It wasn’t just David Einhorn who picked just the wrong time to dump most of his Apple stock: in the second quarter, some of the most iconic hedge funds like Duquesne’s Stanley Druckenmiller, Moore Capital Coatue Management and Jana Partners either bought or added to stakes in Facebook in the second quarter… just days before the company’s biggest crash in history.
Other weres luckier, and the rich(est) got richer, as Warren Buffett’s Berkshire Hathaway boosted its stake in Apple from 239.6 million shares to 252 million shares, and added to Teva and Goldman Sachs, while trimming holdings in Wells Fargo, American Airlines, and United Continental.
Also observed during Q2: hedge fund managers made big Q2 bets that the U.S. economy would continue to expand despite increasing concerns about a broadening trade war. Third Point added new positions in payment companies PayPal Holdings and Visa, both of which are up more than 19% year to date. Greenlight Capital, run by billionaire investor David Einhorn, added new positions in low-to-middle income retailers including Dollar Tree, Dollar General , Gap Inc and TJX Companies (or maybe he just hired a new and convincing retail analyst).
At the same time, Reuters notes that some other large hedge fund managers cut their positions in FAANG stocks – Third Point sold all of its stake in Alphabet and divested 1 million shares of Facebook, reducing its position in the company by 25 percent. At the same time, it increased its stake in Microsoft by nearly 310 percent, buying 1.7 million shares. Omega Advisors, meanwhile, sold all of its position in Netflix.
As noted earlier, a number of prominent HF managers sharply cut their stake in Apple only weeks before it became the first publicly traded U.S. company to be worth more than $1 trillion. Einhorn’s Greenlight Capital slashed its stake by 77%, while Philippe Laffont’s Coatue Management got rid of 95%. Advisory firm Diamond Hill Capital Management cut its stake by 27%. Other big holders, including Sanders Capital and Adage Capital Partners, trimmed only small amounts in the second quarter. On the other side of the trades were Warren Buffett and a variety of central banks and sovereign wealth funds.
Some other observations from the latest set of 13Fs:
- Hedge funds hummed their way into holding Spotify stock in Q2, as the company was acquired by Tiger Global, Coatue Management, Maverick Capital, Moore Capital and Soros Fund Management
- Davidson Kempner, Soroban either exited or sold down stakes in NXP Semiconductors in the quarter before the company’s deal with Qualcomm was terminated last month, while Third Point and Highfields Capital Management added a new stake.
- Soros Fund Management cuts bank holdings including Bank of America, JPMorgan Chase and Citigroup
- Jana Partners added shares of broad-based exchange-traded funds that track the S&P 500 and the Russell 2000 indexes and took new positions in Wells Fargo & Co and food delivery company GrubHub.
- Greenlight Capital trimmed its stake in Apple along with Coatue Management before shares jumped 13 percent since the end of June.
- Eminence Capital exited its position in Papa John’s before shares dove following news that John Schnatter, the firm’s founder and then-chairman, used a racial slur, leading him to resign.
- Activist Corvex, fresh off Tuesday’s news that its target Energen is being purchased by Diamondback Energy, reported a new stake in MGM.
Courtesy of Bloomberg, below is a summary of the biggest buys and sells from the latest round of 13F filings as of June 30.
