Hedge Funds Are Dumping Partnerre Ltd (PRE)

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Due to the fact that Partnerre Ltd (NYSE:PRE) has faced declining sentiment from hedge fund managers, we can see that there was a specific group of hedge funds that decided to sell off their positions entirely heading into Q4. Intriguingly, Carl Tiedemann and Michael Tiedemann’s TIG Advisors sold off the biggest investment of the “upper crust” of funds watched by Insider Monkey, valued at close to $43.5 million in stock. Douglas Hirsch’s fund, Seneca Capital, also sold off its stock, about $25.9 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest dropped by 11 funds heading into Q4.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Partnerre Ltd (NYSE:PRE) but similarly valued. We will take a look at NetSuite Inc (NYSE:N), Lululemon Athletica inc. (NASDAQ:LULU), FactSet Research Systems Inc. (NYSE:FDS), and Alliant Energy Corporation (NYSE:LNT). This group of stocks’ market values match PRE’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
N 14 239478 1
LULU 32 837350 -3
FDS 24 169594 1
LNT 17 83714 3

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $333 million, below the $817 million figure in PRE’s case. Lululemon Athletica inc. (NASDAQ:LULU) is the most popular stock in this table, while NetSuite Inc (NYSE:N) is the least popular one with only 14 bullish hedge fund positions. Partnerre Ltd (NYSE:PRE) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard LULU might be a better candidate to consider a long position.

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