The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing more than 750 13F filings submitted by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30th, 2019. What do these smart investors think about GasLog Partners LP (NYSE:GLOP)?
GasLog Partners LP (NYSE:GLOP) has experienced an increase in hedge fund interest of late. GLOP was in 6 hedge funds’ portfolios at the end of September. There were 5 hedge funds in our database with GLOP positions at the end of the previous quarter. Our calculations also showed that GLOP isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video below for Q2 rankings).
Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.
In the eyes of most stock holders, hedge funds are assumed to be worthless, old financial tools of the past. While there are more than 8000 funds in operation at present, Our experts hone in on the masters of this club, around 750 funds. Most estimates calculate that this group of people control the lion’s share of the smart money’s total capital, and by paying attention to their matchless stock picks, Insider Monkey has determined many investment strategies that have historically outpaced the market. Insider Monkey’s flagship short hedge fund strategy surpassed the S&P 500 short ETFs by around 20 percentage points a year since its inception in May 2014. Our portfolio of short stocks lost 27.8% since February 2017 (through November 21st) even though the market was up more than 39% during the same period. We just shared a list of 7 short targets in our latest quarterly update .
Jim Simons of Renaissance Technologies
We leave no stone unturned when looking for the next great investment idea. For example Discover is offering this insane cashback card, so we look into shorting the stock. One of the most bullish analysts in America just put his money where his mouth is. He says, “I’m investing more today than I did back in early 2009.” So we check out his pitch. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. We even check out this option genius’ weekly trade ideas. This December, we recommended Adams Energy as a one-way bet based on an under-the-radar fund manager’s investor letter and the stock already gained 20 percent. Keeping this in mind we’re going to take a look at the latest hedge fund action surrounding GasLog Partners LP (NYSE:GLOP).
What does smart money think about GasLog Partners LP (NYSE:GLOP)?
At the end of the third quarter, a total of 6 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 20% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards GLOP over the last 17 quarters. With hedgies’ positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were boosting their holdings significantly (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Renaissance Technologies, holds the largest position in GasLog Partners LP (NYSE:GLOP). Renaissance Technologies has a $6.2 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second most bullish fund manager is Royce & Associates, managed by Chuck Royce, which holds a $4.8 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedge funds and institutional investors with similar optimism contain Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Ken Griffin’s Citadel Investment Group and Richard Driehaus’s Driehaus Capital. In terms of the portfolio weights assigned to each position Royce & Associates allocated the biggest weight to GasLog Partners LP (NYSE:GLOP), around 0.04% of its 13F portfolio. Driehaus Capital is also relatively very bullish on the stock, setting aside 0.03 percent of its 13F equity portfolio to GLOP.
Consequently, specific money managers were leading the bulls’ herd. Millennium Management, managed by Israel Englander, established the most outsized position in GasLog Partners LP (NYSE:GLOP). Millennium Management had $0.3 million invested in the company at the end of the quarter.
Let’s also examine hedge fund activity in other stocks similar to GasLog Partners LP (NYSE:GLOP). We will take a look at US Concrete Inc (NASDAQ:USCR), Altus Midstream Company (NASDAQ:ALTM), Select Energy Services, Inc. (NYSE:WTTR), and Stewart Information Services Corp (NYSE:STC). This group of stocks’ market values resemble GLOP’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| USCR | 15 | 114418 | -2 |
| ALTM | 5 | 6127 | -2 |
| WTTR | 10 | 23231 | -1 |
| STC | 17 | 92374 | 4 |
| Average | 11.75 | 59038 | -0.25 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 11.75 hedge funds with bullish positions and the average amount invested in these stocks was $59 million. That figure was $15 million in GLOP’s case. Stewart Information Services Corp (NYSE:STC) is the most popular stock in this table. On the other hand Altus Midstream Company (NASDAQ:ALTM) is the least popular one with only 5 bullish hedge fund positions. GasLog Partners LP (NYSE:GLOP) 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. Our calculations showed that top 20 most popular stocks among hedge funds returned 37.4% in 2019 through the end of November and outperformed the S&P 500 ETF (SPY) by 9.9 percentage points. Unfortunately GLOP wasn’t nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); GLOP investors were disappointed as the stock returned -21.1% during the first two months of the fourth quarter and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 20 most popular stocks among hedge funds as 70 percent of these stocks already outperformed the market in Q4.
Disclosure: None. This article was originally published at Insider Monkey.
