AIG made headlines last month when the most recent 13-F filings showed that it had become the most widely held long position among large hedge funds, according to Insider Monkey, surpassing AAPL for the honor. Many funds accumulated the stock on the government’s sales last year, as it exited its ownership position in the stock. That gave the all-clear for many investors who had eyed the value in AIG for several years.
The stock trades at 0.57x book, even after its recent rally (more than 20% since mid-Nov). Of course, for a complex balance sheet name like AIG, it’s hard to say what all those assets are worth. But clearly, many hedge funds think it’s worth more than 0.57x book.
But if everyone’s long, are there still incremental buyers left for the stock? Here’s the technical picture: