Hedge Funds Are Betting On Axis Capital Holdings Limited (AXS)

As industrywide interest jumped, some big names have been driving this bullishness. Millennium Management established the most outsized position in Axis Capital Holdings Limited (NYSE:AXS). Millennium Management had $12 million invested in the company at the end of the quarter. Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital also made a $0.4 million investment in the stock during the quarter. The only other fund with a brand new AXS position is Andrew Weiss’s Weiss Asset Management.

Let’s now review hedge fund activity in other stocks similar to Axis Capital Holdings Limited (NYSE:AXS). These stocks are People’s United Financial, Inc. (NASDAQ:PBCT), Toll Brothers Inc (NYSE:TOL), Tesoro Logistics LP (NYSE:TLLP), and CubeSmart (NYSE:CUBE). All of these stocks’ market caps are similar to AXS’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $154 million. That figure was $482 million in AXS’s case. Toll Brothers Inc (NYSE:TOL) is the most popular stock in this table. On the other hand Tesoro Logistics LP (NYSE:TLLP) is the least popular one with only 6 bullish hedge fund positions. Axis Capital Holdings Limited (NYSE:AXS) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard TOL might be a better candidate to consider taking a long position in.

Disclosure: None