Hedge funds trim Amazon, Facebook stakes; jump into Robinhood, Blend Labs in Q3
Sifting through Q3's 13F filings, more hedge funds reduced holdings in $Amazon(AMZN.US$ than in any other stock, with six funds cutting their stakes. One fund, Daniel Loeb's Third Point, took a different tack and increased its holding in the ecommerce giant.
$Meta Platforms(FB.US$, known as Facebook in Q3, saw four funds trim stakes and two funds increase their stakes. Coatue Management, though, bulked up on the name.
$SoFi Technologies(SOFI.US$ which went public in the last month of Q2, was the stock that saw the most hedge funds head for the exits, with Temasek, Coatue and Third Point all shedding their shares.
Two recently IPO'd fintech stocks were the most popular new positions in hedge funds — $Robinhood(HOOD.US$ and $Blend Labs(BLND.US$. Coatue and Tiger Global took new stakes in both HOOD and BLND. Temasek added Blend, while Whale Rock added Robinhood.
$Nextdoor Holdings(KIND.US$, which went public in November through a SPAC merger with Khosla Ventures Acqusition II, also gained in popularity in Q3, with Ark Investment taking a new stake in the neighborhood-based social media platform and Starboard Value and Soroban bolstering their existing stakes.
Comparing HOOD, SOFI, BLND, AMZN, FB, and TSLA, megacap giants AMZN, FB and TSLA have the largest percentage of institutional ownership.
For all the general market interest in $Tesla(TSLA.US$, there weren't a lot of changes in funds' TSLA holdings. Cathie Wood's Ark Investment and Coatue pared their stakes in the EV and battery maker, while Whale Rock increased its stake.
$Workday(WDAY.US$ saw two hedge funds exit — Third Point and York Capital — while Ark Investment reduced its stake. Coatue, though, bucked the trend and increased its holding in the business software firm.
In Q3, Robinhood outperformed the S&P 500, while Amazon, SoFi, and Blend Labs all lagged the broader index as seen in the graph below.
$Berkshire Hathaway-A(BRK.A.US$ $Berkshire Hathaway-B(BRK.B.US$ stock portfolio stayed relatively steady during Q3 at ~$293B.
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WebPsycho : Why don’t you tell how many added plus the datA is 2 months old
Dogoro777 : This is good news that hedge funds sold more of Amazon than any other stocks. They're growing pessimism was exactly at the wrong time. Amazon advanced 500 points in the last month.
baby boomers Dogoro777: As Amazon becomes an increasingly capital intensive business its tech premium will fade, particularly given the total absence of the company actively returning capital to shareholders via buybacks or dividends. I can understand the management team not wanting to buy back stock that has perpetually traded at lofty premiums to the market, but there is no reason why at least a few special dividends couldn’t have been paid out since 2011.
hairless : Good luck with that…
Leoi : Long SoFi
rppIg2As8t : They will be very sorry to have exit SOFI , next move on the bank charter is +30%
v5PvYvukTK rppIg2As8t: yeah as if we don't already have thousands of banks in USA
Lee Jessie : Selling Sofi…
These boomers just don’t understand….
qPg7PBSdvS : Berkshire is not a hedge fund. It buys businesses and their stock portfolio represents part ownership of businesses. It’s a different mindset, currently unpopular with the masses, hence that’s why Berkshire is undervalued.
BfqseGOSuE qPg7PBSdvS: Undervalued or underperporformer....
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