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Sovran Self Storage Inc (SSS): Insiders Aren’t Crazy About It

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Sovran Self Storage Inc (NYSE:SSS) was in 12 hedge funds’ portfolio at the end of March. SSS shareholders have witnessed an increase in enthusiasm from smart money lately. There were 11 hedge funds in our database with SSS positions at the end of the previous quarter.

Sovran Self Storage Inc (NYSE:SSS)

According to most shareholders, hedge funds are perceived as worthless, outdated financial vehicles of yesteryear. While there are more than 8000 funds with their doors open at the moment, we choose to focus on the crème de la crème of this club, around 450 funds. It is estimated that this group controls the lion’s share of the smart money’s total asset base, and by tracking their top picks, we have deciphered a number of investment strategies that have historically outpaced the S&P 500 index. Our small-cap hedge fund strategy outpaced the S&P 500 index by 18 percentage points per annum 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 23.3 percentage points in 8 months (explore the details and some picks here).

Equally as integral, positive insider trading sentiment is a second way to break down the investments you’re interested in. As the old adage goes: there are many stimuli for an insider to sell shares of his or her company, but just one, very simple reason why they would initiate a purchase. Many academic studies have demonstrated the impressive potential of this strategy if “monkeys” know where to look (learn more here).

With all of this in mind, let’s take a look at the recent action surrounding Sovran Self Storage Inc (NYSE:SSS).

Hedge fund activity in Sovran Self Storage Inc (NYSE:SSS)

At Q1’s end, a total of 12 of the hedge funds we track were bullish in this stock, a change of 9% from the first quarter. With hedge funds’ capital changing hands, there exists a few key hedge fund managers who were upping their holdings significantly.

When looking at the hedgies we track, Fisher Asset Management, managed by Ken Fisher, holds the biggest position in Sovran Self Storage Inc (NYSE:SSS). Fisher Asset Management has a $61.7 million position in the stock, comprising 0.2% of its 13F portfolio. Sitting at the No. 2 spot is Renaissance Technologies, managed by Jim Simons, which held a $44.2 million position; 0.1% of its 13F portfolio is allocated to the stock. Remaining peers with similar optimism include Ken Heebner’s Capital Growth Management, Cliff Asness’s AQR Capital Management and Ken Griffin’s Citadel Investment Group.

As one would reasonably expect, key hedge funds were leading the bulls’ herd. HBK Investments, managed by David Costen Haley, assembled the biggest position in Sovran Self Storage Inc (NYSE:SSS). HBK Investments had 0.4 million invested in the company at the end of the quarter.

How have insiders been trading Sovran Self Storage Inc (NYSE:SSS)?

Bullish insider trading is best served when the company we’re looking at has seen transactions within the past 180 days. Over the last half-year time frame, Sovran Self Storage Inc (NYSE:SSS) has seen zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).

Let’s go over hedge fund and insider activity in other stocks similar to Sovran Self Storage Inc (NYSE:SSS). These stocks are Eastgroup Properties Inc (NYSE:EGP), CubeSmart (NYSE:CUBE), First Industrial Realty Trust, Inc. (NYSE:FR), Potlatch Corporation (NASDAQ:PCH), and DCT Industrial Trust Inc. (NYSE:DCT). This group of stocks belong to the reit – industrial industry and their market caps are closest to SSS’s market cap.

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