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home / news releases / DOCU - Trading The Top 10 Stocks From 40 Large Hedge Funds: Trading Update 7/2/2022

DOCU - Trading The Top 10 Stocks From 40 Large Hedge Funds: Trading Update 7/2/2022

DocuSign Inc.
  • This portfolio strategy uses the quarterly 13F filings to extract 50 consensus stocks from 40 large hedge funds that have more than $3.5 billion Assets Under Management.
  • From 1/2/2016 to date investing in all 50 stocks, equally weighted, would have produced a total return of 69.6%, an active return of -40.6% when compared to SPY’s 110.3%.
  • A strategy selecting 10 of the 50 stocks, equally weighted, would have increased the total return to 160.4%, an active return of 50.1% when compared to SPY.
  • Here we report the most recent holdings and the trading signals for 7/5/2022.

The 13F filings for Q1-2022 were completed by May 15, hence we updated the universe of the consensus stocks from 40 large hedge fund. The change in holdings are seen in the trading signals for iM-Top50(of 40 Large Hedge Funds), see below.

Research from Barclays and Novus published in October 2019 found that a copycat stock selection strategy that combines conviction and consensus of fund managers that have longer-term views outperformed the S&P 500 by 3.80% on average annually from Q1 2004 to Q2 2019.

Based on that rational, we previously presented two trading models (in Article-1 and Article-2 ) that use the top 50 consensus stocks of 40 Large Hedge Funds (listed in Appendix A below), that historically outperformed the S&P 500. The iM-Top50(from 40 Hedge Funds) model holds all 50 stocks equally weighted and has a low turnover. The iM-Top10(from 40 Hedge Funds) model holds a subset of 10 stocks, also equally weighted, but with higher turnover which is rewarded by improved returns.

The performance simulation, and generation of trading signals, for these strategies is done using the platform Portfolio123 and reported below. For more comprehensive description of the 50-stock universe, please refer to here .

Note: This update is published on Seeking Alpha, editor permitting, only if the model has generated trading signals.

Model Performance:

iMarketSignals

Note: The iM-Top10VariableWeight model (green line) is an experimental model. It holds the same stocks as the iM-Top10 model put position weights are adjusted to an inverse function of market capitalization, that is the higher the market cap of the stock the lower the position weight. As a consequence, it is difficult to trade as market capitalization changes with the stock price.

Trade Signals for 7/5/2022

iM-Top10(of 40 Large Hedge Funds)
Ticker
Action
Shares
Name
UNP
SELL
128
Union Pacific Corp
INCY
BUY
310
Incyte Corp
BBWI
Rebalance Buy
148
Bath & Body Works Inc
iM-Top50(of 40 Large Hedge Funds)
Ticker
Action
Shares
Name
No Trades

The models trade on the first trading day of the week. Trading signals are published on a weekly basis here on Seeking Alpha (subject to model trading and editor's acceptance) and on iMarketSignals. Next update on Sunday 7/10/2022

Holdings for iM-Top10 (of 40 Large Hedge Funds) as of 7/1/2022

Current Portfolio 7/1/2022
Cash Flow
Ticker
Number of Shares
Weight
Value now
Open Date
Open Costs
Rebal Costs | Return
Dividends Received
Gain to date
( AAPL )
188
10.03%
$26,119
06/13/22
($24,955)
-
-
$1,164
( BBWI )
715
7.66%
$19,934
02/28/22
($30,285)
($4,517)
$143
($14,725)
( DHR )
103
10.21%
$26,579
06/13/22
($25,190)
-
$26
$1,415
( MA )
76
9.29%
$24,186
05/02/22
($27,266)
-
-
($3,080)
( NFLX )
147
10.16%
$26,453
05/16/22
($27,760)
-
-
($1,307)
( QCOM )
218
10.34%
$26,930
08/02/21
($32,635)
$2,794
$586
($2,325)
( SCHW )
421
10.34%
$26,910
05/16/22
($27,054)
-
-
($143)
( TDG )
50
10.40%
$27,085
05/23/22
($28,158)
-
-
($1,073)
( UNP )
129
10.67%
$27,769
05/23/22
($27,931)
-
$168
$6
( V )
140
10.71%
$27,885
12/07/20
($30,865)
$1,269
$308
($1,403)

