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This Is What Hedge Funds Bought And Sold In Q2

Most20shorted20August202019

Once upon a time, the quarterly publication of hedge fund 13F statements was a momentous event, more important even than corporate earnings, creating a frenzy of activity within the buyside community as hedge funds scrambled to figure out who is buying – or selling – what, and what such activity telegraphed about the bigger picture.

Alas, over the past decade – ever since SAC’s egregious use of “expert networks” made the legal use of inside information impossible and as central banks took over markets – hedge fund returns collapsed, and so did interest in their holdings. In fact, as we showed time after time, the best strategy since 2013 was not going with the crowd but against it, and as noted two weeks ago, going long the most shorted names and shorting the most popular ones has continued to be not only the most consistently profitable, alpha-generating strategy, but in 2019 YTD, the top 10 crowded stocks underperformed the 10 most neglected stocks by 19% YTD, a 5-year record!

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Still, whether one uses it to bet with it or – more likely – against it, a list of what hedge funds buy and sell any given quarter is still informative, if for no other reason than to indicate what the prevailing groupthink regurgitates at various idea dinners across Manhattan.

So, courtesy of Bloomberg, the latest batch of 13-Fs revealed that the recent red-hot IPOs were quite popular among the 2 and 20 crowd, as Coatue, Tiger Global, and Viking Global all disclosed the value of their positions in struggling-IPO Uber Technologies while its rival Lyft tried to attract big hedge funds.

In what may have been the biggest surprise, billionaire activist investor Bill Ackman unveiled a new big new bet on Warren Buffett’s Berkshire Hathaway, prompting questions among his investors if they should be paying him… or Buffett? Meanwhile, Berkshire itself boosted its bets on Bank of America and Amazon.com.

Elsewhere, BlueMountain disclosed that it converted most of its stake in the bankrupt utility owner PG&E from common shares to swaps, while David Tepper’s Appaloosa bought some Intelsat and sold its entire Alibaba stake.

Also during the quarter, activist giant Elliott Management added a chunk of Marathon Petroleum to its holdings while exiting Sempra Energy. Casino stocks went out of favor last quarter as D1 Capital Partners and Melvin Capital Management were among funds that trimmed their positions in Wynn Resorts Ltd.

Courtesy of Bloomberg, here are the notable holdings changes for the most prominent money managers as of June 30. Top new buys may include IPOs in which hedge funds may have invested prior to their debut:

ADAGE CAPITAL PARTNERS GP

  • Top new buys: RTN, DUK, ABBV, CF, TEL, COMM, MDU, GRA, COP, SAP
  • Top exits: IFRX, EXP, BRKMY, LNG, BLD, TAK, WMB, CE, BMY, CMI
  • Boosted stakes in: CELG, AMZN, UTX, MPC, DE, DIS, EVRG, KEY, MOS, VLO
  • Cut stakes in: ROST, WMT, PVH, FTV, NBL, EMR, LLY, GOOG, OC

APPALOOSA

  • Top new buys: HUM, I, CNC
  • Top exits: BABA, XLE
  • Boosted stakes in: GOOG, AMZN, CRM, XOP, UNH, ADBE
  • Cut stakes in: MU, AGN, PCG, ET, VST, COOP, LNG, AMLP, TMUS, CWEN

ARROWGRASS

  • Top new buys: UBER, LQD, AGN, HYG, CY, DIS, UTX, CP, BERY, NOC
  • Top exits: CCC, VRRM, NRG, LIN, MA, JPM, VST, URI, INTU, DISCA
  • Boosted stakes in: ILMN, CELG, WBC, LOW, V, NKE, UAL, DOCU, AKAM, UNP
  • Cut stakes in: CRM, GOOGL, BKNG, VZ, AMZN, IQ, BA, VIAB, BABA, BMRN

