The 10 Russell 1000 companies most widely held by hedge funds entered Wednesday with an average loss of 16% since Sept. 18 compared to a 7% for the index, report Lu Wang and Oliver Renick. Burger King (NYSE: BKW), held by Ackman’s Pershing Square, is off more than 5%. SunEdison (NYSE: SUNE), a holding of Einhorn’s Greenlight Capital, is down more than 24%.
Two Icahn holdings have been rocked by the energy sector’s plunge. Transocean is lower by 17% over the past month while CVR Energy (NYSE: CVI) has shed 15.3%.
Interestingly, some sector ETFs that happen to hold several hedge fund favorites have been less bad. For example, the SPDR Pharmaceuticals ETF (NYSEArca: XPH), which is home to several health care stocks that are popular with the hedge fund crowd, is down just 3.6% over the past month. [A Pharma ETF With Plenty of Hedged Fund Stocks]
Among others, XPH is home to Allergan (NYSE: AGN), an Ackman holding, and Mallinckrodt (NYSE: MNK), which is held by multiple hedged funds.
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