This Is What Hedge Funds Bought And Sold In Q4: Complete 13F Summary Many years ago, hedge fund 13-F reporting season was a time of excitement for all those who find perverse delight in reverse-engineering what hedge funds owned some 45 days ago (without even having a glimpse of their offsetting short book), as if it would give them the magic key to outperforming the market (it wouldn't). That excitement faded away about 5 years ago when it became painfully clear that in a time of central planning and activist central banks which would never allow another bear market, and as a result hedge funds failed to outperform the S&P500 (which charges 0 and 0 compared to the 2 and 20 demanded by the "smart money") every single year of the past decade. It's also why, with a few notable exceptions (such as Dan Loeb, Warren Buffett and a handful of others), almost nobody cares about 13F filings anymore. For those who still do, and have yet to grasp that in our day and age only buybacks, ETFs, HFT stop hunts, and central bank balance sheets matter, here is a summary of what the most prominent hedge funds did in the fourth quarter. First, as noted last week, Warren Buffett’s Berkshire Hathaway unexpectedly added a position in supermarket operator Kroger, which gained as much as 7.3% in extended trading on Friday. The fund also added Biogen, while trimming its holdings in bank stocks including Wells Fargo & Co., Goldman Sachs Group Inc. and Bank of America Corp. Meanwhile, according to Bloomberg, Google owner Alphabet saw hedge funds including Eminence Capital and Soroban Capital trim their holdings in its Class A or Class C shares. Viking Global exited its stake in the company’s Class C shares while trimming its position in the Class A shares. Balyasny exited its position in the Class A shares. Tiger Global added a stake in Alphabet’s Class A shares. Appaloosa Investment added a position in Intelsat S.A., which has fallen 89% from an October high, while two of the top reported holders, BC Partners Advisorsand Silver Lake Group, trimmed their positions in the satellite operator. Tiger Global tripled its holdings in Uber Technologies Inc., as Viking Global more than doubled its stake in the company. Balyasny and Eminence both added positions in the company, while Arrowgrass and Lansdowne exited. Some investors trimmed or exited their stakes in Axalta Coating Systems Ltd.amid the company’s prolonged sales process. Corsair Capital Management sold its shares in the car-paint maker as Jana Partners trimmed its holding in the stock. Soroban added to its stake. Notably, former hedge fund darling Beyond Meat saw funds including Tiger Global and Eminence sell off their shares in the company. Coatue, on the other hand, added a position in the faux-meat maker. A quick recap of what the rest did is below, courtesy of Bloomberg: ADAGE CAPITAL