Once upon a time, the quarterly publication of hedge fund 13F statements was a momentous event, more important even than corporate earnings, creating a frenzy of activity within the buyside community as hedge funds scrambled to figure out who is buying – or selling – what, and what such activity telegraphed about the bigger picture.
Alas, over the past decade – ever since SAC’s egregious use of “expert networks” made the legal use of inside information impossible and as central banks took over markets – hedge fund returns collapsed, and so did interest in their holdings. In fact, as we showed time after time, the best strategy since 2013 was not going with the crowd but against it, and as noted two weeks ago, going long the most shorted names and shorting the most popular ones has continued to be not only the most consistently profitable, alpha-generating strategy, but in 2019 YTD, the top 10 crowded stocks underperformed the 10 most neglected stocks by 19% YTD, a 5-year record!
Still, whether one uses it to bet with it or – more likely – against it, a list of what hedge funds buy and sell any given quarter is still informative, if for no other reason than to indicate what the prevailing groupthink regurgitates at various idea dinners across Manhattan.
So, courtesy of Bloomberg, the latest batch of 13-Fs revealed that the recent red-hot IPOs were quite popular among the 2 and 20 crowd, as Coatue, Tiger Global, and Viking Global all disclosed the value of their positions in struggling-IPO Uber Technologies while its rival Lyft tried to attract big hedge funds.
In what may have been the biggest surprise, billionaire activist investor Bill Ackman unveiled a new big new bet on Warren Buffett’s Berkshire Hathaway, prompting questions among his investors if they should be paying him… or Buffett? Meanwhile, Berkshire itself boosted its bets on Bank of America and Amazon.com.
Elsewhere, BlueMountain disclosed that it converted most of its stake in the bankrupt utility owner PG&E from common shares to swaps, while David Tepper’s Appaloosa bought some Intelsat and sold its entire Alibaba stake.
Also during the quarter, activist giant Elliott Management added a chunk of Marathon Petroleum to its holdings while exiting Sempra Energy. Casino stocks went out of favor last quarter as D1 Capital Partners and Melvin Capital Management were among funds that trimmed their positions in Wynn Resorts Ltd.
