Goldman says these rare 6 stocks are favorites of both hedge fund and mutual fund managers

The Wall Street firm found that there are six 'shared favorites' among hedge funds and mutual funds last quarter.

The market has been a fertile stock picking environment for mutual funds and hedge funds this year, and Goldman Sachs said it found a handful of stocks loved by both cohorts. The Wall Street bank analyzed the holdings of 744 hedge funds with $2.4 trillion of gross equity positions as well as the holdings of 528 mutual funds with $2.8 trillion of assets under management at the start of the third quarter, based on regulatory filings.

However, they tend to have a strong, longer-term track record of outperformance. An equal-weighted list of shared favorites has generated an annualized return of 14%, compared to 13% for the S & P 500. It also has a 59% monthly hit rate of outperformance, Goldman said. Stocks have been driven by company-specific news this year, as opposed to the macroeconomic environment, Goldman said.

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