Are hedge funds buying or selling?
A look at the trades of the top gurus this quarter.
The table below illustrates the summary of the trades of hedge fund gurus in the first quarter.
"Buy impact" is defined as the impact of the trades for the stocks they have either added or bought into. "Sell impact" is the impact for the stocks that they have sold out or reduced. "Net buy" is the difference between "buy impact" and "sell impact." Apparently those with a higher net buy were more bullish. Those with a higher negative net buy were bearish.
|Guru||Firm||Portfolio Size ($M)||Buy Impact (%)||Sell Impact (%)||Net Buy (%)|
|David Tepper||Appaloosa Management LP||4052||80.13||-16.89||63.24|
|Kyle Bass||Hayman Advisors||143||67.42||-5.18||62.24|
|Daniel Loeb||Third Point, LLC||4061||63.116||-39.432||23.684|
|Joel Greenblatt||Gotham Capital||1150||37.6149||-22.1567||15.4582|
|Julian Robertson||Tiger Management||353||32.9||-18.25||14.65|
|T Boone Pickens||BP Capital||174||31.08||-18.22||12.86|
|Louis Moore Bacon||Moore Capital Management, LP||6327||41.8679||-34.3813||7.4866|
|Leon Cooperman||Omega Advisors||5008||26.509||-19.1053||7.4037|
|Zeke Ashton||Centaur Capital Partners||78||25.25||-20.16||5.09|
|Andreas Halvorsen||Viking Global Investors LP||12250||45.4279||-41.21||4.2179|
|David Nierenberg||D3 Family of Funds||267||9.06||-6.26||2.8|
|Tom Russo||Gardner Russo & Gardner||6186||2.7341||-0.7639||1.9702|
|Jim Simons||Renaissance Technologies LLC||28474||30.6755||-29.5189||1.1566|
|Mohnish Pabrai||Pabrai Mohnish||325||41.6||-40.54||1.06|
|Steven Cohen||SAC Capital Advisors||22243||41.4252||-41.1278||0.2974|
|Wilbur Ross||Invesco Private Capital||1624||0.47||-0.71||-0.24|
|Glenn Greenberg||Brave Warrior Capital||1362||14.87||-16.39||-1.52|
|Michael Price||MFP Investors LLC||703||16.306||-18.007||-1.701|
|Steve Mandel||Lone Pine Capital||16447||21.91||-25.39||-3.48|
|Whitney Tilson||T2 Partners Management, LP||345||15.3302||-19.09||-3.7598|
|Ray Dalio||Bridgewater Associates||6429||11.0543||-14.969||-3.9147|
|John Paulson||Paulson & Co.||14961||9.78||-13.8296||-4.0496|
|Irving Kahn||Kahn Brothers||551||1.94||-7.178||-5.238|
|Private Capital||Private Capital Management||1428||4.948||-10.808||-5.86|
|John Griffin||Blue Ridge Capital||6043||15.9||-22.424||-6.524|
|Manning & Napier Advisors, Inc||Manning & Napier Advisors||19442||11.5987||-18.2406||-6.6419|
|Richard Pzena||Pzena Investment Management LLC||9681||5.3439||-12.24||-6.8961|
|Larry Robbins||Glenview Capital||5538||17.934||-24.84||-6.906|
|Richard Perry||Perry Capital||2079||32.968||-39.96||-6.992|
|Paul Tudor Jones||The Tudor Group||2943||31.9403||-39.2387||-7.2984|
|Bill Ackman||Pershing Square Capital Management, L.P.||8074||0.21||-8.66||-8.45|
|Eric Mindich||Eton Park Capital Management, L.P.||7964||10.941||-20.91||-9.969|
|Richard Blum||Blum Capital Partners||1388||0.91||-11.62||-10.71|
|Robert Karr||Joho Capital||472||11.39||-23.06||-11.67|
|David Einhorn||Greenlight Capital||5535||2.75||-14.876||-12.126|
|George Soros||Soros Fund Management LLC||6837||21.8072||-34.428||-12.6208|
|Lee Ainslie||Maverick Capital||6953||32.9||-45.6973||-12.7973|
|Seth Klarman||The Baupost Group||2957||1.68||-14.74||-13.06|
|Chase Coleman||Tiger Global Management LLC||5940||13.328||-27.699||-14.371|
|Bruce Kovner||Caxton Associates||1546||68.245||-88.4577||-20.2127|
|Carl Icahn||Icahn Capital Management LP||9775||8.42||-33.23||-24.81|
We can see David Tepper and Kyle Bass were the heaviest buyers in the first quarter. David Tepper has been very good at catching market bottoms. He has usually bought into the market when investors are scared. It is interesting to see him buying heavily as the market reached multiyear highs. David Tepper bought heavily into technology stocks including QQQ, Apple (AAPL), and Google (GOOG). You can see his trades here.
Kyle Bass has been bearish for a while. But he also bought heavily in the first quarter. Interestingly, he is also heavily into technology stocks. He bought telecom companies such as Alcatel (ALU) and Tellabs (TLAB). You can see the details of Bass’ trades here.
Hedge fund managers like David Einhorn, Seth Klarman and George Soros are evidently more bearish, as they have sold a lot more stocks than they bought.
To see the consensus buys and sells, please go to the aggregated holdings of Gurus, or try our new All-in-One Screener. Guru Sector Trend will tell you which industry they are buying into.
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Bill Stiritz has experienced an estimated $145 million in paper losses on his investment in the company.
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