BALYASNY ASSET MANAGEMENT

  • Top new buys: AIG, KMB, DE, STI, PNC, WSM, SKX, XLP, KHC, PAYC
  • Top exits: QQQ, AAP, LEN, MAN, XLI, CAG, RRC, JKHY, ECA, PANW
  • Boosted stakes in: UTX, C, WMT, DLTR, NSC, RTN, GM, BAX, LH, GS
  • Cut stakes in: DIS, FITB, TJX, MS, ETFC, PFE, ALGN, ZBH, MSFT, AZO

BAUPOST GROUP

  • Top new buys: XPO
  • Top exits: CELG, PXD, DIS
  • Boosted stakes in: BMY, CBS, TBIO, NXST, TMQ, ATRA
  • Cut stakes in: QRVO, EBAY, SYF, LNG, SBGI, AGN, TAK, ABC, MCK

BERKSHIRE HATHAWAY

  • Boosted stakes in: BAC, USB, AMZN
  • Cut stakes in: CHTR

BLUEMOUNTAIN CAPITAL MANAGEMENT

  • Top new buys: BJ, SWI, AVTR, VICI, ARR, CRWD, INVH, HCM, PSN, CHWY
  • Top exits: INSW, MLNX, NCLH, CELG, EA, PSTG, BBY, MCD, VAR, M
  • Boosted stakes in: OAS, SAEX, JELD, TEVA
  • Cut stakes in: PCG, SOI, C, ESI, XOP, USCR, GT, ANH

BRIDGEWATER

  • Top new buys: FXI, MCHI, SWK, BK, SLB, ENDP, CNP, BWA, CLB, SPLK
  • Top exits: BMY, MOS, DISH, AN, MHK, STZ, GS, RF, BA, KEY
  • Boosted stakes in: INDA, GLD, XEC, KR, CCL, BABA, HYG, SWN, ADS, EWZ
  • Cut stakes in: EEM, VWO, IEMG, SPY, FDX, T, EMN, URI, AMTD, DVA

COATUE MANAGEMENT

  • Top new buys: UBER, SQ, ISRG, GPN, NTES, ZM, GH, SMAR, GDOT, TW
  • Top exits: MU, COUP, IQ, TCS, EXPR, GRPN, FLWS, SFLY, LE, BGFV
  • Boosted stakes in: MSI, PLAN, MSFT, OKTA, NOW, V, TWLO, INTU, PYPL, HTZ
  • Cut stakes in: NVDA, AMZN, CRM, MNK, ATVI, EA, FOSL, LB, CMG, AAL

CORSAIR CAPITAL MANAGEMENT

  • Top new buys: REPH, BID, NVGS, STMP, CASH, FSK, CLF, ADT
  • Top exits: ARMK, HUN, CHL, NOMD, TOL, MU, SRI, SRG, GPRE, JEF
  • Boosted stakes in: KRA, LAUR, TROX, BH, FLEX, GSL, CUBI
  • Cut stakes in: SPXC, CHDN, AXTA, HDS, RHP, SPY, IPI, BLL, HGV, FCAU

CORVEX MANAGEMENT

  • Top new buys: CNC, NFLX, RTLR, AYX, TSS, FSCT, WORK, WCG, PACK, GPN
  • Top exits: GOOGL, TTWO, GWRE, ZAYO, ZEN, CELG
  • Boosted stakes in: MGM, FANG, MSG, WTRH
  • Cut stakes in: ADBE, TMUS, DIS, CMCSA, FB, AMZN

D1 CAPITAL PARTNERS

  • Top new buys: BABA, FIS, BA, TWLO, AMZN, LIN, CHWY, SNAP, CCC, QTT
  • Top exits: LEN, DHR, AMAT, LRCX, IQ
  • Boosted stakes in: NFLX, JD, MU, LVS, IQV, FB, OC, GWRE, BILI
  • Cut stakes in: DIS, DHI, WYNN, GOOGL, RACE, HLT, ADBE

