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Discover the industry's "best ideas" by examining four indices crafted to reveal top hedge fund holdings: Conviction, Crowdedness, Concentration, and Consensus.

Data Source: 
13F
Update Frequency: 
Quarterly
Novus 4C Indices

Consensus is beating Conviction

August 24, 2021

Year in, year out, we're accustomed to seeing the Novus Conviction Index outperform the other 4Cs. Sure, Consensus often came in second-place, but sometimes it was tightly entwined with Concentration and Crowdedness while others it was a notch above. But look what the Novus Consensus Index has been doing year-to-date.

Comprised of the most commonly held stocks by hedge funds, regardless of position size or value invested in each stock, this index measures the movement of crowds. While funds have pared their holdings of Bank of America in recent months, that remains a key part of the Consensus portfolio. Nvidia, which has been ratcheting up fund manager attention lately, is a newcomer to the index. Despite 54 hedge fund exits, Alibaba maintains its seat among the Consensus names.