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Is Formula One Group (NASDAQ:FWONA) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before doing days of research on it. Given their 2 and 20 payment structure, hedge funds have more incentives and resources than the average investor. The funds have access to expert networks and get tips from industry insiders. They also have numerous Ivy League graduates and MBAs. Like everyone else, hedge funds perform miserably at times, but their consensus picks have historically outperformed the market after risk adjustments.
Formula One Group (NASDAQ:FWONA) has seen an increase in hedge fund interest in recent months. Our calculations also showed that FWONA isn't among the 30 most popular stocks among hedge funds.
At the moment there are tons of metrics shareholders have at their disposal to grade publicly traded companies. A couple of the most useful metrics are hedge fund and insider trading sentiment. We have shown that, historically, those who follow the top picks of the elite fund managers can trounce their index-focused peers by a solid margin (see the details here).
We're going to take a peek at the fresh hedge fund action surrounding Formula One Group (NASDAQ:FWONA).
How are hedge funds trading Formula One Group (NASDAQ:FWONA)?
At Q1's end, a total of 21 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 11% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards FWONA over the last 15 quarters. With hedgies' positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).
More specifically, Ancient Art (Teton Capital) was the largest shareholder of Formula One Group (NASDAQ:FWONA), with a stake worth $88.3 million reported as of the end of March. Trailing Ancient Art (Teton Capital) was Southeastern Asset Management, which amassed a stake valued at $79.8 million. Odey Asset Management Group, Ashe Capital, and Millennium Management were also very fond of the stock, giving the stock large weights in their portfolios.
As industrywide interest jumped, key hedge funds have jumped into Formula One Group (NASDAQ:FWONA) headfirst. D E Shaw, managed by D. E. Shaw, assembled the most outsized position in Formula One Group (NASDAQ:FWONA). D E Shaw had $19.4 million invested in the company at the end of the quarter. Israel Englander's Millennium Management also made a $8.4 million investment in the stock during the quarter. The following funds were also among the new FWONA investors: Noam Gottesman's GLG Partners, Howard Marks's Oaktree Capital Management, and Steve Cohen's Point72 Asset Management.