Courtesy of Bloomberg, here are the notable holdings changes for the most prominent money managers as of June 30. Top new buys may include IPOs in which hedge funds may have invested prior to their debut:
ADAGE CAPITAL PARTNERS GP
- Top new buys: RTN, DUK, ABBV, CF, TEL, COMM, MDU, GRA, COP, SAP
- Top exits: IFRX, EXP, BRKMY, LNG, BLD, TAK, WMB, CE, BMY, CMI
- Boosted stakes in: CELG, AMZN, UTX, MPC, DE, DIS, EVRG, KEY, MOS, VLO
- Cut stakes in: ROST, WMT, PVH, FTV, NBL, EMR, LLY, GOOG, OC
APPALOOSA
- Top new buys: HUM, I, CNC
- Top exits: BABA, XLE
- Boosted stakes in: GOOG, AMZN, CRM, XOP, UNH, ADBE
- Cut stakes in: MU, AGN, PCG, ET, VST, COOP, LNG, AMLP, TMUS, CWEN
ARROWGRASS
- Top new buys: UBER, LQD, AGN, HYG, CY, DIS, UTX, CP, BERY, NOC
- Top exits: CCC, VRRM, NRG, LIN, MA, JPM, VST, URI, INTU, DISCA
- Boosted stakes in: ILMN, CELG, WBC, LOW, V, NKE, UAL, DOCU, AKAM, UNP
- Cut stakes in: CRM, GOOGL, BKNG, VZ, AMZN, IQ, BA, VIAB, BABA, BMRN
BALYASNY ASSET MANAGEMENT
- Top new buys: AIG, KMB, DE, STI, PNC, WSM, SKX, XLP, KHC, PAYC
- Top exits: QQQ, AAP, LEN, MAN, XLI, CAG, RRC, JKHY, ECA, PANW
- Boosted stakes in: UTX, C, WMT, DLTR, NSC, RTN, GM, BAX, LH, GS
- Cut stakes in: DIS, FITB, TJX, MS, ETFC, PFE, ALGN, ZBH, MSFT, AZO
BAUPOST GROUP
- Top new buys: XPO
- Top exits: CELG, PXD, DIS
- Boosted stakes in: BMY, CBS, TBIO, NXST, TMQ, ATRA
- Cut stakes in: QRVO, EBAY, SYF, LNG, SBGI, AGN, TAK, ABC, MCK
BERKSHIRE HATHAWAY
- Boosted stakes in: BAC, USB, AMZN
- Cut stakes in: CHTR
BLUEMOUNTAIN CAPITAL MANAGEMENT
- Top new buys: BJ, SWI, AVTR, VICI, ARR, CRWD, INVH, HCM, PSN, CHWY
- Top exits: INSW, MLNX, NCLH, CELG, EA, PSTG, BBY, MCD, VAR, M
- Boosted stakes in: OAS, SAEX, JELD, TEVA
- Cut stakes in: PCG, SOI, C, ESI, XOP, USCR, GT, ANH
BRIDGEWATER
- Top new buys: FXI, MCHI, SWK, BK, SLB, ENDP, CNP, BWA, CLB, SPLK
- Top exits: BMY, MOS, DISH, AN, MHK, STZ, GS, RF, BA, KEY
- Boosted stakes in: INDA, GLD, XEC, KR, CCL, BABA, HYG, SWN, ADS, EWZ
- Cut stakes in: EEM, VWO, IEMG, SPY, FDX, T, EMN, URI, AMTD, DVA
COATUE MANAGEMENT
- Top new buys: UBER, SQ, ISRG, GPN, NTES, ZM, GH, SMAR, GDOT, TW
- Top exits: MU, COUP, IQ, TCS, EXPR, GRPN, FLWS, SFLY, LE, BGFV
- Boosted stakes in: MSI, PLAN, MSFT, OKTA, NOW, V, TWLO, INTU, PYPL, HTZ
- Cut stakes in: NVDA, AMZN, CRM, MNK, ATVI, EA, FOSL, LB, CMG, AAL
CORSAIR CAPITAL MANAGEMENT
