This Is What Hedge Funds Bought And Sold In Q3: Complete 13F Summary In a world where only two things matter: i) whether there is any "trade deal optimism" on any given day, and ii) whether the Fed is injecting or draining liquidity from the market, it is understandable why the cachet that hedge funds once held in terms of moving the market with their stock picks, and pans, has disappeared. The fact that most hedge funds have also dreadfully underperformed the market - and in fact, the best strategy of the past decade has been to do the opposite of what the most popular hedge fund trades are - certainly has not helped. And yet, every quarter, we still go through the usual song and dance, where analysts look at the top holdings and position changes revealed by hedge funds in their 13F some 45 days after the end of the quarter in question, and Q3 was no different. So here is a quick rundown of the most notable changes revealed by hedge funds in the past day or two as the latest batch of 13Fs hit the tape: S&P500: Hedge funds, unable to generate alpha and willing to replace it with beta (while collecting 2 and 20 for basically replicating the market) rushed to place bets on the broader market, spending big bux on ETFs that track the S&P 500 Index. Alibaba: a flurry of hedge funds made the largest Chinese online retailer a top buy. Tiger Global Management was the biggest hedge fund buyer of Alibaba in the quarter. However, last month, Bloomberg reported that the Trump administration is considering forcing a delisting of Chinese companies from U.S. exchanges, a move that could put Alibaba stock holdings into disarray. Facebook: hedge funds piled into the social network with Harvard University’s endowment adding 2 million shares, bringing the value of its position to roughly $400 million. Tiger Global increased its holding, as did Appaloosa Management LP and D1 Capital Partners LP, which favored FAANGs overall. Not every fund was buying: Coatue Management LLC, Viking Global Investors LP and Adage Capital Partners LP all cut their stakes. FAANGs: Facebook, Amazon, Apple, Netflix and Google (Alphabet) took a beating after a solid first half, after shares of Netflix were hammered in the third quarter on concerns over customer growth. Viking Global Investors doubled down on the video-streaming giant, bringing its stake to $1.2 billion. Lone Pine took a big new position while Maverick Capital and D1 Capital added to existing ones. On Friday, speculation that Bill Ackman had also built a 10% position in NFLX sent the stock sharply higher. Microsoft: the original software company was one of the less popular stocks for the second quarter in a