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This Is What Hedge Funds Bought And Sold In Q1: Complete 13F Summary

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by Tyler Durden
Tuesday, May 18, 2021 - 10:20 AM

Late yesterday - around the time we were "transitorily" suspended by twitter yet again - we reported on what we think is the biggest story in the hedge fund word right now: the stark reversal in the smart money's love affair with tech stock manifesting itself in the biggest shorting of tech stocks by hedge funds in 5 years (according to Goldman Prime).

Well, the latest barrage of 13F reports confirms that tech indeed was the bete noir of the first quarter, with some of the most notable hedge funds dumping some or all of their tech exposure, as they rotated into value and reflation sectors such as financials and energy. That and much more is noted in the below summary of the most notable 13F moves of the past quarter, courtesy of Bloomberg:

  • Philippe Laffont’s Coatue Management slashed many of its tech holdings that have benefited from the pandemic-induced lockdowns, like fitness-equipment maker Peloton Interactive Inc., cyber-security solutions company Crowdstrike Holdings Inc., and Zoom Video Communications Inc. Coatue reduced its exposure to technology stocks by about 8%, data compiled by Bloomberg show. Alex Sacerdote’s Whale Rock Capital Management also decreased its stake in some of those stocks, including Peloton and Crowdstrike.

  • Financials were a key sector that firms re-allocated to as they broadly trailed other cyclical sectors due in part to low interest rates. Dan Sundheim’s D1 Capital liquidated its stake in JPMorgan Chase & Co., jettisoning a position worth more than $1 billion as of March 31. Viking Global also decreased its JPMorgan stake, but it’s starting a new position in Bank of America. Duquesne took a new position in Citigroup and has a small holding in JPMorgan. Berkshire Hathaway Inc., meanwhile, cut its position in Wells Fargo. ValueAct dumped its remaining stake in Morgan Stanley.

  • GameStop Corp. was among the companies that skyrocketed during the Reddit-fueled trading frenzy at the beginning of the year. Lee Ainslie’s Maverick Capital exited its stake in the video-game retailer, valued at $88 million at the end of December, when the shares traded at $18.84. GameStop shares hit a record $347.51 on Jan. 27 as Redditors pushed the stock “to the moon.”

  • Alibaba Group Holding Ltd. seemed to fall out of favor with some hedge funds in the first three months of the year as China’s crackdown on the technology sector weighed on the e-commerce giant. It was a top exit for Third Point and Coatue Management; Soroban Capital Partners trimmed its stake.

  • Bill Ackman's Pershing Square added Domino’s Pizza Inc. to its investments and exited Starbucks

  • Elliott added E2open Parent Holdings Inc. Class A to its investments and exited F5 Networks Inc. in the first quarter. Elliott also added to its holdings in Twitter Inc, Decreased its stake in CorMedix Inc; Dell Technologies Class C was the biggest holding, representing 28% of disclosed assets

  • David Tepper's Appaloosa added Chesapeake Energy Corp. to its investments and exited Square. Other higlights: it added to its holdings in Energy Select Sector SPDR Fund, and decreased its stake in PG&E Corp; Micron Technology Inc. was the biggest holding, representing 9.2% of disclosed assets.

  • George Soros’s investment firm was among those that capitalized on the distressed remains of Bill Hwang’s Archegos Capital Management. His Soros Fund Management snapped up shares of ViacomCBS Inc., Discovery Inc. and Baidu Inc. as they were being sold off in massive blocks during the collapse of Archegos at the end of March. Coatue Management also started smaller new positions in three of the names in the quarter: a $148 million stake in Farfetch Ltd., a $147 million position in RLX Technology Inc. and a $77 million holding in ViacomCBS. And D1 Capital Partners added 124,000 shares of Shopify Inc. for a stake valued at $137 million. Elliott Management Corp. disclosed it held a $95 million stake in Discovery Inc.

  • Stan Druckenmiller’s family office Duquesne took a new position in Citigroup, worth $154.6 million, a $139.4 million stake in data-mining firm Palantir and a small holding of JPMorgan. The investment firm boosted its holding in Starbucks and liquidated its investment in Disney, worth about $124 million, while also exiting cruise liner Carnival.

  • Starboard Value jumped on a hot Wall Street trend: SPACs. The activist investor, which launched its own blank-check company last year, made relatively small investments in 18 such companies in the quarter, including ones being run by notable investors such as Michael Klein and Alex Rodriguez and private equity firms KKR & Co. and Warburg Pincus. Another activist investor, Keith Meister’s Corvex Management, also snapped up several SPAC names in the quarter.

