Hedgies Were Right As Citigroup Inc. (C) Reports Largest Quarterly Profit In Eight Years

What have hedge funds been doing with Citigroup Inc. (NYSE:C)?

When looking at the hedgies followed by Insider Monkey, Boykin Curry‘s Eagle Capital Management had the biggest position in Citigroup Inc. (NYSE:C) at the end of March, owning 26.35 million shares worth close to $1.36 billion, accounting for 5% of its total 13F portfolio. The second-largest stake was held by Fisher Asset Management, led by Ken Fisher, holding a $602.3 million position in 11.69 million shares; 1.2% of its 13F portfolio was allocated to the stock. Some other hedgies with similar optimism consist of Mike Masters’ Masters Capital Management, and Richard S. Pzena’s Pzena Investment Management.

Glenview Capital, managed by Larry Robbins, established the largest position in Citigroup Inc. (NYSE:C) in the first quarter. Glenview Capital had $276.4 million invested in the company at the end of the quarter, buying 5.37 million shares. Other bullish funds with brand new Citigroup positions includes Thomas E. Claugus’ GMT Capital, Kenneth Mario Garschina’s Mason Capital Management, Christian Leone’s Luxor Capital Group, and Benjamin A. Smith’s Laurion Capital Management. Leading the bears’ herd in the first quarter was Dan Loeb’s Third Point, which said goodbye to the largest stake of all the hedgies watched by Insider Monkey, totaling close to $270.55 million, made up of 5.0 million shares.

Due to the bullish sentiment of hedge funds on the stock in addition to the solid performance reported for the second quarter, we recommend a long position in Citigroup Inc. (NYSE:C) now.

Disclosure: None