Google Inc (NASDAQ:GOOGL) investors should pay attention to an increase in hedge fund interest of late. According to hedge fund tracking site Insider Monkey GOOGL was in 136 hedge funds’ portfolio at the end of the third quarter of 2014. There were 131 hedge funds in their database with Google Inc (NASDAQ:GOOGL) holdings at the end of the previous quarter.
To most investors, hedge funds are viewed as underperforming, old financial vehicles of the past. While there are more than 8000 funds trading today, Experts at Insider Monkey choose to focus on the crème de la crème of this elite club, about 700 funds. These money managers oversee the majority of the hedge fund industry’s total capital, and by monitoring their best picks, Insider Monkey has discovered a number of investment strategies that have historically outpaced the S&P 500 index. Insider Monkey’s small-cap hedge fund strategy beat the S&P 500 index by 18 percentage points annually for a decade in their back tests.
Keeping this in mind, we’re going to check out the key action encompassing Google Inc (NASDAQ:GOOGL).
Hedge fund activity in Google Inc (NASDAQ:GOOGL)
At Q3’s end, a total of 136 of the hedge funds were long in this stock, a change of 4% from the second quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of notable hedge fund managers who were boosting their holdings considerably.
When looking at the hedgies followed by Insider Monkey, Andreas Halvorsen’s Viking Global had the biggest position in Google Inc (NASDAQ:GOOGL), worth close to $543.4 million, accounting for 2.2% of its total 13F portfolio. On Viking Global’s heels is Eagle Capital Management, managed by Boykin Curry, which held a $465.2 million position; 1.8% of its 13F portfolio is allocated to the stock. Remaining hedge funds and institutional investors that are bullish encompass Ken Fisher’s Fisher Asset Management, Ken Griffin’s Citadel Investment Group and William von Mueffling’s Cantillon Capital Management.
As one would reasonably expect, key hedge funds have been driving this bullishness. Viking Global established the largest position in Google Inc (NASDAQ:GOOGL). Alkeon Capital also injected $100 million into GOOGL shares during the quarter. Alkeon is managed by Takis Sparaggis. Espalier Global Management and Ascend Capital initiated new positions in Google during the quarter as well.