Hedge Funds Disagree With Citigroup On This Upgraded Stock

Hedge funds we track are not as bullish as Citigroup, however. Our data shows that out of the elite 730 or so hedge funds that we track, 28 were long Ralph Lauren Corp (NYSE:RL) at the end of June, down from 35 funds with a long position in the stock at the end of March. The collective monetary value of their holdings dropped to $610 million (or 7.7% of the float) from $670 million in the quarter prior. Among the funds that reduced their positions were Jim Simons’ Renaissance Technologies, which cut its stake by 37% to 191,400 shares, and Israel Englander’s Millennium Management, which pared its position by 46% to 227,841 shares. Cliff Asness’ AQR Capital Management went the other way, increasing its holdings by 183% to 847,362 shares.

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