In this article you are going to find out whether hedge funds think Biogen Inc. (NASDAQ:BIIB) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It's not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market.
在本文中,您将了解对冲基金是否认为Biogen Inc.(NASDAQ:BIIB)目前是不错的投资。在对给定的股票进行大量研究之前,我们喜欢先检查聪明的钱首先想到的是什么。尽管有一些引人注目的失败对冲基金选择,但在对已知风险属性进行调整后,对冲基金投资者的共识选择在历史上一直跑赢大盘。鉴于对冲基金可以获得更好的信息和更多资源来预测股市的赢家,这也就不足为奇了。
Biogen Inc. (NASDAQ:BIIB) investors should be aware of an increase in support from the world's most elite money managers lately. BIIB was in 70 hedge funds' portfolios at the end of March. There were 61 hedge funds in our database with BIIB holdings at the end of the previous quarter. Our calculations also showed that BIIB isn't among the 30 most popular stocks among hedge funds (click for Q1 rankings and see the video for a quick look at the top 5 stocks). Video: Watch our video about the top 5 most popular hedge fund stocks.
Biogen Inc.(纳斯达克股票代码:BIIB)的投资者最近应该意识到,全球最杰出的资金管理公司所提供的支持有所增加。截至3月底,BIIB参与了70个对冲基金的投资组合。我们的数据库中有61个对冲基金,上季度末持有BIIB。我们的计算还显示,BIIB不在对冲基金中30种最受欢迎的股票中(单击Q1排名并查看视频,以快速了解排名前5的股票)。视频:观看我们的视频,了解最受欢迎的5只对冲基金股票。
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 44 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in stocks that are in our short portfolio.
那么,为什么在做出任何投资决定之前我们要关注对冲基金的情绪?我们的研究表明,在1999年至2016年期间,对冲基金的小盘股精选每年以两位数的优势击败市场,但近年来表现出色的幅度一直在下降。然而,自2017年3月以来,我们仍然能够提前确定一组精选的对冲基金持股,其表现优于标准普尔500 ETF超过44个百分点(请参阅此处的详细信息)。我们还能够提前确定一组精选的对冲基金持仓,这些持股在2006年至2017年期间每年的表现都落后于市场10个百分点。有趣的是,近年来这些股票的表现不佳一直在增加。长期做空而做空这些股票的投资者,在2015年至2017年期间,每年的回报率将超过27%。自2017年2月以来,我们一直在季度新闻通讯中跟踪和分享这些股票的清单。即使您对做空股票不满意,您也至少应避免在我们做空投资组合中的股票上建立多头头寸。
[caption id="attachment_339332" align="aligncenter" width="399"] Alex Denner of Sarissa Capital Management[/caption]
[caption id =“ attachment_339332” align =“ aligncenter” width =“ 399”] Sarissa Capital Management的Alex Denner [/ caption]
At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example Europe is set to become the world’s largest cannabis market, so we check out this European marijuana stock pitch. We believe electric vehicles and energy storage are set to become giant markets, and we want to take advantage of the declining lithium prices amid the COVID-19 pandemic. So we asked astrophysicist Neil deGrasse Tyson about Tesla, Elon Musk, and his top stock picks. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. Our best call in 2020 was shorting the market when S&P 500 was trading at 3150 after realizing the coronavirus pandemic’s significance before most investors. With all of this in mind let's take a glance at the key hedge fund action regarding Biogen Inc. (NASDAQ:BIIB).How have hedgies been trading Biogen Inc. (NASDAQ:BIIB)?
在寻找下一个伟大的投资想法时,Insider Monkey公司将竭尽全力。例如,欧洲将成为世界上最大的大麻市场,所以我们来看看这种欧洲大麻库存。我们认为电动汽车和储能将成为巨大的市场,并且我们希望利用COVID-19大流行期间锂价下跌的优势。因此,我们向天体物理学家尼尔·德格拉斯·泰森(Neil deGrasse Tyson)询问了特斯拉,埃隆·马斯克(Elon Musk)以及他的精选股票。我们阅读对冲基金投资者的来信,并在对冲基金会议上听取股票推介。在大多数投资者意识到冠状病毒大流行的重要性之后,标普500指数在3150交易,这是2020年最好的卖空交易。考虑到所有这些,让我们看一下有关Biogen Inc.(纳斯达克股票代码:BIIB)的主要对冲基金行动。对于Biogen Inc.(纳斯达克股票代码:BIIB)的避险交易如何?
Heading into the second quarter of 2020, a total of 70 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 15% from one quarter earlier. By comparison, 49 hedge funds held shares or bullish call options in BIIB a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
进入2020年第二季度,Insider Monkey跟踪的对冲基金中共有70只看涨该股票,较上一季度增长了15%。相比之下,一年前有49家对冲基金持有BIIB的股票或看涨期权。因此,让我们看看哪些对冲基金是该股票的最大持有者,哪些对冲基金正在采取重大行动。
The largest stake in Biogen Inc. (NASDAQ:BIIB) was held by Renaissance Technologies, which reported holding $1415.5 million worth of stock at the end of September. It was followed by AQR Capital Management with a $661.5 million position. Other investors bullish on the company included Arrowstreet Capital, Berkshire Hathaway, and Sarissa Capital Management. In terms of the portfolio weights assigned to each position Sarissa Capital Management allocated the biggest weight to Biogen Inc. (NASDAQ:BIIB), around 25.95% of its 13F portfolio. Copernicus Capital Management is also relatively very bullish on the stock, dishing out 6.89 percent of its 13F equity portfolio to BIIB.
