Top Hedge Funds Dump Stocks In Q3: Complete 13-F Summary

While the drama that takes place every three months on the 15th of each February, May, August, and November when hedge funds release their long equity holdings disclosures in quarterly 13F filings for the quarter that ended 45 days earlier, is vastly overblown (simply because current holding periods for most speculators are far shorter), 13-F statements do provide a useful glimpse into the state of mind of some of the smartest people in the room.

And, as Bloomberg summarizes, the just concluded 13-F bonanza, "some of the world’s top hedge fund managers scaled back their U.S. stock investments last quarter as markets tumbled."

This follows our report from last week that Ray Dalio's Bridgewater has unloaded some 31% of its US equity holdings in Q3, mostly those facing Latin American exposure.

Back to Bloomberg:

The value of Stan Druckenmiller’s disclosed U.S. equity holdings dropped 41 percent to $868 million, according to a filing from the billionaire’s family office. The listed holdings at Louis Bacon’s Moore Capital Management fell 39 percent to $1.65 billion, while at David Tepper’s Appaloosa Management, they dropped 30 percent to $2.82 billion.

One thing to note: Druckenmiller kept, and even levered up his investment in gold, converting his equity exposure in GLD into call options of the same underlying.

Some of the most closely watched money managers are retreating from U.S. stocks after the market has more than tripled from its 2008 low. Druckenmiller, who produced average annual returns of 30 percent from 1986 through 2010 at his Duquesne Capital Management, told an investor conference earlier this month that his outlook on equities could turn negative. Tepper, Appaloosa’s billionaire founder, said in September that he’s not as optimistic on the stock market as he could be because expectations for corporate earnings were high.

 

Druckenmiller’s Duquesne Family Office sold out of 18 equity positions in the third quarter, led by a $324 million stake in an exchange-traded fund that tracks gold prices, and reported seven new positions. Moore divested 187 investments, such as Chinese search engine Baidu Inc., while adding 81 new stakes. Appaloosa got out of seven stocks, including Alibaba Group Holding Ltd., and reported five new holdings.

“I’m not as bullish as I could be because I have problems with earnings growth, problems with multiples,”

 

Tepper told CNBC in the September interview, referring to price-to-earnings ratios. “I can’t really call myself a bull.”

The question is whether Tepper bought in the fourth quarter.

Other sellers included Zach Schreiber, who had worked for Druckenmiller before running PointState Capital, sold out of 69 equity positions in the third quarter including energy companies TransCanada Corp. and Whiting Petroleum Corp., and added 18 new stakes, according to a filing. The value of PointState’s U.S. stock holdings fell by more than half to $3.2 billion.

Below, courtesy of Bloomberg, is the full summary of what the most prominent hedge fund names did in Q3:

ADAGE CAPITAL

•    Reports new stakes in CFG, LMT, DISH, MPC
•    Boosts PCP, CAM, TYC
•    Cuts UTX, AAPL, SLB
•    No longer shows MMM, ENB, MW, EXC

APPALOOSA MANAGEMENT

•    Reports new stakes in LUV, EXP, WMIH, ALL, IR
•    Boosts DAL, NXPI, URI, TEX, CBI
•    Cuts GM, AAPL, PCLN, GT, HCA
•    No longer shows BABA, MAS, MHK, BAC, RF

BAUPOST GROUP

•    Reports new stakes in AA, PYPL, FOX, OLN
•    Boosts AR, LNG, VRTV, SN, BITI
•    Cuts MU, OCN, AOI, ALDW

BERKSHIRE HATHAWAY

•    Reports new stakes in T
•    Boosts PSX, CHTR, SU, GM
•    Cuts GS, WMT, DE, CBI, WBC

BLUE HARBOUR

•    Reports new stakes in BW, SWI, FOSL
•    Boosts XLNX, AVT, AGCO, ISBC
•    Cuts AKAM, TRCO, CLH, CHS
•    No longer shows HAWK, CACI

BLUEMOUNTAIN

•    Reports new stakes in NUVA, EURN, TERP, LEA
•    Boosts AVGO, BIIB, BEAV, AXP
•    Cuts AGN, TWC, TSO, HOT
•    No longer shows FLT, NRF, AKS

BRIDGEWATER ASSOCIATES

•    Reports new stakes in RL, T, FDX, HST, ORCL
•    Boosts SYMC, PEP, EMN, EXC, KSS
•    Cuts AAPL, SU, FL, CNQ
•    No longer shows CMG, ENB, VAR, SYY, CMCSA

COATUE MANAGEMENT

•    Reports new stakes in Z, ADSK, VDSI, W, CLF
•    Boosts NFLX, EXPE, ADBE, AGN
•    Cuts AAPL, BRCM, TWC, VIPS, LNKD, FB
•    No longer shows TMUS, BABA, GE, ATHM, CRM, EBAY

CORSAIR

•    Reports new stakes in ARMK, NSM, ENH
•    Boosts OLN, VWR, IMS
•    Cuts RJET, IACI, GSM, HUN
•    No longer shows DGI, BLL, WMB

