Is RenaissanceRe Holdings Ltd. (RNR) A Good Stock To Buy?

Is RenaissanceRe Holdings Ltd. (NYSE:RNR) a good investment right now? We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, expert networks, and get tips from industry insiders. They fail miserably sometimes but historically their consensus stock picks outperformed the market after adjusting for known risk factors.

RenaissanceRe Holdings Ltd. (NYSE:RNR) has seen a decrease in activity from the world’s largest hedge funds recently. At the end of this article we will also compare RNR to other stocks including National Retail Properties, Inc. (NYSE:NNN), People’s United Financial, Inc. (NASDAQ:PBCT), and Live Nation Entertainment, Inc. (NYSE:LYV) to get a better sense of its popularity.

With all of this in mind, we’re going to take a gander at the fresh action regarding RenaissanceRe Holdings Ltd. (NYSE:RNR).

How are hedge funds trading RenaissanceRe Holdings Ltd. (NYSE:RNR)?

At the end of the third quarter, a total of 19 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -27% from the second quarter. With the smart money’s sentiment swirling, there exists a select group of notable hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Citadel Investment Group, managed by Ken Griffin, holds the biggest position in RenaissanceRe Holdings Ltd. (NYSE:RNR). Citadel Investment Group has a $130.8 million position in the stock, comprising 0.1% of its 13F portfolio. The second most bullish fund manager is Abrams Bison Investments, managed by Gavin M. Abrams, which holds a $66.5 million position; the fund has 7.3% of its 13F portfolio invested in the stock. Other professional money managers with similar optimism encompass D E Shaw, Cliff Asness’ AQR Capital Management and Jacob Gottlieb’s Visium Asset Management.