- Top new buys: REPH, BID, NVGS, STMP, CASH, FSK, CLF, ADT
- Top exits: ARMK, HUN, CHL, NOMD, TOL, MU, SRI, SRG, GPRE, JEF
- Boosted stakes in: KRA, LAUR, TROX, BH, FLEX, GSL, CUBI
- Cut stakes in: SPXC, CHDN, AXTA, HDS, RHP, SPY, IPI, BLL, HGV, FCAU
CORVEX MANAGEMENT
- Top new buys: CNC, NFLX, RTLR, AYX, TSS, FSCT, WORK, WCG, PACK, GPN
- Top exits: GOOGL, TTWO, GWRE, ZAYO, ZEN, CELG
- Boosted stakes in: MGM, FANG, MSG, WTRH
- Cut stakes in: ADBE, TMUS, DIS, CMCSA, FB, AMZN
D1 CAPITAL PARTNERS
- Top new buys: BABA, FIS, BA, TWLO, AMZN, LIN, CHWY, SNAP, CCC, QTT
- Top exits: LEN, DHR, AMAT, LRCX, IQ
- Boosted stakes in: NFLX, JD, MU, LVS, IQV, FB, OC, GWRE, BILI
- Cut stakes in: DIS, DHI, WYNN, GOOGL, RACE, HLT, ADBE
DE SHAW
- Top new buys: ZAYO, AMCR, SMH, UBER, CACI, WHR, NI, DNKN, EQNR, OLLI
- Top exits: IVV, TNDM, HYG, TSM, FITB, GWPH, NIO, GSK, HEXO, XLF
- Boosted stakes in: BABA, NVDA, AMZN, COP, JNJ, MSFT, BIIB, UNP, PG, V
- Cut stakes in: QCOM, FB, AAPL, CELG, PFE, EBAY, ORCL, LOW, AVGO, CI
DUQUESNE FAMILY OFFICE
- Top new buys: UBER, CRM, PCG, GOLD, JD, I, AEM, SQ, PANW, ZEN
- Top exits: IBB, GOOGL, ISRG, QCOM, A, XLNX, ADI, POST, HOLX, SPLK
- Boosted stakes in: MSFT, SNAP, SE, AMZN, ATVI, MELI, NOW, HD, MRK, FIS
- Cut stakes in: EEM, TMUS, ABT, LNG, PYPL, SPOT, ADBE, DOCU, MU, MPC
EMINENCE CAPITAL
- Top new buys: ASH, BABA, RP, MS, BSX, GDDY, NTNX, CFG, SPOT, WW
- Top exits: QSR, ZAYO, NCLH, LIN, DHR, SAFM, LYFT
- Boosted stakes in: MIDD, HAE, PCG, RCL, SCHW, BERY, PSTG, CF, SYY, USFD
- Cut stakes in: IQV, GPK, TMO, PYPL, INXN, DHI, LEN, TSN, CNC, ICE
ELLIOTT MANAGEMENT
- Top new buys: MPC, XLV, HYG, TRK, COMM, USWS
- Top exits: SRE, BMY, CVLT, CARB, SYMC, HR, KREF, RYAAY, MITK, EPEG
- Boosted stakes in: ISCA, DELL, RRTS
- Cut stakes in: HES, DVN, SHO, CXP, MAC
ENGAGED CAPITAL
- Top exits: BHE, MED
- Boosted stakes in: HAIN, MGLN
FIR TREE
- Top new buys: CNC, AGN, ACHC, TRNE, SATS, TMUS, LCA, LHC, PVT
- Top exits: SM, AMR
- Boosted stakes in: TPGH, LAUR
- Cut stakes in: MSFT, FE, C, BKNG, I, MHK, NAVI, SNE, RWGE, MOSC
FRONTFOUR CAPITAL GROUP
- Top new buys: HGV, ANF
- Top exits: CZR, CTL, LPX, SXT
- Boosted stakes in: CLNY, OBE
- Cut stakes in: VAC, GRP/U, ASH, BERY, JASN, MDCA
GLENVIEW CAPITAL
- Top new buys: UNH, TMUS, URI
- Top exits: HTZ, TSG
- Boosted stakes in: DIS, HCA, HUM, DVA, CI, CNC, BKD, UNVR, BHC, WCG