Holdings for iM-Top50(of 40 Large Hedge Funds) as of 7/1/2022

Current Portfolio 7/1/2022
Cash Flow
Ticker
Number of Shares
Weight
Value now
Open Date
Open Costs
Rebal Costs | Return
Dividends Received
Gain to date
( AAPL )
31
2.54%
$4,307
01/04/16
($2,109)
$3,910
$264
$6,371
( ADBE )
10
2.17%
$3,685
01/04/16
($2,118)
$2,765
-
$4,333
( AMT )
13
1.98%
$3,359
01/04/16
($2,033)
$1,938
$480
$3,744
( AMZN )
30
1.94%
$3,287
01/04/16
($1,913)
$3,784
-
$5,158
( APP )
92
1.90%
$3,218
05/30/22
($3,147)
($1,142)
-
($1,070)
( BBWI )
98
1.61%
$2,732
02/28/22
($4,533)
($805)
$17
($2,589)
( BRK.B )
11
1.80%
$3,053
05/23/22
($4,343)
$631
-
($659)
( BSX )
89
1.99%
$3,383
02/24/20
($3,949)
$387
-
($179)
( CNI )
27
1.80%
$3,056
05/23/22
($4,410)
$1,315
$23
($17)
( COUP )
55
1.93%
$3,271
08/19/19
($3,549)
($3,674)
-
($3,951)
( CRM )
19
1.88%
$3,196
05/22/17
($2,315)
$897
-
$1,778
( CRWD )
20
2.11%
$3,585
05/26/20
($4,210)
$5,590
-
$4,965
( DASH )
53
2.12%
$3,601
05/30/22
($3,127)
($1,381)
-
($907)
( DHR )
13
1.98%
$3,355
08/19/19
($3,547)
$3,226
$54
$3,088
( DIS )
33
1.87%
$3,173
08/24/20
($5,102)
$790
-
($1,139)
( DOCU )
50
1.80%
$3,061
08/24/20
($5,118)
($3,821)
-
($5,878)
( ELV )
7
2.01%
$3,402
02/28/22
($4,503)
$1,382
$29
$310
( FATE )
167
2.48%
$4,198
02/16/21
($6,499)
($4,835)
-
($7,136)
( FISV )
44
2.40%
$4,074
11/18/19
($3,209)
($1,830)
-
($966)
( FOLD )
396
2.52%
$4,277
05/23/22
($4,407)
$1,277
-
$1,147
( GOOGL )
2
2.56%
$4,350
01/04/16
($2,281)
$2,292
-
$4,361
( INCY )
47
2.15%
$3,650
02/28/22
($4,566)
$1,320
-
$405
( INTU )
9
2.06%
$3,495
02/19/19
($3,523)
$2,617
$106
$2,694
( KMX )
34
1.86%
$3,151
05/24/21
($5,377)
$1,166
-
($1,060)
( MA )
10
1.88%
$3,182
01/04/16
($2,088)
$2,908
$139
$4,141
( MCO )
12
1.94%
$3,299
01/04/16
($2,044)
$2,718
$251
$4,224
( META )
19
1.79%
$3,041
01/04/16
($2,047)
($411)
-
$583
( MSFT )
16
2.45%
$4,153
01/04/16
($2,085)
$3,882
$356
$6,307
( NFLX )
22
2.33%
$3,959
01/04/16
($2,092)
($411)
-
$1,457
( NOW )
7
2.00%
$3,391
11/19/18
($2,825)
$3,386
-
$3,951
( NVDA )
19
1.63%
$2,759
02/24/20
($3,830)
$7,187
$16
$6,132
( QCOM )
25
1.82%
$3,088
08/24/20
($5,106)
$2,885
$220
$1,087
( RIVN )
117
1.77%
$3,007
05/30/22
($3,131)
($716)
-
($840)
( SCHW )
53
2.00%
$3,388
02/28/22
($4,555)
($268)
$11
($1,425)
( SGEN )
24
2.55%
$4,323
01/04/16
($2,099)
$2,907
-
$5,131
( SHOP )
90
1.67%
$2,827
11/18/19
($3,233)
$1,176
-
$769
( SNOW )
27
2.30%
$3,902
02/16/21
($6,487)
($144)
-
($2,728)
( SPGI )
9
1.82%
$3,090
05/23/22
($4,544)
$1,284
$11
($159)
( TDG )
6
1.92%
$3,250
01/04/16
($2,071)
$2,411
$912
$4,502
( TMO )
8
2.59%
$4,386
05/23/22
($4,446)
-
$2
($57)
( TMUS )
25
2.02%
$3,420
05/23/22
($4,395)
$1,129
-
$155
( TSLA )
6
2.41%
$4,091
05/26/20
($4,098)
$10,984
-
$10,976
( TSM )
37
1.68%
$2,849
11/22/21
($6,768)
$2,065
$61
($1,793)
( UBER )
185
2.33%
$3,948
05/23/22
($4,358)
-
-
($410)
( UNH )
7
2.14%
$3,622
05/22/17
($2,274)
$3,820
$314
$5,482
( UNP )
14
1.78%
$3,014
05/23/22
($4,331)
$1,256
$26
($34)
( V )
17
2.00%
$3,386
01/04/16
($2,046)
$1,651
$164
$3,154
( W )
64
1.71%
$2,900
11/23/20
($5,390)
($4,639)
-
($7,128)
( WDAY )
22
1.85%
$3,132
05/26/20
($4,213)
$498
-
($583)

