Is RenaissanceRe Holdings Ltd. (RNR) Going To Burn These Hedge Funds?

As aggregate interest increased, specific money managers have been driving this bullishness. Highbridge Capital Management, led by Glenn Russell Dubin, created the largest position in RenaissanceRe Holdings Ltd. (NYSE:RNR). Highbridge Capital Management had $5.1 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $1.7 million investment in the stock during the quarter. The following funds were also among the new RNR investors: Mike Vranos’ Ellington and Ken Griffin’s Citadel Investment Group.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as RenaissanceRe Holdings Ltd. (NYSE:RNR) but similarly valued. We will take a look at Old Republic International Corporation (NYSE:ORI), Voya Financial Inc (NYSE:VOYA), Tegna Inc (NYSE:TGNA), and Old Dominion Freight Line (NASDAQ:ODFL). This group of stocks’ market valuations resemble RNR’s market valuation.

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $495 million. That figure was $279 million in RNR’s case. Voya Financial Inc (NYSE:VOYA) is the most popular stock in this table. On the other hand Old Dominion Freight Line (NASDAQ:ODFL) is the least popular one with only 14 bullish hedge fund positions. RenaissanceRe Holdings Ltd. (NYSE:RNR) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard VOYA might be a better candidate to consider taking a long position in.

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Disclosure: None