Top Merger Stocks Held By Fund Managers, Mid-Q1 2024

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Top 10 merger arb stocks held by funds include Splunk and Pioneer Natural Resources Company.Two of the top four deals are oil related.This quarter funds have oversized positions in certain stocks. ...

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My rules:  I only count a stock if it is at least 1% of the fund's portfolio.  I only include stocks that are still actively trading. I only choose funds where the majority of positions are merger-related.  This quarter's data shows that only four of the 10 stocks were on the list last time. The top stock is cybersecurity company Splunk (SPLK). Splunk is held in 26 of my 33 funds and is in the process of being acquired by Cisco Systems (CSCO) for $157 a share. Cisco said last week that they expect closing to take place either late 1st quarter or early second quarter. The European Commission will make its decision on whether to clear the acquisition by March 13. In the second slot this quarter is Pioneer Natural Resources Company (PXD). Pioneer is in 23 of the 33 funds. Four months ago Exxon Mobil (XOM) and Pioneer agreed to a merger in an all-stock deal. Upon closing PXD shareholders will get 2.3234 Exxon Mobil shares. The deal is on a second request at the Federal Trade Commission. The companies have guided to a second quarter close. Top 10 Merger Arb Stocks Held By Funds   1) Splunk (SPLK) Held by 26 funds 9% IRR   2) Pioneer Natural Resources Company (PXD) Held by 23 funds 11% IRR   3) Capri (CPRI) Held by 22 funds 49% IRR   4) Hess (HES) Held by 18 funds 25% IRR   5) Karuna Therapeutics (KRTX) Held by 17 funds 12% IRR   6) United States Steel Corporation (X)  Held by 16 funds 29% IRR   7) Albertsons Companies (ACI) Held by 13 funds 79% IRR   8) Sovos Brands (SOVO) Held by 11 funds 25% IRR   8) Alteryx (AYX) Held by 11 funds 7% IRR   10) WestRock (WRK) Held by 9 funds 15% IRR   Click to enlarge When a fund makes an M&A stock its top holding, it signals a strong belief that the deal will ultimately close. Three stocks were the number one holding of at least three funds at the end of 2023. Top Positions Among The 33 Funds   Pioneer Natural Resources Company Top Position in 7 Funds   Splunk Top Position in 4 Funds   Hess Top Position in 3 Funds   Click to enlarge Some arb funds oversize the positions that they have great conviction in. As of December 30, there were four positions of 20% or more in a single stock. Oversized Holdings   Karuna Therapeutics 42% of a Fund   Splunk 25% of a fund   Hollysys Automation Technologies (HOLI) 25% of a Fund   Hess 20% of a Fund   Click to enlarge Conclusion  Professional M&A shops tend to have significant resources, staff, and relationships with companies and regulators. So I continue to find that tracking where they are putting their money is worthwhile.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2412199507"}