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What is it with hedge funds and their penchant for missing out on hot stocks or getting them wrong? Shares of Nokia on Tuesday surged about 31 percent after the company agreed to sell its handset business to Microsoft for $7.2 billion. Yet not one hedgie ranks among the stock's top 20 holders. The largest hedge fund investor is Kenneth Griffin's Citadel, with nearly 1.9 million shares.
Meanwhile, Bloomberg reports that several hedge funds -- including a few Tiger Cubs -- had short positions on the stock. They include Discovery Capital Management, Blue Ridge Capital, Viking Global Investors, Lone Pine Capital, Maverick Capital and Brookside Capital Management. All but Brookside have roots with Julian Robertson Jr.'s Tiger Management.
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Research firm S&P Capital IQ is not too excited with the Microsoft-Nokia deal from Microsoft's standpoint. It does acknowledge...