As we already know from media reports and hedge fund investor letters, many hedge funds lost money in the third quarter, blaming macroeconomic conditions and unpredictable events that hit several sectors, with healthcare among them. Nevertheless, most investors decided to stick to their bullish theses and their long-term focus allows us to profit from the recent declines. In particular, let’s take a look at what hedge funds think about Global Brass and Copper Holdings Inc (NYSE:BRSS) in this article.
Global Brass and Copper Holdings Inc (NYSE:BRSS) shareholders have witnessed an increase in enthusiasm from smart money of late. At the end of this article, we will also compare Global Brass and Copper Holdings Inc (NYSE:BRSS) to other stocks, including San Juan Basin Royalty Trust (NYSE:SJT), MainSource Financial Group Inc. (NASDAQ:MSFG), and CNinsure Inc. (ADR) (NASDAQ:CISG) to get a better sense of its popularity.
To most market participants, hedge funds are perceived as worthless, outdated investment vehicles of the past. While there are over 8000 funds trading at the moment, our researchers look at the bigwigs of this club, around 700 funds. These hedge fund managers direct most of the smart money’s total capital, and by tailing their finest equity investments, Insider Monkey has come up with various investment strategies that have historically beaten the market. Insider Monkey’s small-cap hedge fund strategy outrun the S&P 500 index by 12 percentage points a year for a decade in their back tests.
With all of this in mind, let’s take a gander at the new action surrounding Global Brass and Copper Holdings Inc (NYSE:BRSS).
How have hedgies been trading Global Brass and Copper Holdings Inc (NYSE:BRSS)?
At the end of the third quarter, a total of 21 of the hedge funds tracked by Insider Monkey were long this stock, an increase of 11% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Renaissance Technologies has the most valuable position in Global Brass and Copper Holdings Inc (NYSE:BRSS), worth close to $7.1 million, accounting for less than 0.1% of its total 13F portfolio. On Renaissance Technologies’ heels is Robert B. Gillam of McKinley Capital Management, with a $4.9 million position; the fund has 0.2% of its 13F portfolio invested in the stock. Other members of the smart money with similar optimism comprise David Dreman’s Dreman Value Management, John Overdeck and David Siegel’s Two Sigma Advisors, and Cliff Asness’ AQR Capital Management.