In This Article:
Is Ingevity Corporation (NYSE:NGVT) a good place to invest some of your money right now? We can gain invaluable insight to help us answer that question by studying the investment trends of top investors, who employ world-class Ivy League graduates, who are given immense resources and industry contacts to put their financial expertise to work. The top picks of these firms have historically outperformed the market when we account for known risk factors, making them very valuable investment ideas.
Ingevity Corporation (NYSE:NGVT) investors should be aware of a decrease in hedge fund interest in recent months. NGVT was in 20 hedge funds' portfolios at the end of the third quarter of 2019. There were 21 hedge funds in our database with NGVT holdings at the end of the previous quarter. Our calculations also showed that NGVT isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video below for Q2 rankings).
Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.
In the financial world there are many formulas market participants use to appraise stocks. A pair of the best formulas are hedge fund and insider trading sentiment. Our researchers have shown that, historically, those who follow the best picks of the top investment managers can outpace the market by a superb margin (see the details here).
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Richard Chilton of Chilton Investment Company[/caption]
Unlike the largest US hedge funds that are convinced Dow will soar past 40,000 or the world's most bearish hedge fund that's more convinced than ever that a crash is coming, our long-short investment strategy doesn't rely on bull or bear markets to deliver double digit returns. We only rely on the best performing hedge funds' buy/sell signals. We're going to go over the recent hedge fund action surrounding Ingevity Corporation (NYSE:NGVT).
How have hedgies been trading Ingevity Corporation (NYSE:NGVT)?
At Q3's end, a total of 20 of the hedge funds tracked by Insider Monkey were long this stock, a change of -5% from the previous quarter. The graph below displays the number of hedge funds with bullish position in NGVT over the last 17 quarters. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds, Chilton Investment Company held the most valuable stake in Ingevity Corporation (NYSE:NGVT), which was worth $55.3 million at the end of the third quarter. On the second spot was Broad Bay Capital which amassed $34.4 million worth of shares. Adage Capital Management, Millennium Management, and Royce & Associates were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Broad Bay Capital allocated the biggest weight to Ingevity Corporation (NYSE:NGVT), around 9.2% of its 13F portfolio. Chilton Investment Company is also relatively very bullish on the stock, designating 1.85 percent of its 13F equity portfolio to NGVT.