- Cut stakes in: GOOGL, MSFT, TMO, BAX, NXPI, HOLX, ANTM, UHS, ABC, FLEX
GREENLIGHT CAPITAL
- Top new buys: SGMS, DDS
- Top exits: SDRL
- Boosted stakes in: ADNT, TGP
- Cut stakes in: GM, VAL, VOYA, AER, HGV, TPX, MDCO, SATS
ICAHN
- Top new buys: OXY
- Top exits: FANG
- Boosted stakes in: IEP, CNDT
- Cut stakes in: FCX, LNG
IMPALA ASSET MANAGEMENT
- Top new buys: GD, KEX, ANF, VMC, BLDR, NAV, FLT, ITT
- Top exits: CSX, BC, HD, GUSH, VLO, LSTR, BTG, SWK, MSFT, FLR
- Boosted stakes in: DHI, URI, QCOM, NSC, RIO, LEA, HRI, HOG
- Cut stakes in: TECK, CAT, HES, MHK, NVR, HCC, KNX, KTOS
JANA PARTNERS
- Top new buys: AXTA, ELY
- Top exits: TIF
- Boosted stakes in: JACK, ZBH
- Cut stakes in: SPY, FLMN
LANSDOWNE
- Top new buys: LRCX, UBER, EGO, PSX, IQ
- Top exits: JPM, BAC, C, AGR, RIG, URI, CYTK, GOOGL, AMZN, DBX
- Boosted stakes in: ETN, UAL, TSM, GRUB, UTX, VXX, DHT, BABA, HCC
- Cut stakes in: MU, AMAT, IR, TXN, CVE, MANU, AGI, CNQ, AAL, FSLR
LONE PINE
- Top new buys: ATVI, DPZ, UBER, CHWY, COUP, TEAM
- Top exits: STZ, CSX, GOOG, TRU
- Boosted stakes in: SHOP, UNP, DHI, SQ, WWE, CRM, ADSK, UNH, STNE, BABA
- Cut stakes in: AMZN, FB, MA, SPGI, IQV, ADBE, TIF, MSFT, NOW, MELI
LONG POND
- Top new buys: JLL, LSI, OHI, SHO, LPT, DRE, UE, VICI, DIA, FR
- Top exits: LOW, AMH, CCS, COLD, WYNN, KBH, CWK, CZR, CVCO, CLI
- Boosted stakes in: HGV, H, SLG, PGRE, EXP, WLH, FPH, PLYA, DRH
- Cut stakes in: HLT, HPP, LEN, MGM, DHI
MAGNETAR FINANCIAL
- Top new buys: CY, CZR, ADSW, MDSO, LTXB, AQ, CHNG, WAGE, HCAC, CRSA
- Top exits: CCC, ELAN, WHD, GG, AVA
- Boosted stakes in: TSS, AGN, WBC, WCG, BDX, BAX, AZN, CI, CNC, CTLT
- Cut stakes in: MLNX, ONCE, ET, MCK, PACB, CELG, EXTN, TRCO, FNSR, LKSD
MAVERICK CAPITAL
- Top new buys: MGM, WLK, STNE, SBUX, NFLX, CASY, SKX, LITE, TXRH, HAE
- Top exits: ANTM, SSNC, SCHW, WCG, FLT, CMG, WCN, TPX, MCD, HLT
- Boosted stakes in: HUM, CNC, BABA, OC, BKNG, COMM, TMUS, MDCO, JBLU, HBI
- Cut stakes in: MSFT, FISV, USFD, EXP, WYNN, BURL, NKE, ADBE, LOW, GPK
MELVIN CAPITAL MANAGEMENT
- Top new buys: PLAN, LH, EL, TTWO, VEEV, WDAY, FIS, VRSN, ETSY, LK
- Top exits: DE, EA, DRI, INTU, NKE, RCL, DOCU, HDS, LB, GOOS
- Boosted stakes in: AMZN, MCD, BABA, CSGP, RACE, LVS, AAP, V, DPZ, WWE
- Cut stakes in: NFLX, IQV, QSR, WYNN, COO, PYPL, TWTR, EDU, CVNA, AWI
MOORE CAPITAL MANAGEMENT
- Top new buys: FIS, WEX, COLD, NOC, COUP, TPX, DIS, SE, CTXS, QTWO