CORVEX MANAGEMENT

•    Reports new stakes in APC, ODP, EBAY, TWC, PFE
•    Boosts AET, AGN, VER, HUM
•    Cuts ENDP, FNF, BUD, AXLL, TAP
•    No longer shows ICE, LNG, CIT, CBS, VIAB

DUQUESNE FAMILY OFFICE

•    Reports new stakes in AMZN, UA, EXPE, CCL
•    Boosts FB, CTRP, JD, WDAY
•    Cuts DOW, WFC, ILMN
•    No longer shows LYB, HAL, FCX

ELLIOTT MANAGEMENT

•    Reports new stakes in AGN, PLCM, PRGO, VMW, SQM
•    Boosts CTXS, CMCSA, ODP, MITL, CDK
•    Cuts JNPR, APC, FOX, TWC, WLL
•    No longer shows RYAAY, VCLT, LQD, DISCA

EMINENCE CAPITAL

•    Reports new stakes in YHOO, YUM, TTWO, ATVI, TMO
•    Boosts GMCR, SJM, ADSK, BIDU
•    Cuts FOSL, AIG, GPI, CCL, ZNGA
•    No longer shows JPM, PVH, PCP, BID, FLS

ETON PARK CAPITAL

•    Reports new stakes in SHW, CI
•    Boosts RGO, ADBE, BRCM, MSFT, SBAC
•    Cuts GOOG, AER, ODP, BEAV
•    No longer shows ZBH, MYL, HUM, MSI, SYK

FAIRHOLME CAPITAL

•    Reports new stakes in CNQ, C, SRG, IBM, DNOW
•    Boosts SRSC, NOV
•    Cuts AIG, BAC

GATES FOUNDATION

•    Boosts BRK/B
•    Cuts BP

GLENVIEW CAPITAL MGMT

•    Reports new stakes in WRK, A, SIRI, CHTR, CP
•    Boosts CI, MCK, HTZ, HLS, TEVA
•    Cuts ABBV, WOOF, C, ENDP, SUNE
•    No longer shows MCD, DHR, PSX, SBGI, IMS

GREENLIGHT CAPITAL

•    Reports new stakes in CNXC, GRMN, GLBL
•    Boosts AAPL, KORS, DDS, UIL
•    Cuts SUNE, MU, VOYA, AMAT, SEMI
•    No longer shows CFG, LRCX, SPR, HTZ, M

HAYMAN CAPITAL MGMT

•    Reports new stakes in IPXL, CF, GWPH, DBVT, DNAI
•    Boosts BMRN, NMIH, VRTX, ENDP
•    Cuts MYL
•    No longer shows PRGO, OAS, WLL, NFX, SM

HIGHFIELDS CAPITAL MGMT

•    Reports new stakes in AMT, BEAV, ABBV, PYPL, TRIP
•    Boosts DD, MCD, MSFT, TEVA, CBS
•    Cuts MHFI, ICE, APC, APD, IBM
•    No longer shows MON, BHI, CVE, LDOS, ABX

ICAHN ASSOCIATES

•    Reports new stakes in PYPL, FCX, AIG
•    Boosts LNG
•    Cuts HOLX
•    No longer shows EBAY

ICONIQ CAPITAL

•    Reports new stakes in AMLP, RIG, CSJ, AKAO
•    Boosts DVY, IWB, EFA, IDV, PXD
•    Cuts IAU, IWM, PFF, VWO, VEA
•    No longer shows W, CYBR

JANA PARTNERS

•    Reports new stakes in BAX, MSFT, MAT, ZTS, ARMK
•    Boosts CAG, AGN, BKD
•    Cuts RAX, QCOM, TWX, STRZA, LGF
•    No longer shows VRX, JCI, PCP, AER, URI, HDS

LAKEWOOD CAPITAL

•    Reports new stakes in BIDU, WRK, WMIH
•    Boosts FDX, MA, AGN, UNP, CMCSA
•    Cuts TSO, CDW, I, IM, WMT
•    No longer shows MU, GM, NCR, KSU

LANSDOWNE PARTNERS

•    Reports new stakes in XLE, AAPL, HDB, SEMI, BAC
•    Boosts LB, AMZN, NKE, CMCSA, V
•    Cuts JPM, WFC, NEE, LEAF, CRM
•    No longer shows NFLX, VXX, ETN, UTX, AES

LONE PINE CAPITAL

•    Reports new stakes in AMZN, STZ, DLTR, MBLY, ATVI
•    Boosts EA, SCHW, CHTR, HDB, HZNP
•    Cuts ILMN, RLGY, ADBE, SBAC, MA
•    No longer shows LOW, HCA, MHFI, ADSK, SUNE

MARCATO CAPITAL

•    Reports new stakes in URI, MDCA
•    Boosts BK
•    Cuts MIC, LEA
•    No longer shows PKG

MAVERICK CAPITAL

•    Reports new stakes in PFE, ARRS, PF
•    Boosts LBYTK, CIT, GOOD, ST, BUD, ARMK
•    Cuts PCLN, AGN, AVGO, RDN, ADBE
•    No longer shows BIDU, CHTR