  • Berkshire Hathaway exited Synchrony Financial in the first quarter as Warren Buffett’s company continued to trim its bets on financial firms.

  • Chase Coleman’s Tiger Global kept the majority of its positions static in the first quarter and only sold out of two names. Digital games company Roblox, which made its public debut in the quarter, emerged as a new top holding for Tiger Global, behind JD.com and Microsoft, and was valued at $2.6 billion at the end of March. Tiger Global was among the company’s pre-listing backers, having first invested in Roblox in 2018

Jana Partners built a new position in Vonage Holdings Corp. The hedge fund plans to push for changes at the telecommunications services company, according to people familiar with the matter

Andreas Halvorsen’s Viking Global started a new position in Bank of America, snapping up 31.3 million shares worth $1.2 billion as of March 31. That makes it Viking’s fifth biggest long holding. Shares of Bank of America have been on a tear, rising 28% in the first quarter after gaining 26% in the fourth quarter. Viking also took new stakes in Netflix, solar energy company Sunrun and 25 others companies. Meanwhile it sold out of Disney, ditching shares worth $774 million as of March 31 and getting out of a stake worth $632 million in American Express as of the same date.

A detailed breakdown of the top fund changes follows:

ADAGE CAPITAL PARTNERS

  • Top new buys: PRAH, AEVA, F, PNTM, PAX, APTV, VRT, MIT, EPIX, PTC

  • Top exits: MMM, CEO, IMVT, KMB, SRPT, STEM, SAIC, NVAX, VALE, NVT

  • Boosted stakes in: FTV, ALXN, MRK, HON, JNJ, MSFT, BAC, GOOG, GOOGL, W

  • Cut stakes in: RPRX, AAPL, BURL, EYE, XOM, DOV, UAA, AMZN, DLTR, EIX

APPALOOSA

  • Top new buys: CHK, PSFE, DHI, MOS, AR, IQ, APA, ETWO, BP, DISCA

  • Top exits: SQ, WFC, MMP, TEN, KMI, ENBL

  • Boosted stakes in: XLE, OXY, XOP, UNH, GT, FCX, ADS, QCOM

  • Cut stakes in: PCG, BABA, TMUS, TWTR, PYPL, DIS, MA, AMZN, V, CRM

BALYASNY ASSET MANAGEMENT

  • Top new buys: WFC, COHR, INTC, ISRG, SCHW, HIG, PHM, FDX, HON, MTD

  • Top exits: PYPL, NVDA, XOM, RTX, JBHT, AAPL, STLA, SBUX, PG, KR

  • Boosted stakes in: TGT, BK, ZTS, AMZN, MS, MA, ALGN, CNI, ATVI, INFO

  • Cut stakes in: GOOGL, BABA, DIS, NFLX, MSFT, TEAM, TSCO, V, BAC, PANW

BAUPOST GROUP

  • Top new buys: WLTW, IFF, NUVB, CGEM, AJAX, TBA, AVAN, HZON, RTP, LMACA

  • Top exits: MPC, RBAC, RADI, VIST

  • Boosted stakes in: INTC, GOOG, QRVO, FB, MU, VRNT, PEAK, SSNC

  • Cut stakes in: EBAY, FOXA, ATRA, FNF

BERKSHIRE HATHAWAY

  • Top new buys: AON

  • Top exits: SYF, SU

  • Boosted stakes in: KR, VZ, RH, MMC

  • Cut stakes in: CVX, WFC, MRK, STNE, LBTYA, ABBV, AXTA, BMY, SIRI, GM

BRIDGEWATER ASSOCIATES

  • Top new buys: LOW, HD, JCI, LULU, DD, SHW, ECL, TSLA, KMX, F