PARTNERS LP Top new buys: BMY, MMM, JCI, TJX, BIIB, CABA, ETN, XP, ITW, KNX Top exits: ANAB, ABBV, WM, FGEN, GT, ATUS, DOW, LYB, SWK, W Boosted stakes in: UTX, AGN, COST, ARNC, SRE, CF, FB, JNJ, BAC, LHX Cut stakes in: CNP, MPC, VST, VMC, DE, PVH, LMT, HON, DIS, EXC ARROWGRASS Top new buys: DUK Top exits: UBER, SPCE, PAE, GMHI, VVNT, VXX, VRT, Z, RPLA, ACTT Boosted stakes in: HAL, PFE, GM, ATVI, COST, LRCX, GIS Cut stakes in: ABBV, SLB, AAL, WYNN, LLY, CAH, BX, T, PYPL, JNJ BALYASNY ASSET MANAGEMENT Top new buys: XOM, JCI, AAP, ESS, ETN, ZEN, TIF, VRSK, UBER, ADBE Top exits: XLI, XLU, C, GOOGL, XLB, MSFT, RTN, ZION, V, ALLE Boosted stakes in: AIG, PNC, BAC, AMZN, BA, AXP, GS, LHX, DE, UNP Cut stakes in: NSC, QSR, USB, PM, COP, MTB, EA, HAS, JBHT, MET BAUPOST GROUP Top new buys: HPQ, ERI, MDRIQ Top exits: TAK, AR, GOSS, PRTK Boosted stakes in: LBTYK, EBAY, MCK Cut stakes in: BMY, QRVO, NUAN, SYF, PCG, CARS, AKBA BRIDGEWATER ASSOCIATES LP Top new buys: JPM, BAC, WFC, C, USB, TSLA, GS, MS, PNC, VFC Top exits: BIIB, XEC, WBA, ALXN, DVA, FL, ABC, KSS, ANTM, SWN Boosted stakes in: EWT, INDA, MCHI, EWW, FXI, LEN, LOW, DAL, GPC, APTV Cut stakes in: IEMG, VWO, EEM, ADS, LB, M, RL, JWN, IVZ, XLNX COATUE MANAGEMENT Top new buys: XRX, SFIX, BYND, PTON, SCHW, KHC, CPB, EXPE, CROX, KDP Top exits: MSI, NTES, ZM, TWLO, DXCM, ALB, IQ, TW, FIT, DDS Boosted stakes in: TWTR, NVDA, RNG, DT, SMAR, BABA, PODD, WDAY, GH, MSFT Cut stakes in: V, UBER, GPN, SQ, PLAN, ISRG, INTU, M, GDOT, IQV CORSAIR CAPITAL MANAGEMENT Top new buys: HMHC, IWM, IWO, MDY, STAR, DSSI, SBLK, BHC, BRMK, SMIT Top exits: CZR, FCAU, AAPL, FB, AXTA, IPI, ATH, CCK, DELL, HYRE Boosted stakes in: GDDY, PRSP, SPY, NWSA, CUBI, EQH, BRK/B, C, BH, FSK Cut stakes in: KRA, AON, FMC, VOYA, RHP, ATKR, ALLY, IQV, CHDN, LTHM D1 CAPITAL PARTNERS Top new buys: GOOGL, EXAS, ORLY Top exits: IQV, ADBE, WYNN, TWLO, AVTR, LVGO, QTT Boosted stakes in: NFLX, AMZN, NOW, HLT, FB, RACE, NVST, CCC, TME, ARMK Cut stakes in: BABA, GWRE, CRM, LIN, LVS, FIS, DIS, PLAN, CHWY, JD EMINENCE CAPITAL Top new buys: PGR, NEWR, UBER, LB, SSNC, COTY, NVST, PINS, SHAK, BJ Top exits: TMO, AXP, SYY, NUVA, ULTA, MDLZ, PM, FIS, BYND Boosted stakes in: CTVA, USFD, Z, GDDY, PYPL, RP, MNST, EA, PSTG, RJF Cut stakes in: PCG, ICE, GOOG, RCL, LEN, MS, WW, PTON, INXN, DHI FIR TREE Top new buys: SLM, VER, JNJ, LHX Top exits: FE, MHK, ACEL, NFH, UNH, HUM, SNE, AHCO Boosted stakes in: LAUR, RTN, TMUS, ANTM, BKNG Cut stakes in: AGN, I, GSAH, SATS, DEAC, VVNT, AMPY, MSFT, CTXS, CNC IMPALA ASSET MANAGEMENT Top new buys: HOG, FCX, XOP, HD, WAB, PII, MSFT, CP, LHX, ITT Top exits: DHI, AA, MTH, KTOS, HRI, HAL, VMC, FUN, NAV Boosted stakes in: SBLK, CAT, TRN, QCOM, LEA, KSU, WYNN, TTWO Cut stakes in: UPS, KNX, NVR, TECK, GD, KEX, NSC, HES, BLDR, CLR JANA PARTNERS Top new buys: WMGI Top exits: INST Boosted stakes in: SPY Cut