This Is What Hedge Funds Bought And Sold In Q3: Complete 13F Summary

While we live in a time when the holdings of the top 20 Robinhood “investors” have far more information value for markets and other traders than a glimpse into what hedge funds are doing, not in the least because retail investors are outperforming both the S&P500 and hedge funds 10-to-1…

… unfortunately there is still no regulatory requirement for even superstar retail investors to disclose their holdings, which is why we have to be satisfied with the quarterly 13-F publication spectacle, which just concluded today, and which revealed that even as tech stocks suffered two correction shakeouts since early September, hedge funds mostly stuck with the “safety” of tech stocks during the third quarter heading into the election, even as some hedge funds trimmed Amazon.com as the dominant e-commerce platform thrived amid a pandemic-fueled surge in online shopping, while others sold Netflix

Courtesy of Bloomberg, below is a snapshot of what some of the most prominent tech stock additions as disclosed by today’s barrage of 13F filings:

• Coatue Management doubled its holdings of Tesla in the three months ended Sept. 30, making the electric-vehicle maker its second-biggest publicly disclosed holding. Assuming the fund held on, the bet proved prescient with the stock soaring in late trading Monday after it was announced that Tesla will enter the S&P 500 next month.
• Gabe Plotkin’s Melvin Capital Management bought an additional 2.5 million shares of Expedia Group Inc, while Stephen Mandel’s Lone Pine Capital added stay-at-home play DocuSign Inc. and snapped up more shares of Shopify Inc., Facebook Inc., Microsoft Corp. and Netflix Inc.
• D1 Capital and Soroban Capital Partners were among funds that increased their holdings in Microsoft.
• One recent initial public offering that received a lot of attention from hedge funds was Snowflake Inc. The software company was a top new buy for Berkshire, D1 Capital and Temasek Holdings.

Not everyone added to their tech holdings, with some selling although it was not clear if funds that trimmed tech stocks did so because they’ve soured on the investments or if its part of a portfolio exposure plan to manage risk associated with soaring stocks.

• Dan Sundheim’s D1 Capital cut its stake in Netflix by 89% in the third quarter, selling more than 951,000 shares. That’s surprising given Sundheim has long held bullish views of the online-streaming service and last year said the stock could reach $1,000. So far, this has been a prescient move, with Netflix dropping 4.2% in the fourth quarter, as work from home stocks were hammered following vaccine news.
• Lone Pine trimmed holdings in Amazon.com Inc. and Zoom and pared its stake in Salesforce.com. Fellow Tiger-cubs Maverick, Viking and Tiger also trimmed their Salesforce holdings. David Tepper’s Appaloosa Management, Viking and D1 either reduced or liquidated their Amazon stakes.
• Work from home winner Netflix Inc. was trimmed by several funds, including Stanley Druckenmiller’s Duquesne Family Office, Appaloosa and Corvex Management, while Melvin Capital Management exited its stake.
• Maverick Capital boosted its exposure to tech by more than 9% in the third quarter. In the last quarter upped its stake in semiconductor equipment company LAM Research Corp. and business-payments company FleetCor Technologies Inc. Even though it sold some Facebook Inc. shares, the tech giant is still Maverick’s biggest U.S. long holding.
• As noted earlier, Berkshire Hathaway continued its trend of pulling back on certain financial bets in the quarter, cutting its Wells Fargo stake and JPMorgan Chase & Co. bet. The company also trimmed holdings in PNC and M&T Bank.
• Saudi Arabia’s sovereign wealth fund retrenched from its big jump into U.S.-traded stocks battered by the pandemic. The Riyadh-based Public Investment Fund cut its U.S. holdings to $7.0 billion from $10.1 billion during the third quarter, mainly by selling stakes in exchange-traded funds that track the real estate and materials sectors. That left a $2.7 billion stake in Uber Technologies Inc. as its largest U.S. traded holding.

