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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The reputation of hedge funds as savvy investors has been tarnished over the past decade, as their hedged returns can not keep pace with the unhedged returns of market indices. Our research has shown that hedge fund small-cap stocks have managed to outperform the market at a double-digit annual rate between 1999 and 2016, but the outperformance margin has declined in recent years. Nevertheless, we were able to identify in advance a select group of hedge fund portfolios that outperformed the market by 32 percentage points between May 2014 and March 12, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund funds that underperformed the market by 10 percentage points per year between 2006 and 2017. It is interesting to note that the margin of underperformance of these funds shares has increased in recent years. Investors with long shares in the market and short selling these stocks would have returned more than 27% per year between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter."data-reactid =" 16 ">The reputation of hedge funds as savvy investors has been tarnished over the past decade, as their hedged returns can not keep pace with the unhedged returns of market indices. Our research has shown that hedge fund small-cap stocks have managed to outperform the market at a double-digit annual rate between 1999 and 2016, but the outperformance margin has declined in recent years. Nevertheless, we were able to identify in advance a select group of hedge fund portfolios that outperformed the market by 32 percentage points between May 2014 and March 12, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund funds that underperformed the market by 10 percentage points per year between 2006 and 2017. It is interesting to note that the margin of underperformance of these funds shares has increased in recent years. Investors with long shares in the market and short selling these stocks would have returned more than 27% per year between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
Disneyland 1786155_1280
According to the company, Disney + will be launched in the US starting November 12 for $ 6.99 per month. It's cheaper than Netflix and Disney + includes "unprecedented content from the company's iconic entertainment brands, including Disney, Pixar, Marvel, Star Wars and National Geographic, and will be available on connected TVs and mobile devices" . The streaming service will include Toy Story-based projects such as Forky Asks a Question, a live action series called The Falcon from Marvel Studios. During the first year of this service, the public will also have access to certain Fox titles, such as Malcom in the Middle. Disney plans to extend Disney + to the rest of the world two years from now. Given all of Disney's content, investors are clearly taking its streaming offer seriously and Netflix's growth may not be as strong due to increased competition.
The shares of another major competitor of streaming, Amazon, are relatively unchanged because the essence of Amazon's value lies in its e-commerce and cloud activities. Given Amazon's financial punch, Amazon could potentially capture enough original content to make the streaming of Amazon Prime even more appealing. Shares in Apple, a potential streaming competitor, are also relatively unchanged, with most of Apple's value coming from the iPhone, iTouch and unrelated services. If Apple and Amazon want to get into the game, they may have to bid more for sports content or new content rather than compete with Netflix, Disney and others for existing and historical content. Now that Disney is on the streaming scene, investors will also be wondering what kind of streaming product AT & T Inc. (NYSE: T) might be able to offer. AT & T has completed its acquisition of Time Warner and may well have its own ambitions for streaming. Investors and smart investors will undoubtedly look forward to receiving more information from AT & T, as a compelling streaming product could enhance sentiment.
In terms of smart money holdings, of the 700 to 740 elite funds we monitor, 71 funds held $ 3.41 billion from The Walt Disney Company (NYSE: DIS) on December 31, compared to 63 funds and 4, $ 91 billion respectively on September 30. We are following the ownership of Netflix, Inc. ($ 6.53 billion) on December 31 (NASDAQ: NFLX). At the same time, 56 of the top funds were up on AT & T Inc. (NYSE: T), 168 we track held $ 19.02 billion from Amazon, Inc. (NASDAQ: AMZN) and 116 principal shares held by Apple Inc. (NASDAQ: AAPL) at the end of December.
Disclosure: none
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