Hedge Funds Dump Most Apple Stock Since 2008: Full 13F Summary

Original post

While Q1 saw hedge funds generally attracted to “growthy” tech names again (as shown yesterday with Druckenmiller and Tepper), one name stood out: Apple, which hedge funds dumped in droves. 

According to Bloomberg calculations, in Q1 investors slashed their AAPL holdings by about 153 million shares: the biggest decrease since at least the first quarter of 2008. It’s also the most among any S&P 500 stock in the first quarter. Some, like Appaloosa and Glenview exited their entire positions in Apple altogether.

The first quarter drop was the third reduction in the last four quarters, with the sole outlier being an 8.6 million share increase in Q4 2017.

Yet while investor enthusiasm for Apple has somewhat lessened this year amid concern about whether the company will be able to sustain its pace of iPhone unit sales, though the stock is up 10 percent year-to-date, Tim Cook was saved by one simple thing: his stated intention to buybacks hundreds of billions in AAPL stocks which convinced the only person that matters to buy it.

Indeed, because while everyone else was selling it, one notable exception to the trend was Warren Buffett: as a reminder, Berkshire bought an additional 75 million shares of Apple in the first quarter, to become the company’s third-largest investor, offsetting nearly half the publicly disclosed selling barrage.

Meanwhile, as noted above, interest in FANGs continued, with hedge funds either increasing their positions in Apple’s FANG peers or trimming the modestly by fewer than 10 million shares.

Separately, banks were again out of favor in Q1, with Bank of America, Wells Fargo, and Citigroup among the top 10 stocks and exchange-traded funds that saw reductions in holdings in the first quarter. According to Bloomberg, iInstitutions cut their positions in Bank of America by about 135 million shares, Citigroup by about 67 million shares and Wells Fargo by about 46 million shares.

Notably, funds were ahead of the news as they piled into gambling stocks like Caesars Entertainment, MGM Resorts and Wynn Resorts ahead of Monday’s U.S. Supreme Court decision allowing states to legalize betting on individual sporting events

Ironically, the one asset class that is hurting the most now is what hedge funds were most aggressively buying up in Q1: among the biggest winners were emerging market funds: institutional investors boosted their positions in the iShares Core MSCI Emerging Markets ETF and the iShares MSCI Emerging Markets ETF by about 70 million and 46 million shares respectively.

Some other notable changes, courtesy of Bloomeberg:

  • Coatue Management cut its holdings in Snap and Nvidia, while D.E. Shaw went the other way, adding shares of each company
  • Funds were ahead of the news as they piled into gambling stocks like Caesars Entertainment, MGM Resorts and Wynn Resorts ahead of Monday’s U.S. Supreme Court decision allowing states to legalize betting on individual sporting events
  • Third Point exited stake in Macerich as investors have been reportedly agitating for a potential sale, and CEO announced he would retire by end of the year. ValueAct exited its stake in Microsoft, where it a won a board seat in 2013 that narrowly staved off a proxy fight.

Below is a full summary of some of the most recognizable names:

ADAGE CAPITAL

  • Top new buys: MSCC, EQIX, EIX, DHR, PVH, VEAC, TPGE, KMI, AXL
  • Top exits: CF, BAH, PEG, F, TMUS, MGA, LLL, HRC, GDX, PLNT
  • Boosted stakes in GE, NKTR, LMT, XL, WRK, ITW, CI, FTV, W, EMR
  • Cut stakes in UTX, PBYI, FB, WFC, BURL, JNJ, CMCSA, ES, GT, ABX

APPALOOSA MANAGEMENT

  • Top new buys: LRCX, WFC, UBS, AMAT, SMH, AMLP, KNX, BYD, PAH, UAL
  • Top exits: AAPL, EEM, CMCSA, MHK, VST, CSX, LUV
  • Boosted stakes in MU, MGM, AGN, CNC, GOOG, LNG, DG, OC, PCG
  • Cut stakes in QQQ, XLF, BAC, URI, NRG, WPZ, ETP, ALL, HCA

