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Like everyone else, elite investors make mistakes. Some of their top consensus picks, such as Amazon, Facebook and Alibaba, have not done well in Q4 due to various reasons. Nevertheless, the data show elite investors' consensus picks have done well on average over the long-term. The top 20 stocks among hedge funds beat the S&P 500 Index ETF by more than 6 percentage points so far this year. Because their consensus picks have done well, we pay attention to what elite funds think before doing extensive research on a stock. In this article, we take a closer look at Forum Energy Technologies Inc (NYSE:FET) from the perspective of those elite funds.
Forum Energy Technologies Inc (NYSE:FET) was in 16 hedge funds' portfolios at the end of March. FET shareholders have witnessed an increase in hedge fund interest of late. There were 11 hedge funds in our database with FET holdings at the end of the previous quarter. Our calculations also showed that fet isn't among the 30 most popular stocks among hedge funds.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. 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 40 percentage points since May 2014 through May 30, 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 30.9% through May 30, 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 look at the latest hedge fund action encompassing Forum Energy Technologies Inc (NYSE:FET).
What have hedge funds been doing with Forum Energy Technologies Inc (NYSE:FET)?
At the end of the first quarter, a total of 16 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 45% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards FET over the last 15 quarters. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to Insider Monkey's hedge fund database, Millennium Management, managed by Israel Englander, holds the biggest position in Forum Energy Technologies Inc (NYSE:FET). Millennium Management has a $24.4 million position in the stock, comprising less than 0.1%% of its 13F portfolio. On Millennium Management's heels is Citadel Investment Group, managed by Ken Griffin, which holds a $10.2 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Some other members of the smart money that are bullish comprise Jim Simons's Renaissance Technologies, D. E. Shaw's D E Shaw and Chuck Royce's Royce & Associates.