Stockpickr: Top Hedge Fund Stock Picks

Every weekend I put together what I think are the most interesting do-it-yourself portfolios on Stockpickr and send them on to Jim Cramer, who likes to peruse them. So I think it might be helpful to readers if I start featuring these portfolios here once a week.

What's interesting to me is how many hedge funds have been entering their portfolios into Stockpickr. Most of them are small or emerging funds that are simply excited about the stocks they've been buying and want to share their analysis. I've sampled a few of them here.

For instance, there's Keyrock Energy Partners, a Dallas-based fund focused on small-cap and micro-cap energy plays. Click here for its portfolio, plus targets and analysis.

I've known the Keyrock guys since their recent launch in the fourth quarter of 2006, and since that time the fund is up 24% -- despite the slip in the price of oil. When I saw the portfolio on Stockpickr, I emailed them and asked why they had put it there. Stephen Carter of Keyrock replied:

We give complete transparency to our investors anyway. They can see our positions whenever they want to see them. We enjoy talking about our ideas to our investors, and we even encourage them to interact with us as often as possible. We feel it is the least we can do, considering they are the ones entrusting us with their money. ... Stockpickr turned out to be a great way for us to discuss our positions with a community of investors and also learn new ideas. It also saves us time vs. plowing through Securities and Exchange Commission filings of the other great managers out there.

One of Keyrock's recent picks is Parallel Petroleum(PLLL Quote). Here's what the guys have to say about it:

Parallel Petroleum is an independent oil and gas exploration and production company located in Midland, Texas. Parallel has added natural gas resource plays to compliment its already-producing oil project in the Permian Basin in western Texas. Parallel has shown the ability to acquire and execute production growth of 160% and reserve growth at a 67% compound annual growth rate (CAGR). With the acquisition of acreage in the Barnett Shale and New Mexico Wolfcamp project, it has given itself a great reserve base and great upside potential with a successful drilling program. In its third-quarter 2006 results it gave operational data from the Wolfcamp project, stating that two of the three operational areas seem to be outperforming what was anticipated of them initially. ... We have a price target of $40.