Rentech Nitrogen Partners LP (RNF): Are Hedge Funds Right About This Stock?

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Rentech Nitrogen Partners LP (NYSE:RNF) was in 6 hedge funds’ portfolio at the end of the fourth quarter of 2012. RNF has experienced an increase in hedge fund sentiment lately. There were 5 hedge funds in our database with RNF holdings at the end of the previous quarter.

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In the eyes of most traders, hedge funds are assumed to be underperforming, old financial vehicles of yesteryear. While there are more than 8000 funds trading at the moment, we at Insider Monkey hone in on the crème de la crème of this club, about 450 funds. Most estimates calculate that this group oversees most of all hedge funds’ total asset base, and by watching their highest performing picks, we have found a few investment strategies that have historically outpaced the market. Our small-cap hedge fund strategy outperformed the S&P 500 index by 18 percentage points annually 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 outperformed the S&P 500 index by 24 percentage points in 7 months (check out a sample of our picks).

Equally as integral, bullish insider trading activity is another way to break down the world of equities. Just as you’d expect, there are a number of incentives for a bullish insider to get rid of shares of his or her company, but only one, very clear reason why they would initiate a purchase. Plenty of empirical studies have demonstrated the useful potential of this method if you know where to look (learn more here).

With all of this in mind, it’s important to take a look at the key action encompassing Rentech Nitrogen Partners LP (NYSE:RNF).

What have hedge funds been doing with Rentech Nitrogen Partners LP (NYSE:RNF)?

At year’s end, a total of 6 of the hedge funds we track held long positions in this stock, a change of 20% from the third quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were boosting their holdings substantially.

Of the funds we track, Jim Simons’s Renaissance Technologies had the most valuable position in Rentech Nitrogen Partners LP (NYSE:RNF), worth close to $8.1 million, accounting for less than 0.1%% of its total 13F portfolio. Coming in second is Ken Griffin of Citadel Investment Group, with a $2.3 million call position; less than 0.1%% of its 13F portfolio is allocated to the stock. Other hedgies with similar optimism include Joseph A. Jolson’s Harvest Capital Strategies, Robert B. Gillam’s McKinley Capital Management and John Bader’s Halcyon Asset Management.

With a general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. Renaissance Technologies, managed by Jim Simons, assembled the biggest position in Rentech Nitrogen Partners LP (NYSE:RNF). Renaissance Technologies had 8.1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $0 million investment in the stock during the quarter.

What have insiders been doing with Rentech Nitrogen Partners LP (NYSE:RNF)?

Bullish insider trading is particularly usable when the primary stock in question has experienced transactions within the past six months. Over the last half-year time frame, Rentech Nitrogen Partners LP (NYSE:RNF) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Rentech Nitrogen Partners LP (NYSE:RNF). These stocks are Terra Nitrogen Company, L.P. (NYSE:TNH), Scotts Miracle-Gro Co (NYSE:SMG), American Vanguard Corp. (NYSE:AVD), CVR Partners LP (NYSE:UAN), and Intrepid Potash, Inc. (NYSE:IPI). All of these stocks are in the agricultural chemicals industry and their market caps are closest to RNF’s market cap.

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