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Hedge funds are not perfect. They have their bad picks just like everyone else. Facebook, a stock hedge funds have loved dearly, lost nearly 40% of its value at one point in 2018. Although hedge funds are not perfect, their consensus picks do deliver solid returns, however. Our data show the top 20 S&P 500 stocks among hedge funds beat the S&P 500 Index by nearly 10 percentage points so far in 2019. Because hedge funds have a lot of resources and their consensus picks do well, we pay attention to what they think. In this article, we analyze what the elite funds think of WEC Energy Group, Inc. (NYSE:WEC).
WEC Energy Group, Inc. (NYSE:WEC) investors should be aware of an increase in hedge fund sentiment recently. Our calculations also showed that WEC 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 a lot of indicators stock traders can use to evaluate publicly traded companies. Some of the best indicators are hedge fund and insider trading moves. Our researchers have shown that, historically, those who follow the top picks of the best fund managers can outpace their index-focused peers by a solid margin (see the details here).
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Dmitry Balyasny of Balyasny Asset Managemnet[/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. Let's take a look at the recent hedge fund action regarding WEC Energy Group, Inc. (NYSE:WEC).
What does smart money think about WEC Energy Group, Inc. (NYSE:WEC)?
At the end of the third quarter, a total of 19 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 46% from one quarter earlier. On the other hand, there were a total of 19 hedge funds with a bullish position in WEC a year ago. With hedgies' positions undergoing their usual ebb and flow, there exists an "upper tier" of notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
Among these funds, Renaissance Technologies held the most valuable stake in WEC Energy Group, Inc. (NYSE:WEC), which was worth $229.7 million at the end of the third quarter. On the second spot was AQR Capital Management which amassed $72.4 million worth of shares. GLG Partners, D E Shaw, and Balyasny Asset Management 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 CSat Investment Advisory allocated the biggest weight to WEC Energy Group, Inc. (NYSE:WEC), around 0.2% of its 13F portfolio. Renaissance Technologies is also relatively very bullish on the stock, designating 0.19 percent of its 13F equity portfolio to WEC.