This Is What Hedge Funds Bought And Sold In The Second Quarter

In addition to the widely publicized changes in Berkshire Hathaway's portfolio, where as we previously reported Warren Buffett dumped a material amount of his bank holdings in addition to completely selling out of airlines, while making his first ever foray into precious metals with a new $563MM stake in Barrick Gold, there were other quite notable changes in hedge fund portfolios during Q2 as disclosed in the barrage of 13Fs filed on Friday.

As Bloomberg recaps, the 13F filings show that even more hedge funds leaned in to the stay-at-home trade amid the Covid-19 pandemic. Of note, Home Depot was a top new buy for Balyasny Asset Management, while Pershing Square Capital Management and Adage Capital Partners boosted stakes in Lowe’s. Coatue Management boosted its stakes in Peloton and Zoom Video Communications.

Netflix was one notable exception as Appaloosa, D1 Capital Partners and Viking Global Investors cut their stakes. The streaming giant was a new buy at Tudor Investment Corp.

Some funds alswo snapped up shares in Alibaba Group Holding Ltd. Ray Dalio’s Bridgewater Associates and Stan Druckenmiller’s Duquesne Family Office were among those that boosted stakes in the Chinese internet company. Maverick Capital, on the other hand, trimmed its holdings.

In any case no matter what they did, hedge funds continue to dismally underperform not only the broader market but a basket of stocks beloved by retail investors.

Worse, the Sharpe ratio of equity long/short hedge funds is now a negative 0.6. Perhaps it's time hedge fund paid investors to "manage" their money.

In any case, for those who still care, below is a summary of what the most prominent hedge funds did in the second quarter, courtesy of Bloomberg:

ADAGE CAPITAL PARTNERS

  • Top new buys: RPRX, ABBV, W, HZNP, FIVE, ST, CCK, TRV, USB, JCI
  • Top exits: BMY, GILD, ETN, PNC, MAS, EXC, AON, CCMP, NI, CX
  • Boosted stakes in: BURL, PYPL, FTV, ITT, LOW, GOOGL, TMUS, EYE, AZO, BMRN
  • Cut stakes in: LMT, JNJ, PFE, HON, VZ, VRTX, TGT, VMC, PXD, LLY

APPALOOSA

  • Top new buys: T, V, MA, PYPL, DIS, SYY, EMR, MO, SQ, TEN
  • Top exits: INTEQ, XLU, BKLN
  • Boosted stakes in: TMUS, BABA, MU, HCA, MSFT, BSX, TWTR, WFC, CRM, GT
  • Cut stakes in: PCG, UNH, TSLA, HUM, VST, AMLP, AVGO, NFLX, QCOM, ADBE

BALYASNY ASSET MANAGEMENT

  • Top new buys: SCHW, ABT, TGT, HD, ADBE, SHOP, ITW, COST, C
  • Top exits: JCI, AMTD, INTC, CHTR, KR, TMUS, TTWO, NVDA, ICE, ROST
  • Boosted stakes in: PYPL, FISV, BABA, JPM, FLT, NSC, LITE, DKS, QCOM, LHX
  • Cut stakes in: BSX, LOW, DG, FIS, ABBV, BAX, INTU, JD, BK, ETFC

BAUPOST GROUP

  • Top new buys: HCA, VRNT, VTR, SSNC
  • Top exits: LNG, ET, XPO, SPR, CARS
  • Boosted stakes in: LBTYK, TBIO, QRVO, ATRA, HDS
  • Cut stakes in: FB, GOOG, PCG, UNVR, ABC, HPQ, CLNY, VIST, AKBA

BERKSHIRE HATHAWAY

  • Top new buys: GOLD
  • Top exits: DAL, LUV, UAL, AAL, QSR, GS, OXY
  • Boosted stakes in: STOR, KR, SU
  • Cut stakes in: WFC, JPM, SIRI, PNC, MTB, BK, MA, V, CHTR, USB

BRIDGEWATER ASSOCIATES

  • Top new buys: UPS, ZLAB, CSX, ECL, TT, RNG, PAYC, ROP, GWW, FICO
  • Top exits: TLT, HYG, EMB, RY, TD, TIP, CNI, BNS, TRP, BCE
  • Boosted stakes in: SPY, GLD, IVV, FXI, BABA, MCHI, IAU, JD, PDD, VEA
  • Cut stakes in: EWZ, LQD, INDA, EWY, EEM, IEMG, VWO, EWW, BAM, EWT

