NEW YORK ( TheStreet) -- Hedge funds continued to shed financials - mostly bank stocks- during the third quarter as mounting concerns about European debt and heightened volatility eroded conviction of the most seasoned of investors.
Perhaps he decided it was time to cut his losses.Overall, Citigroup saw the most selling during the quarter among financial stocks, which explains the stock's meltdown in recent months. JPMorgan and Bank of America also saw heavy selling, as did Goldman Sachs (GS)and Morgan Stanley (MS). Wells Fargo was the only one among the big four to continue to attract some buying interest. With little exposure to Europe, the bank has withstood the volatility in the market. Still, a look at aggregate 13F filings of hedge funds, reveals some notable buys in financial stocks, including non-bank holding companies. TheStreet parsed through Bloomberg data to see which financial stocks attracted the most hedge fund money in the third quarter. The shortlist does not include real estate investment trusts, which is also classified as financials by Bloomberg. As always, it is worth remembering that the information in these filings are dated. Positions in the stocks listed below could have changed. Also the regulatory filings do not require institutional investors to disclose short positions, so the portfolio disclosures are incomplete. Still, here is a glimpse of what the smart money have been betting on recently.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV