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BofA Securities in its Active Managers’ Holdings Update report, published on Wednesday, name the most underweight stocks by hedge funds.
Hedge fund managers’ positioning in the S&P 500 stocks was reported by BofA “by aggregating their long positions reported through the 13F filings, and by estimating their short positions based on exchange-reported data,” according to the analysts.
These are 20 stocks with the lowest net exposure by hedge funds, relative to the stocks’ 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
- C.H. 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
