Is Paramount Group Inc (NYSE:PGRE) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to find the latest market-moving information.
Paramount Group Inc (NYSE:PGRE) has seen an increase in enthusiasm from smart money recently. PGRE was in 15 hedge funds’ portfolios at the end of the third quarter of 2015. There were 11 hedge funds in our database with PGRE positions at the end of the previous quarter. At the end of this article we will also compare PGRE to other stocks including Morningstar, Inc. (NASDAQ:MORN), Vermilion Energy Inc (NYSE:VET), and Equity Commonwealth (NYSE:EQC) to get a better sense of its popularity.
With all of this in mind, we’re going to take a gander at the fresh action surrounding Paramount Group Inc (NYSE:PGRE).
How are hedge funds trading Paramount Group Inc (NYSE:PGRE)?
At the end of the third quarter, a total of 15 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 36% from the second quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were boosting their stakes significantly (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Long Pond Capital, managed by John Khoury, holds the largest position in Paramount Group Inc (NYSE:PGRE). Long Pond Capital has a $218.8 million position in the stock, comprising 9.5% of its 13F portfolio. On Long Pond Capital’s heels is AEW Capital Management, which holds a $83.2 million position; the fund has 1.9% of its 13F portfolio invested in the stock. Other peers that are bullish encompass Ken Griffin’s Citadel Investment Group, David Rodriguez-Fraile’s BlueMar Capital Management and Dmitry Balyasny’s Balyasny Asset Management.