stakes in: AXTA, ZBH, JACK, BLMN, ELY LANSDOWNE Top new buys: ADI Top exits: UBER, PSX, VRAY, MANU, VXX Boosted stakes in: AMAT, ETN, REGI, EGO, IQ Cut stakes in: DAL, TSM, UAL, GRUB, TXN, UTX, FSLR, CVE, AAL, IR LONG POND Top new buys: VTR, LOW, CONE, PEAK, PEB, CTRE, EPR, DHC, STAR Top exits: SLG, HST, EXP, LVS, VER, JLL, MGM, OHI Boosted stakes in: SBRA, MSG, JBGS, AIV, WH, ALX, PGRE, HPP Cut stakes in: HGV, LEN, VNO, BYD, DHI, DIA, FPH, KRC, RRR, HLT MAGNETAR FINANCIAL Top new buys: AMTD, TIF, WMGI, RARX, FIT, KEM, TSG, INXN, LGC, LHCG Top exits: STC, ALXN, AMED, STNE, ELAN, VER, SBUX, TEVA, MAR Boosted stakes in: CZR, NVST, NVS, SPY, MDT, ET, MCK, MRK, MPLX, PAA Cut stakes in: S, UBER, CI, BDX, PRAH, CHNG, ABBV, WBC, CNC, MMM MAVERICK CAPITAL Top new buys: CCK, NKTR, DLTR, XP, AVTR, FTDR, SYNA, WDC, GRUB, WSM Top exits: GPK, FISV, DOW, BUD, IPHI, NWL, DKS, SKX, AMZN, SIG Boosted stakes in: MNST, FLT, NFLX, STNE, INTC, ADBE, COMM, DD, H, LOW Cut stakes in: OC, KAR, BKNG, CNC, TMUS, MSFT, MGM, HLT, WLK, HUM OAKTREE CAPITAL MANAGEMENT Top new buys: BBD, BABA Top exits: EURN, INFY, YNDX, PCG, STON, MBT, CBB, SD, UPLC Boosted stakes in: TSM, ITUB, VIST, AZUL, CEO, TEO, TV, TGS, CX, PAM Cut stakes in: IBN, VRS, BCEI, PVAC, YETI, FPI, AMPY, YPF, MX, AU OMEGA ADVISORS Top new buys: FOE, WDAY, IQV, SSSS, SMTS Top exits: MPC, CTVA, TMO, MNIQQ, NET Boosted stakes in: DD, FANG, ET, COOP, CCL, AMZN, NAVI, DOW, SNR, MGY Cut stakes in: TRWH, CIM, ASPS, AMCX, ASPU, FLMN, WFC, ABR, FISV SANDELL ASSET MANAGEMENT Top new buys: WBC, CZR, TIF, TGE, WMGI, INXN, FIT, KRA, OLN, USM Top exits: OXY, DLPH, URI, HUN Boosted stakes in: CY, ADSW, AGN, ZAYO, DHR, DIS, TIVO, AAL, MANU, MAXR SOROBAN CAPITAL Top new buys: CSX Top exits: QRVO, WIX, LIN, DPZ, SAP, SNE Boosted stakes in: UNP, RTN, ATUS, AXTA Cut stakes in: UTX, GOOGL, HLT, MAR, BABA TEMASEK HOLDINGS Top new buys: VIE, VIR, DDOG Top exits: PPG, DOW Boosted stakes in: V, MA, PYPL, WORK, CHRS Cut stakes in: UNVR, PTLA, DELL, TOUR, BABA THIRD POINT Top new buys: IAA, AMTD, AMZN, AVTR, RTN, SCHW, XP, RACE, CNNE Top exits: PYPL, MSFT, CFX, COLD, HDS, ZEN, ANSS, GDDY, NVST, TW Boosted stakes in: ADBE, FIVE, GO, FIS, BKI, SHY, BAX Cut stakes in: CPB, FOXA, UTX, CRM, CCO, GTT, BURL VIKING GLOBAL INVESTORS Top new buys: MET, UNH, BKNG, TXT, MCK, AIG, NSC, CI, GOOS, CHWY Top exits: BA, UTX, ATH, GRUB, ADBE, GOOG, CCK, PGR, SAGE, SYNH Boosted stakes in: UBER, BSX, NOW, FTV, MNST, ATVI, FB, RTN, MOH, GH Cut stakes in: MSFT, ILMN, BABA, GDI, GOOGL, BMRN, ALGN, MELI, CRM, NFLX WHALE ROCK CAPITAL MANAGEMENT Top new buys: DIS, FTNT, TSM, TSLA, FSLY, CRUS, GRMN, BILL Top exits: ROKU, SE, ZM, ESTC, TTD, PAGS, PTON Boosted stakes in: MSFT, BABA, DDOG, KLIC, GOOGL, NOW, MTCH, CRWD Cut stakes in: PLAN, AYX, W, TWLO, AMZN, WDAY, MELI, SNAP, AVLR, MRVL Source: Bloomberg Tyler Durden Mon, 02/17/2020 - 16:10