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Hedge Funds' Love Affair With FAANG Fizzles: Full 13-F Breakdown

One quarter after virtually every hedge fund loaded up on one or more of the six most influential tech stocks in the U.S stock market, Facebook, Apple, Amazon, Netflix and Google - a handful of stocks roughly responsible for half the market's YTD gains - the love affair with FAANG continued, albeit far less passionately, with quite a few cases of "buyer's remorse" emerging. According to an analysis by Reuters, closely-watched U.S. hedge fund managers were generally bearish on FAANGs in Q2, with eight prominent investors in aggregate cutting or liquidating 18 stakes in the companies, according to the latest 13-F dump.

Among those who had chilled on the tech space, were Coatue Management, Omega Advisors, Third Point, Tiger Global Management, Appaloosa Management, Paulson & Co, Soros Fund Management and Greenlight Capital, who in aggregate slashed 16 stakes, sold two stakes, increased six stakes, opened two new stakes, and maintained two positions in the so-called FAANG stocks in the three months ended June 30.

Some examples:

  • Dan Loeb's Third Point increased its stake in GOOGL by 120,000 class A shares to 575,000 and increased its position in Facebook by 500,000 class A shares to 3.5 million as of June 30.
  • On the other hand, Leon Cooperman's Omega Advisors took a more bearish stance overall and cut its stake in Facebook by 26,700 class A shares to 236,200. It also cut its stake in Netflix by 12,700 shares to 65,000 shares and trimmed its stake in Amazon by 8,900 shares to 10,500 shares. Omega kept its stake in Alphabet of 158,835 class A shares unchanged.
  • Soros Fund Management sold its entire stake in Alphabet of 1,300 class A
    shares, cut its stake in Facebook Inc by 161,373 class A shares to
    476,713, sold its entire stake in Netflix of 131,966 shares, but took a
    new stake in Amazon of 7,500 shares.
  • Chase Coleman's Tiger Global - a pioneer in tech investing  - cut its stake in Amazon by 110,120 shares to 1.2 million shares and trimmed its stake in Netflix by 52,600 shares to 376,400.
  • Philippe Laffont’s Coatue Management trimmed its stake in Netflix by 17,909 shares to 3 million shares and cut its stake in Apple by 46,060 shares to 2.9 million shares.
  • David Einhorn’s Greenlight Capital also cut its Apple position by 42,400 shares to 3.9 mln shares.
  • John Paulson unimaginatively named hedge fund took a new stake of 12,300 shares in Apple.

On the bullish side, most "balls to the wall" was David Tepper, whose Appaloosa Management increased its stake in Apple by 325,000 shares to 625,000, raised its Alphabet position by 110,000 shares to 585,000 - the fund's second largest position at roughly $531MM as of Q2 - and boosted its Facebook holdings  by almost 450k shares to 2.356 million shares.

However, Appaloosa's most bullish bet was a massive, 3.6 million new share position in Alibaba, equal to over $520MM as of June 30.

As a reminder, in Q2 all of the FAANG stocks rose in the second quarter, with Alphabet surging the most, by 9.7% and Apple the least at just 0.3%. Judging by the move in the third quarter, in which all of the FAANG stocks have continued their ascent, with Netflix gaining the most at 14.5% and Alphabet the least at 1%, some of those who sold were likely dragged right back in.

Below, courtesy of Bloomberg, is a breakdown of some key moves by marquee hedge funds during the second quarter:

ADAGE CAPITAL

  • Top new buys: BCR, EMR, CBS, LMT, NDSN, DXC, KGC, GDDY
  • Top exits: OGE, JCI, EQT, MPC, SQM, RF, TMUS, LII, RBC, AGR
  • Boosted stakes in HON, DOV, DHR, ABX, SPR, COF, CMCSA, GOOG, AERI, NOC
  • Cut stakes in DE, DIS, CC, GD, ITW, TIF, BKH, JAZZ, AAPL, FOXA

APPALOOSA MANAGEMENT

  • Top new buys: BABA, DG, SYK, ETE, LB, WFC, CX
  • Top exits: RF, PFE, MYL, TEVA, SYMC, CHTR, MT, UAL, GLBL, X
  • Boosted stakes in MU, GOOG, WDC, FB, AAPL, URI, TMO, UNH, DAL
  • Cut stakes in LUV, GM, AGN, KMI, WPZ, HCA, NUE, BSX, MHK, PNC

BAUPOST GROUP

  • Top new buys: CAR, SRUN, SRC
  • Top exits: INVA, MCK, SYT, ABC
  • Boosted stakes in SYF, AR, ESRX, QRVO, CAH, PRTK, FWP
  • Cut stakes in CACC, LNG