Finally, a quick look at what some of the marquee hedge funds bought and sold in Q3:

ADAGE CAPITAL PARTNERS

• Top new buys: BMY, LSPD, SAGE, PH, OXY, TWTR, RKT, WEC, ANNX, CMI
• Top exits: PFE, CCK, TM, GRA, HSC, ATR, WM, SIRI, VMC, PCG
• Boosted stakes in: AMZN, JNJ, ST, BRK/B, HZNP, UPS, UAA, HON, DHR, TXN
• Cut stakes in: OTIS, ROST, CSCO, BAC, RTX, C, FIVE, ITT, FCX, BMRN

APPALOOSA

• Top exits: AVGO, QCOM, VST, TSLA, HUM
• Boosted stakes in: PCG, MU, MSFT, ET
• Cut stakes in: AMZN, T, GOOG, BABA, FB, NFLX, PYPL, WFC, V, MO

BALYASNY ASSET MANAGEMENT

• Top new buys: LULU, BAC, GOOGL, TJX, SNX, ROP, CARR, VAR, TMUS, XOM
• Top exits: JPM, FLT, NSC, C, NKE, AZN, SAIC, TWLO, LSTR, CTLT
• Boosted stakes in: MCD, CTSH, MDT, SWKS, WAT, CMCSA, RTX, TWTR, AJG, MSI
• Cut stakes in: FISV, QGEN, LITE, NXPI, QRVO, ITW, DKS, GM, LHX, HOLX

BAUPOST GROUP

• Top new buys: PSTH, MU, AMAT, PEAK, HWM
• Top exits: AKBA, HCA, ABC, UNVR, VTR
• Boosted stakes in: PCG, SSNC, VRNT, HDS, VSAT
• Cut stakes in: EBAY, GOOG, TBPH, HPQ, FB, VIST, CLNY, FOXA, QRVO

BERKSHIRE HATHAWAY

• Top new buys: ABBV, MRK, BMY, SNOW, TMUS, PFE
• Top exits: COST
• Boosted stakes in: BAC, GM, KR, LILAK
• Cut stakes in: WFC, JPM, PNC, GOLD, MTB, LBTYA, AXTA, DVA, AAPL

BRIDGEWATER ASSOCIATES

• Top new buys: WMT, PG, KO, JNJ, PEP, MCD, ABT, MDLZ, EL, DHR
• Top exits: INDA, LMT, PM, FIS, MO, CI, FISV, ADP, AMT, TMUS
• Boosted stakes in: BABA, EEM, VWO, IEMG, COST, SBUX, JD, TGT, NIO, DG
• Cut stakes in: IVV, SPY, FXI, MCHI, EWY, EWZ, LOW, HD, SHW, SINA

COATUE MANAGEMENT

• Top new buys: SNOW, RUN, Z, NUAN, LB, ZG, GPS, DECK, AEO, URBN
• Top exits: BA, HWM, SFIX, NOW, TDG, BBBY, TWTR, SKT, HD, AAP
• Boosted stakes in: TSLA, GPN, SQ, PLAN, UBER, SHOP, FB, DIS, DOCU, NFLX
• Cut stakes in: LBRDK, DXCM, SMAR, OKTA, MU, GH, DDD, SRNE, SDC, LRCX

CORSAIR CAPITAL MANAGEMENT

• Top new buys: PSTH, ECPG, BERY, CCK, APG, PCG, GSAH, MS, LKQ, GVA
• Top exits: IWO, REPH, HGV, IWM, SMIT, GSL
• Boosted stakes in: VRT, GDDY, NATR
• Cut stakes in: QQQ, BXRX, PRSP, VOYA, PLYA, CHNG, STAR, HMHC, C, WMB

CORVEX MANAGEMENT

• Top new buys: ILMN, FE, ACM, TWTR, DIS, ZEN, HCA, NAV, FIVE
• Top exits: IAA, CNC, TIF, FLMN, CZR
• Boosted stakes in: EXC, BABA, ATVI, CNP, ATUS, CMCSA, HUM, LYV, EVRG
• Cut stakes in: MSGS, AMZN, PCG, NFLX, ADBE, TMUS

D1 CAPITAL PARTNERS

• Top new buys: U, IR, BEKE, BLL, DT, SNOW, OM, GDRX, ADI, CD
• Top exits: AMZN, AZO, FLT, BFAM, ESTC, TSM, SBUX, API, ALLO, HST
• Boosted stakes in: CVNA, JD, MSFT, EXPE, GOOGL, PNC, LYV, FB, RH, JPM
• Cut stakes in: BABA, NFLX, LVS, DHR, FIS, HLT, AVB, ORLY, PLAN, HPP

DUQUESNE FAMILY OFFICE

• Top new buys: NUAN, GDX, NEE, XLI, EXPE, CVNA, PANW, ADI, SNE, NET
• Top exits: XBI, HD, WFC, CB, INSM, SRPT, AZO, MAR, CRWD, TCDA
• Boosted stakes in: MSFT, PENN, BABA, TMUS, SBUX, MELI, AMZN, JD, VZ, FIS
• Cut stakes in: JPM, PYPL, WDAY, GOOGL, BKNG, CCL, LYV, FSLY, REGN, NFLX

