How do we determine whether Enel Americas S.A. (NYSE:ENIA) makes for a good investment at the moment? We analyze the sentiment of a select group of the very best investors in the world, who spend immense amounts of time and resources studying companies. They may not always be right (no one is), but data shows that their consensus long positions have historically outperformed the market when we adjust for known risk factors.

Hedge fund interest in Enel Americas S.A. (NYSE:ENIA) shares was flat at the end of last quarter. This is usually a negative indicator. At the end of this article we will also compare ENIA to other stocks including Pearson PLC (NYSE:PSO), NVR, Inc. (NYSE:NVR), and Bausch Health Companies (NYSE:BHC) to get a better sense of its popularity.

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 18 percentage points since May 2014 through December 3, 2018 (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 24% through December 3, 2018. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.

Let's view the new hedge fund action encompassing Enel Americas S.A. (NYSE:ENIA).

How are hedge funds trading Enel Americas S.A. (NYSE:ENIA)?

At the end of the third quarter, a total of 11 of the hedge funds tracked by Insider Monkey were bullish on this stock, no change from the previous quarter. On the other hand, there were a total of 7 hedge funds with a bullish position in ENIA at the beginning of this year. With the smart money's positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their stakes meaningfully (or already accumulated large positions).

When looking at the institutional investors followed by Insider Monkey, Cliff Asness's AQR Capital Management has the number one position in Enel Americas S.A. (NYSE:ENIA), worth close to $28.4 million, comprising less than 0.1%% of its total 13F portfolio. Sitting at the No. 2 spot is Renaissance Technologies, led by Jim Simons, holding a $13.8 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Some other peers that hold long positions consist of Dmitry Balyasny's Balyasny Asset Management, ZilvinasáMecelis's Covalis Capital and John Overdeck and David Siegel's Two Sigma Advisors.