New York (HedgeCo.net) – Looking at the composite models and the changes that were made during the week from June 11 through June 18, we saw lots of changes in the top five positions in the models, but there were only a few notable changes in the allocation percentages.
Among the long-only models, four out of the five models saw at least three of their top five holdings change with the Biotech long-only model being the exception. In terms of allocation percentages, the only notable change was in the Index long-only model where we saw an increase from 7.8% to 8.7% for the internet sector.
| Model | Breakdown | Top Holdings | YTD Return | New to Top 5 | Out of Top 5 |
|---|---|---|---|---|---|
| HedgeCoVest Biotech L | 54% Biotech, 46% Pharma | SNTA, EXAS, GILD, TEVA, BMY | 28.10% | TEVA, BMY | UTHR, ABC |
| HedgeCoVest Index L | 13% Software, 9.3% Div Financial, 8.7% Internet, 7.0% Telecom, 6.3% Retail | SNTA, OIIM, SZMK, IDSY, LPSN | 6.50% | SZMK, IDSY, LPSN | NMRX, SAAS, AGNC |
| HedgeCoVest Technology L | 53% Soft., 24% Semis, 20% Hardware | OIIM, SAAS, LPSN, MU, FISV | 7.29% | LPSN, MU, FISV | SEAC, EMC, SNCR |
| HedgeCoVest Energy and Utilities L | 42% Electric, 33% Oil & Gas, 17% Alt Energy, 8.5% Pipelines | CQP, PEG, ED, XEL, APA | 0.55% | CQP, ED, APA | SUNE, MRO, ETR |
| HedgeCoVest Industrial L | 38.5% Electronics, 23% Aero/Defense, 16% Metal Fab., 7.8% Machinery, 7.7% Eng & Construction | MWA, SANM, AGCO, FLIR, SNHY | -1.71% | MWA, SANM, FLIR | JBL, LMT, LLL |
Among the long-short models, there wasn’t as much turnover in the top five holdings among the models like we saw in the long-only models, but there were two areas with a fair amount of turnover. The Biotech long/short model saw three of the top five holdings on the long side change while the Technology long/short model saw three of the top five short holdings change. The one notable allocation change was that the semiconductors continue to see the short allocation percentage increase in the Technology long/short model.
| Model | Bullish Breakdown | Bearish Breakdown | Skew | Top Longs | Top Shorts | YTD Return |
|---|---|---|---|---|---|---|
| HedgeCoVest Biotech LS | Biotech 54%, Pharma 46% | 50% Biotech, 50% Pharma | Bullish | SNTA, TEVA, EXAS, ICPT, BMY | ESRX, MYGN | 21.79% |
| HedgeCoVest Technology LS | 39% SoWare, 31% Semis, 26% Hwre | 42.3% Semis, 31.3% Hwre, 26% SoWare | Slight Bullish | OIIM, LPSN, MU, FISV, MODN | CARB, OPWR, FSLR, SWKS, CDNS | 3.20% |
| HedgeCoVest Basic Materials LS | 51% Chem, 49% Telecomm | 66% Chem, 22% Mining, 11% Steel | Bearish | PPG, ALU | ATI, FMC, DD, FCX, CE | -3.55% |
| HedgeCoVest Energy and Utilities LS | 42% Elec, 33% Oil & Gas, 16.6% Alt | 50% Oil & Gas, 25% Elec | Slight Bearish | PEG, ED, XEL, CQP, APA | HES, CMS, SO, TSO, TE | 0.91% |
The short-only models saw considerable turnover in the top five holdings, but saw very little in the way of allocation percentage changes. All of the models saw at least three of the top five holdings change and the Industrial short-only model saw all five of the top five positions change.
| Model | Breakdown | Top Sells | YTD Return | New to Top 5 | Out of Top 5 |
|---|---|---|---|---|---|
| HedgeCoVest Index S | 12% Retail, 6.5% Banks, 5.8% Semis, 5.1% Transportation, 5.0% Internet | ORBC, LEN, Z, CARB, DHI | -2.94% | ORBC, LEN, CARB, DHI | HES, NVDA, CSX, F |
| HedgeCoVest Basic Materials S | 66% Chemicals, 22% Mining, 11% Iron/Steel | ATI, CE, APD, AA, DD | 0.24% | ATI, CE, APD | MON, FCX, FMC |
| HedgeCoVest Financials S | 45% Banks, 30.1% Insurance, 25% Div Financials | FITB, BEN, BBT, CFR, SCHW | -5.19% | FITB, BEN, CFR, | RF, GS, ZION |
| HedgeCoVest Industrial S | 26% Transportation, 18% Machinery, 11% Miscellaneous, 11% Electronics, 7.5% Packaging & Containers | MWV, MLM, EXPD, CFX, VMX | -3.13% | MWV, MLM, EXPD, CFX, VMC | MTW, OI, TNC, CSX, WERN |
