Normally 13Fs are among the most useless pieces of actionable information for investors, because not do they encourage imitation instead of original thought – and why imitate an industry that has failed to outperform the market for 8 years in a row – but they also reveal a portfolio snapshot in time that was a month and a half ago, a fact which the savviest investors put to good use to sell into the copycat retail bid, but also exclude the entire short book of a given hedge fund.
This time around, the just released torrent of 13Fs is especially worthless as they fail to account for the October market collapse which sent stock tumbling the most in 7 years and forced countless fund managers to drastically reorganize their portfolio (assuming they haven’t been redeemed to death).
Still, one can sometimes find glimmers of relevant information or at least patterns of activity across the hedge fund universe when comparing and contrasting what hedge funds did at the end of last quarter. The first thing to note is that former hedge fund darlings, Facebook and NXP Semiconductors, two stocks which were among the top 10 most widely held hedge fund stocks as recently as March 31, were among the biggest losers from the Q3 13F parade.
Separately, as we reported earlier, banks were among the winners after a big bet from Warren Buffett, who not only bought new stakes in JPM and PNC, but also became the largest shareholder in Bank of America, Bank of New York, Wells Fargo and US Bancorp while adding to its Goldman position. Buffett also sold out of Walmart and Sanofi in the quarter.
But back to Facebook which in the same quarter as its historic Q2 earnings fiasco, in which the company lost over $100 billion in market cap in the manner of minutes, a procession of hedge funds including Third Point, Jana and Sachem Head sold off their positions in the social network in Q3, while David Tepper, Stanley Druckenmiller’s family office, and Philippe Laffont’s Coatue Management reduced their stakes according to Bloomberg. Third Point, Jericho, Magnetar and Moore Capital were among funds that exited their stakes in NXP Semiconductors after its deal with Qualcomm was terminated.
And while AAPL earlier today entered a bear market from its all time highs just over a month ago, losing over $200 billion in market cap in the process, some funds added new Apple stakes in the quarter including Tiger Global, Appaloosa and Columbus Circle, while Renaissance Technologies exited its position.
Elsewhere:
- A bunch of hedge funds boosted stakes in Alibaba, including Lone Pine, Viking Global and Tiger Global.
- With GE imploding in recent weeks, investors have been curious who is selling (and/or buying), and here one of the biggest moves was by Viking. It almost doubled the number of shares it owned in the third quarter as the industrial conglomerate’s shares sunk.
- Looking at energy holdings, PointState Capital, a hedge fund firm run by Druckenmiller’s acolytes, reported a healthy dose of shares in the sector including Marathon Petroleum and Cheniere Energy. Given the recent crash in oil prices, they can’t be too happy with their decisions today.
- Another unhappy camper is Rob Citrone of Discovery Capital, who also added to energy in the quarter. Its biggest new buy was Encana… which has plunged 40% since the end of the third quarter.
- David Tepper’s Appaloosa decreased its exposure to U.S. stocks. He pared holdings of 27 companies, and sold out of 14.