  • Top exits: NOW, ADBE, SCCO, NVDA, APD, ATVI, ADSK, DE, AMAT, LRCX

  • Boosted stakes in: PG, KO, JNJ, MCD, WMT, TT, EL, APTV, PEP, WFC

  • Cut stakes in: GLD, EEM, IAU, SPY, IVV, VEA, PDD, EFA, IEFA, IEMG

COATUE MANAGEMENT

  • Top new buys: OSCR, MRNA, FTCH, RLX, TWLO, AI, LMND, BNTX, QS, DDD

  • Top exits: LRCX, JD, AYX, NVDA, DT, BABA, CREE, EXPE, GPS, MU

  • Boosted stakes in: LI, GH, XPEV, AMZN, NKLA, SE, SNOW, LSPD, COUP, VLDR

  • Cut stakes in: PYPL, DIS, PTON, CRWD, ZM, GPN, SQ, TSLA, UBER, PLAN

CORVEX MANAGEMENT

  • Top new buys: MSFT, EXPE, BLMN, AJAX, CAP, HZON, TWND, AACQ, HEC, FIII

  • Top exits: WDAY, ADBE, AEO, ZEN, HCA, HUM, EVRG, CNP, STEM

  • Boosted stakes in: EXC, GOOGL, TMUS, CCEP, AMZN, JPM, ATUS

  • Cut stakes in: MGM, FE, ATVI, GLD, NFLX

D1 CAPITAL PARTNERS

  • Top new buys: BKNG, DDOG, AMZN, DECK, MRVI, BAX, DRI, TEAM, BX, EDU

  • Top exits: IR, PNC, CLVT, DT, MSGS, MU, SMAR, KRC, BABA, ESS

  • Boosted stakes in: MSFT, EXPE, NFLX, FB, GOOGL, DIS, RH, JPM, DHR, TGT

  • Cut stakes in: LYV, CVNA, AVB, ORLY, HPP, BLL, LVS, DEI, AAP, RACE

DUQUESNE FAMILY OFFICE

  • Top new buys: C, PLTR, ON, BKNG, INTU, BLDR, FB, TSM, JPM, CAT

  • Top exits: DIS, NEE, CCL, IQV, ADI, WDAY, SMAR, SMH, NYT, ELAN

  • Boosted stakes in: EXPE, SBUX, CMI, UBER, GOOGL, USFD, TECK, FLEX, VALE, LIN

  • Cut stakes in: TMUS, NUAN, MSFT, CVNA, NET, MELI, PENN, AMZN, PANW, SE

ELLIOTT MANAGEMENT

  • Top new buys: ETWO, DISCK, TTD, RYAAY, FB, PFG

  • Top exits: FFIV, FNV, XOP

  • Boosted stakes in: TWTR, MPC, PINS, SNAP

  • Cut stakes in: CRMD

EMINENCE CAPITAL

  • Top new buys: AAP, NICE, ETWO, WBA, LIVN, NSTG, CHTR, CCK, SNRH, PFGC

  • Top exits: DD, CHNG, FISV, WWE, OUT, CNC, AVTR, WELL, VRT, VVV

  • Boosted stakes in: DNB, AMZN, EXPE, WSC, RRR, GOOG, AON, PSTG, PEGA, ABG

  • Cut stakes in: USFD, MIC, RHP, DFS, PLAY, NUAN, BERY, NEWR, CNNE, COF

ENGAGED CAPITAL

  • Top new buys: CORE

  • Top exits: MGLN

  • Boosted stakes in: NCR

  • Cut stakes in: QUOT, IWM

FIR TREE

  • Top new buys: CIT, EXC, NAAC, PCPC, MSFT, EAC, FPAC, CTAQ, PNTM, TACA

  • Top exits: EXPE, MSGE, CTXS, HHC, AACQ, DIS, WPF, THCB, ASPL, BOWX

  • Boosted stakes in: OUT, ENPC, ABBV, MLAC, STWO, GLEO, SCVX, GOAC, CRHC, CONX

  • Cut stakes in: SLM, LAMR, FE, SPR, GRSV, BSX, DELL, TMUS, HEC, THCA

GREENLIGHT CAPITAL

  • Top new buys: FSRV, WPF, SPNV, GPRO, XOG, CPRI, GANX, RTP, DGNR, NGAC

  • Top exits: NCR, GDX, CCK, DDS, UHAL, ICPT, MNOV

  • Boosted stakes in: DNMR, CNXC, APG, SATS, ADT, JACK

  • Cut stakes in: GRBK, AER, GLD, FUBO, REZI, CNX, CHNG, TECK, AAWW, CC

ICAHN

  • Top new buys: FE

  • Boosted stakes in: BHC, DAN, XRX, TEN

  • Cut stakes in: HLF, OXY

IMPALA ASSET MANAGEMENT

