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Should You Avoid OneBeacon Insurance Group, Ltd. (OB)?

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The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards OneBeacon Insurance Group, Ltd. (NYSE:OB) .

OneBeacon Insurance Group, Ltd. (NYSE:OB) shareholders have witnessed a decrease in hedge fund interest lately. OB was in 10 hedge funds’ portfolios at the end of September. There were 11 hedge funds in our database with OB positions at the end of the 2016 third quarter. At the end of this article we will also compare OB to other stocks including Cvent Inc (NYSE:CVT), Knight Capital Group Inc. (NYSE:KCG), and Mobile Mini Inc (NASDAQ:MINI) to get a better sense of its popularity.

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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Keeping this in mind, we’re going to take a glance at the fresh action encompassing OneBeacon Insurance Group, Ltd. (NYSE:OB).

How are hedge funds trading OneBeacon Insurance Group, Ltd. (NYSE:OB)?

At Q3’s end, a total of 10 of the hedge funds tracked by Insider Monkey were bullish on this stock, a drop of 9% from the previous quarter. On the other hand, there were a total of 10 hedge funds with a bullish position in OB at the beginning of this year. With hedgies’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).

HedgeFundSentimentChart

When looking at the institutional investors followed by Insider Monkey, Renaissance Technologies, which is one of the largest hedge funds in the world, has the most valuable position in OneBeacon Insurance Group, Ltd. (NYSE:OB), worth close to $5.4 million. On Renaissance Technologies’s heels is Ron Bobman of Capital Returns Management, which holds a $3.2 million position; 1.5% of its 13F portfolio is allocated to the stock. Some other members of the smart money that hold long positions contain Dmitry Balyasny’s Balyasny Asset Management, Cliff Asness’ AQR Capital Management and Israel Englander’s Millennium Management. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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