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Stock-picking hedge funds load up on industrials in Q4'17

A group of 10 stock-picking hedge funds with the biggest reported equity holdings managed approximately $172 billion in shares at the end of 2017, up from $167 billion in September after net purchases led by the industrial sector, S&P Global Market Intelligence's latest Hedge Fund Tracker showed.

The funds held 583 stocks at the end of the period, up from 463 in the third quarter of 2017. They bought a net $1.23 billion in industrials sector shares, $1.13 billion in consumer staples and $954.1 million in materials in the three-month period. In all, seven of the 11 sectors of the S&P 500 saw net buying by the funds.

The Hedge Fund Tracker includes funds that focus on stock picks and have fewer than 100 investments.

While Icahn Capital LP had the biggest holdings in industrials among the funds, with a market value of $8.84 billion, CSX Corp. made the biggest purchases in the sector during the period, snapping up stocks worth a net $627.8 million.

The funds continued to hold underweight positions in utilities and telecoms, with those sectors accounting for less than 1% of their total portfolio. Their highest weighting was in information technology, which accounted for 31% of their holdings.

Alphabet Inc. and Amazon.com Inc. topped the list of most bought stocks, at $2.01 billion and $1.51 billion, respectively. The two most-sold stocks of the quarter were Comcast Corp. ($2.02 billion) and Charter Communications Inc. ($1.27 billion).

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Click here to view the PDF version of the Hedge Fund Tracker.