Several prominent Tiger-related hedge funds established new large positions that were in the firms’ top ten as of the end of the third quarter, according to an analysis of recently filed quarterly 13F regulatory filings.
One of the most aggressive firms was Robert Citrone’s Discovery Capital Management, which established three new top-ten positions in the third quarter. The macro- and equity-driven hedge fund firm made a new investment in Vistra Corp., which immediately became its fifth-largest long position. The retail electricity and power company is one of the hottest stocks this year, up more than 270 percent year-to-date.
Discovery also made Constellation Energy, a major producer of carbon-free energy, its seventh-largest U.S. long and iShares Bitcoin Trust ETF its tenth-biggest. At the same time, Discovery fully unloaded its positions in data storage company Western Digital, its fourth-largest long at the close of the second quarter; Grayscale Bitcoin Trust; and Chevron, previously the sixth-largest long.
Elsewhere, Dan Sundheim’s D1 Capital Partners bought nearly 2.9 million shares of GE HealthCare, a medical technology company, in the third quarter, making it the firm’s fifth-largest U.S.-listed long, accounting for more than 5 percent of assets.
D1 also made a large new purchase of Bank of America, now its ninth-largest long. The stock popped right after Election Day and has risen slightly more since then. And Meta Platforms, Facebook’s parent, became D1’s 11th-largest long when the hedge fund established a new position in the recent quarter. Meanwhile, D1 boosted its stake in trucking company XPO by 84 percent, making it the firm’s second-largest long.
O. Andreas Halvorsen’s Viking Global Investors established a large new position in Visa. It was the tiger cub’s fifth-largest long at the end of the third quarter. In the same quarter, Viking boosted its stake in Spotify Technology more than fivefold, making it the sixth-largest long.
Stephen Mandel Jr.’s Long Pine Capital established a new large position in the third quarter when Salesforce became the firm’s sixth-largest U.S.-listed long. It made home builder Lennar its 11th-largest and added 35 percent to its largest long, Meta Platforms, and nearly 25 percent to No. 2 long Amazon.
Meanwhile, Glen Kacher’s Light Street Capital Management bought a new stake in GitLab, which provides code-hosting and collaboration platform services. It is now the hedge fund’s ninth-largest long. At the same time, Light Street boosted its stakes by a little more than 50 percent in chip giant Advanced Micro Devices and JFrog, which offers software development tools. The stocks became the firm’s third- and fourth-largest longs, respectively.