Finally, courtesy of Bloomberg, here are the biggest changes in the holdings of some of the marquee money managers as of Sept. 30:
ADAGE CAPITAL PARTNERS GP
- Top new buys: ETR, TXT, CXO, EGN, WAB, LIN, GNTX, BLD, SRE, RTN
- Top exits: SHW, NOC, RS, MPC, JAZZ, NGG, RXN, PCAR, ZAYO, TFX
- Boosted stakes in: SHPG, AA, COL, WMT, WM, BURL, CNP, AAL, ESRX, TIF
- Cut stakes in: DLTR, WFC, LMT, EVRG, GE, EMR, MMM, FB, AAP, HII
ANCORA ADVISORS
- Top new buys: CFG, UIS, MGM, VRA
- Top exits: SPSC
- Boosted stakes in: HSIC, AAPL
- Cut stakes in: MATW, ACCO, VREX, VOYA
APPALOOSA MANAGEMENT
- Top new buys: STT, WMB, AAPL
- Top exits: WFC, ALLY, UBS, KEY, WDC, SYMC, CFG, KNX, UAL, EDU
- Boosted stakes in: PCG, COOP, NRG, VST, BYD, SUM
- Cut stakes in: MU, FB, BABA, AGN, GOOG, BAC, TMO, LRCX, TMUS, BSX
BALYASNY ASSET MANAGEMENT
- Top new buys: EFX, C, APC, USB, GD, ABT, QQQ, MS, CHTR, FEYE
- Top exits: ETFC, BIDU, DUK, FB, XOM, AEE, GM, MA, ERJ, PYPL
- Boosted stakes in: DIS, CNP, NFLX, SRE, V, IR, TSN, COP, CAT, ETR
- Cut stakes in: CMA, STI, DLTR, ADS, SBUX, IP, EVRG, BA, WFC, ALL
BAUPOST GROUP
- Top new buys: YPF, UNVR
- Top exits: T
- Boosted stakes in: PCG, FOXA, FOX, TRCO, ABC, MCK, SBGI
- Cut stakes in: SYF, AMC, VRTV, CAH
BERKSHIRE HATHAWAY
- Top new buys: JPM, ORCL, PNC, TRV
- Top exits: SNY, WMT
- Boosted stakes in: AAPL, BAC, USB, GS, DAL, BK, GM
- Cut stakes in: PSX, WFC, AAL, CHTR, UAL, LUV
BLUECREST CAPITAL MANAGEMENT
- Top new buys: FSAC, AMLP, USWS, PBCT, AIMC, MFAC, VZ, NRCG, CMCSA, TKKS
- Top exits: PFE, IT, BP, GSK, CTAS, AVGO, SEE, MOH, CENX, PSTG
- Boosted stakes in: T, AAPL, HYAC, ESRX, AET, VRRM, GOOGL, FOXA, IFF, SHPG
- Cut stakes in: KNX, PEP, LFUS, MPWR, CXO, AZPN, MKSI, LOPE, RDS/A, CELG
BLUE HARBOUR GROUP
- Top new buys: BERY, JACK, G
- Top exits: FCE/A, AXTA
- Boosted stakes in: ON, GWR, WCC
- Cut stakes in: COMM, IWM, SPY, XLNX
BRIDGEWATER ASSOCIATES
- Top new buys: GE, PVH, DVA, WYNN, SWKS, M, ILMN, CL, DHI, MOS
- Top exits: PCG, KMB, DISCA, INTU, UPS, SBUX, VZ, KO, DIS, CCL
- Boosted stakes in: INTC, X, GPS, PHM, WHR, RY, URBN, TD, LYB, WU
- Cut stakes in: CVS, ORCL, WBA, CAH, CAT, MCD, CMI, CVX, XEC, CLF
CITADEL ADVISORS
- Top new buys: BABA, TSM, EXC, ICE, AMD, ELLI, DBX, BF/B, OIBR/C, TRCO
- Top exits: CHD, BKNG, SGEN, IEMG, EFA, VCSH, ECL, BKH, HII, MKC
- Boosted stakes in: MS, T, NFLX, LOW, LMT, PNC, MCHP, INTC, QQQ, FB
- Cut stakes in: GS, KDP, KEY, DVN, DE, AMAT, CSX, NOC, GM, K
CLINTON GROUP
- Top new buys: PYPL, BAX, DRI, ICE, CTAS, PXD, CPRT, ETN, NKE, CMCSA
- Top exits: EL, CAT, ABBV, LMT, VZ, CAG, HRB, BA, ZBRA, NEM
- Boosted stakes in JPM, JNJ, NEE, SPGI, FTV, MSFT, AEE, MO, PEG, EBAY
