General Finance Corporation (GFN) Fell Out Of Favor With Hedge Funds
General Finance Corporation (GFN) Fell Out Of Favor With Hedge Funds
In this article we will analyze whether General Finance Corporation (NASDAQ:GFN) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There's no better way to get these firms' immense resources and analytical capabilities working for us than to follow their lead into their best ideas. While not all of these picks will be winners, our research shows that these picks historically outperformed the market by double digits annually.
在这篇文章中，我们将分析综合财务公司纳斯达克股票代码：GFN)目前是一项很好的投资，因为它效仿了世界上一些最优秀的投资者，并利用了他们的想法。要让这些公司的巨大资源和分析能力为我们服务，没有比跟随他们的领导去实现他们最好的想法更好的方法了。虽然并不是所有这些精选股票都会成为赢家，但我们的研究显示，这些精选股票在历史上每年的表现都比市场高出两位数。
General Finance Corporation (NASDAQ:GFN) was in 3 hedge funds' portfolios at the end of September. The all time high for this statistics is 8. GFN investors should pay attention to a decrease in enthusiasm from smart money of late. There were 4 hedge funds in our database with GFN holdings at the end of June. Our calculations also showed that GFN isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video for a quick look at the top 5 stocks).Video: Watch our video about the top 5 most popular hedge fund stocks.
截至9月底，通用金融公司(纳斯达克市场代码：GFN)在3家对冲基金的投资组合中。这一数据的历史最高值是8。GFN的投资者应该注意最近聪明的投资者热情的下降。截至6月底，我们的数据库中有4只对冲基金持有GFN的股份。我们的计算还显示，GFN不在对冲基金最受欢迎的30只股票之列(点击查看第三季度排名，快速浏览前5只股票的视频)。视频：观看我们关于最受欢迎的5只对冲基金股票的视频。
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 66 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in stocks that are in our short portfolio.David Siegel of Two Sigma Advisors
那么，为什么我们在做出任何投资决定之前都要关注对冲基金的情绪呢？我们的研究表明，在1999年至2016年期间，对冲基金的小盘股精选每年都能以两位数的速度跑赢大盘，但近年来表现优异的幅度一直在下降。尽管如此，我们仍能够提前确定自2017年3月以来表现比标准普尔500指数(S&P500 ETF)高出66个百分点以上的一批对冲基金持股(详见此处)。我们还能够提前识别出一组精选的对冲基金持股，在2006年至2017年期间，这些基金的表现每年比市场低10个百分点。有趣的是，近年来，这些股票表现不佳的幅度一直在增加。在2015年至2017年期间，做多市场并做空这些股票的投资者的年回报率将超过27%。自2017年2月以来，我们一直在我们的季度时事通讯中跟踪和分享这些股票的名单。即使你对做空股票感到不舒服，你至少也应该避免在我们的空头投资组合中建立股票的多头头寸。Two Sigma Advisors的大卫·西格尔(David Siegel)
At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended thisreal estate stockto our monthly premium newsletter subscribers. We go through lists like the 10most profitable companiesin the world to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our website. Now we're going to take a glance at the new hedge fund action regarding General Finance Corporation (NASDAQ:GFN).Hedge fund activity in General Finance Corporation (NASDAQ:GFN)
在Insider Monkey，我们搜索多个来源，以发现下一个伟大的投资想法。例如，美国联邦储备委员会(Federal Reserve)一直在通过电子手段创造数万亿美元，以将利率保持在接近零的水平。我们认为这将导致通胀并提振房地产价格。所以，我们推荐了这个房地产股给我们每月的高级时事通讯订阅者。我们看了一遍这10个人的名单最赚钱的公司在世界上挑选最好的大盘股来购买。尽管我们只推荐了我们分析的公司中很小一部分的头寸，但我们会尽可能多地查看股票。我们读对冲基金投资者的信，听对冲基金会议上的股票推介。您可以在我们的网站上订阅我们的免费每日时事通讯。现在我们来看一下对冲基金对General Finance Corporation(纳斯达克股票代码：GFN)的新行动。通用金融公司(General Finance Corporation)的对冲基金活动(纳斯达克市场代码：GFN)
Heading into the fourth quarter of 2020, a total of 3 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -25% from one quarter earlier. On the other hand, there were a total of 5 hedge funds with a bullish position in GFN a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
进入2020年第四季度，在Insider Monkey追踪的对冲基金中，共有3家看好这只股票，与去年同期相比下降了-25%一比上个季度早了一个季度。另一方面，一年前共有5家对冲基金持有GFN的多头头寸。那么，让我们来看看哪些对冲基金是这只股票的最大持有者之一，哪些对冲基金正在采取重大行动。
The largest stake in General Finance Corporation (NASDAQ:GFN) was held by Renaissance Technologies, which reported holding $4.1 million worth of stock at the end of September. It was followed by Royce & Associates with a $3.5 million position. The only other hedge fund that is bullish on the company was Two Sigma Advisors.
通用金融公司(纳斯达克市场代码：GFN)的最大股份由复兴技术公司持有，据报道，截至9月底，该公司持有价值410万美元的股票。紧随其后的是Royce&Associates，持有350万美元的头寸。另一只看好该公司的对冲基金是Two Sigma Advisors。
We view hedge fund activity in the stock unfavorable, but in this case there was only a single hedge fund selling its entire position: Millennium Management. One hedge fund selling its entire position doesn't always imply a bearish intent. Theoretically a hedge fund may decide to sell a promising position in order to invest the proceeds in a more promising idea. However, we don't think this is the case in this case because none of the 750+ hedge funds tracked by Insider Monkey identified GFN as a viable investment and initiated a position in the stock.
我们认为对冲基金在股票中的活动是不利的，但在这种情况下，只有一家对冲基金出售了全部头寸：千禧管理公司(Millennium Management)。一家对冲基金出售其全部头寸并不总是意味着看跌意图。从理论上讲，对冲基金可能会决定出售有前途的头寸，以便将收益投资于更有前途的想法。然而，我们认为情况并非如此，因为在Insider Monkey追踪的750多家对冲基金中，没有一家认为GFN是可行的投资，并建立了该股的头寸。
Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as General Finance Corporation (NASDAQ:GFN) but similarly valued. These stocks are Atlanticus Holdings Corp (NASDAQ:ATLC), Great Ajax Corp (NYSE:AJX), North American Construction Group Ltd. (NYSE:NOA), CASI Pharmaceuticals Inc (NASDAQ:CASI), Immersion Corporation (NASDAQ:IMMR), Rekor Systems, Inc. (NASDAQ:REKR), and Fluent, Inc. (NASDAQ:FLNT). This group of stocks' market values match GFN's market value.
让我们也来看看其他股票中的对冲基金活动-不一定是在同一行业综合财务公司(纳斯达克股票代码：GFN)，但估值相同。这些股票是大西洋控股公司(纳斯达克股票代码：ATLC)，伟大的阿贾克斯公司(纽约证券交易所代码：AJX)，北美建筑集团有限公司。(纽约证券交易所股票代码：NOA)，卡西制药公司(纳斯达克股票代码：CASI)，沉浸公司(纳斯达克股票代码：IMMR)，Rekor Systems，Inc.。(纳斯达克股票代码：REKR)，以及Fluent，Inc.。(纳斯达克市场代码：FLNT)这组股票的市值与GFN的市值相当。
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ATLC,2,5259,0 AJX,5,13167,-1 NOA,9,23376,0 CASI,10,15008,4 IMMR,21,70678,4 REKR,6,9184,4 FLNT,7,2407,0 Average,8.6,19868,1.6 [/table]
[表格]股票代码，带位置的高频数量，高频位置的总值(X1000)，高频位置变化ATLC，2,5259，0 AJX，5,13167，-1 NOA，9,23376，0 CASI，10,15008，4 IMMR，21,70678，4 REKR，6,9184，4 FLNT，7,2407，0平均值，8.6,19868，1.6[/TABLE]
View table here if you experience formatting issues.
如果您遇到格式问题，请在此处查看表格。
As you can see these stocks had an average of 8.6 hedge funds with bullish positions and the average amount invested in these stocks was $20 million. That figure was $8 million in GFN's case. Immersion Corporation (NASDAQ:IMMR) is the most popular stock in this table. On the other hand Atlanticus Holdings Corp (NASDAQ:ATLC) is the least popular one with only 2 bullish hedge fund positions. General Finance Corporation (NASDAQ:GFN) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for GFN is 17.9. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 20 most popular stocks among hedge funds returned 41.3% in 2019 and outperformed the S&P 500 ETF (SPY) by 10 percentage points. These stocks gained 28.1% in 2020 through November 23rd and still beat the market by 15.4 percentage points. A small number of hedge funds were also right about betting on GFN as the stock returned 16.1% since the end of the third quarter (through 11/23) and outperformed the market by an even larger margin.
正如你所看到的，这些股票平均有8.6只持有看涨头寸的对冲基金，平均投资于这些股票的金额为2000万美元。在GFN的案例中，这个数字是800万美元。沉浸公司(纳斯达克股票代码：IMMR)是该表格中最受欢迎的股票。另一方面，亚特兰蒂斯控股公司(纳斯达克股票代码：ATLC)是最不受欢迎的，只有两个看涨对冲基金头寸。通用金融公司(纳斯达克股票代码：GFN)不是这类股票中最不受欢迎的股票，但对冲基金的兴趣仍然低于平均水平。我们对GFN的整体对冲基金情绪得分为17.9分。与其他股票相比，对冲基金持仓数量较多的股票，以及相对于其历史区间的股票，获得更高的情绪得分。我们的计算显示，对冲基金中最受欢迎的前20只股票在2019年的回报率为41.3%，表现比标准普尔500指数交易所交易基金(SPY)高出10个百分点。截至11月23日，这些股票在2020年上涨了28.1%，但仍比大盘高出15.4个百分点。少数对冲基金对GFN的押注也是正确的，因为该股自第三季度末(截至11月23日)以来的回报率为16.1%，表现优于大盘，幅度更大。
Get real-time email alerts: Follow General Finance Corp (NASDAQ:GFN)
获取实时电子邮件警报：关注General Finance Corp(纳斯达克股票代码：GFN)
Disclosure: None. This article was originally published at Insider Monkey.
披露：没有。本文最初发表在“内幕猴子”(Insider Monkey)杂志上。
Related ContentHow to Best Use Insider Monkey To Increase Your Returns25 Best Caribbean Islands To Visit11 Best Places to Live Right Outside NYC with Easiest Commute
相关内容如何最好地利用Insider Monkey来增加你的回报25个最佳加勒比海岛屿11个通勤最方便的纽约市郊外最适合居住的地方