WTTM
The last 13F reporting period has passed and Insider Monkey is once again at the forefront when it comes to using this data gold mine. At Insider Monkey, we’ve gone through 873 13F cases that well-known hedge funds and value investors are required to file by the SEC. The 13F documents show the portfolio positions of funds and investors as of June 30. In this article, we take a look at what these investors think about Clearway Energy, Inc. (NYSE:CWEN).
Clearway Energy, Inc. (NYSE:CWEN) appeared in 21 hedge fund portfolios at the end of June. The all-time high for that statistic is 27. CWEN investors should pay attention to a decline in support from the world’s most elite fund managers recently. There were 24 hedge funds in our database with CWEN positions at the end of the first quarter. Our calculations also showed that the CWEN is not one of the 30 most popular stocks among hedge funds (click for Q2 ranking).
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 stock indices. Hedge funds have over $ 3.5 trillion in assets under management, so you can’t expect all of their portfolios to beat the market with significant margins. Our research identified in advance a select group of hedge funds that have outperformed S&P 500 ETFs by more than 79 percentage points since March 2017 (see details here). So you can still find a lot of gems by following the movements of hedge funds today.
Israel Englander of Millennium Management
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Do hedge funds think CWEN is a good stock to buy now?
At the end of the second quarter, a total of 21 of the hedge funds tracked by Insider Monkey were long on this stock, a change of -13% from the previous quarter. Below you can see how hedge fund sentiment towards the CWEN has developed over the past 24 quarters. With hedge fund positions undergoing their usual ebb and flow, there is a “top tier†of notable hedge fund managers who were significantly increasing their holdings (or already accumulating large positions).
Looking at institutional investors followed by Insider Monkey, Renaissance Technologies ranks number one in Clearway Energy, Inc. (NYSE: CWEN), worth nearly $ 36.2 million, representing less than 0.1%. % of its total portfolio 13F. On the heels of Renaissance Technologies is Renaissance Technologies, which holds a position of $ 35 million; less than 0.1 %% of its 13F portfolio is allocated to the company. Remaining members of Smart Money who are bullish include John Smith Clark Southpoint Capital Advisors, Electron Capital Partners of Jos Shaver and Millennium Management of Israel Englander. In terms of the portfolio weights assigned to each position, Mountaineer Partners Management assigned the greatest weight to Clearway Energy, Inc. (NYSE: CWEN), approximately 5.67% of its 13F portfolio. Alta Fundamental Advisors is also relatively very bullish on the stock, allocating 4.18% of its 13F equity portfolio to CWEN.
Given that Clearway Energy, Inc. (NYSE: CWEN) has seen a drop in sentiment in the overall hedge fund industry, logic dictates that there is a certain “level” of hedge funds that have cut all of the hedge funds. their holdings in the second quarter. At the top of the pile, Paul Marshall and Ian Wace’s Marshall wace srl dropped the largest stake of all hedges tracked by Insider Monkey, valued at around $ 4.5 million in shares. Michael Gelband’s fund, ExodusPoint Capital, also abandoned its shares, valued at around $ 2 million. These transactions are interesting because the cumulative interest of hedge funds fell by 3 funds in the second quarter.
Let’s look at hedge fund activity in other stocks – not necessarily in the same industry as Clearway Energy, Inc. (NYSE: CWEN) but of similar value. We’ll take a look at Welbilt, Inc. (NYSE:WBT), AAON, Inc. (NASDAQ:AAON), Insmed Incorporated (NASDAQ:INSM), Cerevel Therapeutics Holdings, Inc. (NASDAQ:WAX), Vishay Intertechnology (NYSE:VSH), PROG Holdings Inc (NYSE:GRP) and Casella Waste Systems Inc. (NASDAQ:CWST). All market capitalizations of these stocks are closest to the market capitalization of CWEN.
[table] Ticker, number of HF with positions, total value of HF positions (x1000), change of HF position WBT, 44 984182.16 AAON, 17 42863.1 INSM, 22.568387.0 CERE, 19.358524, -3 VSH, 29 500383, -3 PRG, 37.422619.3 CWST, 26.115419.6 Medium, 27.7.427482.2.9 [/table]See the table here if you have formatting problems.
As you can see, these stocks had an average of 27.7 hedge funds with bullish positions and the average amount invested in these stocks was $ 427 million. That figure was $ 188 million in the case of the CWEN. Welbilt, Inc. (NYSE:WBT) is the most popular action in this table. On the other hand, AAON, Inc. (NASDAQ:AAON) is the least popular with only 17 bullish hedge fund positions. Clearway Energy, Inc. (NYSE: CWEN) isn’t the least popular stock in this group, but hedge fund interest is still below average. Our overall hedge fund sentiment score for CWEN is 32.7. 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 5 most popular stocks among hedge funds, returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 24% in 2021 through October 22 and have consistently beaten the market by 1.6 percentage points. A small number of hedge funds were also right to bet on CWEN as the stock has returned 22.7% since the end of the second quarter (through 10/22) and has outperformed the market by an even larger margin.
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Disclosure: none. This article originally appeared on Monkey initiate.