Hedge fund managers' most popular stock to start the year has been a familiar name that is falling short in terms of performance, while the least popular companies all have been crushing the market.
Procter & Gamble pulled in nearly $2.7 billion in hedge fund cash during the first quarter, nearly double the next most popular stock, according to figures released this week from S&P Global Market Intelligence.
Nelson Peltz's Trian Management was solely responsible for the gush of interest thanks to the $3.5 billion stake it took in the company back in February. Otherwise, P&G actually saw outflows.
The huge flows came even though the company has fallen short compared with the broader market. P&G shares are up just 2.9 percent year to date. The stock did outperform in the first quarter, gaining 6.4 percent to the S&P 500's 4.6 percent, but has fallen off lately.
Shares also outperformed the broader consumer staples sector in Q1 but have fallen behind in that regard as well.