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Trading The Top 10 Stocks From 40 Large Hedge Funds: Trading Update 5/21/2022

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The 13F filings for Q1-2022 were completed by February 15, hence we updated the universe of the consensus stocks from 40 large hedge funds. The changes in holdings are seen in the trading signals for iM-Top50(of 40 Large Hedge Funds), below.

Research from Barclays and Novus published in October 2019 found that a copycat stock selection strategy that combines conviction and consensus of fund managers that have longer-term views outperformed the S&P 500 by 3.80% on average annually from Q1 2004 to Q2 2019.

Based on that rationale, we previously presented two trading models (in Article-1 and Article-2) that use the top 50 consensus stocks of 40 Large Hedge Funds (listed in Appendix A below), that historically outperformed the S&P 500. The iM-Top50(from 40 Hedge Funds) model holds all 50 stocks equally weighted and has a low turnover. The iM-Top10(from 40 Hedge Funds) model holds a subset of 10 stocks, also equally weighted, but with higher turnover which is rewarded by improved returns.

The performance simulation, and generation of trading signals, for these strategies is done using the platform Portfolio123 and reported below. For more comprehensive description of the 50 stock universe please refer to here (updated 5/21/2022).

Note: This update is published on Seeking Alpha, editor permitting, only if the model has generated trading signals.

Model Performance:

Relartive Performance

iMarketSignals.com

Note: The iM-Top10VariableWeight model (green line) is an experimental model. It holds the same stocks as the iM-Top10 model but position weights are adjusted to an inverse function of market capitalization, that is the higher the market cap of the stock the lower the position weight. As a consequence it is difficult to trade as market capitalization changes with the stock price.

Trade Signals for 5/23/2022

iM-Top10(of 40 Large Hedge Funds)
Ticker Action Shares Name
(CHTR) SELL 65 Charter Communications Inc.
(INCY) SELL 361 Incyte Corp.
(MCO) SELL 87 Moody’s Corp.
(AAPL) BUY 197 Apple Inc.
(SPGI) BUY 79 S&P Global Inc.
(TDG) BUY 49 TransDigm Group Inc.
(BBWI) Rebalance BUY 169 Bath & Body Works Inc.

iM-Top50(of 40 Large Hedge Funds)
Ticker Action Shares Name
(ALGN) SELL 14 Align Technology Inc.
(APP) SELL 91 AppLovin Corporation
(CHTR) SELL 8.1 Charter Communications Inc.
(DASH) SELL 52 DoorDash Inc.
(FIS) SELL 50 Fidelity National Information Services Inc.
(MTCH) SELL 41 Match Group Inc.
(MU) SELL 51 Micron Technology Inc.
(PYPL) SELL 47 PayPal Holdings Inc.
(RIVN) SELL 104 Rivian Automotive Inc.
(SNAP) SELL 130 Snap INC.
(BRK.B) BUY 14 Berkshire Hathaway Inc.
(CNI) BUY 39 Canadian National Railway Co.
(FOLD) BUY 557 Amicus Therapeutics Inc.
(SPGI) BUY 13 S&P Global Inc.
(TMO) BUY 8 Thermo Fisher Scientific Inc.
(TMUS) BUY 34 T-Mobile US Inc.
(UBER) BUY 185 Uber Technologies Inc.
(UNP) BUY 20 Union Pacific Corp.
(AAPL) Rebalance BUY 9 Apple Inc.


