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Do you like to follow the buying trends of the smart money? These investors include hedge fund managers and mutual fund managers, and their experience and access to sophisticated research makes their trades very interesting to investors.

We ran a screen on the retail industry for stocks that have outperformed over the last quarter, with over 20% return. We then screened these names for those with significant net institutional purchases over the current quarter, indicating the smart money expects these names to outperform.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks will continue to outperform? Use this list as a starting point for your own analysis.

1. Body Central Corp. (BODY): Operates as a specialty retailer of young women's apparel and accessories in the South, Mid-Atlantic, and Midwest regions of the United States. Performance over the last quarter at 23.07%. Net institutional purchases in the current quarter at 1.2M shares, which represents about 8.06% of the company's float of 14.89M shares.

2. Fossil, Inc. (FOSL): Designs, develops, markets, and distributes fashion accessories worldwide. Performance over the last quarter at 50.93%. Net institutional purchases in the current quarter at 2.4M shares, which represents about 4.63% of the company's float of 51.78M shares.

3. Liz Claiborne Inc. (LIZ): Engages in the design and marketing of a range of apparel and accessories. Performance over the last quarter at 50.66%. Net institutional purchases in the current quarter at 8.1M shares, which represents about 8.68% of the company's float of 93.36M shares.

4. LululemonAthletica Inc. (LULU): Engages in the design, manufacture, and distribution of athletic apparel and accessories for women, men, and female youth primarily in Canada, the United States, and Australia. Performance over the last quarter at 52.49%. Net institutional purchases in the current quarter at 6.0M shares, which represents about 6.06% of the company's float of 99.03M shares.

5. Phillips-Van Heusen Corp. (PVH): Designs and markets branded dress shirts, neckwear, sportswear, footwear, and other related products worldwide. Performance over the last quarter at 23.73%. Net institutional purchases in the current quarter at 6.5M shares, which represents about 10.02% of the company's float of 64.88M shares.

6. Sally Beauty Holdings Inc. (SBH): Engages in the distribution and retail of professional beauty supplies. Performance over the last quarter at 21.75%. Net institutional purchases in the current quarter at 25.3M shares, which represents about 18.35% of the company's float of 137.88M shares.

7. Sears Holdings Corporation (SHLD): Operates as a retailer in the United States and Canada. Performance over the last quarter at 40.34%. Net institutional purchases in the current quarter at 1.8M shares, which represents about 4.41% of the company's float of 40.80M shares.

8. Steven Madden, Ltd. (SHOO): Designs, sources, markets, and sells fashion-forward footwear for women, men, and children. Performance over the last quarter at 22.97%. Net institutional purchases in the current quarter at 1.2M shares, which represents about 3.08% of the company's float of 39.01M shares.

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

Source: 8 Outperforming Retail Stocks Being Bought Up By Hedge Funds