DE SHAW

  • Top new buys: ZAYO, AMCR, SMH, UBER, CACI, WHR, NI, DNKN, EQNR, OLLI
  • Top exits: IVV, TNDM, HYG, TSM, FITB, GWPH, NIO, GSK, HEXO, XLF
  • Boosted stakes in: BABA, NVDA, AMZN, COP, JNJ, MSFT, BIIB, UNP, PG, V
  • Cut stakes in: QCOM, FB, AAPL, CELG, PFE, EBAY, ORCL, LOW, AVGO, CI

DUQUESNE FAMILY OFFICE

  • Top new buys: UBER, CRM, PCG, GOLD, JD, I, AEM, SQ, PANW, ZEN
  • Top exits: IBB, GOOGL, ISRG, QCOM, A, XLNX, ADI, POST, HOLX, SPLK
  • Boosted stakes in: MSFT, SNAP, SE, AMZN, ATVI, MELI, NOW, HD, MRK, FIS
  • Cut stakes in: EEM, TMUS, ABT, LNG, PYPL, SPOT, ADBE, DOCU, MU, MPC

EMINENCE CAPITAL

  • Top new buys: ASH, BABA, RP, MS, BSX, GDDY, NTNX, CFG, SPOT, WW
  • Top exits: QSR, ZAYO, NCLH, LIN, DHR, SAFM, LYFT
  • Boosted stakes in: MIDD, HAE, PCG, RCL, SCHW, BERY, PSTG, CF, SYY, USFD
  • Cut stakes in: IQV, GPK, TMO, PYPL, INXN, DHI, LEN, TSN, CNC, ICE

ELLIOTT MANAGEMENT

  • Top new buys: MPC, XLV, HYG, TRK, COMM, USWS
  • Top exits: SRE, BMY, CVLT, CARB, SYMC, HR, KREF, RYAAY, MITK, EPEG
  • Boosted stakes in: ISCA, DELL, RRTS
  • Cut stakes in: HES, DVN, SHO, CXP, MAC

ENGAGED CAPITAL

  • Top exits: BHE, MED
  • Boosted stakes in: HAIN, MGLN

FIR TREE

  • Top new buys: CNC, AGN, ACHC, TRNE, SATS, TMUS, LCA, LHC, PVT
  • Top exits: SM, AMR
  • Boosted stakes in: TPGH, LAUR
  • Cut stakes in: MSFT, FE, C, BKNG, I, MHK, NAVI, SNE, RWGE, MOSC

FRONTFOUR CAPITAL GROUP

  • Top new buys: HGV, ANF
  • Top exits: CZR, CTL, LPX, SXT
  • Boosted stakes in: CLNY, OBE
  • Cut stakes in: VAC, GRP/U, ASH, BERY, JASN, MDCA

GLENVIEW CAPITAL

  • Top new buys: UNH, TMUS, URI
  • Top exits: HTZ, TSG
  • Boosted stakes in: DIS, HCA, HUM, DVA, CI, CNC, BKD, UNVR, BHC, WCG
  • Cut stakes in: GOOGL, MSFT, TMO, BAX, NXPI, HOLX, ANTM, UHS, ABC, FLEX

GREENLIGHT CAPITAL

  • Top new buys: SGMS, DDS
  • Top exits: SDRL
  • Boosted stakes in: ADNT, TGP
  • Cut stakes in: GM, VAL, VOYA, AER, HGV, TPX, MDCO, SATS

ICAHN

  • Top new buys: OXY
  • Top exits: FANG
  • Boosted stakes in: IEP, CNDT
  • Cut stakes in: FCX, LNG

IMPALA ASSET MANAGEMENT

  • Top new buys: GD, KEX, ANF, VMC, BLDR, NAV, FLT, ITT
  • Top exits: CSX, BC, HD, GUSH, VLO, LSTR, BTG, SWK, MSFT, FLR
  • Boosted stakes in: DHI, URI, QCOM, NSC, RIO, LEA, HRI, HOG
  • Cut stakes in: TECK, CAT, HES, MHK, NVR, HCC, KNX, KTOS

JANA PARTNERS

  • Top new buys: AXTA, ELY
  • Top exits: TIF
  • Boosted stakes in: JACK, ZBH
  • Cut stakes in: SPY, FLMN