COATUE MANAGEMENT

  • Top new buys: BA, DOCU, INO, DXCM, WYNN, HWM, LYV, ALGN, TDG, DHT
  • Top exits: RNG, SNAP, BYND, LKNCY, GLUU, ISRG, CGC, STNE, MCD, VGK
  • Boosted stakes in: DIS, PYPL, ZM, SQ, CRWD, PTON, LRCX, SHOP, MU, PODD
  • Cut stakes in: MSFT, LBRDK, BABA, TWTR, JD, NKE, GPN, CREE, GH, NFLX

CORSAIR CAPITAL MANAGEMENT

  • Top new buys: IWO, IWM, WMB, NATR, MFIN
  • Top exits: LAUR, RHP, ECPG, ATKR, NMRK, TROX, KRA, FSK, HHC, SATS
  • Boosted stakes in: VRT, WSC, GDDY, CC, BH, BBCP, METC, BRK/B
  • Cut stakes in: HGV, HMHC, FMC, NWSA, REPH, GOOG, CHDN, C, CUBI, PLYA

CORVEX MANAGEMENT

  • Top new buys: TMUS, EXC, EVRG, CMCSA, JPM, IAA, TIF, LYV, PCG
  • Top exits: ZEN, CRM, FANG, UNP, VMC, MPC, UNH, ANTM, SPY
  • Boosted stakes in: MGM, GLD, BABA, CNP, NFLX, HUM, CNC, MSGS
  • Cut stakes in: ADBE, ATUS, ATVI, AMZN

D1 CAPITAL PARTNERS

  • Top new buys: JPM, AVB, EXPE, TGT, DEI, AAP, ESS, CVNA, SMAR, PNC
  • Top exits: LIN, GWRE, TME, NKE, UNH, BAC, PDD, DHI, INMD
  • Boosted stakes in: BABA, USB, JD, LVS, MSFT, HPP, KRC, CCC, LYV, HLT
  • Cut stakes in: NFLX, FB, AMZN, DIS, RACE, ORLY, PPD, AZO, SBUX, GOOGL

DUQUESNE FAMILY OFFICE

  • Top new buys: TMUS, JPM, XBI, SBUX, BKNG, SMAR, CCL, WFC, LYV, CB
  • Top exits: ABT, QCOM, NOW, ADBE, INDA, COUP, TWOU, EDU, SNE, TWLO
  • Boosted stakes in: MSFT, JD, FCX, FSLY, BABA, CRWD, RETA, PLAN, FLEX
  • Cut stakes in: NFLX, FB, AMZN, WDAY, ATVI, GOOGL, GE, IQV, FIS, DISH

ELLIOTT MANAGEMENT

  • Top new buys: WELL, FSCT
  • Top exits: LQD, RRTS, ESI, HYG, XOP, NEWR, CSOD, NTNX, CNHI, EGHT
  • Boosted stakes in: DELL, TWTR, RYAAY

ENGAGED CAPITAL

  • Top new buys: JACK, MGLN, SMPL, IWM
  • Top exits: APOG
  • Boosted stakes in: STKL, NCR
  • Cut stakes in: HAIN

FIR TREE

  • Top new buys: SQ, LYV, PS, SNAP, VG, EIX, SABR, EXPE, J, PCPL
  • Top exits: FLT, FPAC, BKNG, SHLL, CCH, GOOG, APXT, OAC, DMS, EXPC
  • Boosted stakes in: CNC, CTXS
  • Cut stakes in: DIS, MSFT, TMUS, LAUR, ANTM, DELL, EXC, CMCSA, SLM, TRNE

GREENLIGHT CAPITAL

  • Top new buys: GDX, AAWW, TECK, REZI, JACK, GLD, APG, TPX, SATS, WHR
  • Top exits: ATUS, ADNT, CNC, MO, PAYX, AXP, GS, DHR, BRK/B, DIS
  • Boosted stakes in: AER, CHNG, NBSE, GPOR
  • Cut stakes in: CNX, XELA, CC