row. Tiger cubs Viking, Coatue and Maverick Capital Ltd. all decreased their holdings in the tech giant as did Druckenmiller’s Duquesne Family Office. But the software giant was up more than 3% during that period and has been a top performer this year, with shares up near 46%. Apple: even though Apple's relentless buyback frenzy helped push the stock up to all time highs, hedge funds sold: Renaissance dumped 2.2 million shares, or most of its Apple holding; Buffett also sold a small fraction (0.3%) of his AAPL holdings for the first time; at the same Marshall Wace added 1.3 million shares. Restoration Hardware: Warren Buffett’s Berkshire Hathaway built a new position in home furnishings company RH. The stock surged after the news of his move was disclosed. Uber: Stan Druckenmiller offloaded almost all of his stake in Uber. The stock has dropped almost 14% since the end of last quarter, even as many hedge funds bought a stake in the ridesharing company. Allergan: Dan Loeb took a new position in Allergan, buying 1.1% of the company’s outstanding stock. The shares are up this quarter. KKR: Ken Griffin’s Citadel jumped into private equity giant KKR. The stock has gained 11% so far in the fourth quarter thanks in part to the firm switching to a corporation from a partnership. Berkshire: Warren Buffett's congloemrate spent the third quarter trimming some of its largest stock bets, including Apple Inc., Wells Fargo and Phillips 66. Buffett’s firm is limited to keeping its ownership of the San Francisco lender below a 10% threshold, and it’s been near that level recently. Berkshire’s Apple stake was reduced but by a modest 0.3%, with the investment valued at $55.7 billion at the end of September. Berkshire’s bet on Apple, influencedby one of his deputies, has swiftly climbed to the top of its $220 billion stock portfolio since his company first disclosed the stake in 2016. Despite selling some Wells, Buffett is currently seeking permission from the Fed to increase Berkshire’s stake in Bank of America Corp. after it crossed the 10% level. A complete rundown of the most notable hedge funds is shown below, courtesy of Bloomberg: ADAGE CAPITAL PARTNERS LP Top new buys: KMB, LHX, PTON, FISV, GDX, GTES, EXP, CDW, PNM, JKHY Top exits: RTN, JCI, TJX, EL, SAP, GMS, XRX, RCKT, ITW, LEA Boosted stakes in: AGN, CELG, LMT, BURL, AAPL, GOOG, UA, GOOGL, MSFT, AAP Cut stakes in: AMZN, COST, EMR, HON, VLO, CVX, FB, AVY, W, CF APPALOOSA INVESTMENT LP Top new buys: BABA, AVGO, BA Top exits: I, CNC Boosted stakes in: GOOG, MU, FB, AMZN, ADBE, ET, PCG Cut stakes in: UNH, XOP, HUM, COOP, CWEN, CWEN/A ARROWGRASS Top new buys: GMHI, Z, RPLA, ACTT, XLE, SNDL, PFPT, BRK/B, AERI, PRU