Now, specific money managers have been driving this bullishness. Empyrean Capital Partners assembled the most valuable position in Independence Realty Trust Inc (NYSEMKT:IRT). Anand Parekh’s Alyeska Investment Group also made a $14 million investment in the stock during the quarter. The following funds were also among the new IRT investors: Paul Tudor Jones’s Tudor Investment Corp, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Glenn Russell Dubin’s Highbridge Capital Management.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Independence Realty Trust Inc (NYSEMKT:IRT) but similarly valued. We will take a look at Stonegate Bank (NASDAQ:SGBK), Castlight Health Inc (NYSE:CSLT), Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), and Landauer, Inc. (NYSE:LDR). This group of stocks’ market valuations are closest to IRT’s market valuation.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 12 funds with bullish positions and the average amount invested in these stocks was $41 million, which is lower than the $138 million figure in IRT’s case. Stonegate Bank (NASDAQ:SGBK) is the most popular stock in this table. On the other hand Landauer, Inc. (NYSE:LDR) is the least popular one with only eight funds holding shares. Compared to these stocks Independence Realty Trust Inc (NYSEMKT:IRT) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.