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.
在這篇文章中，我們將分析綜合財務公司納斯達克股票代碼：GFN)目前是一項很好的投資，因為它效仿了世界上一些最優秀的投資者，並利用了他們的想法。要讓這些公司的巨大資源和分析能力為我們服務，沒有比跟隨他們的領導去實現他們最好的想法更好的方法了。雖然並不是所有這些精選股票都會成為贏家，但我們的研究顯示，這些精選股票在歷史上每年的表現都比市場高出兩位數。
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(納斯達克市場代碼：GFN)在3家對衝基金的投資組合中。這一數據的歷史最高值是8。GFN的投資者應該注意最近聰明的投資者熱情的下降。截至6月底，我們的數據庫中有4只對衝基金持有GFN的股份。我們的計算還顯示，GFN不在對衝基金最受歡迎的30只股票之列(點擊查看第三季度排名，快速瀏覽前5只股票的視頻)。視頻：觀看我們關於最受歡迎的5只對衝基金股票的視頻。
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
那麼，為什麼我們在做出任何投資決定之前都要關注對衝基金的情緒呢？我們的研究表明，在1999年至2016年期間，對衝基金的小盤股精選每年都能以兩位數的速度跑贏大盤，但近年來表現優異的幅度一直在下降。儘管如此，我們仍能夠提前確定自2017年3月以來表現比標準普爾500指數(S&P500 ETF)高出66個百分點以上的一批對衝基金持股(詳見此處)。我們還能夠提前識別出一組精選的對衝基金持股，在2006年至2017年期間，這些基金的表現每年比市場低10個百分點。有趣的是，近年來，這些股票表現不佳的幅度一直在增加。在2015年至2017年期間，做多市場並做空這些股票的投資者的年回報率將超過27%。自2017年2月以來，我們一直在我們的季度時事通訊中跟蹤和分享這些股票的名單。即使你對做空股票感到不舒服，你至少也應該避免在我們的空頭投資組合中建立股票的多頭頭寸。Two Sigma Advisors的大衞·西格爾(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，我們搜索多個來源，以發現下一個偉大的投資想法。例如，美國聯邦儲備委員會(Federal Reserve)一直在通過電子手段創造數萬億美元，以將利率保持在接近零的水平。我們認為這將導致通脹並提振房地產價格。所以，我們推薦了這個房地產股給我們每月的高級時事通訊訂閲者。我們看了一遍這10個人的名單最賺錢的公司在世界上挑選最好的大盤股來購買。儘管我們只推薦了我們分析的公司中很小一部分的頭寸，但我們會盡可能多地查看股票。我們讀對衝基金投資者的信，聽對衝基金會議上的股票推介。您可以在我們的網站上訂閲我們的免費每日時事通訊。現在我們來看一下對衝基金對General Finance Corporation(納斯達克股票代碼：GFN)的新行動。通用金融公司(General Finance Corporation)的對衝基金活動(納斯達克市場代碼：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.
進入2020年第四季度，在Insider Monkey追蹤的對衝基金中，共有3家看好這隻股票，與去年同期相比下降了-25%一比上個季度早了一個季度。另一方面，一年前共有5家對衝基金持有GFN的多頭頭寸。那麼，讓我們來看看哪些對衝基金是這隻股票的最大持有者之一，哪些對衝基金正在採取重大行動。
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(納斯達克市場代碼：GFN)的最大股份由復興技術公司持有，據報道，截至9月底，該公司持有價值410萬美元的股票。緊隨其後的是Royce&Associates，持有350萬美元的頭寸。另一隻看好該公司的對衝基金是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.
我們認為對衝基金在股票中的活動是不利的，但在這種情況下，只有一家對衝基金出售了全部頭寸：千禧管理公司(Millennium Management)。一家對衝基金出售其全部頭寸並不總是意味着看跌意圖。從理論上講，對衝基金可能會決定出售有前途的頭寸，以便將收益投資於更有前途的想法。然而，我們認為情況並非如此，因為在Insider Monkey追蹤的750多家對衝基金中，沒有一家認為GFN是可行的投資，並建立了該股的頭寸。
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.
讓我們也來看看其他股票中的對衝基金活動-不一定是在同一行業綜合財務公司(納斯達克股票代碼：GFN)，但估值相同。這些股票是大西洋控股公司(納斯達克股票代碼：ATLC)，偉大的阿賈克斯公司(紐約證券交易所代碼：AJX)，北美建築集團有限公司。(紐約證券交易所股票代碼：NOA)，卡西製藥公司(納斯達克股票代碼：CASI)，沉浸公司(納斯達克股票代碼：IMMR)，Rekor Systems，Inc.。(納斯達克股票代碼：REKR)，以及Fluent，Inc.。(納斯達克市場代碼：FLNT)這組股票的市值與GFN的市值相當。
[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]股票代碼，帶位置的高頻數量，高頻位置的總值(X1000)，高頻位置變化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.
如果您遇到格式問題，請在此處查看錶格。
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，這些股票平均有8.6只持有看漲頭寸的對衝基金，平均投資於這些股票的金額為2000萬美元。在GFN的案例中，這個數字是800萬美元。沉浸公司(納斯達克股票代碼：IMMR)是該表格中最受歡迎的股票。另一方面，亞特蘭蒂斯控股公司(納斯達克股票代碼：ATLC)是最不受歡迎的，只有兩個看漲對衝基金頭寸。通用金融公司(納斯達克股票代碼：GFN)不是這類股票中最不受歡迎的股票，但對衝基金的興趣仍然低於平均水平。我們對GFN的整體對衝基金情緒得分為17.9分。與其他股票相比，對衝基金持倉數量較多的股票，以及相對於其歷史區間的股票，獲得更高的情緒得分。我們的計算顯示，對衝基金中最受歡迎的前20只股票在2019年的回報率為41.3%，表現比標準普爾500指數交易所交易基金(SPY)高出10個百分點。截至11月23日，這些股票在2020年上漲了28.1%，但仍比大盤高出15.4個百分點。少數對衝基金對GFN的押注也是正確的，因為該股自第三季度末(截至11月23日)以來的回報率為16.1%，表現優於大盤，幅度更大。
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Disclosure: None. This article was originally published at Insider Monkey.
披露：沒有。本文最初發表在“內幕猴子”(Insider Monkey)雜誌上。
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