The models trade on the first trading day of the week. Trading signals are published on a weekly basis here on Seeking Alpha (subject to model trading and editor’s acceptance) and on iMarketSignals. Next update on Sunday 5/29/2022


Holdings for iM-Top10(of 40 Large Hedge Funds) as of 5/20/2022

Current Portfolio 5/20/2022 Cash Flow
Ticker Number of Shares Weight Value now Open Date Open Costs Rebal Costs | Return Dividends Received Gain to date
(BBWI) 531 7.53% $20,544 02/28/22 ($30,285) $2,564 ($7,176)
(CHTR) 65 11.41% $31,137 04/18/22 ($30,231) ($3,876) ($2,970)
(INCY) 361 9.91% $27,032 02/28/22 ($30,799) $7,377 $3,610
(MA) 76 9.37% $25,550 05/02/22 ($27,266) ($1,716)
(MCO) 87 9.23% $25,166 04/11/22 ($29,208) $61 ($3,980)
(MSFT) 111 10.28% $28,034 04/18/22 ($31,162) $69 ($3,059)
(NFLX) 147 10.04% $27,393 05/16/22 ($27,760) ($366)
(QCOM) 218 10.52% $28,689 08/02/21 ($32,635) $2,794 $423 ($729)
(SCHW) 421 9.77% $26,641 05/16/22 ($27,054) ($413)
(V) 140 10.21% $27,864 12/07/20 ($30,865) $1,269 $308 ($1,424)

Holdings for iM-Top50(of 40 Large Hedge Funds) as of 5/20/2022

Current Portfolio 5/20/2022 Cash Flow
Ticker Number of Shares Weight Value now Open Date Open Costs Rebal Costs | Return Dividends Received Gain to date
(AAPL) 22 1.65% $3,027 01/04/16 ($2,109) $5,187 $264 $6,369
(ADBE) 10 2.18% $3,991 01/04/16 ($2,118) $2,765 $4,639
(ALGN) 14 2.10% $3,851 11/22/21 ($6,726) ($1,218) ($4,094)
(AMT) 18 2.40% $4,397 01/04/16 ($2,033) $731 $461 $3,557
(AMZN) 2 2.35% $4,304 01/04/16 ($1,913) $2,037 $4,428
(ANTM) 10 2.69% $4,929 02/28/22 ($4,503) $13 $438
(APP) 91 1.99% $3,643 08/23/21 ($6,110) $452 ($2,015)
(BBWI) 85 1.79% $3,289 02/28/22 ($4,533) ($1,244)
(BSX) 87 1.86% $3,412 02/24/20 ($3,949) $700 $163
(CHTR) 8.1 2.13% $3,898 01/04/16 ($2,133) $869 $2,635
(COUP) 52 1.96% $3,588 08/19/19 ($3,549) ($2,875) ($2,836)
(CRM) 21 1.83% $3,353 05/22/17 ($2,315) $806 $1,844
(CRWD) 22 1.78% $3,272 05/26/20 ($4,210) $5,518 $4,580
(DASH) 52 1.88% $3,444 05/24/21 ($5,623) ($281) ($2,459)
(DHR) 20 2.75% $5,036 08/19/19 ($3,547) $1,596 $50 $3,136
(DIS) 35 1.95% $3,585 08/24/20 ($5,102) $902 ($616)
(DOCU) 43 1.80% $3,300 08/24/20 ($5,118) ($2,553) ($4,371)
(FATE) 163 2.05% $3,765 02/16/21 ($6,499) ($4,243) ($6,977)
(FB) 20 2.11% $3,871 01/04/16 ($2,047) ($191) $1,633
(FIS) 50 2.72% $4,984 08/19/19 ($3,476) ($3,323) $147 ($1,668)
(FISV) 44 2.29% $4,206 11/18/19 ($3,209) ($1,830) ($833)
(GOOGL) 2 2.38% $4,356 01/04/16 ($2,281) $2,292 $4,368
(INCY) 67 2.74% $5,017 02/28/22 ($4,566) $451
(INTU) 12 2.41% $4,413 02/19/19 ($3,523) $1,654 $106 $2,650
(KMX) 47 2.37% $4,346 05/24/21 ($5,377) ($1,031)
(MA) 12 2.20% $4,034 01/04/16 ($2,088) $2,507 $139 $4,592
(MCO) 17 2.68% $4,918 01/04/16 ($2,044) $1,364 $251 $4,488
(MSFT) 16 2.20% $4,041 01/04/16 ($2,085) $3,882 $356 $6,194
(MTCH) 41 1.71% $3,145 02/28/22 ($4,589) ($1,445)
(MU) 51 1.92% $3,514 02/28/22 ($4,527) $5 ($1,008)
(NFLX) 22 2.24% $4,100 01/04/16 ($2,092) ($411) $1,598
(NOW) 7 1.65% $3,031 11/19/18 ($2,825) $3,684 $3,890
(NVDA) 20 1.82% $3,339 02/24/20 ($3,830) $7,494 $15 $7,018
(PYPL) 47 2.06% $3,785 02/21/17 ($2,209) $963 $2,539
(QCOM) 30 2.15% $3,948 08/24/20 ($5,106) $2,448 $197 $1,488
(RIVN) 104 1.64% $3,008 02/28/22 ($4,854) ($1,446) ($3,293)
(SCHW) 54 1.86% $3,417 02/28/22 ($4,555) $11 ($1,127)
(SGEN) 33 2.51% $4,608 01/04/16 ($2,099) $1,661 $4,171
(SHOP) 10 1.98% $3,639 11/18/19 ($3,233) $1,208 $1,613
(SNAP) 130 1.65% $3,024 11/22/21 ($6,427) ($3,403)
(SNOW) 24 1.85% $3,396 02/16/21 ($6,487) $593 ($2,498)
(TDG) 6 1.80% $3,301 01/04/16 ($2,071) $2,710 $912 $4,852
(TSLA) 6 2.17% $3,983 05/26/20 ($4,098) $10,984 $10,869
(TSM) 36 1.78% $3,268 11/22/21 ($6,768) $2,419 $44 ($1,037)
(UNH) 9 2.38% $4,372 05/22/17 ($2,274) $2,953 $303 $5,354
(V) 20 2.17% $3,981 01/04/16 ($2,046) $1,287 $164 $3,385
(W) 60 1.68% $3,085 11/23/20 ($5,390) ($3,977) ($6,282)
(WDAY) 20 1.81% $3,320 05/26/20 ($4,213) $1,141 $248

