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BofA Securities in its Active Managers' Holdings Update report, released Wednesday, names the stocks most underweight by hedge funds.
BofA reported on hedge fund managers' positioning in S&P 500 stocks “adding their reported long positions through 13F presentations and estimating their short positions based on data reported by the stock market,” according to the analysts.
These are 20 stocks with the lowest net exposure by hedge funds, relative to the stock's weight in the S&P 500 (SP500). Data as of December 2023:
- Tractor Supply (TSCO) – Hedge Fund Net Relative Weight: -12.01
- Albemarle Materials (ALB) – Hedge Fund Net Relative Weight: -11.09
- Paramount Global (PARA) – hedge fund net relative weight: -9.81
- Whirlpool (WHR) – Hedge Fund Net Relative Weight: -7.79
- Waters (WAT) – Hedge Fund Net Relative Weight: -7.02
- CarMax, Inc. (KMX) – Hedge Fund Net Relative Weight: -6.96
- Norwegian Cruise Line Holdings Ltd. (NCLH) – hedge fund net relative weight: -5.97
- United Rentals, Inc. (URI) – Hedge Fund Net Relative Weight: -5.39
- Pool (POOL) – hedge fund net relative weight: -5.33
- Occidental Petroleum (OXY) – hedge fund net relative weight: -5.30
- Moderna, Inc. (MRNA) – Hedge Fund Net Relative Weight: -5.06
- T. Rowe Price (TROW) – Hedge Fund Net Relative Weight: -4.96
- CH Robinson Worldwide, Inc. (CHRW) – Hedge Fund Net Relative Weight: -4.70
- News (NWS) – Hedge Fund Net Relative Weight: -3.93
- Enphase Energy, Inc. (ENPH) – Hedge Fund Net Relative Weight: -3.88
- Best Buy Co., Inc. (BBY) – Hedge Fund Net Relative Weight: -3.69
- Celanese (CE) – hedge fund net relative weight: -3.59
- Blackstone Inc. (BX) – Hedge Fund Net Relative Weight: -3.52
- Raytheon Technologies (RTX) – Hedge Fund Net Relative Weight: -3.29
- Ralph Lauren (RL) – Hedge Fund Net Relative Weight: -3.23
