No. of Recommendations: 3
A bit late, but found this followup article which does some more analysis.

They looked at -
- top 1 stock by $investment of 5 hedge funds.
- top 5 stocks of each
- top 5 of newcomers

Their conclusion:

"The best returns may be achieved by focusing on “new ideas” rather than “top holdings.”

"Over the last 10 years, if we held a portfolio of the top ten new positions of Baker Bros., Perceptive Advisors, Tiger Global, Lone Pine Capital and Whale Rock Capital, and rebalanced quarterly, we would achieved a 20.83% annualized return."

I'm not sure how they allocate funds to overlaps
or what happens if a stock is in the top 5 but they
have recently decreased their holdings in it (not a good sign).
Would probably use this to get some ideas from people
with big $$$ and not try to make a mechanical screen out of it.
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