Finance Hedge Fund Turns In Stellar Q3 Thanks to Bets on Voya Financial (VOYA), MGIC (MTG), Others

Voya Financial Inc (NYSE:VOYA) is next, being Capital Returns’ fourth-most valuable holding and another one which posted a strong quarter, returning 16%. Shares of the company have continued to trend upwards in the fourth-quarter, despite a small hiccup after CFO Ewout Steenburgen resigned in the middle of October to take on the same role at S&P Global Inc (NYSE:SPGI). Capital Returns owned 699,716 shares of Voya Financial Inc (NYSE:VOYA) at the end of June, hiking its position by 47% during the second-quarter.

Other funds in our system were also bullish on the stock during the quarter, as 37 of the hedge funds tracked by Insider Monkey were shareholders of it at the end of June, 23% more than there were a quarter earlier. Pzena Investment Management, managed by Richard S. Pzena, held a $375.7 million position in the stock on June 30, while David Einhorn of Greenlight Capital held a $122.4 million position. Some other hedge funds and institutional investors that were bullish contained D E Shaw, Israel Englander’s Millennium Management, and Alok Agrawal’s Bloom Tree Partners.

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Lastly, let’s see what’s been happening with MGIC Investment Corp. (NYSE:MTG), which Capital Returns owned 2.88 million shares of on June 30, valued at $17.11 million. MGIC was another big performer for the fund, gaining over 33% during the third-quarter. It also stands as one of the most popular finance stocks among the collection of successful hedge funds that we follow, as over 30% of its shares were held by that group on June 30. In total, 46 of the hedge funds in our database were long MGIC Investment Corp. (NYSE:MTG), up by 24% quarter-over-quarter.

John Paulson’s Paulson & Co had the number one position in MGIC Investment Corp. (NYSE:MTG), worth close to $127.1 million, amounting to 1.3% of its total 13F portfolio. The second-most bullish fund manager was Doug Silverman and Alexander Klabin’s Senator Investment Group, with a $65.5 million position. Other members of the smart money that held long positions consisted of Kerr Neilson’s Platinum Asset Management, Howard Marks’ Oaktree Capital Management, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

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Disclosure: None