The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of March 31st, 2020. What do these smart investors think about GasLog Partners LP (NYSE:GLOP)?
Is GasLog Partners LP (NYSE:GLOP) a buy right now? Investors who are in the know are turning less bullish. The number of bullish hedge fund positions fell by 1 recently. Our calculations also showed that GLOP isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings and see the video for a quick look at the top 5 stocks). GLOP was in 6 hedge funds’ portfolios at the end of the first quarter of 2020. There were 7 hedge funds in our database with GLOP positions at the end of the previous quarter.
Video: Watch our video about the top 5 most popular hedge fund stocks.
In the financial world there are a multitude of formulas shareholders put to use to size up stocks. A pair of the most innovative formulas are hedge fund and insider trading interest. We have shown that, historically, those who follow the best picks of the best fund managers can outclass the S&P 500 by a significant margin (see the details here).
Chuck Royce of Royce & Associates
At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, 2020’s unprecedented market conditions provide us with the highest number of trading opportunities in a decade. So we are checking out stocks recommended/scorned by legendary Bill Miller. We interview hedge fund managers and ask them about their best ideas. If you want to find out the best healthcare stock to buy right now, you can watch our latest hedge fund manager interview here. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. Our best call in 2020 was shorting the market when the S&P 500 was trading at 3150 after realizing the coronavirus pandemic’s significance before most investors. Now let’s view the latest hedge fund action encompassing GasLog Partners LP (NYSE:GLOP).
How are hedge funds trading GasLog Partners LP (NYSE:GLOP)?
Heading into the second quarter of 2020, a total of 6 of the hedge funds tracked by Insider Monkey were long this stock, a change of -14% from the fourth quarter of 2019. Below, you can check out the change in hedge fund sentiment towards GLOP over the last 18 quarters. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in GasLog Partners LP (NYSE:GLOP) was held by Millennium Management, which reported holding $2.7 million worth of stock at the end of September. It was followed by Renaissance Technologies with a $1 million position. Other investors bullish on the company included Arrowstreet Capital, Citadel Investment Group, and Two Sigma Advisors. In terms of the portfolio weights assigned to each position Millennium Management allocated the biggest weight to GasLog Partners LP (NYSE:GLOP), around 0.01% of its 13F portfolio. Engineers Gate Manager is also relatively very bullish on the stock, earmarking 0.003 percent of its 13F equity portfolio to GLOP.
Because GasLog Partners LP (NYSE:GLOP) has witnessed falling interest from the smart money, we can see that there is a sect of hedgies who sold off their entire stakes last quarter. At the top of the heap, Chuck Royce’s Royce & Associates cut the biggest position of the “upper crust” of funds monitored by Insider Monkey, totaling an estimated $3.8 million in stock, and Paul Marshall and Ian Wace’s Marshall Wace LLP was right behind this move, as the fund sold off about $1.8 million worth. These moves are interesting, as total hedge fund interest was cut by 1 funds last quarter.
Let’s also examine hedge fund activity in other stocks similar to GasLog Partners LP (NYSE:GLOP). These stocks are Citi Trends, Inc. (NASDAQ:CTRN), MDC Partners Inc. (NASDAQ:MDCA), IntriCon Corporation (NASDAQ:IIN), and Celyad SA (EBR:CYAD). This group of stocks’ market valuations match GLOP’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| CTRN | 15 | 18176 | 3 |
| MDCA | 9 | 18983 | -2 |
| IIN | 5 | 14869 | -1 |
| CYAD | 1 | 124 | 0 |
| Average | 7.5 | 13038 | 0 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 7.5 hedge funds with bullish positions and the average amount invested in these stocks was $13 million. That figure was $5 million in GLOP’s case. Citi Trends, Inc. (NASDAQ:CTRN) is the most popular stock in this table. On the other hand Celyad SA (EBR:CYAD) is the least popular one with only 1 bullish hedge fund positions. GasLog Partners LP (NYSE:GLOP) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 13.9% in 2020 through June 10th and still beat the market by 14.2 percentage points. A small number of hedge funds were also right about betting on GLOP as the stock returned 125.3% during the second quarter and outperformed the market by an even larger margin.
Follow Gaslog Partners Lp (NYSE:GLOP)
Follow Gaslog Partners Lp (NYSE:GLOP)
Disclosure: None. This article was originally published at Insider Monkey.