ICAHN

  • Top exits: HPQ, HTZ, FCX
  • Boosted stakes in: IEP, LNG, TEN
  • Cut stakes in: CLDR

IMPALA ASSET MANAGEMENT

  • Top new buys: LAD, DRI, NSC, HES, CMI, VAC, TOL, ADNT, DOOO, MU
  • Top exits: MSFT, PCAR, CSX, KBH, VMC, MA, AMZN, FDX, EXP
  • Boosted stakes in: HOG, RIO, AAWW, FUN, WYNN, UFI
  • Cut stakes in: TGT, QCOM, KSU, SBLK, TTWO, SIX, KNX, TCKRF, NVR, TECK

JANA PARTNERS

  • Top exits: NEWR, JACK
  • Boosted stakes in: PRSP, SPY
  • Cut stakes in: AXTA, HDS, HI, BLMN, ELY, CAG

LAKEWOOD CAPITAL MANAGEMENT

  • Top new buys: HDS, CRL, LBTYK, LBTYA, UE, CDK, NKLA, ABG, CROX, SHAK
  • Top exits: WUBA, AMZN, ICE, FNF, TWO, YY, RNR, TPR, WW, REAL
  • Boosted stakes in: FAF, BABA, ANTM, AXS, BIDU, BHC, HCA, SKX, C, ACGL
  • Cut stakes in: GOOGL, CI, FB, MA, DELL, GS, AGNC, APO, CMCSA, BC

LANSDOWNE

  • Top new buys: C, VMC, LUV, ED, FCX, RYAAY, AES, COG, TMUS, BKNG
  • Top exits: DHT, NKLA, AGI, TT, IQ, BABA
  • Boosted stakes in: MU
  • Cut stakes in: UAL, DAL, FSLR, GE, ETN, ADI, REGI, LRCX, TSM, SMMT

LONG POND

  • Top new buys: PEAK, LVS, DEI, EQR, SHO, WELL, SEAS, UDR, INVH, MAR
  • Top exits: H, DHI, VNO, PEB, PGRE, MGM, VAC, RRR, JLL, CUZ
  • Boosted stakes in: CPT, AVB, MAA, AIV, HLT, ESS, FR, KRC, JBGS
  • Cut stakes in: WH, HGV, RHP, HPP, SBRA

MAGNETAR FINANCIAL

  • Top new buys: ADCT, NVS, PKI
  • Top exits: HPQ, TSG, DLR, DKNG, ET, EPD, KMI, LHCG, CRL
  • Boosted stakes in: GRUB, WLTW, LH, BDX, LCA, CPAA, SYNH, ABBV, CRSA, DGX
  • Cut stakes in: PFE, ADSW, TIF, UBER, NVST, BAX, WMB, PPD, MEET, FREE

MAVERICK CAPITAL

  • Top new buys: AXP, LIVN, VFC, MKC, GE, BGS, THS, GIS, CRI, FL
  • Top exits: QSR, COMM, ALKS, H, BX, GME, WING, ARMK, ORCL, LB
  • Boosted stakes in: FB, AMZN, DLTR, MSFT, LRCX, APD, ATRA, NFLX, NKTR, UBER
  • Cut stakes in: FLT, BABA, DD, CCK, STNE, PRSP, TMUS, CNC, ADBE, KKR

MELVIN CAPITAL MANAGEMENT

  • Top new buys: DOCU, TWLO, SE, GOOGL, AEO, LOW, NUAN, HLT, TPX, PINS
  • Top exits: TTWO, CPRT, EDU, DG, ADYEN, EFX, ADI, LKNCY, IQV, QSR
  • Boosted stakes in: FISV, AZO, BKNG, JD, PYPL, LB, AAP, MA, FICO, DPZ
  • Cut stakes in: FIS, FB, CSGP, LH, NFLX, DRI, VRSN, AMZN, EL, PLAN

OAKTREE CAPITAL MANAGEMENT

  • Top new buys: PCG, GTH, API, SRNE
  • Top exits: CEO, SRLP, WMB, BRFS, ASRT, ORCC, PVAC, MDRIQ
  • Boosted stakes in: TMHC, AU, TSM, CX, ITUB, MELI, BIDU, AFYA, IBN, AZUL
  • Cut stakes in: BABA, BCEI, CZR, CCS, SMCI