ADAGE CAPITAL
- Top new buys: NVT, PEG, VST, MAS, D, F, OGE, FCX, TRU, BV
- Top exits: NKTR, RTN, CQH, VVC, ETR, AGR, NDSN, PX, AEP, WCN
- Boosted stakes in SHPG, AET, MRK, AMZN, LMT, WFC, SRPT, HON, MMM
- Cut stakes in CC, DE, WRK, EMR, ITW, CI, PNC, BAC, DLTR, FTV
ANCORA ADVISORS
- Top new buys: AVGO, MIK, CLBK, HSIC, TRNC
- Top exits: PRF, AFSI, ALLE, SKYW, RCII
- Boosted stakes in LBRDK, PAH, MATW, HILI, GHL
- Cut stakes in GLIBA, ARCH, HDV, GLW, IWM
APPALOOSA MANAGEMENT
- Top new buys: KEY, SYMC, CFG, VST, EDU, NXPI
- Top exits: QQQ, AMAT, SMH, ALL, NVDA, HCA, BTU, URI
- Boosted stakes in MU, WDC, LNG, WFC, PAH, PCG, KNX, KMT, SUM
- Cut stakes in BABA, NRG, BAC, MGM, ALLY, AGN, XPO, GOOG, AMLP
BALYASNY ASSET MANAGEMENT
- Top new buys: T, BBY, WMT, ERJ, LNC
- Top exits: BURL, AIG, VIPS, URI, HTZ
- Boosted stakes in WFC, STI, DLTR, EVRG, DWDP
- Cut stakes in DIS, AA, NTRS, V, DRI
BAUPOST GROUP
- Top new buys: TRCO, SBGI, TBIO, SHPG
- Top exits: PBF, IMOS, FWP, OREXQ
- Boosted stakes in FOXA, FOX, PCG, ABC, AGN, TMQ, VSAT, MCK
- Cut stakes in LN
BERKSHIRE HATHAWAY
- Top exits: VRSK
- Boosted stakes in AAPL, USB, TEVA, BK, DAL, GM, GS, LUV, AXTA
- Cut stakes in AAL, PSX, CHTR, UAL, WFC
BLUE HARBOUR GROUP
- Top new buys: GWR
- Top exits: FTNT, JACK, RDC, MDRX
- Boosted stakes in WCC, IWM, FCE/A, AXTA, SPY, OTEX, COMM
- Cut stakes in XLNX, MD, ON, ISBC
BRIDGEWATER ASSOCIATES
- Top new buys: CMI, AMAT, BABA, BMY, WMT, JNJ, LMT, AKAM, PHM, INTC
- Top exits: PG, GE, DVA, RIG, PEP, CPB, AMGN, FCX, DRI, MAS
- Boosted stakes in TD, RY, IEMG, TOL, CVX, MCD, SU, TEL, BNS, CAT
- Cut stakes in VWO, EEM, SPY, NFX, FB, SWN, CLF, BBBY, ABC, BIIB
CITADEL ADVISORS
- Top new buys: KDP, EQH, EVRG, BNS, BJ SBUX
- Top exits: AMD, USG, BABA
- Boosted stakes in C, AMAT, AMZN, V, KEY, DVN, MU
- Cut stakes in AVGO, ADI, LRCX, UTX, CSCO, ABT
CLINTON GROUP INC
- Top new buys: EL, CAT, LMT, MCK, VZ, CCE, FITB, LOPE, AGNC, ABX
- Top exits: MON, DRI, MA, LLY, JNPR, BCO, PEP, TWTR, HDS, CDNS
- Boosted stakes in PGR, HRB, COLM, WLK, DNB, ITW, CMD, ROK, MO, SNPS
- Cut stakes in FB, D, GOOGL, ABBV, AVY, REG, WCG, AMGN, EA, HSY
COATUE MANAGEMENT
- Top new buys: SPOT, INTC, NOW, AAXN, HTZ, HUYA
- Top exits: SNAP, RHT, WDC, CGNX, LRCX
- Boosted stakes in FB, MSFT, ADBE, ATVI, PYPL, TAL
- Cuts stakes in MU, AAPL, AVGO, BABA, FWONK
CORVEX MANAGEMENT
- Top new buys: MGM, VNO, MDB, MHK, CHTR, LCA, FOXA, CTL
- Top exits: BABA, EVHC, KDP, IQ
- Boosted stakes in TMUS, NXPI, JBLU, BAC, MSFT
- Cut stakes in EGN, CRM, GOOGL, MDCO, FG, NOW, ICE, FB
DUQUESNE FAMILY OFFICE
