This Is What Hedge Funds Bought And Sold In Q1: Complete 13F Summary Late yesterday - around the time https://twitter.com/zerohedge/status/1394472094788947969!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");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 Tyler Durden Tue, 05/18/2021 - 10:20