Appendix A

Hedge Fund Filers:

  1. Akre Capital Management LLC
  2. Alkeon Capital Management LLC
  3. Altimeter Capital Management, LP
  4. Aristotle Capital Management, LLC
  5. Baker Bros. Advisors LP
  6. Barings LLC
  7. Calamos Advisors LLC
  8. Capital International Ltd
  9. Citadel Advisors LLC
  10. Coatue Management LLC
  11. D. E. Shaw & Company, Inc.
  12. Disciplined Growth Investors Inc
  13. DSM Capital Partners LLC
  14. Echo Street Capital Management LLC
  15. FMR LLC
  16. Fort Washington Investment Advisors Inc
  17. GW&K Investment Management, LLC
  18. Hitchwood Capital Management LP
  19. Jennison Associates LLC
  20. King Luther Capital Management Corp
  21. Kohlberg Kravis Roberts & Company LP
  22. Lone Pine Capital LLC
  23. Loomis Sayles & Company LP
  24. Matrix Capital Management Company, LP
  25. Meritage Group LP
  26. Panagora Asset Management Inc
  27. Perceptive Advisors LLC
  28. Pinebridge Investments, LP
  29. Redmile Group, LLC
  30. Renaissance Technologies LLC
  31. Riverbridge Partners LLC
  32. Ruane, Cunniff & Goldfarb LP
  33. Steadfast Capital Management LP
  34. TCI Fund Management Ltd
  35. Tiger Global Management LLC
  36. Verition Fund Management LLC
  37. Viking Global Investors LP
  38. Westfield Capital Management Company LP
  39. Whale Rock Capital Management LLC
  40. Winslow Capital Management, LLC

For further details see:

Trading The Top 10 Stocks From 40 Large Hedge Funds: Trading Update 7/2/2022
Stock Information
Company Name: DocuSign Inc.
Stock Symbol: DOCU
Market: NASDAQ
Website: docusign.com
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