Investing

Hedge Funds Clash Over Tech Stocks: SEC Filings

Many well-known funds have filed their 13Fs within the last week or so, and it seems clear that tech stocks aren’t the be-all, end-all they were last year. Many hedge funds sold or reduced their tech names positions, while others bought and added to them.

Alphabet

For example, there was a lot of action on Alphabet running in both directions. Prem Watsa’s Fairfax Financial Holdings
LPLA
added to its stake in Alphabet, as did Baupost, Adage Capital Partners, D1 Capital Partners, Maverick, Melvin Capital, Soros Fund, and Dorsey Asset Management.

Olstein Capital Management, Wedgewood Partners, the Bill and Melinda Gates Foundation Trust, Balyasny Asset Management, the Duquesne Family Office, and Viking Global reduced their stakes in Alphabet.

Corvex Management and Dan Loeb’s Third Point bought Alphabet during the fourth quarter, while Tiger Global exited the search giant.

There was also a lot of buying and selling of Amazon shares among hedge funds during the fourth quarter.

The Bill and Melinda Gates Foundation Trust, Balyasny, Duquesne, Maverick, Melvin Capital, Third Point, Whale Rock, and Viking Global reduced their online retailer positions. Appaloosa, Corvex, Temasek added to their stakes in Amazon.

D1 and Soros Fund Management bought Amazon during the fourth quarter.

Other tech stocks

Baupost also bought Intel
INTC
and added to its positions in Facebook and eBay. Dorsey Asset Management added to holdings in eBay, PayPal and Facebook but reduced its position in Roku.

Olstein Capital Management also added to its positions in Intel and eBay. Wedgewood Partners also cut its stakes in Apple
AAPL
, PayPal, Facebook, and Microsoft
MSFT
.

The Bill and Melinda Gates Foundation Trust exited Alibaba
BABA
and Uber
UBER
and reduced its position in Apple.

Adage Capital Partners bought shares of Tesla
TSLA
despite the extremely high valuation.

Appaloosa bought Qualcomm
QCOM
and added to its positions in Facebook, Microsoft, Twitter, Adobe Systems and salesforce while reducing its stakes in Alibaba, Square
SQ
, PayPal and Netflix
NFLX
.

Balyasny Asset Management bought Microsoft, Slack Technologies, and Apple and exited Qualcomm. It added to its positions in Alibaba and Netflix.

Bridgewater bought Microsoft, exited Tesla, and added to its stakes in Uber, Square, Zillow, PayPal, Expedia, and Snowflake. The fund reduced its stakes in embattled hydrogen fuel truck maker Nikola and Facebook.

Corvex Management bought Facebook and exited Alibaba and Twitter. It added to its position in Adobe Systems and slashed its stake in Netflix.

D1 Capital Partners exited Alibaba and added its positions in Microsoft, Expedia, Netflix, and Facebook.

The Duquesne Family Office bought Sunrun
RUN
and First Solar
FSLR
and exited Alibaba, Netflix and Facebook. It also reduced its position in PayPal.

Elliott Management bought Snap, exited eBay and added to its stake in Dell.

Maverick Capital bought DoorDash, which just held its initial public offering last year, and sold Bed, Bath and Beyond
BBBY
before the Reddit mob inflated the price in January. Maverick added to its stakes in Adobe Systems, Facebook, GameStop, and Microsoft and slashed its position in Zynga
ZNGA
.

Melvin Capital Management bought Facebook and Netflix and exited PayPal. It also added to its position in Expedia and reduced its stake in Alibaba.

Temasek joined Maverick to buy DoorDash and bought Microsoft, Airbnb, and Adobe Systems while adding to its positions in PayPal and Uber. Tiger Global also bought DoorDash and Airbnb, which also just had its IPO. It exited Alphabet and reduced its Facebook, PayPal, and Netflix positions but added to its stakes in Microsoft and Snowflake.

Dan Loeb’s Third Point exited Square, added to its stake in Microsoft, and cut its positions in Alibaba, Salesforce, Adobe Systems, Facebook and Expedia.

Viking Global bought Facebook and added to its position in Microsoft.

Whale Rock bought Uber and Expedia and exited Alibaba, Microsoft and Advanced Micro Devices
AMD
. It reduced its stakes in Facebook and NVIDIA
NVDA
.

Other notable position changes

Warren Buffett‘s Berkshire Hathaway exited Barrick Gold, which is notable because it captured numerous headlines by purchasing it last year. Buffett has long been bearish on gold because it doesn’t do anything. Interestingly, Berkshire also reduced its stake in Apple.

Bridgewater also bought many financial stocks during the fourth quarter, including JPMorgan Chase
JPM
, Bank of Americ
BAC
a, Citigroup
C
, Wells Fargo
WFC
, Morgan Stanle
MS
y, Goldman Sachs
GS
, Charles Schwab and U.S. Bancorp
TBBK
.

David Einhorn’s Greenlight Capital bought Danimer Scientific, which went public through a SPAC merger. Corsair Capital highlighted Danimer in its last two quarterly letters. Greenlight also exited Intel.

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