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Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of December. At Insider Monkey, we follow nearly 750 active hedge funds and notable investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is Helix Energy Solutions Group Inc. (NYSE:HLX), so let’s take a closer look at the sentiment that surrounds it in the current quarter.
Helix Energy Solutions Group Inc. (NYSE:HLX) shareholders have witnessed an increase in enthusiasm from smart money in recent months. HLX was in 18 hedge funds' portfolios at the end of the fourth quarter of 2018. There were 16 hedge funds in our database with HLX positions at the end of the previous quarter. Our calculations also showed that HLX isn't among the 30 most popular stocks among hedge funds.
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 32 percentage points since May 2014 through March 12, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 27.5% through March 12, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
We're going to take a glance at the latest hedge fund action encompassing Helix Energy Solutions Group Inc. (NYSE:HLX).
How have hedgies been trading Helix Energy Solutions Group Inc. (NYSE:HLX)?
At Q4's end, a total of 18 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 13% from the second quarter of 2018. Below, you can check out the change in hedge fund sentiment towards HLX over the last 14 quarters. With hedgies' positions undergoing their usual ebb and flow, there exists an "upper tier" of noteworthy hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).
Among these funds, Millennium Management held the most valuable stake in Helix Energy Solutions Group Inc. (NYSE:HLX), which was worth $18.7 million at the end of the fourth quarter. On the second spot was Renaissance Technologies which amassed $5.4 million worth of shares. Moreover, Gotham Asset Management, Selz Capital, and Marshall Wace LLP were also bullish on Helix Energy Solutions Group Inc. (NYSE:HLX), allocating a large percentage of their portfolios to this stock.