Top exits: LQD, CELG, AGN, MLNX, HYG, WBC, NFLX, CY, CRM, DIS Boosted stakes in: XOP, ABBV, PFE, OKTA, MET, AAL, ALXN, CAT, AMLP, VXX Cut stakes in: UBER, ILMN, DOW, LOW, NKE, T, WYNN, GOOGL, BIDU, FXI BALYASNY ASSET MANAGEMENT Top new buys: XLI, XLU, CRM, XLB, ORLY, XBI, JBHT, MAR, LRCX, KSS Top exits: MCD, BUD, BAX, BURL, EOG, RJF, DUK, KO, ADBE, ETR Boosted stakes in: MET, MTB, CMG, QSR, GOOGL, ZION, MSFT, TSN, ROST, ZBH Cut stakes in: WMT, UTX, LH, KMB, SPY, GS, IR, AIG, C, GM BAUPOST GROUP Top new buys: NUAN, VIST, CARS Top exits: AGN, XPO, SBGI Boosted stakes in: NXST, TBIO, LBTYA, CBS, ATRA, LBTYK Cut stakes in: EBAY, MCK, QRVO, SYF, AR, ABC, LNG, BMY, TMQ, GOSS BERKSHIRE HATHAWAY Top new buys: OXY, RH Cut stakes in: WFC, PSX, SIRI, AAPL BLUEMOUNTAIN CAPITAL MANAGEMENT Top new buys: GDX, NGD Top exits: ESI, TEVA, BJ, SOI, SWI, AVTR, VICI, CRWD, INVH, HCM Boosted stakes in: PCG Cut stakes in: XOP, ARR BRIDGEWATER ASSOCIATES LP Top new buys: EWT, IVZ, PGR, AMT, BEN, CF, BMY, UNP, BXP, MHK Top exits: BBBY, K, NTAP, CTXS, RLGY, BK, GWW, SCHW, ROK, ENDP Boosted stakes in: EWZ, SPY, ALXN, DVA, LB, WBA, RL, CBS, XLNX, ANTM Cut stakes in: EEM, VWO, IEMG, TIP, EMB, KR, NUE, PVH, CCL, LQD COATUE MANAGEMENT Top new buys: SNAP, TWTR, PODD, DXCM, RNG, ILMN, IQV, ALB, IQ, DDOG Top exits: WORK, BRFS, TME, MUSA, BURL, CHUY, SKX, TLRD, SEAS, LZB Boosted stakes in: GPN, SE, BABA, SQ, WDAY, ATVI, M, STNE, DDS, NVDA Cut stakes in: CRM, ADBE, INTU, MSFT, TWLO, FB, SMAR, NOW, PYPL, NTES CORSAIR CAPITAL MANAGEMENT Top new buys: GDDY, NWSA, CZR, CCK, HYRE, GPRE, GLNG, BHF, METC, VNTR Top exits: FLEX, TIVO, STMP, SRC, MFIN, CLF, ADT Boosted stakes in: REPH, BH, IPI, SATS, FSK, EQH Cut stakes in: BLL, IQV, VOYA, TROX, HGV, IAC, RHP, AON, ATH, KRA CORVEX MANAGEMENT Top new buys: ZEN, RTN, WDAY, GOOGL, TWLO, NOW, INFY Top exits: CNC, AYX, DIS, CBOE, CMCSA, WTRH, WCG, GPN, FB Boosted stakes in: MSG, FSCT, ADBE, AMZN, WORK Cut stakes in: TMUS, NFLX, RTLR, FLMN D1 CAPITAL PARTNERS Top new buys: TME, CRM, PLAN, ARMK, AVTR, NOW, NVST, LVGO Top exits: DHI, MU, GOOGL, OC, BA, BILI, SNAP Boosted stakes in: AMZN, LIN, RACE, FB, CCC, GWRE, NFLX, HLT, ADBE, FIS Cut stakes in: DIS, BABA, JD, TWLO, QTT DE SHAW Top new buys: HYG, BX, CVNA, XLU, CCK, PNW, HAS, UAL, XLF, MDP Top exits: LYFT, ITUB, SMH, ROKU, MUR, WY, OKE, EMB, RF, AZN Boosted stakes in: MSFT, PYPL, LOW, ADP, C, WMT, ADBE, UNH, DOCU, AXP Cut stakes in: FIS, AMZN, MDT, ATVI, SQ, CAT, WFC, TMUS, ORCL, MPC DUQUESNE FAMILY OFFICE Top new buys: SHOP, PLAN, INDA, HDB, MDCO, OKTA, EA, ISRG, RETA, ZM Top exits: EEM, SNAP, CRM, PCG, ILMN, TMUS, PYPL, JD, MRK, I Boosted stakes in: NOW, GE, AYX, V, AMZN, SE, FB, WDAY, SMAR, TWLO Cut stakes in: MSFT, ADBE, UBER, NFLX, BABA, MA, FIS, MELI, COUP, SAIL ELLIOTT MANAGEMENT Top new buys: T, MINI, CARB, CISN Top exits: FE, XLV, DXC, HYG, MAC, SHO, GWR, CXP, USWS Boosted stakes in: MPC, VNO, RRTS, DELL, COMM, CRMD, BTU Cut stakes in: HES, ARNC, OPB EMINENCE CAPITAL Top new buys: RJF, CI, DPZ, PTON, MNST, CSOD, CTVA, Z, ULTA, MDLZ Top exits: TSN, MIDD, GPK, LBTYA Boosted stakes in: CPRI, GDDY, AXP, SCHW, CFG, VER, NTNX, SPOT, TMO, RCL Cut stakes in: USFD, HAE, EQIX, INXN, CNC, SYY, VMC, LEN, PSTG, FIS ENGAGED CAPITAL Top exits: MGLN FIR TREE Top new buys: CTXS, RTN, UNH, ANTM, HUM, DEAC, OAC Top exits: C, ACHC, NSCO, SPCE, NAVI, UPLC, HKRSQ Boosted stakes in: AGN, AMPY, TMUS, SATS Cut stakes in: CNC, MHK, TPGH, MOSC, MSFT, BKNG, SNE, LHC, AHCO, LAUR FRONTFOUR CAPITAL GROUP Top exits: HGV, BERY, ANF Boosted stakes in: OBE Cut stakes in: GRP/U, VAC, ASH, CLNY, JASN, MDCA GLENVIEW CAPITAL Top new buys: FISV, GPN, MYGN, FIS, NWL, AGN, TPR, SSNC, ADT Top exits: NVT, MSFT, BAX, JBL Boosted stakes in: THC, BHC, NUAN, TMUS, FLEX, CAR, ENDP, TAK, WCG, UNVR Cut stakes in: FMC, LYB, UHS, NXPI, LBTYK, IQV, LBTYA, MCK, HUM, HOLX GREENLIGHT CAPITAL Top new buys: NBSE Top exits: HGV, KAR, VAL, CARS Boosted stakes in: BHF, CC, GM, ADNT Cut stakes in: DDS ICAHN Top new buys: HPQ, CLDR Boosted stakes in: HTZ, CZR, CNDT, IEP Cut stakes in: OXY, LNG, FCX IMPALA ASSET MANAGEMENT Top new buys: UPS, LPX, CLR, KBH, TTWO, AA, MTH, PCAR, WYNN, HAL Top exits: MHK, URI, HOG, FLT, ITT Boosted stakes in: QCOM, BLDR, UFI, HES, TECK Cut stakes in: NSC, CAT, RIO, LEA, KEX, HCC, KTOS, ANF, GD, VMC JANA PARTNERS Top new buys: BLMN, INST Top exits: FLMN Boosted stakes in: SPY Cut stakes in: ZBH, AXTA, HDS, JACK KCL CAPITAL Top new buys: TSM, MU, AAPL Top exits: SPOT, TWTE, ADBE Boosted stakes: AVGO, AMD, FB, AMZN Cut stakes: ZNGA, STM, NFLX, WDC LANSDOWNE Top new buys: GS, VRAY, REGI Top exits: HCC, AGI Boosted stakes in: AMAT, TSM, MU, LRCX, UTX, PSX, CVE, DHT, IQ Cut stakes in: DAL, UAL, ETN, AAL, GRUB, GE, FSLR, MANU, CNQ, VXX LONE PINE Top new buys: NFLX, GPN, EFX, HUM, HLF, MDLA, SMAR, TWLO Top exits: WYNN, STNE Boosted stakes in: CRM, TEAM, SQ, BABA, AMZN, DPZ, ATVI, COUP, NOW, UNH Cut stakes in: IQV, UNP, DHI, FB, CP, BKNG, MSFT, ADBE, TDG, TIF LONG POND Top new buys: LVS, SBRA, KRC, VER, ALX Top exits: SRC, LSI, SHO, DRE, UE, DRH, VICI, CCL, PFSI Boosted stakes in: MSG, DIA, LEN, HST, LPT, RRR, VNO, HLT, AIV, EXP Cut stakes in: HPP, OHI, JLL, FR MAGNETAR FINANCIAL Top new buys: ACIA, UBER, GCI, CRZO, SEMG, NOVA, PAA, MRK, SPY, CCH Top exits: RTLR, HCA, LKSD, INVH, ARE, LULU, SWI, QDEL Boosted stakes in: AGN, MCRN, CZR, LH, CRL, BAX, AZN, ALXN, ABBV, CHWY Cut stakes in: WCG, S, WBC, MLNX, STC, EXTN, ONCE, ADSW, PACB, CY MAVERICK CAPITAL Top new buys: HLT, AGCO, FLT, WCG, QSR, IPHI, NWL, PYPL, GIS, FL Top exits: CTVA, IAA, NKE, EXP, SNPS, WYNN, DAL, JACK, VFC, M Boosted stakes in: MNST, WLK, NFLX, GPK, DD, GOOG, MDCO, BABA, ATRA, KSS Cut stakes in: HUM, LOW, LVS, MGM, DOW, FISV, ALNY, ADBE, BKNG, DECK MELVIN CAPITAL MANAGEMENT Top new buys: FLT, FISV, DG, ADYEN, SE, COUP, CROX, JD, HAS, TEAM Top exits: DPZ, VEEV, WDAY, VRSN, ALGN, WWE, WORK, HTZ, COO, SYY Boosted stakes in: FIS, BKNG, LH, TTWO, BABA, CRM, NOW, FB, ADBE, CSGP Cut stakes in: AMZN, NFLX, MCD, PAGS, LVS, V, IQV, LEN, CVNA, PYPL MOORE CAPITAL MANAGEMENT Top new buys: APO, NTES, RTN, LQD, AAP, USFD, LYFT, ROK, DKS, SAM Top exits: NFLX, BURL, WEX, EEM, DIS, CTXS, WEN, RCL, LOW, HYG Boosted stakes in: INXN, EDU, GOOGL, BA, SNAP, GDX, HUN, VALE, GOLD, UNP Cut stakes in: PGR, AMZN, FB, JD, FIS, NOC, SE, SYF, AMP, BABA OAKTREE CAPITAL MANAGEMENT Top new buys: AFYA, YPF, IHRT, VIST, ASRT, CBB Top exits: WB, CTRA, BGNE Boosted stakes in: SBLK, BELFB, HUYA, TV, AMPY, INDA, LOMA, CX, VRS, TGS Cut stakes in: PCG, ITUB, AZUL, AU, PBR/A, CEO, IBN, EURN, YNDX, BCEI OMEGA ADVISORS Top new buys: FISV, GLD, GTN, GCI, STKL, DT, MDLA, NET Top exits: NLSN, LORL, NRZ, PFSI, TPCO Boosted stakes in: NEWM, WPX, VICI, CCL, TRN, COOP, ASPS, EFC, MGY, FLMN Cut stakes in: TMO, AMCX, PARR PAULSON & CO Top new buys: CPE, PSDO, OSG Top exits: STC Boosted stakes in: AGN, HZNP, ONCE, MYL, S, PCRX, VIAB, GOLD Cut stakes in: LYFT, TMUS, PCG, WCG, TSU, INSW, QEP, CELG POINT72 Top new buys: BABA, YUMC, V, BIDU, IQ, MU, WDC, MRK, AMAT, PTON Top exits: HTHT, CBPO, FB, TTWO, HD, FDX, NOW, CAT, CHWY, BRK/B Boosted stakes in: TCOM, SPY, MLCO, ZTO, GOOGL, MTCH, CMS, UNP, CTVA, OGE Cut stakes in: HUYA, JD, SE, MOMO, BKNG, EBAY, AMD, MRVL, SCHW, AVGO POINTSTATE CAPITAL Top new buys: RTN, UAL, CI, FICO, AXTA, LIN, MAS, UNH, LEN, UNVR Top exits: COF, GLD, ANTM, ADSK, MDB, SPOT, OKTA, PBF, SVMK, URI Boosted stakes in: MA, FISV, UTX, CSGP, SHW, UNP, MPC, LHX, TSN, DLTR Cut stakes in: NFLX, CRM, BA, AMZN, ADBE, PAM, HUM, PCG, EEM, CNC PERSHING SQUARE Top exits: ADP Boosted stakes in: BRK/B Cut stakes in: HLT, QSR, LOW, CMG RAGING CAPITAL Top new buys: TPR, Z, ADS, CPRI, CSLT, SMAR, GLUU, GOOGL, MDLA, PAYS Top exits: JELD, GRUB, FND, CHWY, HCHC Boosted stakes in: SBGI, UPLD, BPOP, KEM, PD, AGO, IMMR, NTP, HIIQ, AXDX Cut stakes in: TDW, BLDR, AMBC, QCOM, MRAM, DSPG, FB, HLIT, BMCH, TWTR SACHEM HEAD CAPITAL Top new buys: AGN, WWE, FLEX, GDS, TWOU Cut stakes in: PCG, YNDX, EXP, USFD, CRM SANDELL ASSET MANAGEMENT Top new buys: GWR, DIS, FIS, VOD, AXL, DLPH, MANU, HUN Top exits: CSX, APTV, RACE Boosted stakes in: AGN, CY, TIVO, AAL, PCRX Cut stakes in: WCG, ONCE, ADSW, ZAYO, CELG, URI, MAXR SENATOR INVESTMENTS Top new buys: FISV, W, INVH, GS, JNJ, NSC, UTX, DPZ, PLAY, COP Top exits: MRK, CBOE, DIS, MRVL, AXTA, COLD, LIN, SHW, PTC, QCOM Boosted stakes in: FIS, WM, VICI, LBRDK, CHTR, VRTX, SE, TW Cut stakes in: AVTR, LYFT, FB, APTV, BA, BDX, BSX, DHR, EFX, GOOG SOROBAN CAPITAL Top new buys: LIN, DPZ, SAP Top exits: LRCX, AMAT, STZ Boosted stakes in: RTN, NSC, UNP, WIX, BABA, AXTA Cut stakes in: SNE, UTX, GOOGL, NXPI, QRVO SOROS Top new buys: PTON, ALC, ALLY, ORCC, COG, D, TDG, LNG, FTCH, EEFT Top exits: QQQ, DIS, IWB, VMC, CAG, MKC, CL, WORK, LYFT, AGN Boosted stakes in: CELG, EPC, VST, NLY, C, NLOK, AGNC, EBAY, MNRL, MDLZ Cut stakes in: CZR, VICI, MS, ADM, LBRDK, MTB, VNOM, CF, OIBR/C, CY STARBOARD Top new buys: BOX Top exits: CARS, DLTR, MRVL, NTUS, KAR Boosted stakes in: NLOK, ACM, CERN Cut stakes in: PRGO, AAP, RPM, EBAY, IWR, SCOR TEMASEK HOLDINGS Top new buys: FIS, PAGS, TME, TAL Top exits: TW, AMRS, SVMK, AYX Boosted stakes in: PYPL, V, HDB, WORK, STNE Cut stakes in: DELL TIGER GLOBAL Top new buys: NEWR, W, PLAN, WORK, BYND, WDAY, DDOG, DT, LVGO, DOYU Top exits: PVTL, LK Boosted stakes in: BABA, FB, CVNA, RUN, RNG, SMAR, PDD, MDB, CRM, TEAM Cut stakes in: FCAU, SVMK, SPOT, STNE, RDFN THIRD POINT Top new buys: AGN, FIS, FIVE, HDS, ZEN, ANSS, GDDY, NVST, SDC, AFYA Top exits: MPC, NFLX, ROST, CC, PINS, TWLO, ZM, PSN, CRWD, VICI Boosted stakes in: BURL, CRM, IQV, SPGI, SHY Cut stakes in: BAX, FOXA, PYPL, ADBE, BSX, TW, CNC, CCO, CPB TRIAN Top exits: PPG Boosted stakes in: PG, MDLZ, LM, GE Cut stakes in: WEN, BK TUDOR INVESTMENT Top new buys: PSA, MAR, VIAB, ANTM, V, TRCB, DHI, MET, FRT, JNJ Top exits: EMB, SPG, CNC, LHX, LLY, EXPE, LSI, CMG, CSX Boosted stakes in: SPY, STI, AGN, CELG, SBUX, EXR, AYX, TEAM, CFG, DAL Cut stakes in: EEM, CSCO, CRM, WORK, ETSY, AAPL, HUBS, DBX, FB, EBAY VALUEACT Top new buys: LKQ, PCG Top exits: BKNG, XPO, EIX Boosted stakes in: STRA, HE, EVA, DAR, UFI, AES, TRN Cut stakes in: C, MS, CBRE, ACA, PSN, LIND, KKR VIKING GLOBAL INVESTORS Top new buys: NOW, FTV, GH, MOH, MIDD, PGR, URI, EW, SAGE, NVST Top exits: UNH, MU, WORK, DVA, NVDA, AOS, WCG, BERY, NXPI, CHWY Boosted stakes in: SQ, NFLX, LOW, CRM, BABA, GDI, AIZ, ILMN, EQH, AMZN Cut stakes in: UTX, ANTM, ATVI, ADBE, FB, MSFT, JD, CNC, ALGN, BA WHALE ROCK CAPITAL MANAGEMENT Top new buys: PLAN, MTCH ESTC, FIVN Top exits: PYPL, NFLX, ADI, SQ Boosted stakes: SNAP, CVNA, STNE, SE Cut stakes: MSFT, MRVL, OKTA, TWLO, MINE Tyler Durden Fri, 11/15/2019 - 13:40 Tags Business Finance