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Hedge Funds Aren’t Crazy About Regency Centers Corp (REG) Anymore

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Regency Centers Corp (NYSE:REG) was in 11 hedge funds’ portfolio at the end of the first quarter of 2013. REG has experienced a decrease in support from the world’s most elite money managers lately. There were 11 hedge funds in our database with REG positions at the end of the previous quarter.

Regency Centers Corp (NYSE:REG)

According to most investors, hedge funds are perceived as worthless, outdated investment vehicles of yesteryear. While there are over 8000 funds in operation at present, we look at the upper echelon of this group, about 450 funds. Most estimates calculate that this group controls the majority of all hedge funds’ total capital, and by keeping an eye on their best equity investments, we have determined a few investment strategies that have historically outperformed the market. Our small-cap hedge fund strategy outstripped the S&P 500 index by 18 percentage points a year 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 outclassed the S&P 500 index by 23.3 percentage points in 8 months (explore the details and some picks here).

Equally as important, positive insider trading sentiment is a second way to parse down the world of equities. As the old adage goes: there are lots of reasons for a bullish insider to sell shares of his or her company, but only one, very obvious reason why they would buy. Many empirical studies have demonstrated the impressive potential of this strategy if you understand where to look (learn more here).

Now, we’re going to take a look at the recent action surrounding Regency Centers Corp (NYSE:REG).

What does the smart money think about Regency Centers Corp (NYSE:REG)?

At Q1’s end, a total of 11 of the hedge funds we track were bullish in this stock, a change of 0% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were increasing their holdings meaningfully.

Of the funds we track, D. E. Shaw’s D E Shaw had the most valuable position in Regency Centers Corp (NYSE:REG), worth close to $101 million, comprising 0.2% of its total 13F portfolio. Coming in second is Citadel Investment Group, managed by Ken Griffin, which held a $64.8 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Other hedge funds with similar optimism include Jeffrey Furber’s AEW Capital Management, Israel Englander’s Millennium Management and Jim Simons’s Renaissance Technologies.

Judging by the fact that Regency Centers Corp (NYSE:REG) has faced a declination in interest from hedge fund managers, we can see that there lies a certain “tier” of fund managers that decided to sell off their positions entirely heading into Q2. Interestingly, David Costen Haley’s HBK Investments said goodbye to the biggest investment of the 450+ funds we watch, comprising close to $1.1 million in stock., and Glenn Russell Dubin of Highbridge Capital Management was right behind this move, as the fund dropped about $0.3 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

How are insiders trading Regency Centers Corp (NYSE:REG)?

Insider trading activity, especially when it’s bullish, is at its handiest when the primary stock in question has experienced transactions within the past 180 days. Over the latest six-month time frame, Regency Centers Corp (NYSE:REG) has seen zero unique insiders buying, and 3 insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to Regency Centers Corp (NYSE:REG). These stocks are Hospitality Properties Trust (NYSE:HPT), CBL & Associates Properties, Inc. (NYSE:CBL), Weingarten Realty Investors (NYSE:WRI), DDR Corp (NYSE:DDR), and Taubman Centers, Inc. (NYSE:TCO). This group of stocks are the members of the reit – retail industry and their market caps resemble REG’s market cap.

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