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 873 13F filings submitted by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of June 30th, 2021. What do these smart investors think about Kinross Gold Corporation (NYSE:KGC)?
Kinross Gold Corporation (NYSE:KGC) was in 28 hedge funds’ portfolios at the end of the second quarter of 2021. The all time high for this statistic is 36. KGC has seen an increase in enthusiasm from smart money of late. There were 27 hedge funds in our database with KGC holdings at the end of March. Our calculations also showed that KGC isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings).
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Donald Sussman of Paloma Partners
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Do Hedge Funds Think KGC Is A Good Stock To Buy Now?
Heading into the third quarter of 2021, a total of 28 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 4% from the first quarter of 2020. By comparison, 30 hedge funds held shares or bullish call options in KGC a year ago. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Kinross Gold Corporation (NYSE:KGC) was held by Renaissance Technologies, which reported holding $198.3 million worth of stock at the end of June. It was followed by Sprott Asset Management with a $55.9 million position. Other investors bullish on the company included Quaker Capital Investments, Citadel Investment Group, and D E Shaw. In terms of the portfolio weights assigned to each position Quaker Capital Investments allocated the biggest weight to Kinross Gold Corporation (NYSE:KGC), around 7.96% of its 13F portfolio. Sprott Asset Management is also relatively very bullish on the stock, dishing out 3.26 percent of its 13F equity portfolio to KGC.
As one would reasonably expect, key money managers have jumped into Kinross Gold Corporation (NYSE:KGC) headfirst. Schonfeld Strategic Advisors, managed by Ryan Tolkin (CIO), assembled the most outsized position in Kinross Gold Corporation (NYSE:KGC). Schonfeld Strategic Advisors had $2.4 million invested in the company at the end of the quarter. Eric Sprott’s Sprott Asset Management also made a $1.8 million investment in the stock during the quarter. The following funds were also among the new KGC investors: Peter Muller’s PDT Partners, Donald Sussman’s Paloma Partners, and Ken Fisher’s Fisher Asset Management.
Let’s also examine hedge fund activity in other stocks similar to Kinross Gold Corporation (NYSE:KGC). We will take a look at Mobile TeleSystems OJSC (NYSE:MBT), Autohome Inc (NYSE:ATHM), Gentex Corporation (NASDAQ:GNTX), Donaldson Company, Inc. (NYSE:DCI), Amedisys Inc (NASDAQ:AMED), Grupo Televisa SAB (NYSE:TV), and Melco Resorts & Entertainment Limited (NASDAQ:MLCO). This group of stocks’ market caps are closest to KGC’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| MBT | 10 | 293155 | -1 |
| ATHM | 16 | 344855 | -2 |
| GNTX | 34 | 440659 | -1 |
| DCI | 21 | 258723 | -7 |
| AMED | 26 | 271283 | 0 |
| TV | 17 | 1116489 | 2 |
| MLCO | 29 | 755083 | 0 |
| Average | 21.9 | 497178 | -1.3 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 21.9 hedge funds with bullish positions and the average amount invested in these stocks was $497 million. That figure was $360 million in KGC’s case. Gentex Corporation (NASDAQ:GNTX) is the most popular stock in this table. On the other hand Mobile TeleSystems OJSC (NYSE:MBT) is the least popular one with only 10 bullish hedge fund positions. Kinross Gold Corporation (NYSE:KGC) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for KGC is 66.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 24.9% in 2021 through October 15th and beat the market again by 4.5 percentage points. Unfortunately KGC wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on KGC were disappointed as the stock returned -3.3% since the end of June (through 10/15) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as many of these stocks already outperformed the market since 2019.
Follow Kinross Gold Corp (NYSE:KGC)
Follow Kinross Gold Corp (NYSE:KGC)
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Disclosure: None. This article was originally published at Insider Monkey.
