Indaba Capital Believes That Strategic Changes At Campus Crest Communities Inc (CCG) Will Bear Fruit

What have hedge funds been doing with Campus Crest Communities Inc (NYSE:CCG)?

At the end of the March quarter, a total of nine hedge funds tracked by Insider Monkey were bullish in this stock, unchanged from the previous reporting period. With hedge funds’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were boosting their holdings significantly.

According to hedge fund intelligence website Insider Monkey, J. Alan Reid, Jr.‘s Forward Management had the biggest position in Campus Crest Communities Inc (NYSE:CCG), worth close to $28.6 million, comprising 1.7% of its total 13F portfolio. The second-most bullish hedge fund was Joshua Friedman and Mitchell Julis’ Canyon Capital Advisors, with a $27.1 million position; the fund had 0.9% of its 13F portfolio invested in the stock. Remaining peers that were bullish contain Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management, George Hall’s Clinton Group, and Michael Platt and William Reeves’ BlueCrest Capital Mgmt.

We can see that there were also a few hedge funds that decided to sell off their full holdings in Campus Crest Communities Inc (NYSE:CCG) during the March quarter. At the top of the heap, Ken Griffin‘s Citadel Investment Group dropped the biggest position of the “upper crust” of funds watched by Insider Monkey, worth close to $3.1 million in stock. Israel Englander’s fund, Millennium Management, also sold off its stock, about $2.2 million worth.

Given the bullish sentiment of funds in light of a steadily declining stock, we believe the entry point is a good one on Campus Crest at the moment.

Disclosure: None