Albany International Corp. (NYSE:AIN) was in 9 hedge funds’ portfolio at the end of the first quarter of 2013. AIN shareholders have witnessed a decrease in hedge fund sentiment lately. There were 9 hedge funds in our database with AIN positions at the end of the previous quarter.
To most investors, hedge funds are perceived as underperforming, old investment tools of the past. While there are more than 8000 funds in operation at present, we at Insider Monkey choose to focus on the moguls of this club, about 450 funds. It is widely believed that this group has its hands on most of the smart money’s total asset base, and by watching their highest performing picks, we have revealed a number of investment strategies that have historically beaten the broader indices. Our small-cap hedge fund strategy beat the S&P 500 index by 18 percentage points annually for a decade in our back tests, and since we’ve began to sharing our picks with our subscribers at the end of August 2012, we have trumped the S&P 500 index by 23.3 percentage points in 8 months (check out a sample of our picks).
Equally as beneficial, optimistic insider trading sentiment is another way to parse down the financial markets. As the old adage goes: there are a variety of stimuli for a bullish insider to drop shares of his or her company, but just one, very simple reason why they would behave bullishly. Various academic studies have demonstrated the useful potential of this tactic if shareholders know where to look (learn more here).
Consequently, it’s important to take a peek at the key action encompassing Albany International Corp. (NYSE:AIN).
Hedge fund activity in Albany International Corp. (NYSE:AIN)
At the end of the first quarter, a total of 9 of the hedge funds we track held long positions in this stock, a change of 0% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were increasing their stakes considerably.
When looking at the hedgies we track, Royce & Associates, managed by Chuck Royce, holds the most valuable position in Albany International Corp. (NYSE:AIN). Royce & Associates has a $14.9 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Coming in second is Cliff Asness of AQR Capital Management, with a $9.3 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedgies with similar optimism include D. E. Shaw’s D E Shaw, Israel Englander’s Millennium Management and Mario Gabelli’s GAMCO Investors.
Because Albany International Corp. (NYSE:AIN) has witnessed declining sentiment from the entirety of the hedge funds we track, logic holds that there exists a select few funds who were dropping their positions entirely at the end of the first quarter. At the top of the heap, Matthew Tewksbury’s Stevens Capital Management cut the biggest stake of the “upper crust” of funds we watch, valued at an estimated $0.4 million in stock., and Ken Gray and Steve Walsh of Bryn Mawr Capital was right behind this move, as the fund sold off about $0.3 million worth. These transactions are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Insider trading activity in Albany International Corp. (NYSE:AIN)
Bullish insider trading is particularly usable when the primary stock in question has seen transactions within the past 180 days. Over the latest six-month time period, Albany International Corp. (NYSE:AIN) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
With the results shown by the aforementioned strategies, retail investors should always monitor hedge fund and insider trading sentiment, and Albany International Corp. (NYSE:AIN) applies perfectly to this mantra.