BERKSHIRE HATHAWAY

  • Top new buys: SYF, STOR
  • Top exits: GE
  • Boosted stakes in BK, GM, AAPL
  • Cut stakes in IBM, WFC, WBC, SIRI, UAL, AAL, DAL

BLUE HARBOR

  • Top new buys: INCR, AXTA, COMM, CLNS
  • Top exits: AKAM
  • Boosted stakes in OTEX, ADNT, SPY, FFIV, RDC
  • Cut stakes in BWXT, AVT, AGCO, XLNX, LAZ, IWM

BRIDGEWATER ASSOCIATES

  • Top new buys: GLD, CHK
  • Top exits: DIS, CVS, SPLS, MU, CTL, AET, X, DISH, JCP, WMT
  • Boosted stakes in HYG, RL, NFX, SWN
  • Cut stakes in ENDP, CLF, IPG, UPS, PBR, COP, BP, KORS, CVX, XOM

COATUE MANAGEMENT

  • Top new buys: SHOP, NOW, CRM, CGNX, ON
  • Top exits: JPM, ZAYO, ILMN
  • Boosted stakes in BABA, TWLO, ALGT, NTRI, CMCM
  • Cut stakes in BAC, EBAY, DIS, APPL, NTNX

CORVEX MANAGEMENT

  • Top new buys: CTL, TWX, JBLU, FDX, SBNY, BTU, CFCO
  • Top exits: YUM, YUMC, BLL, CRM, PX, CL, HUM, ETFC, JACK, PRXL
  • Boosted stakes in EGN, SIG, GOOGL, BAC
  • Cut stakes in BIO, MDCO, PAH, RF, FB, NOMD

DUQUESNE FAMILY OFFICE

  • Top new buys: BABA, MRK, NOW, YUMC, DAL, V, MA, SBAC, CCI
  • Top exits: LYB, ABX, BAC, AA, AEM, PXD, COG, LNG, SYMC, TMUS
  • Boosted stakes in FB, GOOGL, MSFT, AMZN, CMCSA, PCLN, JD, CTRP, PYPL, EA
  • Cut stakes in PTC

ELLIOTT MANAGEMENT

  • Top new buys: NXPI, BTU, NORD, GIMO, WYN, ATHN, FMSA, ARCC
  • Boosted stakes in ECA, MPC, AA, RYAAY, EGN, ACAD, GPI, SAH, ABG, NRG
  • Cut stakes in LOGM, CJ

FIDELITY MANAGEMENT

  • Top new buys: EEX, YEXT, FPH, ATUS, NCSM
  • Top exits: GCO, VR, SYT, NYRT, FCN
  • Boosted stakes in PYPL, BABA, GOOGL, UNH, FB
  • Cut stakes in APC, AAPL, CMG, TJX, NXPI

GREENLIGHT CAPITAL

  • Top new buys: HPE, TGNA, ADNT, TPX, CARS, NYRT
  • Top exits: TWX, SYT, CI, IAC, ALR, TPH, FMC
  • Boosted stakes in PRGO, MYL, DDS, MU, DSW
  • Cut stakes in CC, PVH, FRED, QHC, AAPL, MON

HIGHFIELDS CAPITAL MANAGEMENT

  • Top new buys: HDS, FOXA, GS, KO, NVDA, DLTR, MCD, FE
  • Top exits: CVS, SYT, MPC, IAC, KMI, YPF, BTE
  • Boosted stakes in TWX, TEVA, TV, FDX, MON, WBA, VER, TGT, HCA
  • Cut stakes in AMT, CCE, GOOG, TSLA, GOOGL, APO, VOD, ICE, NAK, HLT

ICAHN ASSOCIATES

  • Boosted stakes in IEP, FCX
  • Cut stakes in PYPL, AIG, XRX

JANA PARTNERS

  • Top new buys: EQT, ZBH, P, FDC, MOH, CDK, PF, SFM
  • Top exits: WLTW, AET, ADS, SHPG, BMY, WBMD, ACAD, SNAP, BMRN, GWPH
  • Boosted stakes in WFM, HPE, HDS, NUVA, ZAYO, DERM
  • Cut stakes in UHS, DOW, CAG, SHW, CRM, HAWK, TIF, LBRDK, CTSH, LADR

LANSDOWNE PARTNERS

  • Top new buys: PYPL, WDC, FSLR, HCC, VXX, CAFD, BTU, SWK, ENIC
  • Top exits: WFC, SNAP, GE, NFLX, TGP, TGS, ALGN, TSLA, SPWR
  • Boosted stakes in TSM, DAL, BAC, JPM, LB, C, HAS, CNQ, JCI, BABA
  • Cut stakes in DIS, CMCSA, FB, NKE, IR, ETN, UTX, ADNT, HON, SYY