- Top new buys: FB, GILD, OIH, MPC, SPLK, ADSK, DVN, ATVI, XLE, HD
- Top exits: INTC, NKTR, MU, JD, QCOM, YNDX, VIPS, STL
- Boosted stakes in MSFT, BABA, WDAY, CTRP, PAGS
- Cut stakes in GOOGL, STMP, AMZN
ELLIOTT MANAGEMENT
- Top new buys: DVN, VMW, FOX, SRE
- Top exits: EGN, TER, NOMD, VICI
- Boosted stakes in HES, DISH, EQT, MFGP, QQQ, ATHN, WIN, NXPI
- Cut stakes in CDK, ISBC, WIT, IMPV
EMINENCE CAPITAL
- Top new buys: BERY, SYMC, QSR, HLT, HAIN, MHK, BECN, CPLG, CTRP, EQIX
- Top exits: PZZA, NEWR, JACK
- Boosted stakes in ELLI, TTWO, VMC, LEN, CF, EFX, EA, GOOG
- Cut stakes in WEN, ICE, MSFT, CBRE, ADSK, PYPL, IQV, FB, CYBR
ENGAGED CAPITAL
- Top new buys: UEIC, CASY, GRPN
- Top exits: FNSR, MX, IWM
- Boosted stakes in APOG, STKL, BHE, BW, NCR, PETX
- Cut stakes in CCRN
FAIRHOLME CAPITAL
- Top new buys: C
- Top exits: SRG
- Boosted stakes in T, VSTO, OAK
- Cut stakes in JOE, SHLD, VST
GLENVIEW CAPITAL
- Top new buys: NVT, MSFT, FBHS, HOLX
- Top exits: TMUS, CAH, RLGY, CMCSA, V, HUM, FB
- Boosted stakes in ESRX, FDC, CHTR, AET, ENDP, AGN, ARMK, MTOR, MCK, CNDT
- Cut stakes in HCA, LH, ANTM, CAR, IQV, UHS, NWL, CVS, WBA, APTV
GOLDEN GATE CAPITAL
- New buy: GWR
- Exits: KLXI
- Boosted stakes in ARCC, HXL, ADS, WCC, ALB
- Cut stakes in NGVT, TNET
GREENLIGHT CAPITAL
- Top new buys: GPS, DG, TJX, AZO, DLTR, BBY
- Top exits: CEIX, DDS, TPR, BLMN, FIVE, ANF, PYPL, URBN, SFM, ODP
- Boosted stakes in IAC, BHF
- Cut stakes in MU, AER, AAPL, MYL, VOYA, PRGO, CNDT, ADNT, CNX, DSW
HIGHFIELDS CAPITAL MANAGEMENT
- Top new buys: NXPI, CVS, FB, LEN, PBR/A, SNE, ESRX, ACWI, MHK
- Top exits: EXPE, HDS, DLTR, IVZ, ENB, HAL, X, PE, MDLZ, TGT
- Boosted stakes in CHTR, AET, GOOGL, DIS, GOOG, EQT, RJF, MIK
- Cut stakes in HCA, FOXA, FDX, CMCSA, PXD, HLT, VER, H, VOD, CCE
ICAHN ASSOCIATES
- Top new buys: EGN, VMW, AFSI, CI
- Boosted stakes in IEP, NWL
- Cut stakes in HLF, LNG
JANA PARTNERS
- Top new buys: FB, BABA, MSFT, WFC, DXC, GOOGL, RPM, GRUB, ATUS
- Top exits: BLMN, NOC, KDP, WRK, CI, DISCK, IQ, ILG, ILPT, DBX
- Boosted stakes in PF, SPY, EA, CAG, A, AAPL
- Cut stakes in TIF, LRCX, HDS, ADSK, BSX, GM, ZBH, FDC, JACK, ANTM
LAKEWOOD CAPITAL
- Top new buys: ESRX, ASND, FB
- Top exits: CJ, ABG,
- Boosted stakes in C, BIDY, WRK, CMCSA
- Cut stakes in CIT, ADNT, RLGY
LAND & BUILDINGS INVESTMENT MANAGEMENT
- New buy: DHI
- Top exits: RLJ, MAR, RESI, VTI, HST
- Boosted stakes in CLI, BKD, LEN, INVH, PLD
- Cut stakes in LSI, MAC, QTS
LONE PINE CAPITAL
- Top new buys: CP, NVDA, MHK
- Top exits: AVGO, TSM, BLK, TMUS, EXAS
- Boosted stakes in WYNN, TDG, MSFT, BABA, NOW, MELI, GOOG, IQV, BKNG, PAGS
