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Todd Walker
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Todd Walker is the Executive Director and Chief Strategist at HedgeTracker, where he is responsible for overseeing research, analytics and business development. He has particular expertise in investments that are popular among elite hedge fund managers, shareholder activists and... More
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  • Energy Spotlight: Top Hedge Funds Retain Strong Allocations To Energy Sector: Citadel And Icahn Named Largest Energy Sector Investors

    The Top Energy Hedge Funds list has been released, revealing that the largest hedge fund investors in Energy companies manage more than $130 billion in energy assets.

    This quarter's list is led by Citadel Investment Group which reported $7.9B in energy assets, representing more than 16% of its equity assets under management. Citadel is well diversified within the energy sector, holding positions in 265 companies. Its top holdings include Baker Hughes Inc (BHI, $415M), Cimarex Energy Co (XEC, $393M), Anadarko Petroleum Corp (APC, $373M), Antero Resources Corp (AR, $345M), and Devon Energy Corp (DVN, $332M). It is also worth noting that Citadel reaffirmed its commitment to its top 5 energy holdings by meaningfully increasing its holdings in each.

    Icahn Associates holds the 2nd spot on the top Energy hedge fund list with six heavily concentrated positions in the energy sector - a stark contrast to Citadel's highly diversified approach. Icahn's $6.3B energy assets are spread across the following companies: CVR Energy Inc (CVI, $3.2B), Chesapeake Energy Corp (CHK, $1.5B), Transocean Inc (RIG, $686M), Talisman Energy Inc (TLM, $658M), CVR Refining, LP (CVRR, $140M), and Seventy Seven Energy Inc (SSE, $113M). Interestingly, Icahn held steady positions in its top 4 holdings, all of which declined in value over the quarter, while CVRR and SSE are completely new positions.

    The remaining hedge funds rounding out the top 5 are: Millennium Management ($6.3B in energy assets, 18% of portfolio); Harvest Fund Advisors LLC ($6B, 95%) and D.E. Shaw & Co. ($5.9B, 12%). Harvest Fund Advisors LLC is an Energy-focused hedge fund based in Wayne, PA. Harvest holds positions in 126 energy companies and its top five energy holdings are: Enterprise Products Partners LP (EPD, $809M), Energy Transfer Equity LP (ETE, $523M), Energy Transfer Partners LP (ETP, $443M), Plains All American Pipeline LP (PAA, $395M) and Magellan Midstream Partners LP (MMP, $320M). Harvest doubled its position in its...

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    Jan 28 12:25 AM | Link | Comment!
  • Top Performing Healthcare & Biotech Hedge Funds Share Convictions For Top Stock Opportunities

    A recent analysis of the top long-term performing Healthcare, Pharma & Biotech Hedge Funds has revealed that the top funds share a number of the same top investment ideas. The top four hedge funds include Viking Global Investors, Glenview Capital Management, Visium Asset Management LLC and Ratan Capital Management. To make the list, the hedge funds had to be ranked on:

    1. Hedge Tracker's Top 50 Healthcare, Pharma & Biotech Hedge Fund List, which only includes funds that have more than 35% of their U.S. equity assets invested in Healthcare, Pharma and Biotech companies as of 6/30/2014.
    2. Barron's Best 100 Hedge Funds List, which required a 3 year Compound Annual Return of at least 12.25% through the end of 2013.

    At the end of Q2, all of the top Healthcare hedge funds, with the exception of Ratan Capital, held an equity stake in Thermo Fisher Scientific (NYSE:TMO). Combined, the three hedge funds hold approximately $2.3 billion in the analytical instruments and laboratory equipment company. Larry Robbins' Glenview Capital has the largest stake, having reported holdings of 10.9 million shares in TMO. The stock is up 11.4% year-to-date, and ended the week at $123.24. Equity analysts have TMO's one year target estimate at $143.07, according to Yahoo, highlighting its upside potential.

    Valeant Pharmaceuticals (NYSE:VRX) and Allergan Inc (NYSE:AGN) have also attracted the attention of the top Healthcare hedge funds, with Viking Global, Visium and Ratan Capital holding stakes. Earlier this year, VRX implemented a "poison pill" to deter a takeover attempt by AGN, which was being embarked on in partnership with Bill Ackman's Pershing Square Capital.

    Combined, the top three hedge funds hold a total of $1.6B in VRX, with Viking' stake accounting for $1.49B of the total. Their combined holdings in AGN are valued at $631M, with Visium's stake accounting for $409M of the total. AGN's stock has had a stellar year so far, having seen its stock price jump 51.4% YTD, ending the week at $168.21. Equity analysts have the stock's one year target estimate at $200.60, according to Yahoo, making me bullish on AGN's prospects.