LONE PINE CAPITAL

  • Top new buys: MSFT, ORLY, MA, ICE, TRU, NOW, UNH, ATUS, AAP, CRM
  • Top exits: NKE, EA, V, PCLN, DLTR, RICE, COMM, SHPG, ALGN, ECA
  • Boosted stakes in BABA, Q, EXPE, CMCSA, FLT, FB, ANET, SNAP, TMUS, TV
  • Cut stakes in CHTR, SYMC, CSX, ALB, ADBE, EQIX, ULTA, ATVI, STZ

LONG POND CAPITAL

  • Top new buys: DHI, SLG, VER, RF, BXP, HLT, LSI, ATH, FOR
  • Top exits: ESS, GGP, REG, LEN, TPH, CZR, INXN, UDR, QCP, BK
  • Boosted stakes in AIV, PGRE, SRC, WFC, RPAI, CLGX, TCO
  • Cut stakes in EQR, MSG, LOW, FCE/A, MAC, LQ

MARCATO CAPITAL

  • Top new buys: NTCT, CFCO, RYAM
  • Top exits: SIG, FC
  • Boosted stakes in DECK, TEX, RCII, LQ, BWLD
  • Cut stakes in AVT, BID, GT, ERI, TPHS, IAC

MAVERICK CAPITAL

  • Top new buys: TAP, DOW, MGM, QCOM, FIS, CHTR, V, ATUS, MIK
  • Top exits: NWL, KHC, SBAC, FLT, MYL, CMCSA, NVDA, HSY, MELI, FFIV
  • Boosted stakes in DLTR, EVHC, IPXL, WYNN, LVS, UHS, FB, SHPG, MCD, WTW
  • Cut stakes in ADBE, PFE, COMM, AET, CI, USFD, VMC, WCN, ORLY, ANDV

MELVIN CAPITAL

  • Top new buys: GOOGL, WYN, QSR, YUM, FLT, TTWO, PANW, EDU, MHK
  • Top exits: AAP, FOXA, FDX, DLTR, CALM, NTES, SKX, MAS, HDS, DFRG
  • Boosted stakes in BABA, STZ, AMZN, V, ADBE, WYNN, KMX, LOW, AOBC, LAUR
  • Cut stakes in MCD, FB, SHW, DE, COO, BURL, THO, RLGY, SUM, CASY

MOORE CAPITAL

  • Top new buys: MON, WMT, CDEV, AMT, SRUN, PVH, YNDX, QTS, SBAC
  • Top exits: GS, MS, EXPE, CTRP, PCAR, SNAP, MCD, DLTR, CMG, WLK
  • Boosted stakes in GOOGL, JD, UTX, MLCO, CRM, BURL, IT, VMC, CCL
  • Cut stakes in MSFT, BAC, AAPL, ATH, HD, XLF, AER, BKD, PLYA, SYF

OMEGA ADVISORS

  • Top new buys: MXL, OCN, CVA, LB, TRN, ADSK, AAL, ETE, NCLH
  • Top exits: WBA, TPH, WPZ, HUM, P, FL, IBKC, CLF, FGL, AA
  • Boosted stakes in MSFT, SBGI, VVV, NBR, ZNGA, PVH, GIMO, FRAC, WPX, SYF
  • Cut stakes in HRG, ASPS, ARRS, HES, LOW, BERY, AMZN, AIG, NRZ

PERSHING SQUARE

  • Top new buys: ADP
  • Top exits: APD
  • Boosted stakes in HHC
  • Cut stakes in MDLZ

POINT72 ASSET MANAGEMENT

  • Top new buys: JNJ, IGT, PAGP, WMT, LMT, DHR, LLL, CAH, BKD, MSG
  • Top exits: BDX, BCR, JCI, MEOH, CTSH, APA, COST, ESRX, FTI, GPC
  • Boosted stakes in BIIB, GOOGL, CMCSA, TTWO, GOOG, EA, V, AMZN, OLN
  • Cut stakes in FB, AAP, MCD, DIS, TWX, EOG, CLR, PK, ANDV, MYL

POINTSTATE CAPITAL

  • Top new buys: C, MGM, CCI, SBAC, BTU, DAL, ADBE, BA, TSRO, REGN
  • Top exits: ECA, VIAB, FANG, PNC, PE, HON, CRM, URI, ALKS, OLN
  • Boosted stakes in BABA, COG, AMZN, CMCSA, BAC, BMA, ETN, RICE, WMB, AGRO
  • Cut stakes in DOW, LYB, WFC, STZ, TMUS, CSX, EA, CFG, VRTX, BIIB

