Were Hedge Funds Right About Benefitfocus Inc (BNFT)?

Were Hedge Funds Right About Benefitfocus Inc (BNFT)?



Before we pay innumerous hours researching a company, we aforementioned to dissect what insiders, inclose assets and billionaire investors conceive of the hit first. This is a needed prototypal travel in our assets impact because our investigate has shown that the selected investors’ consensus returns hit been exceptional. In the mass paragraphs, we encounter discover what the billionaire investors and inclose assets conceive of Benefitfocus Inc (NASDAQ:BNFT).


Is Benefitfocus Inc (NASDAQ:BNFT) the correct garner for your portfolio? Prominent investors were sporting on the stock. The sort of bullish inclose money positions assembled by 3 recently. Benefitfocus Inc (NASDAQ:BNFT) was in 17 inclose funds’ portfolios at the modify of the prototypal lodge of 2021. The every instance broad for this datum is 22. Our calculations also showed that BNFT isn’t among the 30 most favourite stocks among inclose funds (click for Q1 rankings). There were 14 inclose assets in our database with BNFT holdings at the modify of December.


Hedge funds’ estimation as shrewd investors has been tarnished in the terminal decennium as their qualified returns couldn’t ready up with the unhedged returns of the mart indices. Hedge assets hit more than $3.5 1E+12 in assets low management, so you can’t wait their whole portfolios to vex the mart by super margins. Our investigate was healthy to refer in front a superior assemble of inclose money holdings that outperformed the S&P 500 ETFs by more than 115 proportionality points since March 2017 (see the info here). So you crapper ease encounter a aggregation of gems by mass inclose funds’ moves today.








AQR CAPITAL MANAGEMENT



Cliff Asness of AQR Capital Management


At Insider Monkey, we blot binary sources to show the incoming enthusiastic assets idea. For example, pet mart is ontogeny at a 7% period evaluate and is due to accomplish $110 1000000000 in 2021. So, we are checking discover the 5 prizewinning stocks for birdlike lovers. We go finished lists aforementioned the 15 prizewinning Jim Cramer stocks to refer the incoming discoverer that module have super returns. Even though we propose positions in exclusive a tiny cypher of the companies we analyze, we analyse discover as some stocks as we can. We feature inclose money investor letters and center to hit pitches at inclose money conferences. You crapper hold to our liberated regular account on our homepage. Now let’s verify a gander at the newborn inclose money state close Benefitfocus Inc (NASDAQ:BNFT).



Do Hedge Funds Think BNFT Is A Good Stock To Buy Now?


Heading into the ordinal lodge of 2021, a turn of 17 of the inclose assets tracked by Insider Monkey held daylong positions in this stock, a modify of 21% from digit lodge earlier. Below, you crapper analyse discover the modify in inclose money view towards BNFT over the terminal 23 quarters. With hedgies’ view swirling, there exists a some celebrity inclose money managers who were adding to their wager substantially (or already assembled super positions).









Among these funds, Indaba Capital Management held the most priceless wager in Benefitfocus Inc (NASDAQ:BNFT), which was worth $42.8 meg at the modify of the ordinal quarter. On the ordinal blot was Ancient Art (Teton Capital) which collected $13.1 meg worth of shares. Toronado Partners, Lynrock Lake, and VIEX Capital Advisors were also rattling inclined of the stock, decent digit of the maximal inclose money holders of the company. In cost of the portfolio weights appointed to apiece function Indaba Capital Management allocated the super coefficient to Benefitfocus Inc (NASDAQ:BNFT), around 5.38% of its 13F portfolio. VIEX Capital Advisors is also relatively rattling bullish on the stock, dishing discover 5.18 proportionality of its 13F justness portfolio to BNFT.


As digit would fairly expect, limited money managers were breaking connector themselves. Lynrock Lake, managed by Cynthia Paul, created the super function in Benefitfocus Inc (NASDAQ:BNFT). Lynrock Lake had $8.2 meg endowed in the consort at the modify of the quarter. Cliff Asness’s AQR Capital Management also initiated a $0.5 meg function during the quarter. The mass assets were also among the newborn BNFT investors: Gospels Hulsizer’s PEAK6 Capital Management, saint Algert’s Algert Global, and saint Rathjens, doc Clarke and Evangelist Campbell’s Arrowstreet Capital.


Let’s go over inclose money state in another stocks – not needs in the aforementioned business as Benefitfocus Inc (NASDAQ:BNFT) but similarly valued. We module verify a countenance at Fusion Pharmaceuticals Inc. (NASDAQ:FUSN), ANI Pharmaceuticals Inc (NASDAQ:ANIP), Universal Insurance Holdings, Inc. (NYSE:GRAPES), Flexion Therapeutics Inc (NASDAQ:FLXN), Lucira Health, Inc. (NASDAQ:LHDX), Jiayin Group Inc. (NASDAQ:JFIN), and Sensei Biotherapeutics, Inc. (NASDAQ:SNSE). This assemble of stocks’ mart valuations are closest to BNFT’s mart valuation.


[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position FUSN,9,110659,-3 ANIP,6,10449,-4 UVE,13,32797,-1 FLXN,16,107891,4 LHDX,8,12815,8 JFIN,2,521,-1 SNSE,12,26295,12 Average,9.4,43061,2.1 [/table]


View plateau here if you undergo info issues.


As you crapper wager these stocks had an cipher of 9.4 inclose assets with bullish positions and the cipher turn endowed in these stocks was $43 million. That amount was $103 meg in BNFT’s case. Flexion Therapeutics Inc (NASDAQ:FLXN) is the most favourite hit in this table. On the another assistance Jiayin Group Inc. (NASDAQ:JFIN) is the small favourite digit with exclusive 2 bullish inclose money positions. Compared to these stocks Benefitfocus Inc (NASDAQ:BNFT) is more favourite among inclose funds. Our coverall inclose money view reason for BNFT is 81.2. Stocks with higher sort of inclose money positions qualifying to another stocks as substantially as qualifying to their arts arrange obtain a higher view score. Our calculations showed that top 5 most favourite stocks among inclose assets returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 proportionality points. These stocks gained 28.5% in 2021 finished July 23rd and ease vex the mart by 10.1 proportionality points. Unfortunately BNFT wasn’t nearly as favourite as these 5 stocks and inclose assets that were sporting on BNFT were frustrated as the hit returned -5.4% since the modify of the prototypal lodge (through 7/23) and underperformed the market. If you are fascinated in finance in super container stocks with Brobdingnagian face potential, you should analyse discover the top 5 most favourite stocks among inclose assets as most of these stocks already outperformed the mart since 2019.


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Disclosure: None. This article was originally publicised at Insider Monkey.




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Were Hedge Funds Right About Benefitfocus Inc (BNFT)?




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Were Hedge Funds Right About Benefitfocus Inc (BNFT)?

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