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Hedge funds are struggling this year, but investors can still outperform by buying the favorite stocks of these asset managers, especially those that have just begun to gain favor, Goldman Sachs said.
"Although our hedge fund VIP list has struggled year-to-date, the basket has a long-term track record of outperformance," Goldman Sachs chief U.S. equity strategist David Kostin wrote in a note to clients Friday. And "new constituents in our GSTHHVIP basket represent opportunities for outperformance. ... First time VIP stocks have a historical track record of outperformance following inclusion in the basket. "
Although Goldman's basket of the top holdings of hedge funds is down 4 percent this year, Kostin cited how the list beat the S&P 500's performance in 63 percent of quarters by "nearly 0.5 percent" or 2 percent annualized since 2001.
Buying new additions to the index yielded even greater returns as first-time member stocks outperformed the market by an average of 2 percent and 3 percent in the following three-month and 12-month periods respectively.
Here are the 14 new stocks entering the Goldman hedge fund VIP list this quarter.