LANSDOWNE

  • Top new buys: LRCX, UBER, EGO, PSX, IQ
  • Top exits: JPM, BAC, C, AGR, RIG, URI, CYTK, GOOGL, AMZN, DBX
  • Boosted stakes in: ETN, UAL, TSM, GRUB, UTX, VXX, DHT, BABA, HCC
  • Cut stakes in: MU, AMAT, IR, TXN, CVE, MANU, AGI, CNQ, AAL, FSLR

LONE PINE

  • Top new buys: ATVI, DPZ, UBER, CHWY, COUP, TEAM
  • Top exits: STZ, CSX, GOOG, TRU
  • Boosted stakes in: SHOP, UNP, DHI, SQ, WWE, CRM, ADSK, UNH, STNE, BABA
  • Cut stakes in: AMZN, FB, MA, SPGI, IQV, ADBE, TIF, MSFT, NOW, MELI

LONG POND

  • Top new buys: JLL, LSI, OHI, SHO, LPT, DRE, UE, VICI, DIA, FR
  • Top exits: LOW, AMH, CCS, COLD, WYNN, KBH, CWK, CZR, CVCO, CLI
  • Boosted stakes in: HGV, H, SLG, PGRE, EXP, WLH, FPH, PLYA, DRH
  • Cut stakes in: HLT, HPP, LEN, MGM, DHI

MAGNETAR FINANCIAL

  • Top new buys: CY, CZR, ADSW, MDSO, LTXB, AQ, CHNG, WAGE, HCAC, CRSA
  • Top exits: CCC, ELAN, WHD, GG, AVA
  • Boosted stakes in: TSS, AGN, WBC, WCG, BDX, BAX, AZN, CI, CNC, CTLT
  • Cut stakes in: MLNX, ONCE, ET, MCK, PACB, CELG, EXTN, TRCO, FNSR, LKSD

MAVERICK CAPITAL

  • Top new buys: MGM, WLK, STNE, SBUX, NFLX, CASY, SKX, LITE, TXRH, HAE
  • Top exits: ANTM, SSNC, SCHW, WCG, FLT, CMG, WCN, TPX, MCD, HLT
  • Boosted stakes in: HUM, CNC, BABA, OC, BKNG, COMM, TMUS, MDCO, JBLU, HBI
  • Cut stakes in: MSFT, FISV, USFD, EXP, WYNN, BURL, NKE, ADBE, LOW, GPK

MELVIN CAPITAL MANAGEMENT

  • Top new buys: PLAN, LH, EL, TTWO, VEEV, WDAY, FIS, VRSN, ETSY, LK
  • Top exits: DE, EA, DRI, INTU, NKE, RCL, DOCU, HDS, LB, GOOS
  • Boosted stakes in: AMZN, MCD, BABA, CSGP, RACE, LVS, AAP, V, DPZ, WWE
  • Cut stakes in: NFLX, IQV, QSR, WYNN, COO, PYPL, TWTR, EDU, CVNA, AWI

MOORE CAPITAL MANAGEMENT

  • Top new buys: FIS, WEX, COLD, NOC, COUP, TPX, DIS, SE, CTXS, QTWO
  • Top exits: FBP, GCP, CAT, ZAYO, SNV, TWTR, LNG, ULTA, INTC, ITB
  • Boosted stakes in: PGR, AMZN, MA, FB, JD, PYPL, NFLX, AMP, BURL, BG
  • Cut stakes in: FXI, BABA, SIVB, EA, TECK, GDS, EEM, EDU, AXTA, SPOT

OAKTREE CAPITAL MANAGEMENT

  • Top new buys: PBR, HUYA, CCO, PVAC, BGNE, TV, LOMA, IEA
  • Top exits: BABA, YUMC, VICI, HKRSQ, BXEFF
  • Boosted stakes in: BRY, EGLE, VST, AZUL, PAM, TGS, TEO, VRS, SMCI, CX
  • Cut stakes in: IBN, CTRA, NMIH, BCEI, YETI, FPI, YNDX, ITUB, BRFS, AU

