The Novus 4C Indices track important hedge fund factors through public equities, including the most popular hedge fund stocks, those with the highest conviction and concentration, and the most crowded.
The data underlying index creation is sourced from an aggregate hedge fund portfolio called Hedge Fund Universe (HFU). HFU is composed of over 1,200 vetted hedge fund manager portfolios. It is a subset of the Novus Public Ownership Database of over 10,000 historical portfolios built from regulatory filings around the globe. All the indices described here have been simulated using daily P&L and adjusted for corporate actions and contain 20 equally-weighted positions rebalanced quarterly. For this paper, we do not account for the lag in 13F reporting, using quarter-ends as the knowledge date. Clients can inquire about the lagged versions and the cost of lag associated with a delay in reporting for each index.
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- An Analysis of the Highest Conviction Stocks
- An Analysis of the Most Concentrated Stocks
- An Analysis of the Consensus Stocks
- An Analysis of the Most Crowded Stocks