- Cut stakes in FB, PYPL, STZ, ADBE, AMZN, FLT, EA, TRU, CSX, UNH
MARCATO CAPITAL
- Top new buys: IMAX, CPLG
- Boosted stakes in TEX, THRM
- Cut stakes in IAC, ITRI, DXC, BLDR, AIR, TPHS, VRTS
MAVERICK CAPITAL
- Top new buys: DIS, AAOI, GPK, SPOT, ALNY, PRSP, COMM, CASY, GPS, TGT
- Top exits: TAP, SNAP, MGM, PM, LVS, CAR, WING, DPZ, ETSY, EAT
- Boosted stakes in DLTR, MA, CNC, TMUS, MHK, CIEN, BUD, MSFT, KORS, SCHW
- Cut stakes in V, UHS, EVHC, DWDP, AMRX, ADBE, WTW, VFC, TIF, TPR
MARSHALL WACE
- Top new buys: TMUS, AXGN, TSM, BRX, IDXX, GPS, CMG, ACGL, JEC, MTN
- Top exits: SCI, NTRS, CME, NKE, MU, SRCL, JPM, IBN, FLT, AXP
- Boosted stakes in TFX, ATVI, BBY, DGX, SPGI, MCD, BURL, ROST, ZTS, VRTX
- Cut stakes in BABA, BAC, DISCK, AVGO, UNH, SAGE, GS, AJG, GILD
MOORE CAPITAL
- Top new buys: NXPI, GOOGL, WFC, MA, SPOT, TGT, FDC, AMP, KMX
- Top exits: MS, AAPL, GS, LMT, NOC, RTN, GD, COF, BPOP, PLNT
- Boosted stakes in GCP, FB, EQT, PX, FBP, MOMO, NVDA, CME, GM, TMUS
- Cut stakes in BABA, BAC, MSFT, AVGO, CCI, ISBC, V, TWTR, EA, VOYA
OMEGA ADVISORS
- Top new buys: NRG, IQV, LEN, MPC, CVS, KKR, MGY, WRD, CDAY, IMMU
- Top exits: BMY, WFC, NAVI, NFLX, NYCB, GWPH, GLPI, D, BKI, NINE
- Boosted stakes in SBGI, ASH, HUM, TRN, C, FTSI, MU, TMO, PE, FRAC
- Cut stakes in SHPG, ANDV, MXL, PVH, DXC, DISH, AER, VVV, PFSI, ALLY
PAULSON & CO
- Top new buys: MITL, AKRX, CMCSA, ATUS, FOXA, LHO
- Top exits: MDR
- Boosted stakes in DISCK, NXPI, FOX, AET, XL, TMUS
- Cut stakes in GOLD, IAG, COL, AEM, GG, SHPG
PERSHING SQUARE
- Top new buys: LOW
- Boosted stakes in UTX, MDLZ
- Cut stakes in ADP, QSR
POINT72 ASSET MANAGEMENT
- Top new buys: MPC, FOXA, TEVA, SGEN, WMGI, PNC, SGMS, AZO, LOXO, HUM
- Top exits: ANDV, NFLX, HON, LOW, MCD, AIG, NVDA, BYD, ETN, CAH
- Boosted stakes in GOOGL, HLT, BMY, PE, BIDU, SYK, DVN, CMCSA, DXC
- Cut stakes in WYNN, AVGO, STZ, OXY, ATVI, FB, BKNG, DWDP, BABA, LRCX
POINTSTATE CAPITAL
- Top new buys: MPC, FB, CVX, TEVA, PXD, NXPI, STM, USFD, NOW, APC
- Top exits: BAC, CFG, AVGO, DE, RF, FCAU, MYL, GS, NOC, GILD
- Boosted stakes in TRGP, AET, FE, NFLX, SHPG, MSFT, BABA, ADBE, VRTX, JD
- Cut stakes in CRM, LRCX, LNG, LOW, DWDP, LOMA, BMA, LLL, LYB, X
RENAISSANCE TECHNOLOGIES
- Top new buys: AAPL, FB, MSFT, MS, AXP, ITW, CME, WY, FL, AMG
- Top exits: BKNG, VZ, MON, PG, WFC, SLB, TWX, KO, CVS, BDX
- Boosted stakes in VMW, ABMD, JNJ, WMT, VRTX, HLF, ABEV, WWE, GS, CTXS
- Cut stakes in HD, AMZN, BMY, LLY, PEP, UNH, NXPI, PM, CL, GILD
SANDELL ASSET MANAGEMENT
- Top new buys: KLXI, PAY, ANDV, GPT, EVHC, ILG, EDR, PF, COTV
- Top exits: STB, BABA, AKRX, BKS