OMEGA ADVISORS

  • Top new buys: FANG, WFC, CCL, DOW, VICI, CRWD, FLMN, TPCO
  • Top exits: CVS, DAL, ENT, RESI, CCC, FSK
  • Boosted stakes in: NAVI, UNH, NEWM, NBR, CNC, OCN, HES, WPX, SLV, MGY
  • Cut stakes in: LORL, PFSI, MPC, EFC, NLSN, ABR, CIM

PAULSON & CO

  • Top new buys: BID, ONCE, PCG, UTX, SSRM, ZAYO
  • Top exits: CNC, KMDA, WBC, NXPI, ON, DIS
  • Boosted stakes in: AGN, WCG, S, PCRX, TMQ, CELG
  • Cut stakes in: INSW, STC, QEP

POINT72

  • Top new buys: VICI, REGN, UBER, HUM, HYG, F, UPS, MMM, V, DNKN
  • Top exits: GOOGL, FISV, ANTM, EA, TSN, SLB, SO, UAL, ADP, SYY
  • Boosted stakes in: AVGO, NXPI, FB, HCA, RTN, GPN, BABA, NBL, UTX, GWPH
  • Cut stakes in: DIS, NFLX, MPC, MRVL, AAP, ECA, BMY, GDDY, CMI, EL

POINTSTATE CAPITAL

  • Top new buys: HUM, NXPI, EEM, EWZ, GLD, MDB, NOC, LHX, OKTA, SMAR
  • Top exits: MSFT, LOW, CELG, BMY, MRK, SWK, BKNG, MT, VST, LIN
  • Boosted stakes in: CRM, AMZN, PCG, COUP, CNC, COF, BA, NOW, BABA, NFLX
  • Cut stakes in: DLTR, TEAM, UTX, GOOGL, ADSK, ANTM, MA, JD, URI, TMUS

PERSHING SQUARE

  • Top new buys: BRK/B
  • Top exits: UTX
  • Cut stakes in: LOW, QSR, CMG, SBUX

RAGING CAPITAL

  • Top new buys: KEM, QCOM, CHWY, BBW, HCHC, HIIQ, PD
  • Top exits: GS, LNTH, ORBC, AAL, ALK, XLNX, HIMX, AXTI, INSYQ, RUBI
  • Boosted stakes in: AGN, AMBC, MITK, AGO, PKE, CLDR, UAN, WATT, MNKD, MR
  • Cut stakes in: HLIT, DSPG, BLDR, SBGI, BPOP, UPLD, TWTR, TDW, FND, FB

SACHEM HEAD CAPITAL

  • Top new buys: CRM, SE
  • Top exits: BERY, MSFT, ZAYO, TAK, AGN, WCG, CNC
  • Boosted stakes in: EXP, PCG, USFD

SANDELL ASSET MANAGEMENT

  • Top new buys: WCG, ADSW, TSS, AGN, CY, CRAY, OXY, MAXR
  • Top exits: GG, DIS, ELAN, CZR, VOD
  • Boosted stakes in: CELG, ZAYO, TRCO, ONCE
  • Cut stakes in: AAL, URI, RACE

SENATOR INVESTMENTS:

  • Top new buys: ADPT, VICI, PANW, AVTR, DIS, MRVL, AXTA, LIN, EMR, VRTX
  • Top exits: ZAYO, UNP, WMB, ICE, AGN, STZ, FISV, DHI, LVS, ETFC
  • Boosted stakes in: FB, CBOE, SE
  • Cut stakes in: COLD, BA, CHTR, GOOG, LYFT, DHR, MRK, SRPT, SHW, V

SOROBAN CAPITAL

  • Top new buys: RTN, WIX, STZ
  • Top exits: SAP, LIN
  • Boosted stakes in: GOOGL, UNP, MAR, SNE, BABA, LRCX
  • Cut stakes in: AXTA, NSC, UTX, GRA

