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Here are the stocks the biggest hedge funds bought and sold

The stocks the biggest hedge funds bought and sold during the first quarter have been revealed.

Hedge funds of a certain size are required to disclose their long stock holdings in filings known as 13-Fs. Of course, the filings only provide a partial picture since they do not show short positions or wagers on commodities and currencies. What’s more is these filings come out 45 days after the end of each quarter, so it’s possible they could have traded in and out of the position. Still, it does provide a partial look into where some of the top money managers have been placing money in the stock market.

For one, the filings reveal the hedge funds that purchased Snap Inc. (SNAP), the parent company of the popular photo messaging app Snapchat, which went public in early March.

Philippe Laffont’s technology-focused Coatue Management last held more than 20.9 million shares, a position that had been valued at over $472 million at the end of the quarter. Snap was the fund’s 7th largest equity holding at the end of the quarter. Third Point’s Daniel Loeb also bought 2,250,000 shares of Snap, while David Tepper’s Appaloosa Management bought 100,000 shares, the filings show.

Shares of Snap are down 8% since the end of the first quarter. They’re down 16% since their IPO.

Apple is one stock that’s had a particularly strong year as the tech giant has continued to make all-time highs.

Julian Robertson’s Tiger Management also sold its entire stake in Apple, which was approximately 171,000 shares. Loeb’s Third Point ditched its entire stake in Apple (AAPL), selling 1.85 million shares. Loeb disclosed a new position in T-Mobile USA (TMUS), which was valued at $322 million at the end of the first quarter.

Among the consumer discretionary stocks, the traditional retailers lost favor.

David Tepper ditched JCPenney (JCP), selling all of his 5 million shares. Activist investor Jeff Smith’s Starboard Value abandoned Macy’s (M), dropping all 3 million shares.

Elsewhere, Tiger Global, whose equity portfolio is led by Chase Coleman and Scott Shleifer, disclosed a big position in Domino’s Pizza (DPZ). The fund purchased 2.28 million shares, a stake valued at $534 million at the end of the quarter. The fund also initiated a new position in Netflix (NFLX), adding 429,000 shares in the quarter.

Leon Cooperman’s Omega Advisors also got back into Netflix. Cooperman also disclosed new positions in AMC Networks (AMCX) and Lowe’s (LOW).

Below are some quick portfolio highlights:

Appaloosa Management (David Tepper)
New: Bank of America (BAC), General Motors (GM), Snap Inc. (SNAP)
Exited: JCPenney (JCP)

Baupost Group (Seth Klarman)
New: Qualcomm (QCOM)

Coatue Management (Philippe Laffont)
New: Snap Inc., eBay (EBAY)

Duquesne (Stanley Druckenmiller)
New: Microsoft (MSFT)

Greenlight Capital (David Einhorn)
New: Perrigo (PRGO), Conduent (CNDT)
Boosted: General Motors (GM)
Trimmed: Time Warner (TWX), Apple (AAPL)
Exited: Yelp (YELP)

Starboard Value (Jeff Smith)
Exited: Macy’s (M)

Omega Advisors (Leon Cooperman)
New: AMC Networks (AMCX), Netflix (NFLX), Lowe’s (LOW)
Boosted: Facebook (FB)

Starboard Value (Jeff Smith)
Exited: Macy’s (M)

Third Point LLC (Daniel Loeb)
New: T-Mobile (TMUS), Snap Inc. (SNAP)
Exited: Apple (AAPL)

Tiger Global (Chase Coleman and Scott Shleifer)
New: Apollo Management (APO), Domino’s Pizza (DPZ), Netflix (NFLX)

Tiger Management (Julian Robertson)
New: Adobe (ADBE), Bank of America (BAC)
Trimmed: Facebook (FB)
Exited: Apple (AAPL), Shire Plc (SHPG), Citigroup (C)

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov


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