Appendix A

Hedge Fund Filers:

  1. Akre Capital Management LLC
  2. Alkeon Capital Management LLC
  3. Altimeter Capital Management, LP
  4. Aristotle Capital Management, LLC
  5. Baker Bros. Advisors LP
  6. Barings LLC
  7. Calamos Advisors LLC
  8. Capital International Ltd
  9. Citadel Advisors LLC
  10. Coatue Management LLC
  11. D. E. Shaw & Company, Inc.
  12. Disciplined Growth Investors Inc
  13. DSM Capital Partners LLC
  14. Echo Street Capital Management LLC
  15. FMR LLC
  16. Fort Washington Investment Advisors Inc
  17. GW&K Investment Management, LLC
  18. Hitchwood Capital Management LP
  19. Jennison Associates LLC
  20. King Luther Capital Management Corp
  21. Kohlberg Kravis Roberts & Company LP
  22. Lone Pine Capital LLC
  23. Loomis Sayles & Company LP
  24. Matrix Capital Management Company, LP
  25. Meritage Group LP
  26. Panagora Asset Management Inc
  27. Perceptive Advisors LLC
  28. Pinebridge Investments, LP
  29. Redmile Group, LLC
  30. Renaissance Technologies LLC
  31. Riverbridge Partners LLC
  32. Ruane, Cunniff & Goldfarb LP
  33. Steadfast Capital Management LP
  34. TCI Fund Management Ltd
  35. Tiger Global Management LLC
  36. Verition Fund Management LLC
  37. Viking Global Investors LP
  38. Westfield Capital Management Company LP
  39. Whale Rock Capital Management LLC
  40. Winslow Capital Management, LLC

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