SOROS

  • Top new buys: QQQ, GOOGL, EBAY, SYMC, VMC, NLY, EPC, CL, WORK, ZAYO
  • Top exits: CDAY, COUP, CRM, CMCSA, TMUS, ADBE, RNG, WWE, MRVL, INTU
  • Boosted stakes in: CELG, DHI, DIS, VICI, UNH, KDP, SYF, ETFC, SC, MS
  • Cut stakes in: IWB, CAG, TIVO, MKC, SPY, WCG, ETSY, WBC, FLMN, OIBR/C

STARBOARD

  • Top exits: ZAYO
  • Boosted stakes in: GCP, IWR, SYMC
  • Cut stakes in: MRVL, DLTR, EBAY, IWN, NTUS, RPM, MGM, CERN

TEMASEK HOLDINGS

  • Top new buys: DOW, TW, STNE, WORK
  • Top exits: MSFT
  • Boosted stakes in: AMRS, AYX
  • Cut stakes in: FTCH

TIGER GLOBAL MANAGEMENT

  • Top new buys: UBER, GDS, ZM, LINX, CHWY, CRWD, FSLY, PD, LK, REAL
  • Top exits: BKNG, DPZ, QSR, UXIN
  • Boosted stakes in: MSFT, FB, RNG, RUN, SMAR, CVNA, NFLX, MDB, TEAM, TWLO
  • Cut stakes in: SPOT, STNE, JD, SVMK, DESP, RDFN, 1650847D

THIRD POINT

  • Top new buys: CNC, BURL, GTT, TW, COLD, CCO, PINS, TWLO, ZM, PSN
  • Top exits: STZ, CELG, AXP
  • Boosted stakes in: BSX, NFLX, ADBE, MSFT, ROST, MPC, CRM
  • Cut stakes in: BAX, CPB, UTX, SHY, IQV

TRIAN

  • Top new buys: LM
  • Boosted stakes in: SYY, MDLZ
  • Cut stakes in: PPG, BK, PG

TUDOR INVESTMENT

  • Top new buys: CSCO, WORK, ETSY, SSFN, LHX, LLY, MDSO, MS, MU, NEWR
  • Top exits: TAK, NOC, CVX, ILMN, ALB, AME, CL, MDT, DTE, TSLA
  • Boosted stakes in: EEM, STI, AGN, CRAY, CRM, CNC, DIS, MSFT, ENFC, DRE
  • Cut stakes in: SPY, INTC, HNGR, CELG, COP, MITK, BMY, FIS, ADSK, WSM

VALUEACT

  • Top new buys: TSG, PSN, BKNG, XPO, EIX
  • Top exits: PCG, AWI
  • Boosted stakes in: STX, AES, CBRE, LIND, DAR, UFI
  • Cut stakes in: ADS, AFI, STRA, HE, BHC

VIKING GLOBAL INVESTORS

  • Top new buys: ADPT, BA, BBIO, UBER, MNST, CRM, AVTR, SQ, WORK, LOW
  • Top exits: MPC, TMO, DIS, ALL, FANG, BKNG, MYL, HES, JAZZ, MIDD
  • Boosted stakes in: FB, AMZN, JD, CNC, BSX, UNH, MELI, EQH, MU, ATVI
  • Cut stakes in: BABA, V, BERY, ANTM, WCG, BMRN, MRNA, NVDA, ALGN, ADBE

YORK CAPITAL

  • Top new buys: CBOE, EME, BMRN, PE, CY, CHNG, TIF, MLCO, TW, MPC
  • Top exits: BBL, ASH, AZN, ELAN, GCP, EA, HD, WCG, DWDP-W, TNP
  • Boosted stakes in: CELG, OIBR/C, CBPO, JD, BILI
  • Cut stakes in: WBC, NUVA, CI, CNC, PCG, PXD, GDS, IIVI, AIZ, ESTR

Source: Bloomberg


Source: zerohedge.com

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