- Cut stakes in PGR, AVY, MCK, AA, HUM, COLM, LPX, KGC, VIAB, MRK
COATUE MANAGEMENT
- Top new buys: QCOM, ROKU, DATA, NKE, MSI, WDC, V, PDD, CRM, VMW
- Top exits: JD, INTC, AAXN, QD, CNK, HLF, NDLS, GPS, PETS, AEO
- Boosted stakes in: AAPL, NOW, CMG, HTZ, DDS, PLAY, SIG, HABT, SBUX, JWN
- Cut stakes in: TWTR, EA, FB, SHOP, TAL, MU, ATVI, ADBE, AMZN, NFLX
CORVEX MANAGEMENT
- Top new buys: DLTR, FLMN, VMC, TSG
- Top exits: CRM, CHTR, T, FOXA, CTL, PAGP
- Boosted stakes in: MHK, GOOGL, MGM
- Cut stakes in: BAC, FB, JBLU, NXPI, TMUS, ICE, MDCO, NOW, FG, MSFT
DUQUESNE FAMILY OFFICE
- Top new buys: PYPL, ABT, C, NOW, MDT, ZEN, FOXA, TMUS, QCOM, ALXN
- Top exits: MPC, DVN, ATVI, TAL, CLVS, CTRP, SQ, FCX, NBR, PAGS
- Boosted stakes in: MSFT, IBB, ADBE, GOOGL, GILD, XLE, EA, ACIU
- Cut stakes in: FB, BABA, NFLX, STMP, SPLK, ADSK, AMZN, WDAY, OIH, COUP
ELLIOTT MANAGEMENT
- Top new buys: FE, NLSN, XOP, SABR, CYH, SMH, VNQ, RIG, MITK, IGV
- Top exits: ISBC, WIT
- Boosted stakes in: SRE, DVN, HES, QEP
- Cut stakes in: NXPI, BTU, CDK, QQQ, IMPV, VMW, DISH, MD
EMINENCE CAPITAL
- Top new buys: NCLH, PEGA, FSCT
- Top exits: MGM, ADSK, FB, YELP, HAIN, MHK, CTRP
- Boosted stakes in: IQV, WEN, CF, BERY, MSFT, QSR, TTWO, ICE, INXN, EFX
- Cut stakes in: LEN, ELLI, PTC, CSOD, CYBR, USFD, ABG, P, MSTR, GOOG
ENGAGED CAPITAL
- Top new buys: INWK, PBYI, ASTE
- Top exits: CASY, CCRN
- Boosted stakes in: NCR, PETX, BHE, ANIK, GRPN
- Cut stakes in: RCII, BW, CLS, UEIC
FAIRHOLME CAPITAL
- Top new buys: BRK/B
- Top exits: C, OAK, CLPR
- Boosted stakes in: SPB
- Cut stakes in: JOE, T, SHLDQ, VSTO, VST
GLENVIEW CAPITAL
- Top new buys: NXPI, NUAN, SYMC, DLTR, WP, BHC, LYB, ALB
- Boosted stakes in: HOLX, ESRX, CVS, ARMK, AET, FDX, ANTM, CHTR, MTOR, FBHS
- Cut stakes in: SHPG, FLEX, WBA, NWL, CI, LH, EBAY, LOW, WMB, VER
GREENLIGHT CAPITAL
- Top new buys: SDRL, TSCO, SHW, KORS
- Top exits: MYL, TWTR, AAPL, MU, CLPR, DSW, GPS, DG, TJX, AZO
- Boosted stakes in: IAC, ADNT
- Cut stakes in: GM, PRGO, VOYA, MDCO, AER
HIGHFIELDS CAPITAL MANAGEMENT
- Top new buys: MGM, LLY
- Top exits: DIS, TV, FDX, CVS, MIK
- Boosted stakes in: SHPG, MHK
- Cut stakes in: NXPI, CMCSA, TEVA, FOXA, GOOGL
ICAHN ASSOCIATES
- Top exits: CI
- Boosted stakes in: EGN, IEP, NWL
- Cut stakes in: VMW, LNG
IMPALA ASSET MANAGEMENT
- Top new buys: DAL, VALE, JNUG, PLCE, URI, LVS, UAL, ALK, SWK, HTHT
- Top exits: SCCO, GPS, JCP, JWN, NTNX, TLRD, NTR, BLDR, HOME, MNST
- Boosted stakes in: LUV, NSC, RCL, CAT, STZ, RIO, TECK, TTWO, THO, HES
- Cut stakes in: NVR, KNX, HOG, NAV, BC, CCL, NFX, DHI, MAR, BLL
JANA PARTNERS
- Top new buys: EXAS, KDP, FLMN, HAIN, DLTR, FTCH, CVNA, EDU, SVMK, ARLO
- Top exits: FB, WFC, GOOGL, RPM, GRUB, LRCX, ADP, BV, GSKY, MRVL
- Boosted stakes in: GDX, AAPL, ADBE, EA
- Cut stakes in: TIF, ADSK, ANTM, HDS, MSFT, JACK, BSX, BABA, A, ZAYO
LAKEWOOD CAPITAL
- Top new buys: UTX, WUBA, CWK, YNDX, CI
- Top exits: RLGY, FB
- Boosted stakes in: CMCSA, ASND, LAD, BIDU, FDX
- Cut stakes in HCA, ADNT, MA, GOOGL, ALLY
LAND & BUILDINGS INVESTMENT MANAGEMENT
- Top new buys: LPT
- Top exits: LSI
- Boosted stakes in: MGM
- Cut stakes in: CLI, SBAC
LONE PINE CAPITAL
- Top new buys: FDC, UNP, NIO
- Top exits: BKNG, DLTR, SBAC, SQ, MHK, PAGS
- Boosted stakes in: BABA, ADBE, MSFT, GOOG, CP, ATVI, NVDA, WYNN, NOW, STZ
- Cut stakes in: UNH, CSX, FLT, MELI, AMZN, TRU, PYPL, IQV
MAGNETAR FINANCIAL
- Top new buys: EGN, CA, IDTI,
- Top exits: NXPI
- Boosted stakes in: SHPG
- Cut stakes in: PE
MARCATO
- 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: CBS, STZ, BAX, YUM, AAL, PVH, UAL, MTCH, TXRH, FL
- Top exits: DLTR, AAOI, FLT, AMRX, HD, DECK, WMT, GPS, GRUB, URBN
- Boosted stakes in: ANTM, LRCX, BIDU, COMM, ALNY, AMAT, TMUS, MA, LUV, AZO
- Cut stakes in: FB, GOOG, MHK, V, CIEN, CNC, BABA, ADBE, TIF, CASY
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
MELVIN CAPITAL MANAGEMENT
- Top new buys: NFLX, SPOT, NVDA, IQV, WP, IT, PANW, SYK, PLNT, ADS
- Top exits: THO, BIDU, FLT, USFD, IAC, GIL, H, MGM, GPS, ADBE
- Boosted stakes in: STZ, WYNN, MSFT, EA, PAGS, RACE, RCL, FDC, BABA, MA
- Cut stakes in: AMZN, GOOGL, V, YNDX, PYPL, ADSK, TTWO, CRM, EDU, DPZ
MOORE CAPITAL MANAGEMENT
- Top new buys: EEM, NFLX, WP, ETFC, NCLH, ORLY, RL, TPX, FDS, DG
- Top exits: NXPI, Z, YNDX, TGT, AVGO, NVDA, SPY, LNG, GPS, ATVI
- Boosted stakes in: FDC, PVH, AMP, SIVB, VOYA, V, GOOGL, SPOT, RCL, ULTA
- Cut stakes in: FB, FBP, MOMO, GDS, WFC, HUD, LIN, CME, DOMO, BABA
NEUBERGER BERMAN GROUP
- Top new buys: FL, EBS, FDC, SODA, ARES, CRTO, STM, BL, UNVR, PODD
- Top exits: ICLR, SPOT, ARRS, BAP, DOX, PZZA, CLB, TSEM, NATI, MTCH
- Boosted stakes in: MCD, MSI, CXO, RHT, ATVI, BKNG, UTX, BRK/B, CMCSA, CVS
- Cut stakes in: FB, MLM, ADI, SYMC, ET, MHK, RYAAY, OKE, KSU, EXPE
OAKTREE CAPITAL MANAGEMENT
- Top new buys: COOP, SMCI, BBD, YUMC, NXPI, PAM, HK, OIBR/C, TGS, FPI
- Top exits: SPY, SMH, RYAM, NCMI, BMA
- Boosted stakes in: TSM, PCG, CX, VALE, IBN, CEO, TEO, BRFS, AZUL, SIGA
- Cut stakes in: VST, TRCO, INFY, VRS, ITUB, EURN, VICI, UPL, NOG, BXE
OMEGA ADVISORS
- Top new buys: NLSN, CI, COOP
- Top exits: AER, SYF, HUM, PYPL, IQV, VVV, LEN, SPB, KKR, ADSK
- Boosted stakes in: MGY, SBGI, FRAC, BC, NBR, TCRD
- Cut stakes in: HES, FDC, ADBE, FB, GOOGL, EMN, MXL, PE, MU, NEWM
PAULSON & CO.
- Top new buys: NLSN, DNB, P, CME, BSIG, ESRX
- Top exits: VST, EGN, CTL, CMCSA, HAIN
- Boosted stakes in: DISCK, SHPG, AET, GOLD, NXPI
- Cut stakes in: TMUS, AKRX, MITL, MNK, AGN, T, COL, MYL, HZNP, ENDP
PERSHING SQUARE
- Top exits: MDLZ
- Boosted stakes in: LOW, UTX
- Cut stakes in: CMG, HHC, ADP
POINT72 ASSET MANAGEMENT
- Top new buys: QCOM, NFLX, AAPL, PVH, AOS, WFC, NVDA, NVS, ZBH, FEYE
- Top exits: FOXA, MU, GPS, PNC, MRK, H, KNX, HSIC, COP, WCG
- Boosted stakes in: CI, PXD, SPOT, APC, ATVI, RCL, HCA, CVS, A, PANW
- Cut stakes in: GOOGL, TTWO, RRR, CXO, AMZN, PE, BIDU, GILD, HAL, SYK
POINTSTATE CAPITAL
- Top new buys: URI, MA, GWRE, PTC, BAC, FANG, RCL, CAT, TDG, XLV
- Top exits: FB, FE, TEVA, VRTX, JD, ALXN, PXD, LRCX, NXPI, STM
- Boosted stakes in: NSC, NOW, LNG, SU, CRM, BA, SHPG, XOP, LYB, PAGP
- Cut stakes in: AET, CVX, FOXA, CI, TRGP, ADSK, MSFT, GOOGL, MDCO, CLVS
RAGING CAPITAL
- Top new buys: TRCO, LNTH, NTP, TLRY, MNKD
- Top exits: QCOM, WAGE, AINC
- Boosted stakes in: BLDR, SBGI, MRAM
- Cut stakes in: AMBC, RDCM, JELD, BMCH, BPOP, PKE, XLNX, SPLP, UAN, HLIT
RENAISSANCE TECHNOLOGIES
- Top new buys: JPM, GOOGL, KO, MDT, ORCL, ADP, TXN, EDU, AMAT, PSX
- Top exits: AAPL, AMZN, WMT, GS, LMT, AXP, AMD, CMI, SFLY, NSC
- Boosted stakes in: FOXA, PANW, MOH, CMG, CVX, HUM, NVDA, HD, PGR, VRSN
- Cut stakes in: JNJ, CMCSA, EA, PM, CELG, ISRG, BBY, ABEV, NOC, WM
SANDELL ASSET MANAGEMENT
- Top new buys: AET, FOXA, DNB, ESRX, FCE/A, WP, MA, V, PYPL
- Top exits: NXPI, OCLR, ALLY, LHO, MGI
- Boosted stakes in: ZAYO, CSX, MGM
- Cut stakes in: AVA, COL, ORBK, TMUS
SENATOR INVESTMENT
- Top new buys: CHTR, UNP, C
- Top exits: FOXA, HD, BKI
- Boosted stakes in: EFX, ICE, XPO
- Cut stakes in: FB, DHI, AGN, LNG, CZR
SOROBAN CAPITAL
- Top new buys: BKNG, BABA, FB, QRVO
- Top exits: GOOGL, MGM, FWONK
- Boosted stakes in: MHK, GRA, NXPI
- Cut stakes in: AVGO, NSC, AXTA
SOROS FUND MANAGEMENT
- Top new buys: TRCO, ADM, DIS, KHC, MDLZ, MU, IDTI, ELAN, HSY, CF
- Top exits: NXPI, COL, NOW, EA, SIGM, FB, TTWO, IAC, DISCA, URBN
- Boosted stakes in: MSFT, I, ESRX, SIVB, COUP, AAPL, GSKY, ATVI, UNH, QCOM
- Cut stakes in: SPOT, NFLX, JPM, WFC, BAC, AET, C, USB, T, TIVO
STARBOARD VALUE
- Top new buys: SYMC
- Top exits: MAC, ASRT, SCOR
- Boosted stakes in: RPM, BAX, MRVL
- Cut stakes in: NWL, MLNX, BMS
STEADFAST CAPITAL
- Top new buys: NTES, AVGO, BABA
- Top exits: FB, MTCH, NOW
- Boosted stakes in: IQV, WMB, NRG
- Cut stakes in: MSFT, ULTA, IAC
TEMASEK HOLDINGS
- Top new buys: FTCH, BP, AYX
- Top exits: VRTX, AMGN, XTN, CELG, INCY, MDT, DIS, AMRS, NETS
- Boosted stakes in: RDS/B, ACIU, COUP
- Cut stakes in: BABA, JD, BMRN, TRQ, ILMN, ALXN, REGN, NFX, AVGO
TIGER GLOBAL MANAGEMENT
- Top new buys: EB, SVMK, AAPL, ZEN, TWLO, PDD, FTCH, TENB
- Top exits: GDS
- Boosted stakes in: BABA, ADBE, NOW, MDB, SE, SWCH, RUN, BKNG, EDU, UXIN
- Cut stakes in: TWTR, FB, DESP, TDG, MELI, HUYA, RDFN, MSFT
THIRD POINT
- Top new buys: AXP, MRK, SHPG, IQV, FANG, WPX, ARCE
- Top exits: NXPI, FB, VMC, WYNN, EA, SHW, EGN, PVH, CWH, A
- Boosted stakes in: CPB, MSFT, UTX, STZ, ADBE, WP, MPC, DE, BABA
- Cut stakes in: NFLX, LEN, SPGI, PYPL, CRM
TRIAN
- Boosted stakes in: PPG, MDLZ, GE
- Cut stakes in: SYY
TUDOR INVESTMENT
- Top new buys: HNGR, KMG, AYX, TPR, TIF, EGL, FTCH, MNST, ORLY, DLR
- Top exits: EBAY, MDLZ, IQV, ORCL, QCOM, DG, SRPT, ADP, EXAS, BZUN
- Boosted stakes in: FCE/A, LHO, MPC, AAPL, MSFT, TXN, NXPI, T, ADBE, ROKU
- Cut stakes in: COL, HD, BIDU, JD, JPM, NKE, VZ, UNH, VIPS, FOXA
VALUEACT
- Top new buys: XRAY, HE, SYMC
- Top exits: FOX
- Boosted stakes in: C, MS, STRA, SLM, EVA, STX
- Cut stakes in: AWI
VIKING GLOBAL INVESTORS
- Top new buys: PCG, BERY, RACE, WYNN, MYL, BSX, ADI, EXAS, PGR, AON
- Top exits: BUD, X, CP, DPZ, HBI, MELI, EQH, EFX, AET, XRAY
- Boosted stakes in: BABA, DIS, GE, MPC, ANTM, CRM, AMZN, BMRN, OLN, NFLX
- Cut stakes in: FB, GOOGL, UTX, HIG, ADSK, V, PE, RJF, LEN, LNC
WHALE ROCK
- Top new buys: WDAY, OKTA, CRM, NOW, PS
- Top exits: VMW, Z, ALVR, HUBS, LITE
- Boosted stakes in: TWLO, AMZN, CDAY, SQ, MTCH, ROKU
- Cut stakes in: TLND, SGMS, FB, KLIC, BABA
Source: Bloomberg
via RSS https://ift.tt/2Dr2hzR Tyler Durden