Several hedge funds with roots in the late Julian Robertson Jr.’s Tiger Management established significant new positions or sharply boosted existing ones. (Many Tigers also held to the status quo during the second quarter.)
In addition, a few of the famed hedge funds fully unloaded major holdings, in one case a No. 1 position, according to an analysis of second-quarter 13F filings made public on Wednesday.
One of the most active Tiger-related firm was Dan Sundheim’s D1 Capital Partners. In the second quarter, it sold three of its five largest U.S.-listed long positions that it held at the end of the first quarter. The firm exited then–No. 3 holding Equity Residential, a real estate investment trust; No. 4 Facebook parent Meta Platforms; and No. 5, a long position in Google parent Alphabet.
At the same time, D1 built a large new stake in trucking company XPO, which has become the firm’s fifth-largest U.S. long position. And the hedge fund firm boosted its stake fivefold in home builder Lennar, now its third-largest long position, and doubled its investment in Royal Caribbean Cruises.
O. Andreas Halvorsen’s Viking Global Investors made a major sale in the second quarter as well. The Tiger Cub liquidated its large stake in Visa, its largest long position for each of the previous six quarters, according to earlier filings. In the same quarter, Viking quadrupled its stake in Adobe, now its second-largest long, behind Amazon.
Light Street Capital Management, headed by Glen Kacher, sold two Magnificent Seven stocks: Microsoft, previously its ninth-largest long. position, and Alphabet, formerly its 11th-largest long. Light Streeet made one major new purchase, establishing a large stake in Celestica, which provides supply chain solutions. The position is now the hedge fund firm’s third-largest U.S. long.
Lone Pine Capital also unloaded a previous large position. Founded by Stephen Mandel Jr., the hedge fund firm liquidated its stake in Salesforce, its fifth-largest long at the end of the first quarter.
Meanwhile, Tiger Global Management built a new position in UnitedHealth Group, now its seventh-largest long position. Otherwise, the firm headed by Chase Coleman left its six largest U.S. long positions unchanged.
Chris Hansen’s Valiant Capital Partners initiated a position in bitcoin miner Core Scientific. It is now the Tiger Grandcub’s fifth-largest U.S.-listed long.
Lee Ainslie III’s Maverick Capital cut its long-held stake in South Korean e-commerce giant Coupang by 46 percent. Even so, Coupang, which Maverick had invested in when the company was private, remains its largest U.S. long, accounting for more than 11.6 percent of U.S. long capital. Until recently, Coupang regularly made up 25 to 30 percent of the hedge fund firm’s U.S. common stock assets.