ELLIOTT MANAGEMENT

• Top new buys: UNIT, CUB
• Top exits: T, RYAAY, SPR
• Boosted stakes in: DELL, CRMD
• Cut stakes in: WELL, RILY

ENGAGED CAPITAL

• Top new buys: EVH, MX
• Top exits: SMPL
• Boosted stakes in: NCR, STKL, IWM
• Cut stakes in: MED, RCII

GREENLIGHT CAPITAL

• Top new buys: SNX, NCR, TWTR, INTC, INGR, DDS, UHAL, ICPT, GHC, PANA
• Top exits: TPX, SATS, WHR, XELA
• Boosted stakes in: GLD, AAWW, JACK, REZI, NBSE
• Cut stakes in: AER, GDX, GPOR, CNX, APG, TECK, CC, CHNG

ICAHN

• Boosted stakes in: IEP, XRX
• Cut stakes in: HLF, LNG

IMPALA ASSET MANAGEMENT

• Top new buys: FDX, RKT, FCX, VALE, SBSW, FND, MHK, ALK, THO, AGQ
• Top exits: QCOM, HES, VAC, DOOO, MU, TGT, DKS, SKX, TJX, CRNC
• Boosted stakes in: KSU, WYNN, KNX, KL, CMI, SBLK, CNK, CENX
• Cut stakes in: RIO, SIX, DRI, HOG, TOL, ADNT, TTWO, NSC, MT, LPX

LAKEWOOD CAPITAL MANAGEMENT

• Top new buys: LBRDK, TMUS, CWH, GLD, LOW, UPWK, SAIC, VVV, MIK
• Top exits: YNDX, BLDR, NKLA, SHAK
• Boosted stakes in: ABG, ANTM, COF, C, SKX, APO, BHC
• Cut stakes in: BIDU, BC, CI, CMCSA, CWK, AXS, GOOGL, WRK, FB, GS

LANSDOWNE

• Top new buys: IDA, BLDP, EQT, CDE, LOOP, KCAC, RIDE
• Top exits: ONEM, GE, SMMT, GDX, AAL, NKE, SALT
• Boosted stakes in: FCX, TSM, OTIS, FSLR, EGO, DAR, ETN, COG, TMUS, AG
• Cut stakes in: C, MU, DAL, LRCX, AMAT, LUV, UAL, AES, ADI, VMC

LONG POND

• Top new buys: GLPI, PGRE, EXPE, NTST, H, MGP, XHR, RLJ
• Top exits: FR, SEAS, INVH, MAR, HST, BXP, TRNO, DRH, ESRT, REXR
• Boosted stakes in: EQR, AVB, SHO, WELL, AIV, RHP, DEI, HPP, CPT, JBGS
• Cut stakes in: HLT, PEAK, WH, SBRA, MAA, MAC, HGV, LVS

MAGNETAR FINANCIAL

• Top new buys: VAR, MXIM, MPLN, BMCH, GLIBA
• Top exits: QGEN, PAYA, UTZ, FSR, HYLN, CCC, PACB, SNY, PCG, IR
• Boosted stakes in: EHC, ABBV, GRUB, PIC, SYNH, NVS, PTAC, MRK, CHNG, AVTR
• Cut stakes in: UBER, VLDR, LCA, AZN, BDX, NOVA, HCAC, PRGO, PKI, PAE

MAVERICK CAPITAL

• Top new buys: BX, NKE, GPN, BECN, GPRO, OSH, GME, MCD, LB, TGT
• Top exits: BTI, STNE, IRBT, SCHW, NTAP, GIS, CHGG, FL, PLCE, BIG
• Boosted stakes in: LRCX, GLW, TGTX, LOGI, FLT, PRSP, DD, AMAT, LIVN, AXP
• Cut stakes in: GOOG, NFLX, AVTR, DLTR, MSFT, APD, AMZN, FB, HUM, ALNY

MELVIN CAPITAL MANAGEMENT

• Top new buys: ALGN, MCD, DDOG, TJX, AMD, MSCI, WDAY, SBAC, LYV, TEAM
• Top exits: CRM, FLT, FIS, CSGP, WEN, YUM, TWLO, NFLX, FB, VRSN
• Boosted stakes in: BABA, PINS, NKE, NOW, EXPE, ADBE, FISV, GOOGL, DOCU, LVS
• Cut stakes in: AZO, PYPL, AMZN, MSFT, DPZ, JD, RACE, DECK, CAR, BURL