  • Top new buys: WFG, PXD, LYB, ZIM, AGCO, ASTE, OSK, WDC, TFII, SONY

  • Top exits: FCX, THO, CMI, SIX, EOG, KBH, LEA, CLR, GBX, F

  • Boosted stakes in: DAC, UAL, HES, DVN, TROX, ADNT, CENX, LAD, CNK, TECK

  • Cut stakes in: KNX, HOG, NVR, RIO, DOOR, SLB, COP, HGV, SBSW, MU

JANA PARTNERS

  • Top new buys: VG, CONE

  • Top exits: BLMN, TGNA, NEWR, GRA

  • Boosted stakes in: THS, LH

  • Cut stakes in: EHC, SPY

LAKEWOOD CAPITAL MANAGEMENT

  • Top new buys: AEL, GDDY, GPI, CDW, FAII, SYNH, HEC, TSCO, DNMR, UWMC

  • Top exits: TMUS, LBRDK, AGNC, GS, UE, SCHW, GLD, CWH, CROX

  • Boosted stakes in: FB, ATH, BABA, MIME, GOOGL, FAF, AXTA, SAIC, ANTM, WRK

  • Cut stakes in: CIT, DELL, HCA, APO, MCD, COF, ALLY, ABG, MA, SKX

LANSDOWNE

  • Top new buys: IEUR, BLBD, AER, CDE, PAAS, RBLX, SSO, USO

  • Top exits: C, UNP, NSC, PSX, IDA, AG, HTOO, EEM, GLD

  • Boosted stakes in: RYAAY, ETN, GE, CARR, ENIA, VXX, REGI, UVXY, EGO

  • Cut stakes in: OTIS, TSM, VMC, TMUS, AES, ED, BKNG, LUV, BLDP, DAR

LONG POND

  • Top new buys: INVH, GDS, FMX, EXPE, QTS, DIA, HLT, CONE, AIV, MLCO

  • Top exits: AIRC, GLPI, ESS, UDR, DEI, ABNB, LSI, MGP, EXP, RADI

  • Boosted stakes in: AMH, FR, SUI, CPT, WH, LVS, HGV, MSGS, ELS

  • Cut stakes in: EQR, AVB, PHM, JBGS, NNN, MAA, SRC, FPH

MAGNETAR FINANCIAL

  • Top new buys: PRAH, KSU, COHR, SJR, MGLN, PBCT, CCIV, CATM, CTB, FRTA

  • Top exits: CCX, NOVA, VIEW

  • Boosted stakes in: CHNG, FLIR, ATH, RTP, TCF, BDX, AZN, MDT, AJRD, AVTR

  • Cut stakes in: OPEN, BSX, ARVL, IPOF, LH, THBR, VGAC, FUSE, ATAC, FIII

MAVERICK CAPITAL

  • Top new buys: CPNG, TMUS, IFF, MELI, AJAX, TBA, SUM, DRNA, TSM, SPFR

  • Top exits: GME, GTLS, WYNN, IBP, CPB, CROX, JACK, VFC, CMLF, MKC

  • Boosted stakes in: LPLA, AMZN, AON, FIS, UBER, NFLX, XP, ELAN, LB, LVS

  • Cut stakes in: DD, FB, BABA, AXP, FLT, LRCX, MGM, AMAT, ADBE, NKE

MELVIN CAPITAL MANAGEMENT

  • Top new buys: SNOW, UBER, ADSK, SBUX, USFD, NTES, BILL, MU, SIG, SEAS

  • Top exits: FISV, AMD, ADBE, MELI, JD, MSFT, AZO, BABA, MSCI, SPGI

  • Boosted stakes in: LH, NFLX, AMZN, RACE, PAGS, FICO, CRWD, DECK, IAA, CBRL

  • Cut stakes in: FB, EXPE, BKNG, MA, COUP, NKE, LVS, PINS, LB, NOW

OAKTREE CAPITAL MANAGEMENT

  • Top new buys: CHK, SHLS, KRC, HIMS, FTAI, XOG, SRNE

  • Top exits: VALE, IBN, BBD, PBR, AU, AZUL, AFYA, TSM, AMX, LU

  • Boosted stakes in: STKL, EQR, IEA

  • Cut stakes in: ITUB, VST, CX, CRC, VEON, TV, NMIH, MTG, LBTYK, ALLY

OMEGA ADVISORS

  • Top new buys: BABA, IFF, NRG, PSFE, FOA, PNTM, JWSM, APSG

  • Top exits: AMCX, MNRL, BGS, NBR, AC, GBL

  • Boosted stakes in: ATH, ET, WSC, STKL, SMTS, C, VRT, FLMN, BBDC, ORCC

  • Cut stakes in: TRN, COOP, AMZN, OCN, SRGA, SNR, FCRD, ABR, MGY, NAVI

PERSHING SQUARE