RENAISSANCE TECHNOLOGIES

  • Top new buys: PFE, MCK, ADSK, AIG, WDAY, T, WFC, KHC, AXP, NKE
  • Top exits: PCLN, TSLA, TEVA, AMD, CVS, MYL, REGN, TAP, ESRX, INFO
  • Boosted stakes in BMY, DPZ, NVDA, EA, CL, LLY, GSK, GILD, SBUX, AMGN
  • Cut stakes in CMCSA, FB, AET, MRK, PX, UNH, SHW, SIRI, INTC, NFLX

RUANE CUNNIFF & GOLDFARB

  • Top new buys: SPSC, APPF
  • Top exits: PRGO, CHTR, AMG, MCD, NVO, GHC, CVS, MSFT, ACGL, JNJ
  • Boosted stakes in OMC, PCLN, FCAU, GOOGL, V, CACC, WAT, GOOG, KMX
  • Cut stakes in FAST, BIDU, ORLY, BRK/B, BRK/A, TJX, WUBA, PRI, CMG, COF

SANDELL ASSET

  • Top new buys: ALR, GNCMA, WFM, BCR, TWX, BABA, TIVO, PCRX, BKS
  • Top exits: BOBE, WGL, CIT, VIAV
  • Boosted stakes in MGI, NXPI, BRCD, LVLT

SOROS FUND MANAGEMENT

  • Top new buys: EQT, ATUS, GIS, K, PAGP, BCR, TRGP, CARS, NEP
  • Top exits: AGRO, HPE, SYMC, CJ, SUPV, COP, GS, NFLX, VMW, CTXS
  • Boosted stakes in VIAV, MMYT, KHC, EPC, BABA, NOMD, TWX, ATGE, TIVO, ALLT
  • Cut stakes in LRCX, WMB, TMUS, CRC, FB, SBAC, TTWO, LBRDK, SNAP

STARBOARD VALUE

  • Top new buys: FCE/A, WBMD, ILG, SRC, PHG
  • Top exits: TRCO, CL, MYCC, PNK
  • Boosted stakes in HPE, FTNT, AAP
  • Cut stakes in NSP, BCO, CTSH, BAX, ABCO, QTM

TEMASEK

  • Top new buys: NFX, GRA, AVGO, KREF, NETS, CELG, AMGN, BIIB, MON
  • Top exits: SNAP
  • Boosted stakes in RDS/B, REGN, ALXN, UNVR
  • Cut stakes in GILD, ATH, AMRS, TMO, PTLA

TIGER GLOBAL

  • Top new buys: NETS, ATUS, JCP, OKTA, CLDR
  • Top exits: NTES, MELI, ELF
  • Boosted stakes in MSFT, TDG, APO, FLT, CMCSA, AWI
  • Cut stakes in CHTR, FCAU, DPZ, GOOG, GOOGL, FB, QSR, NFLX, ONDK, AMZN

THIRD POINT

  • Top new buys: BLK, BABA, NXPI, VMC, ALXN, FMC, BMA, EQT
  • Top exits: JPM, CRM, QCOM, ZAYO, RICE, CE, PXD, AA, NOMD, SNAP
  • Boosted stakes in GOOGL, FB, BAC, ANTM, PE, RSPP, TWX, DHR, DOW, HPE
  • Cut stakes in CHTR, SHW, HUM, MHK, STZ, HON, GD, BAX

TRIAN FUND

  • Boosted stakes in BK, PNR, PG, SYY, GE
  • Cut stakes in MDLZ, WEN

TUDOR INVESTMENT

  • Top new buys: FB, TRCO, FICO, CACQ, DISH, PCLN, GOOG, DXC
  • Top exits: SYT, BIVV, THS, BOBE, MBLY, CFG, CTAS, KEY, CB, MMC
  • Boosted stakes in GOOGL, AMZN, SPY, BCR, LVLT, AKRX, IAC, SEE, UNP
  • Cut stakes in DVA, ZBH, TSS, UNH, PCRX, FIS, BABA, NDAQ, EW, RTN

VALUEACT

  • Top new buys: KKR
  • Boosted stakes in STX, AFI
  • Cut stakes in MSFT, CBG, WLTW, BIVV, NTCT

VIKING GLOBAL

  • Top new buys: WFC, APC, AFL, BABA, TDG, MOH, RJF, FLT, NSC, LOW
  • Top exits: GOOG, SCHW, JPM, ICE, BIIB, DIS, UTX, CNC, GPOR, WDC
  • Boosted stakes in V, CRM, PH, JAZZ, LYB, NUVA, AVXS, XRAY, CALA, HDB
  • Cut stakes in FB, DOW, WBA, JD, NFLX, GOOGL, MSFT, DE, AMZN, ECA

Source: BBG