Hedge Funds Are Dumping Rubicon Minerals Corp. (USA) (RBY)

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Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY) was in 8 hedge funds’ portfolio at the end of the first quarter of 2013. RBY investors should pay attention to a decrease in activity from the world’s largest hedge funds of late. There were 11 hedge funds in our database with RBY holdings at the end of the previous quarter.

If you’d ask most market participants, hedge funds are assumed to be underperforming, outdated investment tools of yesteryear. While there are greater than 8000 funds with their doors open at present, we hone in on the leaders of this group, close to 450 funds. It is estimated that this group oversees most of the hedge fund industry’s total capital, and by monitoring their best equity investments, we have unsheathed a number of investment strategies that have historically beaten the broader indices. Our small-cap hedge fund strategy outstripped the S&P 500 index by 18 percentage points per annum for a decade in our back tests, and since we’ve began to sharing our picks with our subscribers at the end of August 2012, we have trumped the S&P 500 index by 23.3 percentage points in 8 months (see the details here).

Just as beneficial, positive insider trading activity is a second way to break down the world of equities. Obviously, there are a variety of incentives for a corporate insider to sell shares of his or her company, but just one, very simple reason why they would buy. Plenty of empirical studies have demonstrated the market-beating potential of this tactic if “monkeys” know what to do (learn more here).

With all of this in mind, it’s important to take a gander at the key action regarding Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY).

Hedge fund activity in Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY)

In preparation for this quarter, a total of 8 of the hedge funds we track held long positions in this stock, a change of -27% from one quarter earlier. With hedgies’ positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were increasing their stakes substantially.

According to our comprehensive database, Greywolf Capital Management, managed by Jonathan Savitz, holds the largest position in Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY). Greywolf Capital Management has a $31.6 million position in the stock, comprising 14.7% of its 13F portfolio. Sitting at the No. 2 spot is Peter Franklin Palmedo of Sun Valley Gold, with a $17.7 million position; 0.6% of its 13F portfolio is allocated to the company. Remaining peers that hold long positions include D. E. Shaw’s D E Shaw, Ken Griffin’s Citadel Investment Group and Eric Sprott’s Sprott Asset Management.

Due to the fact that Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY) has experienced declining sentiment from the aggregate hedge fund industry, we can see that there was a specific group of funds who were dropping their entire stakes last quarter. It’s worth mentioning that Roberto Mignone’s Bridger Management cut the biggest position of all the hedgies we watch, totaling close to $5.6 million in stock., and Ranjan Tandon of Libra Advisors was right behind this move, as the fund sold off about $2.8 million worth. These transactions are important to note, as aggregate hedge fund interest dropped by 3 funds last quarter.

What have insiders been doing with Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY)?

Insider purchases made by high-level executives is at its handiest when the company in focus has seen transactions within the past half-year. Over the latest half-year time frame, Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Rubicon Minerals Corp. (USA) (NYSEAMEX:RBY). These stocks are Seabridge Gold, Inc. (USA) (NYSE:SA), Nevsun Resources (USA) (NYSEAMEX:NSU), Aurizon Mines Ltd. (USA) (NYSEAMEX:AZK), Alamos Gold Inc (NYSE:AGI), and Gold Resource Corporation (NYSEAMEX:GORO). This group of stocks are in the gold industry and their market caps resemble RBY’s market cap.

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