MILLENNIUM MANAGEMENT

•    Reports new stakes in BP, BUD, CPT, BRCD, APA
•    Boosts DOW, CMCSA, SLB, ES, GOOG
•    Cuts ALXN, SRE, BIIB, VRX, BK, MNK
•    No longer shows PEP, DHR, VTR, ADSK

MOORE CAPITAL

•    Reports new stakes in JPM, FXI, ARMK, LOW
•    Boosts STZ, COP, CVS, MDLZ
•    Cuts AMP, BAC, FB, AMZN
•    No longer shows ENDP, BIDU, JD, AMT, VC

OMEGA ADVISORS

•    Reports new stakes in PFE, VRX, WBA, GLBL, CI
•    Boosts GOOGL, FB, DAL, RLGY, ASH
•    Cuts SUNE, SHPG, C, KAR, LYB
•    No longer shows MCK, FOXA, GM, QEP, GLPI

PASSPORT CAPITAL

•    Reports new stakes GOOD, SRE, BKD, NYLD
•    Boosts DLTR, FB, DAL, AU, CF
•    Cuts LBTYK, NRG, MRD, VIPS
•    No longer shows RAD, AGN, SPLK, WMB

PAULSON & CO.

•    Reports new stakes in PRGO, CIT, PCP, CAM, ALTR
•    Boosts TEVA, POST, HOT, LIVN, SGYP
•    Cuts VRX, SHPG, WLL, CSC, OAS
•    No longer shows HMHC, BRCM, S, GULTU

PERRY CORP.

•    Reports new stakes in AER, ETE
•    Boosts PRGO, ZTS, TWX, AIG, CBS
•    Cuts WMB, THRX, DPM
•    No longer shows LNG, ODP

POINT72 ASSET

•    Reports new stakes in LLY, KHC, AXL, ZSPH
•    Boosts LULU, MSFT, SBUX
•    Cuts EOG, DG, OKE, APC
•    No longer shows TWX, PWR, ABBV, QEP

POINTSTATE CAPITAL

•    Reports new stakes in TCO, BXLT, MSFT, WMT, ENDP
•    Boosts GOOGL, LUV, VRTX, MW, SBAC
•    Cuts LYB, ABBV, LNG, TEVA, MCD
•    No longer shows TRP, DOW, PPG, C, WLL

RELATIONAL INVESTORS

•    Reports new stakes in FLOW
•    Boosts SPY, MDY
•    Cuts HOLX, PMCS, MDLZ, SPXC
•    No longer shows ESL, MHRC

SACHEM HEAD

•    Reports new stakes in FIS, CHTR, KSU, TWC
•    Boosts AGN, PTC, APD, FOXA, ZTS
•    Cuts CDK

SANDELL ASSET

•    Reports new stakes in QCOM, AVOL, SLH, ALLY, CVC
•    Boosts ALTR, SUNE, YHOO
•    Cuts BKD, SIAL, PRE, BOBE, BRCM
•    No longer shows CIT, MTOR, CSC, LQ, VER

SOROS FUND MGMT

•    Reports new stakes in PYPL, CIT, SLB, KHC, AMZN
•    Boosts AGN, EBAY, LGF, EGN, LUV
•    Cuts LYB, YPF, TWC, DOW, MON
•    No longer shows HLF, LEN, DHI, UAL, NICE

STARBOARD VALUE

•    Reports new stakes in WRK, MDAS, MEG, GIS
•    Boosts YHOO, CW, ACM, AGN
•    Cuts TSRA, ISSI
•    No longer shows SPLS, BABA, BWXT, EPC, BDBD

THIRD POINT

•    Reports new stakes in KHC, TWC, AVGO, DHR
•    Boosts YUM, TAP, EBAY, SEE
•    Cuts XON, MHK, BUD, IACI, NXPI
•    No longer shows SUNE, PSX, ALLY, DVN, AIG

TIGER GLOBAL MGMT

•    Reports new stakes in BUD, TWC, EROS, ANET
•    Boosts AMZN, FLT, VIPS
•    Cuts JD, MA, KATE, VDSI, TDG
•    No longer shows PCLN, WUBA, TRIP

TRIAN FUND

•    Reports new stakes in CC
•    Boosts GE, PNR, MDLZ, DD
•    Cuts IR, WEN

TUDOR INVESTMENT

•    Reports new stakes in PCP, MRKT, CYT, IYR, PCLN
•    Boosts SYA, CAM, TRU, NCR, PCTY
•    Cuts DRI, AXP, DHR, TEVA, BCR
•    No longer shows HYG, LQD, MNK, CP, BSX

VALUEACT:

•    Reports new stakes in TW
•    Boosts AXP, FOX
•    Cuts HAL

VIKING GLOBAL

•    Reports new stakes in BRCM, LH, TEVA, NFLX, HLT
•    Boosts AMZN, ANTM, MCK, AVGO, ALL
•    Cuts ILMN, MHK, MNK, BABA, MA
•    No longer shows MET, CI, FOXA, BIDU, BIIB