Renaissance Technologies持有Biogen Inc.(NASDAQ:BIIB)最大的股份,据报道,9月底该公司持有价值1.4155亿美元的股票。紧随其后的是AQR Capital Management,资产总额为6.615亿美元。其他看好该公司的投资者包括Arrowstreet Capital,Berkshire Hathaway和Sarissa Capital Management。在分配给每个头寸的投资组合权重方面,Sarissa Capital Management将最大的权重分配给了Biogen Inc.(NASDAQ:BIIB),约占其13F投资组合的25.95%。哥白尼资本管理公司也相对看好该股,将其13F股票投资组合的6.89%卖给了BIIB。
Consequently, key money managers were leading the bulls' herd. Rock Springs Capital Management, managed by Kris Jenner, Gordon Bussard, Graham McPhail, assembled the most valuable position in Biogen Inc. (NASDAQ:BIIB). Rock Springs Capital Management had $56.9 million invested in the company at the end of the quarter. Aaron Cowen's Suvretta Capital Management also made a $48.6 million investment in the stock during the quarter. The other funds with brand new BIIB positions are Brian Ashford-Russell and Tim Woolley's Polar Capital, Arthur B Cohen and Joseph Healey's Healthcor Management LP, and Michael Castor's Sio Capital.
因此,主要的资金经理领导着牛市。 Rock Springs Capital Management由Kris Jenner,Gordon Bussard,Graham McPhail管理,在Biogen Inc.(NASDAQ:BIIB)中占据了最有价值的位置。截至本季度末,Rock Springs Capital Management向该公司投资了5,690万美元。亚伦·科恩(Aaron Cowen)的Suvretta Capital Management在本季度也对该股票进行了4,860万美元的投资。拥有全新BIIB头寸的其他基金包括Brian Ashford-Russell和Tim Woolley的Polar Capital,Arthur B Cohen和Joseph Healey的Healthcor Management LP,以及Michael Castor的Sio Capital。
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Biogen Inc. (NASDAQ:BIIB) but similarly valued. These stocks are The Blackstone Group Inc. (NYSE:BX), ServiceNow Inc (NYSE:NOW), Regeneron Pharmaceuticals Inc (NASDAQ:REGN), and Equinix, Inc. (REIT) (NASDAQ:EQIX). All of these stocks' market caps are closest to BIIB's market cap.
现在,让我们看一下其他股票中的对冲基金活动-不一定与Biogen Inc.(NASDAQ:BIIB)处于同一行业,但其价值却相似。这些股票是黑石集团(Blackstone Group Inc.)(NYSE:BX),ServiceNow Inc(NYSE:NOW),Regeneron Pharmaceuticals Inc(NASDAQ:REGN)和Equinix,Inc.(REIT)(NASDAQ:EQIX)。所有这些股票的市值都最接近BIIB的市值。
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BX,49,1523046,2 NOW,85,3985632,10 REGN,42,838224,5 EQIX,55,1950326,12 Average,57.75,2074307,7.25 [/table]
[表格]股票行情,具有位置的HF数量,HF位置的总值(x1000),HF位置的变化BX,49,1523046,2 NOW,85,3985632,10 REGN,42,838224,5 EQIX,55,1950326 ,12平均数,57.75,2074307,7.25 [/表]
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As you can see these stocks had an average of 57.75 hedge funds with bullish positions and the average amount invested in these stocks was $2074 million. That figure was $4498 million in BIIB's case. ServiceNow Inc (NYSE:NOW) is the most popular stock in this table. On the other hand Regeneron Pharmaceuticals Inc (NASDAQ:REGN) is the least popular one with only 42 bullish hedge fund positions. Biogen Inc. (NASDAQ:BIIB) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 7.9% in 2020 through May 22nd but beat the market by 15.6 percentage points. Unfortunately BIIB wasn't nearly as popular as these 10 stocks and hedge funds that were betting on BIIB were disappointed as the stock returned -3.7% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 10 most popular stocks among hedge funds as many of these stocks already outperformed the market so far this year.
如您所见,这些股票平均拥有57.75只对冲基金,并且看涨头寸,这些股票的平均投资额为20.74亿美元。在BIIB的案例中,这个数字是44.98亿美元。 ServiceNow Inc(NYSE:NOW)是该表中最受欢迎的股票。另一方面,Regeneron Pharmaceuticals Inc(纳斯达克股票代码:REGN)是最受欢迎的对冲基金,仅持有42个看涨对冲基金头寸。 Biogen Inc.(NASDAQ:BIIB)不是该类别中最受欢迎的股票,但对冲基金的兴趣仍高于平均水平。这是一个略微积极的信号,但我们宁愿花时间研究对冲基金正在堆积的股票。我们的计算结果显示,对冲基金中排名前十的股票在2019年的回报率为41.4%,跑赢标准普尔500 ETF(SPY)10.1个百分点。这些股票在2020年至5月22日之前上涨了7.9%,但比市场高出15.6个百分点。不幸的是,BIIB的受欢迎程度不及这10只押注BIIB的股票和对冲基金那么令人失望,因为该股票在同一时期的收益率为-3.7%,并且跑输大盘。如果您有兴趣投资具有巨大上升潜力的大型股票,您应该查看对冲基金中最受欢迎的十只股票,因为今年到目前为止,其中许多股票的表现已经超过了市场。