) $2,908 $139 $4,141
(AGC) 12 1.94% $3,299 04/01/16 ($2,044) $2,718 $251 $4,224
(META) 19 1.79% $3,041 04/01/16 ($2,047) ($411) – $583
(MSFT) 16 2.45% $4,153 04/01/16 ($2,085) $3,882 $356 $6,307
(NFLX) 22 2.33% $3,959 04/01/16 ($2,092) ($411) – $1,457
(NOW) seven 2.00% $3,391 11/19/18 ($2,825) $3,386 – $3,951
(NVDA) 19 1.63% $2,759 02/24/20 ($3,830) $7,187 $16 $6,132
(QCOM) 25 1.82% $3,088 08/24/20 ($5,106) $2,885 $220 $1,087
(RIVN) 117 1.77% $3,007 05/30/22 ($3,131) ($716) – ($840)
(SCW) 53 2.00% $3,388 02/28/22 ($4,555) ($268) $11 ($1,425)
(NEMS) 24 2.55% $4,323 04/01/16 ($2,099) $2,907 – $5,131
(STORE) 90 1.67% $2,827 11/18/19 ($3,233) $1,176 – $769
(SNOW) 27 2.30% $3,902 02/16/21 ($6,487) ($144) – ($2,728)
(SPGI) 9 1.82% $3,090 05/23/22 ($4,544) $1,284 $11 ($159)
(TMD) 6 1.92% $3,250 04/01/16 ($2,071) $2,411 $912 $4,502
(TMO) 8 2.59% $4,386 05/23/22 ($4,446) – $2 ($57)
(TMUS) 25 2.02% $3,420 05/23/22 ($4,395) $1,129 – $155
(TSLA) 6 2.41% $4,091 05/26/20 ($4,098) $10,984 – $10,976
(TSM) 37 1.68% $2,849 11/22/21 ($6,768) $2,065 $61 ($1,793)
(UBER) 185 2.33% $3,948 05/23/22 ($4,358) – – ($410)
(A H) seven 2.14% $3,622 05/22/17 ($2,274) $3,820 $314 $5,482
(UNP) 14 1.78% $3,014 05/23/22 ($4,331) $1,256 $26 ($34)
(V) 17 2.00% $3,386 04/01/16 ($2,046) $1,651 $164 $3,154
(W) 64 1.71% $2,900 11/23/20 ($5,390) ($4,639) – ($7,128)
(WDAY) 22 1.85% $3,132 05/26/20 ($4,213) $498 – ($583)

Annex A

Hedge fund filers:

  1. Akre Capital Management LLC
  2. Alkeon Capital Management LLC
  3. Altimeter Capital Management, LP
  4. Aristotle Capital Management, LLC
  5. Baker Bros. Advisors LP
  6. Barings LLC
  7. Calamos Advisors LLC
  8. Capital International Ltd
  9. Citadel Advisors LLC
  10. Coatue Management LLC
  11. OF Shaw & Company, Inc.
  12. Disciplined Growth Investors Inc.
  13. DSM Capital Partners LLC
  14. Echo Street Capital Management LLC
  15. FMR SARL
  16. Fort Washington Investment Advisors Inc.
  17. GW&K Investment Management, LLC
  18. Hitchwood Capital Management LP
  19. Jennison Associates LLC
  20. King Luther Capital Management Corp.
  21. Kohlberg Kravis Roberts & Company LP
  22. Lone Pine Capital LLC
  23. Loomis Sayles & Company LP
  24. Matrix Capital Management Company, LP
  25. Meritage Group LP
  26. Panagora Asset Management Inc.
  27. Perceptive Advisors LLC
  28. Pinebridge Investments, LP
  29. Redmile Group, LLC
  30. Renaissance Technologies LLC
  31. Riverbridge Partners LLC
  32. Ruane, Cunniff & Goldfarb LP
  33. Steadfast Capital Management LP
  34. TCI Fund Management Ltd.
  35. Tiger Global Management LLC
  36. Verition Fund Management LLC
  37. Viking Global Investors LP
  38. Westfield Capital Management Company LP
  39. Whale Rock Capital Management LLC
  40. Winslow Capital Management, LLC

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Blake S. Gillen
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