The world’s largest hedge funds were bullish on Wells Fargo & Co. and Citigroup Inc. in the first quarter even as both banks’ stocks lost ground.
S&P Global Market Intelligence looked at the 25 biggest global hedge funds in terms of equity assets that had at least one position in a financial stock. The analysis showed that four of these big hedge funds held a position in Wells Fargo worth a combined $1.70 billion as of March 31.
During the first quarter, Viking Global Investors LP more than doubled its position in the bank to $672.6 million, while Appaloosa Management LP initiated a $154.0 million stake. At the same time, both Gardner Russo & Gardner LLC and Ruane Cunniff & Goldfarb L.P. trimmed their exposure to the bank during the quarter. Please find the full analysis of the numbers here.