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Hedge Funds Are Buying Euronav NV Ordinary Shares (EURN)

We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article, we look at what those investors think of Euronav NV Ordinary Shares (NYSE:EURN).

Euronav NV Ordinary Shares (NYSE:EURN) was in 21 hedge funds’ portfolios at the end of the third quarter of 2015. Euronav NV Ordinary Shares (NYSE:EURN) has experienced an increase in hedge fund interest recently. There were 19 hedge funds in our database with Euronav NV Ordinary Shares (NYSE:EURN) positions at the end of the previous quarter. At the end of this article, we will also compare Euronav NV Ordinary Shares (NYSE:EURN) to other stocks, including QEP Resources Inc (NYSE:QEP), Valmont Industries, Inc. (NYSE:VMI), and CalAtlantic Group Inc (NYSE:CAA) to get a better sense of its popularity.

In the 21st century investor’s toolkit, there are a lot of formulas investors have at their disposal to size up their holdings. A pair of the less known formulas are hedge fund and insider trading signals. We have shown that, historically, those who follow the best picks of the elite fund managers can trounce the market by a healthy amount (see the details here).

Now, we’re going to take a gander at the latest action encompassing Euronav NV Ordinary Shares (NYSE:EURN).

How have hedgies been trading Euronav NV Ordinary Shares (NYSE:EURN)?

At the end of the third quarter, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of 11% from one quarter earlier. With hedgies’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Blue Mountain Capital, managed by Andrew Feldstein and Stephen Siderow, holds the most valuable position in Euronav NV Ordinary Shares (NYSE:EURN). Blue Mountain Capital has a $77 million position in the stock, comprising 1.4% of its 13F portfolio. The second most bullish fund manager is Solus Alternative Asset Management, managed by Christopher Pucillo, which holds a $56.9 million position; the fund has 8.5% of its 13F portfolio invested in the stock. Some other hedge funds and institutional investors that are bullish consist of Dmitry Balyasny’s Balyasny Asset Management, Marc Lasry’s Avenue Capital, and Joe Huber’s Huber Capital Management.

Consequently, specific money managers have jumped into Euronav NV Ordinary Shares (NYSE:EURN) headfirst. Millennium Management, managed by Israel Englander, assembled the biggest position in Euronav NV Ordinary Shares (NYSE:EURN). Millennium Management had $24.3 million invested in the company at the end of the quarter. Soros Fund Management also initiated a $3.8 million position during the quarter. The other funds with new positions in the stock are D E Shaw, Richard Driehaus’ Driehaus Capital, and GLG Partners.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Euronav NV Ordinary Shares (NYSE:EURN) but similarly valued. We will take a look at QEP Resources Inc (NYSE:QEP), Valmont Industries, Inc. (NYSE:VMI), CalAtlantic Group Inc (NYSE:CAA), and Colony Capital Inc (NYSE:CLNY). This group of stocks’ market caps matches Euronav NV Ordinary Shares (NYSE:EURN)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
QEP 21 341425 -5
VMI 18 282228 0
CAA 10 187709 -4
CLNY 36 593964 0

As you can see, these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $351 million. That figure was $410 million in Euronav NV Ordinary Shares (NYSE:EURN)’s case. Colony Capital Inc (NYSE:CLNY) is the most popular stock in this table. On the other hand, CalAtlantic Group Inc (NYSE:CAA) is the least popular one with only 10 bullish hedge fund positions. Euronav NV Ordinary Shares (NYSE:EURN) 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, Colony Capital Inc (NYSE:CLNY) might be a better candidate to consider a long position.

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