Assertion Supported AI assessment confidence: 85% certainty 4/5 debate potential 1/5

In 2015, 150 hedge funds owned 70 days of Valeant trading volume

Basil Qunibi · Basil Qunibi - Moneyball for Allocators (Capital Allocators, EP.42) · Mar 5, 2018 · at 38:35

Basil Qunibi, CEO of Novus Partners, discusses quantitative crowdedness metrics across institutional hedge fund holdings on Capital Allocators.

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“Valiant was at one. Valiant had a 150 or so hedge fund managers, and in aggregate, they represented 7000% of average daily volume. So, 70 days worth of volume was represented by a 150 managers.”

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The claim, plainly

In July 2015, Valeant Pharmaceuticals scored 1 on the Novus Crowdedness Index, with around 150 hedge fund managers owning 7,000% (70 days worth) of its average daily volume.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

In July 2015, at the peak of its valuation and hedge fund ownership, Valeant Pharmaceuticals (VRX) ranked at the top of the Novus Crowdedness Index (a percentile scale ranking from 0 to 1.0) constructed by Novus Partners. The Novus Hedge Fund Universe tracked 13F filings from over 1,100 fundamental hedge fund managers, showing well over 100 managers (approx. 150) holding aggregate positions equating to thousands of percent (roughly 70 days) of average daily volume. By late 2016, following extensive liquidations, Valeant's score had dropped to 0.73. The statement by then-Novus CEO Basil Qunibi accurately reflects Novus's historical crowding data and methodology.

Novus Crowdedness metric ranks securities on a 0 to 1.0 percentile scale based on hedge fund manager count and aggregate ownership relative to 90-day average daily volume (ADV).
Novus research confirmed Valeant was the peak example of extreme hedge fund crowding in mid-2015, with well over 100 hedge funds simultaneously holding positions totaling thousands of percent of ADV.
Novus's January 2017 research documented that Valeant's crowdedness score subsequently fell from its peak mid-2015 level to 0.73 by late 2016.

Checked against

[1] novus.com [2] novus.com [3] novus.com [4] novus.com [5] businessinsider.com [6] novus.com [7] novus.com [8] novus.com

site:novus.com "Valeant" "crowded" OR "crowdedness" Novus Research Valeant crowdedness score 1.0 OR 1 2015 site:novus.com "crowdedness" metric OR score OR definition "Novus" "Valeant" "Crowdedness" 2015

assessed as of 2026-09-02

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Mentioned

Novus Partners Valeant Pharmaceuticals

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In 2015, 150 hedge funds owned 70 days of Valeant trading volume

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