News

Large AMERICAN hedge funds again zeal for FAANGs in the first quarter: filings

(Reuters) – Some of the biggest, highest-profile AMERICAN hedge fund investors and asset managers fell back in love with FAANGs in the first quarter, according to regulatory filings released on Wednesday.

Facebook, Amazon, Netflix and the Google logos are seen in this combination photo from the Reuters files. REUTERS/File Photo

After dumping shares of Facebook Inc, Apple Inc, Amazon.com Inc., Netflix Inc. and Alphabet, Inc – the FAANG components – prominent hedge fund managers, including Tiger Global Management LLC, have moved into the popular group.

Tiger, managed by Chase Coleman, is enhancing its Facebook bet by 64.5% to 8.8 million class A shares during the first quarter, according to a filing with the Securities and Exchange Commission. It increased its stake in streaming company Netflix by 42.8% to 2.1 million shares.

T. Rowe Price also added on Facebook shares during the first quarter, the increase of the participation of 19% to 107.9 million shares of the end of the first quarter.

Netflix shares closed up 2.7 percent and Facebook gained 3.1 percent on Wednesday.

Quarterly publication of hedge fund managers’ stocks in 13F filings with the SEC are one of the few public roads of the track of what the managers are buying and selling. But the notifications are made 45 days after the end of each quarter and may not correspond with the current position.

Warren Buffett ‘ s Berkshire Hathaway Inc said that it owned $860.6 million of Amazon shares at the end of March, after the billionaire earlier this month admitted to having underestimated the online retailer and the chief executive, Jeff Bezos.

Buffett, who told CNBC in early May that Berkshire had bought Amazon shares for the first time, the participation in the Wednesday’s 13F filing, which shows that Berkshire took a stake in the first quarter of a total 483,300 shares.

Buffett had said at CNBC that the Amazon the investment was made by one of his portfolio managers, Todd Combs or Ted Weschler, and said that he was “an idiot” not to invest in Amazon itself.

Amazon shares on March 29, the last trading day of the month, closed at $1,780.85. On Wednesday they are ready to $1,871.15.

Reporting by Jennifer Ablan; Editing by Leslie Adler

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular