DKosig
Goldman Sachs analysts have identified the 20 stocks in the S&P 500 index (SP500) most concentrated in hedge fund ownership.
In a Hedge Fund Trend Monitor report, analysts said that owning the 20 most concentrated stocks has outperformed the S&P 500 (SP500) in 58% of quarters since 2001, with an average quarterly excess return of 130 basis points each quarter.
Analysts define concentration as the proportion of market capitalization held by hedge funds as a whole. In this case, the stocks are mostly mid-cap, at the lower end of the S&P 500 (SP500) market capitalization distribution.
So far this year, this basket has returned 8%, the average percentage of shares held by hedge funds is 14% and the average share capitalization is $18 billion. The basket also returned 15% in the second quarter.
These are the stocks with the highest concentration by hedge funds, with holdings as of June 30.
- Incyte Corp. (INCY): % of share capital held by HF: 25%
- Bath & Body Works (BBWI): % of share capital held by HF: 25%
- Hess Corp. (HES): % of share capital held by HF: 17%
- Ralph Lauren Corp. (RL): % of share capital held by HF: 16%
- Expedia Group Inc. (EXPE): % of equity held by HF: 16%
- Catalent Inc. (CTLT): % of share capital held by HF: 15%
- Western Digital (WDC): % of share capital held by HF: 13%
- Dollar Tree Inc. (DLTR): % of equity held by HF: 13%
- Caesars Entertainment (CZR): % of share capital held by HF: 12%
- Invesco Ltd. (IVZ): % of share capital held by HF: 12%
- Vistra Corp. (VST): % of share capital held by HF: 12%
- GoDaddy Inc. (GDDY): % of equity held by HF: 12%
- Universal Health Svc. (UHS): % of capital limit held by HF: 12%
- Evergy Inc. (EVRG): % of share capital held by HF: 12%
- Synchrony Financial (SYF): % of share capital held by HF: 10%
- Solventum Corp. (SOLV): % of share capital held by HF: 10%
- Lamb Weston Holdings (LW): % of share capital held by HF: 10%
- TransDigm Group (TDG): % of share capital held by HF: 10%
- Juniper Networks (JNPR): % of share capital held by HF: 10%
- Qorvo Inc. (QRVO): % of share capital held by HF: 10%
