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Hedge Fund Ownership

Mega-caps? Make that Nega-caps

May 26, 2021

Hedge fund managers' job is to find hidden gems, so forgive them for not doubling down on mega-caps the way the rest of the investment community is doing.

Companies with floats exceeding $50 billion still account for a 44.19% plurality of hedge fund holdings, according to the Novus Hedge Fund Universe, but that's nowhere near the S&P 1500's 70.21% majority. They are instead looking at mid-caps -- to the tune of 18.50% of holdings, compared to the broader market's 6.84% allocation.

Among mid-caps, Change Healthcare (Nasdaq:CHNG) and Anaplan (NYSE:PLAN) are attracting outsized hedge fund attention, based on percent of shares held, number of hedge fund holders, buys and new entrants.