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Do you like to follow smart money buying and selling trends? We ran a screen with this idea in mind.

We began by screening the semiconductor industry for stocks with high growth projections, with 5-year projected EPS growth rates above 15%.

Being a cyclical sector, semiconductor companies are dependent on the health of the global economy. If there is an improvement in the economic environment in 2013 and beyond, semiconductor stocks might be the place to invest in the short-run.

We then screened for those with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform into the future.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Do you think hedge funds are calling it right on these names? Use this list as a starting point for your own analysis.

1. Freescale Semiconductor Holdings I, Ltd. (NYSE:FSL): Engages in processing semiconductors and solutions for automotive, networking, industrial, and consumer markets worldwide. Market cap at $2.3B, most recent closing price at $9.28. Net institutional purchases in the current quarter at 6.4M shares, which represents about 12.54% of the company's float of 51.02M shares. 5-year EPS growth at 15.65%.

2. NXP Semiconductors NV (NASDAQ:NXPI): Provides mixed signal solutions and semiconductor components primarily in Japan, Europe, South Korea, Rest of Asia Pacific, and the Americas. Market cap at $6.24B, most recent closing price at $24.97. Net institutional purchases in the current quarter at 6.6M shares, which represents about 9.07% of the company's float of 72.79M shares. 5-year EPS growth at 28.95%.

3. Silicon Image, Inc. (NASDAQ:SIMG): Engages in the design, development, and implementation of semiconductors and intellectual property (IP) solutions for the storage, distribution, and presentation of high-definition content in home and mobile environments worldwide. Market cap at $381.73M, most recent closing price at $4.64. Net institutional purchases in the current quarter at 5.0M shares, which represents about 6.15% of the company's float of 81.33M shares. 5-year EPS growth at 30%.

4. Monolithic Power Systems Inc. (NASDAQ:MPWR): Designs, develops, manufactures, and markets analog and mixed-signal semiconductors. Market cap at $749.34M, most recent closing price at $21.12. Net institutional purchases in the current quarter at 3.2M shares, which represents about 10.2% of the company's float of 31.36M shares. 5-year EPS growth at 17.5%.

*Institutional data sourced from Fidelity, all other data sourced from Finviz

Source: Hedge Funds Are Buying These 4 High-Growth Semiconductor Stocks