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Hedge Funds Have Never Been This Bullish On Colliers International Group Inc (CIGI)

The 700+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Colliers International Group Inc (NASDAQ:CIGI).

Colliers International Group Inc (NASDAQ:CIGI) investors should pay attention to an increase in support from the world’s most elite money managers of late. CIGI was in 14 hedge funds’ portfolios at the end of the first quarter of 2019. There were 13 hedge funds in our database with CIGI positions at the end of the previous quarter. Our calculations also showed that CIGI isn’t among the 30 most popular stocks among hedge funds.

Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research has shown that hedge funds’ small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.

Blair Levinsky of Waratah Capital Advisors

We’re going to take a look at the latest hedge fund action surrounding Colliers International Group Inc (NASDAQ:CIGI).

How are hedge funds trading Colliers International Group Inc (NASDAQ:CIGI)?

At the end of the first quarter, a total of 14 of the hedge funds tracked by Insider Monkey were long this stock, a change of 8% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards CIGI over the last 15 quarters. So, let’s check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

CIGI_jun2019

Among these funds, Spruce House Investment Management held the most valuable stake in Colliers International Group Inc (NASDAQ:CIGI), which was worth $400.3 million at the end of the first quarter. On the second spot was BloombergSen which amassed $158.2 million worth of shares. Moreover, Renaissance Technologies, Waratah Capital Advisors, and Millennium Management were also bullish on Colliers International Group Inc (NASDAQ:CIGI), allocating a large percentage of their portfolios to this stock.

As industrywide interest jumped, key money managers were leading the bulls’ herd. BlueCrest Capital Mgmt., managed by Michael Platt and William Reeves, created the most outsized position in Colliers International Group Inc (NASDAQ:CIGI). BlueCrest Capital Mgmt. had $0.4 million invested in the company at the end of the quarter. George Zweig, Shane Haas and Ravi Chander’s Signition LP also made a $0.2 million investment in the stock during the quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Colliers International Group Inc (NASDAQ:CIGI) but similarly valued. We will take a look at Akcea Therapeutics, Inc. (NASDAQ:AKCA), Crestwood Equity Partners LP (NYSE:CEQP), Korn Ferry (NYSE:KFY), and HMS Holdings Corp. (NASDAQ:HMSY). All of these stocks’ market caps are similar to CIGI’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
AKCA 7 27613 1
CEQP 4 8137 1
KFY 21 118817 0
HMSY 26 178919 4
Average 14.5 83372 1.5

View table here if you experience formatting issues.

As you can see these stocks had an average of 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $83 million. That figure was $671 million in CIGI’s case. HMS Holdings Corp. (NASDAQ:HMSY) is the most popular stock in this table. On the other hand Crestwood Equity Partners LP (NYSE:CEQP) is the least popular one with only 4 bullish hedge fund positions. Colliers International Group Inc (NASDAQ:CIGI) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed that top 20 most popular stocks among hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on CIGI, though not to the same extent, as the stock returned 5.8% during the same time frame and outperformed the market as well.

Disclosure: None. This article was originally published at Insider Monkey.

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