Hedge Funds Outperform S&P; 15 Stocks Added To Goldman Sachs Hedge Fund VIP List
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Goldman Sachs issued its latest Hedge Fund Trend Monitor report today. The firm noted that the typical hedge fund was down 1 percent through August 12th, versus the 5 percent slide in the S&P 500. Goldman also discussed the Hedge Fund VIP list, the top 50 stocks appearing most in the top ten holdings of long/short hedge funds, noting 15 new additions.
On the VIP list, Goldman noted that it has shifted in favor of Consumer Discretionary. Consumer Discretionary, Information Technology, and Energy stocks account for 68% of the basket. The basket is down 9.9 percent since May 2011, versus the 10.1 percent slide in the S&P 500. Since 2001, the basket has outperformed the S&P 500 by 68 bp on a quarterly basis.
Leading contributors to performance in the VIP list during the quarter were Mastercard (NYSE: MA), Apple (Nasdaq: AAPL), Newmont Mining (NYSE: NEM), Las Vegas Sands (NYSE: LVS) and Microsoft (Nasdaq: MSFT). The largest detractors to performance included Bank of America (NYSE: BAC), Citigroup (NYSE: C), Chemtura Corporation (CHMT), Ford (NYSE: F) and MetLife (NYSE: MET).
Turnover was slightly below the historical average in the VIP portfolio during the quarter. 15 new stocks entered the VIP list, versus the average quarterly turnover of 17 stocks since 2001.
New stocks to the VIP list were: General Motors (NYSE: GM), Tyco (NYSE: TYC), Cisco (Nasdaq: CSCO), Liberty Media Interactive (Nasdaq: LINTA), Visa (NYSE: V), Visteon (NYSE: VC), Cablevision (NYSE; CVC), Sunoco (NYSE: SUN), American Tower (NYSE: AMT), Johnson & Johnson (NYSE: JNJ), Macy's (NYSE: M), Expedia (Nasdaq: EXPE), Mosaic (NYSE: MOS), Six Flags (NYSE: SIX), Exco Resources (NYSE: XCO).
Stocks removed from the VIP list were: DirectTV (NYSE: DTV), Liberty Media Corp (Nasdaq: LCAPA), priceline (Nasdaq: PCLN), Coca-Cola Enterprise (NYSE: CCE), Chesapeake Energy (NYSE: CHK), ConocoPhillips (NYSE: COP), Chevron (NYSE: CVX), Haliburton (NYSE: HAL), Williams Cos. (NYSE: WMB), MetLife (NYSE: MET), Teva Phama (Nasdaq: TEVA), HP (NYSE: HPQ), SINA (Nasdaq: SINA), Newmont (NYSE: NEM), Smurfit-Stone (Nasdaq: SSCC).
The top 5 stocks on the VIP list are: 1. Apple (Nasdaq: AAPL), 2. Microsoft (Nasdaq: MSFT), 3. Google (Nasdaq: GOOG), 4. Citigroup (NYSE: C), 5. General Motors (NYSE: GM).
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On the VIP list, Goldman noted that it has shifted in favor of Consumer Discretionary. Consumer Discretionary, Information Technology, and Energy stocks account for 68% of the basket. The basket is down 9.9 percent since May 2011, versus the 10.1 percent slide in the S&P 500. Since 2001, the basket has outperformed the S&P 500 by 68 bp on a quarterly basis.
Leading contributors to performance in the VIP list during the quarter were Mastercard (NYSE: MA), Apple (Nasdaq: AAPL), Newmont Mining (NYSE: NEM), Las Vegas Sands (NYSE: LVS) and Microsoft (Nasdaq: MSFT). The largest detractors to performance included Bank of America (NYSE: BAC), Citigroup (NYSE: C), Chemtura Corporation (CHMT), Ford (NYSE: F) and MetLife (NYSE: MET).
Turnover was slightly below the historical average in the VIP portfolio during the quarter. 15 new stocks entered the VIP list, versus the average quarterly turnover of 17 stocks since 2001.
New stocks to the VIP list were: General Motors (NYSE: GM), Tyco (NYSE: TYC), Cisco (Nasdaq: CSCO), Liberty Media Interactive (Nasdaq: LINTA), Visa (NYSE: V), Visteon (NYSE: VC), Cablevision (NYSE; CVC), Sunoco (NYSE: SUN), American Tower (NYSE: AMT), Johnson & Johnson (NYSE: JNJ), Macy's (NYSE: M), Expedia (Nasdaq: EXPE), Mosaic (NYSE: MOS), Six Flags (NYSE: SIX), Exco Resources (NYSE: XCO).
Stocks removed from the VIP list were: DirectTV (NYSE: DTV), Liberty Media Corp (Nasdaq: LCAPA), priceline (Nasdaq: PCLN), Coca-Cola Enterprise (NYSE: CCE), Chesapeake Energy (NYSE: CHK), ConocoPhillips (NYSE: COP), Chevron (NYSE: CVX), Haliburton (NYSE: HAL), Williams Cos. (NYSE: WMB), MetLife (NYSE: MET), Teva Phama (Nasdaq: TEVA), HP (NYSE: HPQ), SINA (Nasdaq: SINA), Newmont (NYSE: NEM), Smurfit-Stone (Nasdaq: SSCC).
The top 5 stocks on the VIP list are: 1. Apple (Nasdaq: AAPL), 2. Microsoft (Nasdaq: MSFT), 3. Google (Nasdaq: GOOG), 4. Citigroup (NYSE: C), 5. General Motors (NYSE: GM).
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