    Endo International (NASDAQ:ENDP) is another favorite of the top funds, with Glenview, Visium and Ratan all holding stakes. Combined, the three hedge funds hold approximately $636M in the specialty pharmaceutical company. So far, ENDP's stock is only up 0.4% year-to-date, ending the week at $67.70. Equity analysts have ENDP's one year target estimate at $75.55, according to Yahoo, highlighting a potential buying opportunity.

    Glenview Capital, Viking Global, and Visium are also holders of Wellpoint Inc (WLP), holding stakes of $489M, $103M and $12M, respectively. WLP's stock has had a strong year so far, having seen its stock price jump 32.1% YTD, ending the week at $122.04. Equity analysts have the stock's one year target estimate at $118.87, according to Yahoo. While I don't have WLP as a buy, I would reconsider it if it dips below $110.

    Finally, while Walgreen Co (WAG) is not exactly a healthcare company, all four of the top hedge funds have a stake in the large drug retailing chain. Combined, the top funds hold approximately $1.8B in WAG, with Viking Global accounting for $1.5B. WAG's stock is up 9.5% year-to-date, ending the week at $62.88. Equity analysts have the stock's one year target estimate at $71.50, according to Yahoo, highlighting a buying opportunity.

    Sep 23 8:18 AM | Link | Comment!
  • Assets For Top Technology, Media & Telecom Hedge Funds Up $2.4B YTD; Lone Pine Steals Top Spot From Coatue Capital

    The latest Top Technology, Media and Telecom Hedge Fund list has been released, revealing that the top TMT Funds currently manage almost $132 billion in equity assets, up nearly 2% year-to-date. Philippe Laffont's Coatue Capital no longer holds the top spot on the list, a position his hedge fund firm had held since the TMT list was first compiled.

    Steve Mandel's Lone Pine Capital notably shifted more of his portfolio into the TMT stocks over the past quarter, placing Lone Pine in the top spot on The Top 50 TMT Hedge Fund List for the first time. Lone Pine reported $11.7 billion in assets devoted to TMT, or nearly than 53% of its equity assets under management. Lone Pine's TMT assets are aggressively allocated to some of the largest tech companies, including investments of $1.4B in Cognizant Technology (NASDAQ:CTSH), $1.2B in Baidu Inc (NASDAQ:BIDU), and $1.2B in Microsoft (NASDAQ:MSFT).

    Lone Pine's move into the TMT space is especially notably due to the fact that the firm was been named the industry's most profitable hedge fund in both 2013 and 2012, according to a study conducted by LCH Investments NV.

    ValueAct Capital claimed the #2 spot on this quarter's list, having climbed up one spot over the quarter. ValueAct, a San Francisco-based long/short equity investor, reported $6.7 billion in TMT assets, amounting to more than half of its total equity assets. Like last quarter, ValueAct concentrated its TMT portfolio holdings into three stocks, including investments of $2.9B in Microsoft Corp (MSFT), $1.9B in Motorola Inc (NYSE:MSI) and $1.7B in Adobe Systems Inc (NASDAQ:ADBE).

    Philippe Laffont's Coatue Capital, which fell two spots to third, rounds out the top three TMT investors. Laffont is considered a "Tiger Cub", having refined his investment acumen under the tutelage of Julian Robertson, before founding Coatue in 1999. Coatue Capital reported $5.2 billion in TMT assets, or nearly than 93% of the firm's equity assets under management. Coatue's top stock picks include $543M in Netflix (NASDAQ:NFLX), $434 in Baidu Inc (BIDU), $417M in CBS Corp (NYSE:CBS), $380M in Facebook (NASDAQ:FB), $306M in Time Warner (NYSE:TWX), $282M in Micron Technology (NASDAQ:MU) and $274M in Linkedin Corp (NYSE:LNKD).

    Overall, the top hedge funds allocate $85 billion, or 64% of their equity assets to TMT stocks.

    Ranking Methodology: The Top 50 TMT Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms' overall U.S. equity assets under management. The TMT list includes the top hedge funds that have more than 50% of their U.S. equity assets invested in U.S. listed Technology, Media and Telecom companies. To view the Top TMT Hedge Fund list in its entirety, please visit Hedge Tracker's Hedge Fund Portal.

    Jul 01 10:54 AM | Link | Comment!
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