  • Top new buys: DPZ

  • Top exits: SBUX

  • Boosted stakes in: HHC

  • Cut stakes in: CMG, QSR, A, HLT, LOW

SOROBAN CAPITAL

  • Top new buys: DPZ, INFO, V, MA, SPGI, WPF, NSTB, FUSE, FTOC, CAP

  • Top exits: YUM, MAR, FB, FISV, PSTH, HLT, ARMK, SONY, PLNT

  • Boosted stakes in: LOW, FIS, GWRE, AMZN

  • Cut stakes in: BABA, ADI, CMCSA, RTX, GOOGL, MSFT

SOROS FUND MANAGEMENT

  • Top new buys: BIDU, VIPS, TME, IFF, OPEN, DISCK, MU, ASHR, WAL, DISCA

  • Top exits: PLTR, EEM, SLQT, NLOK, DRI, PFSI, SE, XLNX, AGNC, FTAI

  • Boosted stakes in: AMZN, DHI, GOOGL, TXN, ADI, DEN, GM, IQ, VICI, ATVI

  • Cut stakes in: LBRDK, ALC, CLVT, HAIN, OTIS, UBER, MT, APTV, NOW, NKE

STARBOARD

  • Top new buys: ELAN, EHTH, MAAC, CCX, KVSC, PRPB, KVSA, TWCT, LNFA, DGNU

  • Top exits: AAP

  • Boosted stakes in: ACM, BOX, NLOK, IWM, SCOR, GDOT

  • Cut stakes in: ACIW, CERN, IWR, MMSI, CTVA, CVLT, ON

TEMASEK HOLDINGS

  • Top new buys: RBLX, XLF, INDA, GOVT, GRCL, PDD, AFRM, KRTX, PCVX, LMND

  • Top exits: AQUA, XLI, XLY, ABNB, SYK, MDT, ZBH, FTSI, BSX

  • Boosted stakes in: BGNE, KDP, MA, AMZN, VIR, V, EWY, IWM, SNOW, ADBE

  • Cut stakes in: DASH, BABA, VIRT, FTCH, EWZ, VNET, MSFT, DDOG, SE

THIRD POINT

  • Top new buys: CSGP, UBER, DD, DELL, SHOP, SU, CVNA, NYT, AES, SLV

  • Top exits: BABA, FIS, ADBE, CRM, PLNT, EXPE, SWK, NKE, PINS, PLTR

  • Boosted stakes in: PSFE, EL, UNH, MSFT, INTU, Z, SPGI, RH, LESL, APTV

  • Cut stakes in: IAA, AMZN, CHTR, DIS, PCG, JWS, RACE, ETRN, BKI, GOOGL

TIGER GLOBAL

  • Top new buys: RBLX, FUTU, CPNG, PLTK, OSCR, ONTF, DOCN, BMBL, XM, TBA

  • Top exits: GOTU, YALA

  • Boosted stakes in: DOCU, MSFT, DASH, SHOP, ZM, SE, ADBE, NOW, COUP, ONEM

  • Cut stakes in: UBER, SPOT, RUN, GDS, FB, STNE, DESP, INTU

TUDOR INVESTMENT

  • Top new buys: XLI, SMH, INFO, XLE, INTC, CLGX, DOCN, PRAH, WPC, FXI

  • Top exits: WLTW, EWZ, DD, PG, ZTS, VICI, IBM, LH, DELL, IRM

  • Boosted stakes in: SPY, NAV, ZM, XLNX, ALXN, LSPD, HIG, WMT, PANW, HQY

  • Cut stakes in: WORK, MXIM, ICLN, RSG, AAPL, MDLZ, EQIX, HEC, LOW, ELAN

VIKING GLOBAL INVESTORS

  • Top new buys: BAC, ORLY, COUP, NFLX, RUN, DE, AMP, XPEV, CRL, LAD

  • Top exits: DIS, AXP, TSM, HLT, BKNG, AMD, EHC, MU, AVB, APD

  • Boosted stakes in: GE, FB, TMO, LH, CB, FTV, BMY, UNH, PODD, PANW

  • Cut stakes in: JPM, MSFT, MELI, BSX, FIS, CI, NUAN, HIG, PH, VRSN

WHALE ROCK CAPITAL MANAGEMENT

  • Top new buys: GOOGL, W, AMAT, WDAY, ORCL, TWTR, ASML, MSFT, NCNO, CPNG

  • Top exits: SQ, NXPI, ZM, UBER, ZS, CRUS, EXPE, FTCH, NVDA, JD

  • Boosted stakes in: FB, BEKE, TRIP, AMZN, ZEN, TWLO, BILL, BILI, SMAR, SNOW

  • Cut stakes in: TSLA, CRWD, TSM, PTON, SE, PENN, CREE, FIVN, DIS, MDB

Source: Bloomberg

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