Marquee money managers including Moore Capital Management and Point7 2 Asset Management boosted their confines to new technologies houses in the third quarter, before the U.S. presidential election stimulation a selloff in the industry.
Louis Bacons Moore Capital almost doubled its carry in Facebook Inc. to about $103 million as of Sept. 30, and took a stake in Internet giant Alphabet Inc ., the mother company of Google, according to government filings Monday. Point7 2, the family place for billionaire Steve Cohen, constructed a $337 million stake in Alphabet Class A shares, its biggest brand-new buy for the period, while Chase Colemans Tiger Global Management took a $221 million statu in the company. Tiger also bought $568 million worth of Alibaba Group Holding Ltd. shares that trade in the U.S.
The S& P 500 Information Technology Index surged almost 13 percent as the money managers improve their investments in the third quarter. Since then, the sector has taken a grow. Facebook shares have fallen about 10 percent and Google has stopped 6.3 percent.
Tech capitals in the index slumped 3.1 percent after the Nov. 8 presidential election, trailing the S& P 500 Index by 4.2 percentage points, on speculation that Donald Trumps trade and immigration policies could lower future earnings.
Money managers who oversee more than $100 million in U.S. equities must file a Form 13 F within 45 epoches of the end of each quarter to roster their confines in stocks that trade on U.S. exchanges, as well as options and convertible indebtednes. The filings dont appearance non-U.S. sold securities, alliances, cash or gamblings against stocks.
Coatue Management, Philippe Laffonts stock-focused hedge fund, took brand-new bets in Apple Inc. and Alibaba worth $735 million and $295 million, respectively, at the conclusion of its part. The acquisitions cleared Apple the houses second-largest disclosed inventory statu behind Facebook, a position it also increased during the quarter.
David Teppers Appaloosa Management also bought a brand-new statu in Facebook, worth $190 million.
Not all hedge fund managers were optimistic on tech during the course of its part. Greenlight Capital, the hedge fund firm led by David Einhorn, cut its stake in Apple by 1.66 million shares as the stocks rallied 18 percent. Worth $587 million as of Sept. 30, the houses statu in Apple is still its largest disclosed inventory holding.
Lone Pine Capital constructed brand-new bets in e-commerce whales EBay Inc ., Expedia Inc. and Alibaba. Still, the fund run by Stephen Mandel pared its bet on Amazon Inc ., shortened its gambling on Facebook by more than half and cut its position in Microsoft Corp. It also trounced its stake in Alphabets Class A shares.
Financial universities, which have surged 11 percent since such elections on Trumps promises to deregulate the industry, were a favourite for billionaire Paul Tudor Jones, who flourished his exposure to the sector 8 percent. Zach Schreibers PointState Capital took a $340 million stake in Bank of America Corp. — his biggest brand-new buy.