OMEGA ADVISORS

  • Top new buys: DNRCQ
  • Top exits: GOOGL, SSSS, TWO, GPMT
  • Boosted stakes in: COOP, JPM, FOE, GTN, MGY, SNR, SRGA, AMCX
  • Cut stakes in: VICI, GCI, FCRD, NBR, ASPU, OCN, EFC, MVC, PE, ABR

PERSHING SQUARE

  • Top exits: BRK/B, BX, PK
  • Boosted stakes in: QSR, LOW
  • Cut stakes in: HHC

SOROBAN CAPITAL

  • Top new buys: RTX, CMCSA, HLT, MAR, YUM
  • Top exits: LHX, QSR, NSC
  • Boosted stakes in: BABA, SNE
  • Cut stakes in: NOC, UNP, CSX, ATUS, AMZN, MSFT

SOROS FUND MANAGEMENT

  • Top new buys: IGSB, SLQT, HAIN, PCG, DKNG, DRI, SPSB, BAC, MS, C
  • Top exits: XLU, WMGI, UNH, LNT, SHW, ALL, CBOE, LEN, DIS, CVE
  • Boosted stakes in: LQD, TMUS, NLOK, VICI, TDG, ARMK, BK, GS, ETFC, FOCS
  • Cut stakes in: PTON, TIF, TCO, ORCC, VST, KKR, CLVS, AVTR, ATVI, DHI

STARBOARD

  • Top new buys: IWM, IWR
  • Top exits: REZI
  • Boosted stakes in: MD, ACIW
  • Cut stakes in: EBAY, IWN, CERN, NLOK, CVLT, BOX, MMSI, GDOT

TEMASEK HOLDINGS

  • Top new buys: BLK, PDD, SBUX
  • Top exits: BMRN, UNVR, RDS/B, PAGS, STNE, TOUR, FSLY, WORK
  • Boosted stakes in: BGNE, HDB, IBN, CBPO, VMW
  • Cut stakes in: BABA, FIS, VIRT, NIO, DDOG, VNET, INFO

TIGER GLOBAL

  • Top new buys: ZI, API, DADA
  • Top exits: IQ, LVGO, BILL, STG, JCPNQ
  • Boosted stakes in: JD, AMZN, MSFT, CRWD, SPOT, PDD, DDOG, CRM, WDAY, ZM
  • Cut stakes in: ATH, SVMK, RDFN, MA, STNE, PYPL

TUDOR INVESTMENT

  • Top new buys: ADSW, PCG, TMUS, TME, LHX, ATHM, BXMT, NFLX, ESS, EQR
  • Top exits: TIP, DEI, ABBV, FHN, KRC, GLPI, COP, PEG, LAD, MS
  • Boosted stakes in: AMTD, ETFC, GLIBA, SOXX, X, O, AAPL, UBER, CRWD, TCO
  • Cut stakes in: SPY, JAZZ, CERN, TEAM, HPQ, MCD, EA, LRCX, CUZ, PSB

VIKING GLOBAL INVESTORS

  • Top new buys: TMO, HLT, APG, NUAN, MCO, PH, ADI, SHW, DRI, ZNTL
  • Top exits: ANTM, GOOGL, FB, NSC, ORLY, A, NOW, PGR, BMRN, AJG
  • Boosted stakes in: AXP, CMCSA, FIS, LVS, TMUS, PLAN, JPM, AON, CB, SE
  • Cut stakes in: NFLX, BSX, JD, LOW, UBER, CME, MELI, MU, CRM, CHNG

WHALE ROCK CAPITAL MANAGEMENT

  • Top new buys: SQ, NXPI, MELI, CREE, VRM, ZI
  • Top exits: DIS, BABA, INTC, MU, MIME, ZS, ATVI, TSM, KLIC, PLAN
  • Boosted stakes in: FSLY, SHOP, DOCU, TSLA, COUP, AMZN, W, FB, OKTA, BILL
  • Cut stakes in: NOW, MSFT, NET, PTON, SMAR, FTNT, CRWD, AVLR, ZM, DDOG

Source: Bloomberg, HSBC