The 800+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31st. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Rogers Communications Inc. (NYSE:RCI).
Rogers Communications Inc. (NYSE:RCI) was in 18 hedge funds’ portfolios at the end of the first quarter of 2021. The all time high for this statistic is 23. RCI shareholders have witnessed an increase in enthusiasm from smart money of late. There were 15 hedge funds in our database with RCI holdings at the end of December. Our calculations also showed that RCI isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).
According to most shareholders, hedge funds are viewed as worthless, old investment vehicles of yesteryear. While there are greater than 8000 funds trading at the moment, Our researchers hone in on the leaders of this club, around 850 funds. It is estimated that this group of investors command most of all hedge funds’ total capital, and by keeping an eye on their first-class stock picks, Insider Monkey has identified many investment strategies that have historically defeated the broader indices. Insider Monkey’s flagship short hedge fund strategy defeated the S&P 500 short ETFs by around 20 percentage points annually since its inception in March 2017. Also, our monthly newsletter’s portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .
Donald Sussman of Paloma Partners
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, pet market is growing at a 7% annual rate and is expected to reach $110 billion in 2021. So, we are checking out the 5 best stocks for animal lovers. We go through lists like the 15 best Jim Cramer stocks to identify the next Tesla that will deliver outsized returns. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind let’s review the new hedge fund action regarding Rogers Communications Inc. (NYSE:RCI).
Do Hedge Funds Think RCI Is A Good Stock To Buy Now?
At Q1’s end, a total of 18 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 20% from the previous quarter. On the other hand, there were a total of 16 hedge funds with a bullish position in RCI 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.
More specifically, Renaissance Technologies was the largest shareholder of Rogers Communications Inc. (NYSE:RCI), with a stake worth $151.6 million reported as of the end of March. Trailing Renaissance Technologies was Galibier Capital Management, which amassed a stake valued at $58.9 million. GAMCO Investors, Millennium Management, and GLG Partners were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Galibier Capital Management allocated the biggest weight to Rogers Communications Inc. (NYSE:RCI), around 8.85% of its 13F portfolio. Te Ahumairangi Investment Management is also relatively very bullish on the stock, designating 0.65 percent of its 13F equity portfolio to RCI.
Consequently, some big names have jumped into Rogers Communications Inc. (NYSE:RCI) headfirst. D E Shaw, managed by D. E. Shaw, created the biggest position in Rogers Communications Inc. (NYSE:RCI). D E Shaw had $4.2 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also made a $3.1 million investment in the stock during the quarter. The other funds with brand new RCI positions are Donald Sussman’s Paloma Partners, Matthew Hulsizer’s PEAK6 Capital Management, and Michael Gelband’s ExodusPoint Capital.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Rogers Communications Inc. (NYSE:RCI) but similarly valued. We will take a look at Invitation Homes Inc. (NYSE:INVH), SS&C Technologies Holdings, Inc. (NASDAQ:SSNC), Catalent Inc (NYSE:CTLT), The AES Corporation (NYSE:AES), Incyte Corporation (NASDAQ:INCY), Cardinal Health, Inc. (NYSE:CAH), and Huazhu Group Limited (NASDAQ:HTHT). This group of stocks’ market values resemble RCI’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| INVH | 28 | 1174443 | 1 |
| SSNC | 54 | 2671021 | 5 |
| CTLT | 29 | 1016499 | -6 |
| AES | 51 | 1541608 | 13 |
| INCY | 32 | 3851519 | -5 |
| CAH | 39 | 967855 | -10 |
| HTHT | 27 | 687842 | 4 |
| Average | 37.1 | 1701541 | 0.3 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 37.1 hedge funds with bullish positions and the average amount invested in these stocks was $1702 million. That figure was $289 million in RCI’s case. SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) is the most popular stock in this table. On the other hand Huazhu Group Limited (NASDAQ:HTHT) is the least popular one with only 27 bullish hedge fund positions. Compared to these stocks Rogers Communications Inc. (NYSE:RCI) is even less popular than HTHT. Our overall hedge fund sentiment score for RCI is 31.5. 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. 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 28.5% in 2021 through July 23rd but managed to beat the market by 10.1 percentage points. A small number of hedge funds were also right about betting on RCI, though not to the same extent, as the stock returned 12.2% since the end of March (through July 23rd) and outperformed the market as well.
Follow Rogers Communications Inc (NYSE:RCI)
Follow Rogers Communications Inc (NYSE:RCI)
Suggested Articles:
- Aquamarine Capital’s Top 10 Stock Picks
- 15 Largest Gas Companies In The US
- 15 Biggest Online Brokers in 2021
Disclosure: None. This article was originally published at Insider Monkey.
