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We follow corporate insiders and hedge fund managers. Hedge fund managers are arguably the smartest investors around. They leave less to chance than most investors. They go great lengths to get an “edge” over ordinary investors. They also have the resources to do extensive research on public companies and they have access to experts who can guide them. We believe we are more likely to beat the market by imitating insiders and hedge funds than trading against them.

In this article we compiled the top 10 positions of David Tepper, David Einhorn, George Soros, Boone Pickens and Dan Loeb. Some of the stocks were owned by two hedge fund managers, so we counted them once. The 46-stock portfolio of these top hedge fund managers returned 11.0% since the end of 2010, vs. SPY’s 6.0% return. Here is how each stock performed:

Company

Ticker

Return

Managers

SANDRIDGE ENERGY INC

SD

69.1%

Pickens

N X P SEMICONDUCTORS

NXPI

49.9%

Loeb

MICRON TECHNOLOGY

MU

44.4%

Tepper

JDS UNIPHASE

JDSU

37.2%

Soros

CHESAPEAKE ENERGY

CHK

32.8%

Pickens

EOG RESOURCES INC

EOG

30.6%

Pickens

NOBLE CORP BAAR

NE

29.4%

Pickens

LAWSON

LWSN

29.3%

Soros

MASSEY ENERGY CO

MEE

27.8%

Loeb

WILLIAMS COS

WMB

27.7%

Loeb

N C R CORP NEW

NCR

23.0%

Einhorn

HEALTH NET INC

HNT

20.3%

Loeb

PFIZER INC

PFE

17.4%

Einhorn, Tepper

SUNCOR ENERGY INC

SU

16.8%

Pickens

LYONDELLBASELL

LYB

15.3%

Loeb

POTASH CORP

POT

12.8%

Loeb

CAREFUSION CORP

CFN

10.9%

Einhorn

Q E P RESOURCES INC

QEP

10.5%

Pickens

PLAINS EXPLORATION & PROD

PXP

10.3%

Soros, Pickens

E N S C O PLC

ESV

10.2%

Einhorn

INTERNATIONAL PAPER CO

IP

9.9%

Tepper

EPICOR

EPIC

9.0%

Soros

CARDINAL HEALTH INC

CAH

9.0%

Einhorn

APPLE INC

AAPL

8.1%

Einhorn

SPRINT NEXTEL CORP

S

7.8%

Einhorn

INTEROIL CORP

IOC

3.6%

Soros

WELLS FARGO & CO NEW

WFC

3.1%

Tepper

LIBERTY MEDIA CORP NEW

LINTA

2.6%

Loeb

MONSANTO CO NEW

MON

2.1%

Soros

MCMORAN EXPLORATION CO

MMR

2.0%

Pickens

B P PLC

BP

1.9%

Pickens

DENDREON CORP

DNDN

1.8%

Soros

ALCON INC

ACL

1.4%

Loeb

BANK OF AMERICA CORP

BAC

0.9%

Tepper

SPDR GOLD TRUST

GLD

0.0%

Soros

HEWLETT PACKARD CO

HPQ

-1.7%

Tepper

WEATHERFORD INTL LTD NEW

WFT

-2.9%

Pickens

GOLD MINERS ETF

GDX

-3.0%

Einhorn

FIFTH THIRD BANCORP

FITB

-5.5%

Tepper

CITIGROUP INC

C

-5.9%

Tepper

P H H CORP

PHH

-6.1%

Loeb

MERCK

MRK

-6.5%

Tepper

MICROSOFT CORP

MSFT

-7.7%

Einhorn, Tepper

NOVAGOLD RESOURCES INC

NG

-10.0%

Soros

C I T GROUP INC NEW

CIT

-10.4%

Einhorn, Loeb

DELTA AIR LINES INC

DAL

-21.1%

Soros

We believe imitating prominent hedge fund managers’ largest positions will manage to beat large-cap index funds in the long run. Combining several hedge fund managers’ largest positions will also give investors sufficient diversification. It would be better if there is also some diversification of hedge fund managers.

Source: 46 Favorites of Hedge Fund Managers