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Hedge Funds Are Selling Greenlight Capital Re, Ltd. (GLRE)

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Greenlight Capital Re, Ltd. (NASDAQ:GLRE) was in 13 hedge funds’ portfolio at the end of March. GLRE has seen a decrease in enthusiasm from smart money lately. There were 14 hedge funds in our database with GLRE positions at the end of the previous quarter.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)

If you’d ask most stock holders, hedge funds are seen as underperforming, old investment vehicles of years past. While there are more than 8000 funds in operation at present, we at Insider Monkey look at the moguls of this club, about 450 funds. Most estimates calculate that this group oversees the lion’s share of the hedge fund industry’s total capital, and by watching their highest performing equity investments, we have unsheathed a few investment strategies that have historically outpaced the broader indices. Our small-cap hedge fund strategy outpaced the S&P 500 index by 18 percentage points per annum for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have beaten the S&P 500 index by 23.3 percentage points in 8 months (check out a sample of our picks).

Just as important, bullish insider trading sentiment is a second way to break down the financial markets. Just as you’d expect, there are a variety of motivations for an upper level exec to sell shares of his or her company, but only one, very simple reason why they would behave bullishly. Plenty of academic studies have demonstrated the useful potential of this strategy if piggybackers understand where to look (learn more here).

With these “truths” under our belt, it’s important to take a glance at the recent action regarding Greenlight Capital Re, Ltd. (NASDAQ:GLRE).

What does the smart money think about Greenlight Capital Re, Ltd. (NASDAQ:GLRE)?

At the end of the first quarter, a total of 13 of the hedge funds we track were long in this stock, a change of -7% from one quarter earlier. With hedge funds’ sentiment swirling, there exists an “upper tier” of notable hedge fund managers who were upping their holdings meaningfully.

When looking at the hedgies we track, Vertex One Asset Management, managed by John Thiessen, holds the largest position in Greenlight Capital Re, Ltd. (NASDAQ:GLRE). Vertex One Asset Management has a $16.2 million position in the stock, comprising 2.2% of its 13F portfolio. Sitting at the No. 2 spot is Royce & Associates, managed by Chuck Royce, which held a $12.6 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedge funds with similar optimism include Ric Dillon’s Diamond Hill Capital, Yale M. Fergang and Robert W. Medway’s Royal Capital and Jim Simons’s Renaissance Technologies.

Due to the fact that Greenlight Capital Re, Ltd. (NASDAQ:GLRE) has faced bearish sentiment from hedge fund managers, it’s easy to see that there were a few hedgies that elected to cut their positions entirely in Q1. It’s worth mentioning that Murray Stahl’s Horizon Asset Management dropped the biggest investment of the “upper crust” of funds we monitor, totaling about $26.7 million in stock., and Richard Schimel of Diamondback Capital was right behind this move, as the fund sold off about $2.6 million worth. These transactions are important to note, as total hedge fund interest was cut by 1 funds in Q1.

What do corporate executives and insiders think about Greenlight Capital Re, Ltd. (NASDAQ:GLRE)?

Insider trading activity, especially when it’s bullish, is best served when the primary stock in question has experienced transactions within the past six months. Over the latest six-month time period, Greenlight Capital Re, Ltd. (NASDAQ:GLRE) has seen zero unique insiders buying, and 5 insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Greenlight Capital Re, Ltd. (NASDAQ:GLRE). These stocks are Argo Group International Holdings, Ltd. (NASDAQ:AGII), MGIC Investment Corp. (NYSE:MTG), FBL Financial Group (NYSE:FFG), Horace Mann Educators Corporation (NYSE:HMN), and The Navigators Group, Inc (NASDAQ:NAVG). This group of stocks belong to the property & casualty insurance industry and their market caps match GLRE’s market cap.

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