GM Popular With Hedge Funds

New York (HedgeCo.net) – General Motors was a stalwart investment for portfolio managers as the company was relatively stable and paid a decent dividend. Of course that was before we entered the 21st century and the company declared bankruptcy and reorganized only to come out with a new stock issuance in November 2010. Since the new issuance, the stock initially fell and then bounced back and has fallen again recently. Incredibly when the new issuance occurred in 2010, the stock opened at $30.91 and it closed yesterday at $30.99.

Despite the fact that the stock is up a grand total of $0.08 in almost five years, the stock is popular among hedge funds and well known investors. According to a recent article from Holdings Channel, GM is owned by 11 different fund managers that they deemed “titans” in the investment industry. The following list shows the 11 fund managers along with the funds they manage.

Louis Bacon (Moore Capital Management)
Kyle Bass (Hayman)
Warren Buffett (Berkshire Hathaway)
David Einhorn (Greenlight)
Jeremy Grantham (GMO)
Joel Greenblatt (Gotham Asset Management)
Ken Griffin (Citadel)
Larry Robbins (Glenview)
George Soros (Soros Fund Management)
Brian Taylor (Pine River)
David Tepper (Appaloosa)

The information was obtained by viewing the 13F filings and according to the article, during the second quarter, four of these investors increased their holdings, four decreased their holdings and one (Joel Greenblatt) initiated his position.
It is unusual to see this many managers holding a stock that has done very little in the last year and a half or the last five years.

Rick Pendergraft
Research Analyst
HedgeCoVest

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