Many well-known funds have filed their 13Fs within the last week or so, and it seems clear that tech stocks aren’t the be-all, end-all they were last year. Many hedge funds sold or reduced their tech names positions, while others bought and added to them.
For example, there was a lot of action on Alphabet running in both directions. Prem Watsa’s Fairfax Financial Holdings
Olstein Capital Management, Wedgewood Partners, the Bill and Melinda Gates Foundation Trust, Balyasny Asset Management, the Duquesne Family Office, and Viking Global reduced their stakes in Alphabet.
Corvex Management and Dan Loeb’s Third Point bought Alphabet during the fourth quarter, while Tiger Global exited the search giant.
There was also a lot of buying and selling of Amazon shares among hedge funds during the fourth quarter.
The Bill and Melinda Gates Foundation Trust, Balyasny, Duquesne, Maverick, Melvin Capital, Third Point, Whale Rock, and Viking Global reduced their online retailer positions. Appaloosa, Corvex, Temasek added to their stakes in Amazon.
D1 and Soros Fund Management bought Amazon during the fourth quarter.
Other tech stocks
Baupost also bought Intel
Adage Capital Partners bought shares of Tesla
Balyasny Asset Management bought Microsoft, Slack Technologies, and Apple and exited Qualcomm. It added to its positions in Alibaba and Netflix.
Bridgewater bought Microsoft, exited Tesla, and added to its stakes in Uber, Square, Zillow, PayPal, Expedia, and Snowflake. The fund reduced its stakes in embattled hydrogen fuel truck maker Nikola and Facebook.
Corvex Management bought Facebook and exited Alibaba and Twitter. It added to its position in Adobe Systems and slashed its stake in Netflix.
D1 Capital Partners exited Alibaba and added its positions in Microsoft, Expedia, Netflix, and Facebook.
Elliott Management bought Snap, exited eBay and added to its stake in Dell.
Maverick Capital bought DoorDash, which just held its initial public offering last year, and sold Bed, Bath and Beyond
Melvin Capital Management bought Facebook and Netflix and exited PayPal. It also added to its position in Expedia and reduced its stake in Alibaba.
Temasek joined Maverick to buy DoorDash and bought Microsoft, Airbnb, and Adobe Systems while adding to its positions in PayPal and Uber. Tiger Global also bought DoorDash and Airbnb, which also just had its IPO. It exited Alphabet and reduced its Facebook, PayPal, and Netflix positions but added to its stakes in Microsoft and Snowflake.
Dan Loeb’s Third Point exited Square, added to its stake in Microsoft, and cut its positions in Alibaba, Salesforce, Adobe Systems, Facebook and Expedia.
Viking Global bought Facebook and added to its position in Microsoft.
Other notable position changes
Warren Buffett‘s Berkshire Hathaway exited Barrick Gold, which is notable because it captured numerous headlines by purchasing it last year. Buffett has long been bearish on gold because it doesn’t do anything. Interestingly, Berkshire also reduced its stake in Apple.
Bridgewater also bought many financial stocks during the fourth quarter, including JPMorgan Chase
David Einhorn’s Greenlight Capital bought Danimer Scientific, which went public through a SPAC merger. Corsair Capital highlighted Danimer in its last two quarterly letters. Greenlight also exited Intel.
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