OAKTREE CAPITAL MANAGEMENT

• Top new buys: MEG, UNIT, VALE, AMX, CEO, EQR, GTXMQ, XPEV, LEA
• Top exits: TMHC, BABA, CZR, IHRT, CCO, SRNE, BCEI
• Boosted stakes in: TRMD, NMIH, IBN, EGLE, KC, TV, ASC, ITUB
• Cut stakes in: CCS, AU, TSM, PBR, MELI, BBD, API, GTH, INDA, BIDU

OMEGA ADVISORS

• Top new buys: GOOGL, ATH, VRT, MSI, FVAC, EPD, MNRL
• Top exits: JPM, CNC, GTN, VICI, DNRCQ
• Boosted stakes in: COOP, OCN, ASPU, FCRD, NAVI, STKL, AMCX, ASH, FOE, SNR
• Cut stakes in: CI, PE, SRGA, GCI, NBR, LEE, ABR

PERSHING SQUARE

Cut stakes in: A, HLT, LOW

SOROBAN CAPITAL

• Top new buys: ADI, PSTH, FISV, FIS, ARMK
• Top exits: NOC
• Boosted stakes in: YUM, ATUS, MSFT, CSX, RTX
• Cut stakes in: FB, SNE, AMZN

SOROS FUND MANAGEMENT

• Top new buys: QQQ, PLTR, XLI, MCHP, U, VAR, MXIM, DIS, MCHI, NGHC
• Top exits: TDG, GRFS, BK, BAC, JPM, GS, PNC, USB, WFC, TFC
• Boosted stakes in: DHI, DRI, ARMK, GM, ATVI, PFSI, TIF, MT, CHTR, APTV
• Cut stakes in: IGSB, PCG, TMUS, NLOK, PTON, C, GOOGL, OTIS, LPLA, LQD

STARBOARD

• Top new buys: SPY, CTVA
• Top exits: EBAY
• Boosted stakes in: ACM, ACIW, IWN, GDOT, IWR, MMSI, SCOR, BOX
• Cut stakes in: NLOK, AAP, IWM, CERN, CVLT

TEMASEK HOLDINGS

• Top new buys: DCT, SNOW, SE, IAU, GOVT, SCHP, XLK, BNTX, EWT, IWM
• Top exits: FIS, VRT, PDD, NIO
• Boosted stakes in: PYPL, AMZN, IBN, HDB, DDOG
• Cut stakes in: TME, TMO

THIRD POINT

• Top new buys: PCG, MSFT, TDG, FTV, EXPE, PINS, AVTR, CZR, PLNT, GDRX
• Top exits: BAX, RTX, NKE, EVRG, ATVI, TTWO, GPS, CNNE
• Boosted stakes in: BABA, JD, BKI, FB, V, BURL, INTU, TEL, ETRN, SHY
• Cut stakes in: GB, IQV, ADBE, DIS, AMZN, IAA

TIGER GLOBAL

• Top new buys: SNOW, GSX, BEKE, SUMO, BIGC, JAMF, FROG, GDRX, CD, ASAN
• Top exits: NEWR, ATH, CHWY
• Boosted stakes in: PDD, CRWD, PTON, ZM, NOW, AMZN, UBER, WDAY, TEAM, MSFT
• Cut stakes in: SVMK, PYPL, TWLO, CRM, BABA

TUDOR INVESTMENT

• Top new buys: NGHC, KDP, GDRX, VICI, HEC, FSLR, LIN, RXT, DLR, RPAY
• Top exits: SOXX, O, X, TMUS, TME, NLOK, SCHW, AVB, SJM, CDAY
• Boosted stakes in: GRUB, GLIBA, KC, BDX, GOOGL, AMT, TEAM, CVX, ADBE, AMD
• Cut stakes in: PCG, CRWD, UBER, ATHM, NFLX, SBAC, ESS, BXP, THO, BXMT

VIKING GLOBAL INVESTORS

• Top new buys: TSM, AVB, AMD, RTX, GOOGL, CSGP, ZBH, BILL, BMY, OTIS
• Top exits: UBER, JD, CRM, PLAN, LOW, SHW, LIN, NFLX, DHR, BABA
• Boosted stakes in: MSFT, TMUS, MELI, FIS, CME, JPM, BKNG, PH, NUAN, HLT
• Cut stakes in: AMZN, CMCSA, CI, LVS, ALL, DRI, FTV, SE, RPRX, WDAY

Source: Bloomberg