- Top exits: FBP, GCP, CAT, ZAYO, SNV, TWTR, LNG, ULTA, INTC, ITB
- Boosted stakes in: PGR, AMZN, MA, FB, JD, PYPL, NFLX, AMP, BURL, BG
- Cut stakes in: FXI, BABA, SIVB, EA, TECK, GDS, EEM, EDU, AXTA, SPOT
OAKTREE CAPITAL MANAGEMENT
- Top new buys: PBR, HUYA, CCO, PVAC, BGNE, TV, LOMA, IEA
- Top exits: BABA, YUMC, VICI, HKRSQ, BXEFF
- Boosted stakes in: BRY, EGLE, VST, AZUL, PAM, TGS, TEO, VRS, SMCI, CX
- Cut stakes in: IBN, CTRA, NMIH, BCEI, YETI, FPI, YNDX, ITUB, BRFS, AU
OMEGA ADVISORS
- Top new buys: FANG, WFC, CCL, DOW, VICI, CRWD, FLMN, TPCO
- Top exits: CVS, DAL, ENT, RESI, CCC, FSK
- Boosted stakes in: NAVI, UNH, NEWM, NBR, CNC, OCN, HES, WPX, SLV, MGY
- Cut stakes in: LORL, PFSI, MPC, EFC, NLSN, ABR, CIM
PAULSON & CO
- Top new buys: BID, ONCE, PCG, UTX, SSRM, ZAYO
- Top exits: CNC, KMDA, WBC, NXPI, ON, DIS
- Boosted stakes in: AGN, WCG, S, PCRX, TMQ, CELG
- Cut stakes in: INSW, STC, QEP
POINT72
- Top new buys: VICI, REGN, UBER, HUM, HYG, F, UPS, MMM, V, DNKN
- Top exits: GOOGL, FISV, ANTM, EA, TSN, SLB, SO, UAL, ADP, SYY
- Boosted stakes in: AVGO, NXPI, FB, HCA, RTN, GPN, BABA, NBL, UTX, GWPH
- Cut stakes in: DIS, NFLX, MPC, MRVL, AAP, ECA, BMY, GDDY, CMI, EL
POINTSTATE CAPITAL
- Top new buys: HUM, NXPI, EEM, EWZ, GLD, MDB, NOC, LHX, OKTA, SMAR
- Top exits: MSFT, LOW, CELG, BMY, MRK, SWK, BKNG, MT, VST, LIN
- Boosted stakes in: CRM, AMZN, PCG, COUP, CNC, COF, BA, NOW, BABA, NFLX
- Cut stakes in: DLTR, TEAM, UTX, GOOGL, ADSK, ANTM, MA, JD, URI, TMUS
PERSHING SQUARE
- Top new buys: BRK/B
- Top exits: UTX
- Cut stakes in: LOW, QSR, CMG, SBUX
RAGING CAPITAL
- Top new buys: KEM, QCOM, CHWY, BBW, HCHC, HIIQ, PD
- Top exits: GS, LNTH, ORBC, AAL, ALK, XLNX, HIMX, AXTI, INSYQ, RUBI
- Boosted stakes in: AGN, AMBC, MITK, AGO, PKE, CLDR, UAN, WATT, MNKD, MR
- Cut stakes in: HLIT, DSPG, BLDR, SBGI, BPOP, UPLD, TWTR, TDW, FND, FB
SACHEM HEAD CAPITAL
- Top new buys: CRM, SE
- Top exits: BERY, MSFT, ZAYO, TAK, AGN, WCG, CNC
- Boosted stakes in: EXP, PCG, USFD
SANDELL ASSET MANAGEMENT
- Top new buys: WCG, ADSW, TSS, AGN, CY, CRAY, OXY, MAXR
- Top exits: GG, DIS, ELAN, CZR, VOD
- Boosted stakes in: CELG, ZAYO, TRCO, ONCE
- Cut stakes in: AAL, URI, RACE
SENATOR INVESTMENTS:
- Top new buys: ADPT, VICI, PANW, AVTR, DIS, MRVL, AXTA, LIN, EMR, VRTX
- Top exits: ZAYO, UNP, WMB, ICE, AGN, STZ, FISV, DHI, LVS, ETFC
- Boosted stakes in: FB, CBOE, SE
- Cut stakes in: COLD, BA, CHTR, GOOG, LYFT, DHR, MRK, SRPT, SHW, V
SOROBAN CAPITAL
- Top new buys: RTN, WIX, STZ
- Top exits: SAP, LIN
- Boosted stakes in: GOOGL, UNP, MAR, SNE, BABA, LRCX
- Cut stakes in: AXTA, NSC, UTX, GRA
SOROS
- Top new buys: QQQ, GOOGL, EBAY, SYMC, VMC, NLY, EPC, CL, WORK, ZAYO
- Top exits: CDAY, COUP, CRM, CMCSA, TMUS, ADBE, RNG, WWE, MRVL, INTU
- Boosted stakes in: CELG, DHI, DIS, VICI, UNH, KDP, SYF, ETFC, SC, MS
- Cut stakes in: IWB, CAG, TIVO, MKC, SPY, WCG, ETSY, WBC, FLMN, OIBR/C
STARBOARD
- Top exits: ZAYO
- Boosted stakes in: GCP, IWR, SYMC
- Cut stakes in: MRVL, DLTR, EBAY, IWN, NTUS, RPM, MGM, CERN
TEMASEK HOLDINGS
- Top new buys: DOW, TW, STNE, WORK
- Top exits: MSFT
- Boosted stakes in: AMRS, AYX
- Cut stakes in: FTCH
TIGER GLOBAL MANAGEMENT
- Top new buys: UBER, GDS, ZM, LINX, CHWY, CRWD, FSLY, PD, LK, REAL
- Top exits: BKNG, DPZ, QSR, UXIN
- Boosted stakes in: MSFT, FB, RNG, RUN, SMAR, CVNA, NFLX, MDB, TEAM, TWLO
- Cut stakes in: SPOT, STNE, JD, SVMK, DESP, RDFN, 1650847D
THIRD POINT
- Top new buys: CNC, BURL, GTT, TW, COLD, CCO, PINS, TWLO, ZM, PSN
- Top exits: STZ, CELG, AXP
- Boosted stakes in: BSX, NFLX, ADBE, MSFT, ROST, MPC, CRM
- Cut stakes in: BAX, CPB, UTX, SHY, IQV
TRIAN
- Top new buys: LM
- Boosted stakes in: SYY, MDLZ
- Cut stakes in: PPG, BK, PG
TUDOR INVESTMENT
- Top new buys: CSCO, WORK, ETSY, SSFN, LHX, LLY, MDSO, MS, MU, NEWR
- Top exits: TAK, NOC, CVX, ILMN, ALB, AME, CL, MDT, DTE, TSLA
- Boosted stakes in: EEM, STI, AGN, CRAY, CRM, CNC, DIS, MSFT, ENFC, DRE
- Cut stakes in: SPY, INTC, HNGR, CELG, COP, MITK, BMY, FIS, ADSK, WSM
VALUEACT
- Top new buys: TSG, PSN, BKNG, XPO, EIX
- Top exits: PCG, AWI
- Boosted stakes in: STX, AES, CBRE, LIND, DAR, UFI
- Cut stakes in: ADS, AFI, STRA, HE, BHC
VIKING GLOBAL INVESTORS
- Top new buys: ADPT, BA, BBIO, UBER, MNST, CRM, AVTR, SQ, WORK, LOW
- Top exits: MPC, TMO, DIS, ALL, FANG, BKNG, MYL, HES, JAZZ, MIDD
- Boosted stakes in: FB, AMZN, JD, CNC, BSX, UNH, MELI, EQH, MU, ATVI
- Cut stakes in: BABA, V, BERY, ANTM, WCG, BMRN, MRNA, NVDA, ALGN, ADBE
YORK CAPITAL
- Top new buys: CBOE, EME, BMRN, PE, CY, CHNG, TIF, MLCO, TW, MPC
- Top exits: BBL, ASH, AZN, ELAN, GCP, EA, HD, WCG, DWDP-W, TNP
- Boosted stakes in: CELG, OIBR/C, CBPO, JD, BILI
- Cut stakes in: WBC, NUVA, CI, CNC, PCG, PXD, GDS, IIVI, AIZ, ESTR
Source: Bloomberg
via ZeroHedge News https://ift.tt/2TEI7sa Tyler Durden