- Boosted stakes in COL, NXPI, AVA, ORBK, XL, FB, AMZN, AAPL, MSFT, GOOG
- Cut stakes in OCLR, MGI, KS
SENATOR INVESTMENT
- Top new buys: MRK, FOXA, HD, BKI, LNG
- Top exits: AVGO, ARNC, LOW, BUD, CMCSA
- Boosted stakes in CZR, ICE, APTV, FDC, BA
- Cut stakes in DWDP, DHI, JAZZ, FG, XPO
SOROBAN CAPITAL
- Top new buys: GOOGL, UTX, GRA, MHK
- Top exits: BUD, CMCSA, LBRDK, FB, CHTR
- Boosted stakes in SAP, NSC, AXTA
- Cuts stake in NXPI, UNP, MGM, AVGO, FWONK, GOOG
SOROS FUND MANAGEMENT
- Top new buys: SPOT, P, COUP, FB, DVN, EXR, HUBS, HLT
- Top exits: KW, LRCX, AMLP, ZAYO, BAX, TMO, LH, TGT, CI, KRE
- Boosted stakes in NXPI, XL, I, LPLA, NOW, CRM, TTWO, LULU, CVE, ETFC
STARBOARD VALUE
- Top new buys: WEB, RPM, SCOR
- Top exits: EVHC, BCO
- Boosted stakes in BMS, IWN, PRGO
- Cut stakes in NWL, MAC, CARS, BAX, DEPO
TEMASEK HOLDINGS
- Top new buys: ASLN
- Top exits: KRE, JPM, BAC, WFC, MS, GS, SENS, RDUS
- Boosted stakes in CTL, HDB, PYPL, V, GPN, MA, PTLA, DWDP, WP, AVGO
- Cut stakes in VIRT, AMRS, NETS, AMZN, BABA
TIGER GLOBAL
- Top new buys: UXIN, COUP, ADBE, GDS, HUYA, PVTL, DOCU, NEW, CDAY
- Top exits: EHIC, SINA, ARCC, UAL
- Boosted stakes in TWTR, FB, NOW, MELI, RUN, BABA, SE, APO, CRM, ADSK
- Cut stakes in RDFN, JD, TDG, MSFT
THIRD POINT
- Top new buys: NXPI, PYPL, V, CPB, DE, FPAC, EGN, PVH, CWH
- Top exits: GOOGL, ICE, MHK, PAGS, ANTM, GGAL, GRBK, PAM, BKI, SUPV
- Boosted stakes in MSFT, ADBE, EA, MPC, UTX, DWDP, CRM, SHY, DOV
- Cut stakes in BLK, WP, STZ, FB, LEN, WYNN, SPGI, SHW, VMC
TRIAN
- Top new buys: NVT
- Boosted stakes in BK, GE, MDLZ
- Cut stakes in PNR, WEN, SYY
- Activist investor Trian takes new stake in undisclosed company
TUDOR INVESTMENT
- Top new buys: AVHI, HD, CHFN, SHPG, VZ, FFKT, LHO, FBNK, NKE, ANDV
- Top exits: SPB, SBUX, DLTR, DECK, DXC, MSI, PEP, AIG, SPGI, IR
- Boosted stakes in PF, FOXA, TGT, TJX, BIDU, COL, AAPL, AET, JPM, CMCSA
- Cut stakes in SPY, NXPI, AMZN, C, WBA, MU, PAGS, BKNG, PDCO
VALUEACT
- Top new buys: UFI, LIND, STRA, AES, EVA
- Boosted stakes in C, SLM, ADS, BHC, STX, AFI, MS
- Cut stakes in FOX
VIKING GLOBAL
- Top new buys: GE, DWDP, MIDD, TMUS, ILMN, HBI, OLN, PTEN, CNC
- Top exits: WFC, ADS, TDG, WDC, VOYA, XEC, CVS, MOMO, NTES, CLR
- Boosted stakes in UTX, DIS, TMO, PE, AMZN, HIG, BMRN, MSFT, LNC, ANTM
- Cut stakes in XRAY, GOOGL, TD, FB, CP, NFLX, EFX, V, BUD, ADSK
YORK CAPITAL
- Top new buys: NVT, CNC, USG, PRSP, T, ATUS
- Top exits: GRA, SHPG, EVHC, WHR
- Boosted stakes in NXPI, XL, FMC, ESRX
- Cut stakes in TRCO, AABA, AVGO
Source: Bloomberg
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