CBS Corporation (CBS): Lee Ainslie, Joshua Friedman, and Dmitry Balyasny Are Betting


CBS Corporation (NYSE:CBS) shareholders have witnessed a decrease in hedge fund sentiment recently. However, CBS is still one of the most popular stocks among hedge funds. Hedge fund managers Lee Ainslie, Joshua Friedman, and Dmitry Balyasny placed new bets on the stock during the third quarter. Should we pay attention to hedge fund moves in CBS Corporation (NYSE:CBS)?

At the moment there are tons of gauges investors employ to appraise their stock investments. A duo of the best gauges are hedge fund and insider trading interest. Hedge fund experts at Insider Monkey have shown that, historically, those who follow the best picks of the best hedge fund managers can outclass their index-focused peers by a very impressive margin (see the details here).

So, it may make sense to follow hedge fund moves surrounding CBS Corporation (NYSE:CBS).

How have hedgies been trading CBS Corporation (NYSE:CBS)?

Heading into Q4, a total of 91 of the hedge funds tracked by Insider Monkey were long in this stock, a change of -4% from the second quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their holdings substantially.

According to hedge fund experts at Insider Monkey, Eric W. Mandelblatt’s Soroban Capital Partners had the number one position in CBS Corporation (NYSE:CBS), worth close to $552.6 million, comprising 4.2% of its total 13F portfolio. Sitting at the No. 2 spot is Peter Adam Hochfelder of Brahman Capital, with a $443.6 million position; 9.7% of its 13F portfolio is allocated to the company. Some other members of the smart money with similar optimism contain Daniel S. Och’s OZ Management, and John Thaler’s JAT Capital Management.

Because CBS Corporation (NYSE:CBS) has faced bearish sentiment from hedge fund managers, logic holds that there was a specific group of fund managers who were dropping their full holdings in third quarter. It’s worth mentioning that Zach Schreiber’s Point State Capital said goodbye to the largest investment of all the hedgies monitored by Insider Monkey, worth about $503.8 million in stock. Robert Henry Lynch’s fund, Aristeia Capital, also dumped its stock, about $438.5 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest dropped by 4 funds in third quarter.

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