Hedge funds and other institutional investors just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios at the end of September. At Insider Monkey, we follow nearly 900 active hedge funds and notable investors and by analyzing their 13F deposits, we can determine which stocks they are collectively bullish on. One of their choices is Caesars Entertainment Inc. (NASDAQ:CZR), so let’s take a closer look at the sentiment surrounding it in the current quarter.
Is Caesars Entertainment Inc. (NASDAQ:CZR) will take off soon? Leading investors were becoming less optimistic. The number of long positions in hedge funds has fallen by 3 in recent months. Caesars Entertainment Inc. (NASDAQ:CZR) appeared in 71 hedge fund portfolios at the end of December. The all-time high for this statistic is 74. Our calculations have also shown that the CZR is not among the 30 most popular stocks among hedge funds (click for Q4 ranking). There were 74 hedge funds in our database with CZR positions at the end of the third quarter.
The reputation of hedge funds as savvy investors has been tarnished over the past decade, as their hedged returns could not keep up with the unhedged returns of market indices. Our research has shown that small-cap hedge fund stock picks managed to beat the market in double digits per year between 1999 and 2016, but the margin for outperformance has shrunk in recent years. Nonetheless, we were able to identify in advance a select group of hedge funds that have outperformed S&P 500 ETFs by 124 percentage points since March 2017 (see details here). We were also able to identify in advance a select group of hedge fund stocks that underperformed the market by 10 percentage points per year between 2006 and 2017. Interestingly, the under margin -performance of these stocks has increased in recent years. Investors who are long in the market and short on these stocks would have reported more than 27% per year between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
Robert Pohly of Samlyn Capital
At Insider Monkey, we leave no stone unturned when searching for the next great investment idea. Recently, Oregon became the first state to legalize psychedelic mushrooms which were shown to have promising results in the treatment of depression, addiction, and PTSD in early university studies. So we check this psychedelic drug stock idea at present. We’re going through lists like the 10 best hydrogen fuel cell stocks to pick the next Tesla that will deliver 10x efficiency. Even though we only recommend positions in a tiny fraction of the companies we analyze, we check as many stocks as possible. We read letters from hedge fund investors and listen to stock market pitches at hedge fund conferences. You can subscribe to our free daily newsletter at our home page (or at the end of this article). Now let’s take a look at the key hedge fund action encompassing Caesars Entertainment Inc. (NASDAQ:CZR).
Do hedge funds think CZR is a good stock to buy now?
At the end of December, 71 of the hedge funds tracked by Insider Monkey held long positions in this security, a variation of -4% compared to the previous quarter. Below you can see how hedge fund sentiment has developed towards the CZR over the past 22 quarters. With the capital of smart money changing hands, there is a select group of outstanding hedge fund managers who were significantly increasing their holdings (or had already racked up significant positions).
When we look at the institutional investors tracked by Insider Monkey, Canyon Capital Advisors, managed by Joshua Friedman and Mitchell Julis, holds the largest position in Caesars Entertainment Inc. (NASDAQ: CZR). Canyon Capital Advisors has a position of $ 225.1 million in the stock, or 9.7% of its 13F portfolio. Coming in second is Jericho Capital Asset Management, managed by Josh Resnick, which has a position of $ 91.7 million; 2.2% of its 13F portfolio is allocated to shares. Some other hedge funds and institutional investors with similar optimism include Robert Pohly’s Samlyn Capital, Roberto Mignone Bridge management and Glen Kacher’s Light Street Capital. In terms of the portfolio weights assigned to each position, Lafitte Capital Management assigned the highest weight to Caesars Entertainment Inc. (NASDAQ: CZR), or approximately 35.58% of its 13F portfolio. Toscafund Asset Management is also relatively very bullish on the stock, setting aside 13.59% of its 13F equity portfolio to CZR.
Judging by the fact that Caesars Entertainment Inc. (NASDAQ: CZR) faced a drop in sentiment from all of the hedge funds we track, we can see that a few fund managers have dropped all of them. of their holdings last quarter. Oddly, Dan Loeb’s Third point sold most of the “top crust” of funds tracked by Insider Monkey, valued at around $ 56.1 million in shares. Robert Emil Zoellner’s fund, Alpine Associates, also sold his shares, worth around $ 43.5 million. These bearish behaviors are interesting, as total hedge fund interest was reduced by 3 funds last quarter.
Let’s also look at hedge fund activity in other stocks – not necessarily in the same industry as Caesars Entertainment Inc. (NASDAQ: CZR) but similarly valued. These actions are CarMax Inc (NYSE:KMX), Shinhan Financial Group Co., Ltd. (NYSE:SHG), Waters Corporation (NYSE:WHAT), Hewlett Packard Enterprise Company (NYSE:HPE), Citizens Financial Group Inc (NYSE:CFG), 10x Genomics, Inc. (NASDAQ:TXG) and Celanese Corporation (NYSE:THIS). The market valuations of this group of shares are closest to the market valuation of CZR.
[table] Ticker, Number of HF with positions, Total value of HF positions (x1000), Change of HF position KMX, 46,1485714, -8 SHG, 7,27734,3 WAT, 30,1993478, -2 HPE, 30,923308, -4 CFG, 38.453830.2 TXG, 33.745283.2 CE, 33.997491.7 Medium, 31.946691.0 [/table]
See the table here if you have formatting problems.
As you can see, these stocks had an average of 31 hedge funds with bullish positions and the average amount invested in these stocks was $ 947 million. That figure was $ 1,439 million in the case of CZR. CarMax Inc (NYSE:KMX) is the most popular stock in this table. On the other hand, Shinhan Financial Group Co., Ltd. (NYSE:SHG) is the least popular with only 7 bullish hedge fund positions. Compared to these stocks, Caesars Entertainment Inc. (NASDAQ: CZR) is more popular among hedge funds. Our overall hedge fund sentiment score for CZR is 80.8. Stocks with a higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations have shown that top 30 most popular stocks among hedge funds, a return of 81.2% in 2019 and 2020 and an outperformance of 26 percentage points compared to the S&P 500 ETF (SPY). These stocks returned 7% from 2021 to March 12, but still managed to beat the market by 1.6 percentage points. Hedge funds were also right to bet on the CZR, with the stock having returned 35.5% since the end of December (up to 3/12) and outperforming the market by an even larger margin. Hedge funds were clearly right to pile up in this stock relative to other securities of similar market capitalization.
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Disclosure: None. This article originally appeared on Monkey Insider.
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