Should You Follow Successful Hedge Funds Into Voya Financial Inc (VOYA)?

As industrywide interest jumped, key money managers were leading the bulls’ herd. Luxor Capital Group assembled the most outsized position in Voya Financial Inc (NYSE:VOYA). The fund reportedly had $60.7 million invested in the company at the end of the quarter. Jim Simons’ Renaissance Technologies also initiated a $16.8 million position during the quarter. The following funds were also among the new VOYA investors: John A. Levin’s Levin Capital Strategies, Neal Shah’s Valtura Capital Partners, and David Rodriguez-Fraile’s BlueMar Capital Management.

Let’s now take a look at hedge fund activity in other stocks similar to Voya Financial Inc (NYSE:VOYA). These stocks are Tegna Inc (NYSE:TGNA), Old Dominion Freight Line (NASDAQ:ODFL), Gaming and Leisure Properties Inc (NASDAQ:GLPI), and TAL Education Group (ADR) (NYSE:XRS). This group of stocks’ market caps resemble VOYA’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TGNA 22 515673 4
ODFL 14 67609 -10
GLPI 34 879903 -6
XRS 24 341319 9

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $451 million. That figure was $1.16 billion in VOYA’s case. Gaming and Leisure Properties Inc (NASDAQ:GLPI) is the most popular stock in this table. On the other hand Old Dominion Freight Line (NASDAQ:ODFL) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Voya Financial Inc (NYSE:VOYA) 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.

Disclosure: None