BAUPOST GROUP

  • Top new buys: PCG
  • Top exits: ESRX, RUN
  • Boosted stakes in PXD, FOXA, ATRA, AGN, AR, FOX, VRTV, NG, MCK, VSAT
  • Cut stakes in PBF, ABC, IMOS, FWP

BALYASNY ASSET MANAGEMENT

  • Top new buys: RRC, XOG, VST
  • Top exits: ISBC, CTL, C, JD, FTI, DDD
  • Boosted stakes in SWN, NBR, VIPS
  • Cut stakes in CLF, NGD, BAC, OLN

BERKSHIRE HATHAWAY

  • Top exits: IBM, GHC
  • Boosted stakes in AAPL, MON, TEVA, DAL, BK, USB
  • Cut stakes in WFC, PSX, CHTR, VRSK, SNY, UAL

BRIDGEWATER ASSOCIATES

  • Top new buys: BIIB, DVA, IP, DIS, VZ, CPB, LYB, TOL, TSN, IVZ
  • Top exits: COST, CMG, ROST, LULU, IPG, MLM, FE, ALXN, PVH, AMAT
  • Boosted stakes in EWZ, NFX, FB, T, XEC, ORCL, PG, BEN, GE, KMB
  • Cut stakes in EEM, VWO, IEMG, SPY, TIP, TLT, EWY, EIX, ENDP, DVN

CARLSON CAPITAL

  • Top new buys: XL, DPS, MSCC, HIG, TXT
  • Top exits: APTV, MCD, MFGP, C, TRV
  • Boosted stakes in OA, NXPI, AET, CFG, CAVM
  • Cut stakes in USFD, TWX, SC, CAG, BBT

CITADEL ADVISORS

  • Top new buys: COG, HUD, PDLI, ERIC
  • Top exits: CPN, SRC, TRCO
  • Boosted stakes in SNGA, GE, FDC, GPK, AMD, WEN
  • Cut stakes in BAC, AUY, CMCSA, MU, FOXA

COATUE MANAGEMENT

  • Top new buys: MU, TAL, SDRL, WDC
  • Top exits: BAC, LBTYK, TWX, LBTYA
  • Boosted stakes in TWTR, EA
  • Cut stakes in SNAP, NVDA, AAPL

CORVEX MANAGEMENT

  • Top new buys: NOW, ICE, MSFT, CRM, MON, DPS, IQ
  • Top exits: CMCSA, NOMD, CHTR
  • Boosted stakes in TMUS, NXPI, JBLU
  • Cut stakes in EVHC, BAC, GOOGL, FB, FG, MDCO, TWX

D E SHAW & CO

  • Top new buys: APTV, GLIBA, DISCA, SNAP, NTR
  • Top exits: LVNTA
  • Boosted stakes in LOW, NVDA, EQT, CELG, AET, TWTR
  • Cut stakes in FB, DVMT, IBM, CMCSA, AMGN

ELLIOTT MANAGEMENT

  • Top new buys: TER, QQQ, VICI, CVLT, TVPT, EQT, MFGP, DISH, XOM
  • Top exits: NRG, TCO, AA, CTSH, MITL, TDW, SAH, GPI
  • Boosted stakes in BTU, HES, ISBC, EGN, UNIT
  • Cut stakes in IMPV

EMINENCE CAPITAL

  • Top new buys: VMC, FB, VER, TTWO
  • Top exits: MDLZ, ZNGA, ARRS, ANTM, SPGI
  • Boosted stakes in LEN, PZZA, EA, MGM, LQ, YELP, ELLI, P
  • Cut stakes in CF, INXN, EFX, NEWR, GOOG, JACK, USFD, ADSK, WEN

ENGAGED CAPITAL

  • Top new buys: FNSR, PETX
  • Top exits: MED, IMAX
  • Boosted stakes in APOG, BHE, HAIN
  • Cut stakes in NCR, MX, CLS, IWM, BW

FARALLON CAPITAL MANAGEMENT

  • Top new buys: FOX, AMRN, DPS, ARRY
  • Top exits: CPN, HUN, AKRX
  • Boosted stakes in MON, HRG, COL, DVMT, IOVA, CAVM
  • Cut stakes in VEON, AABA, TWX, GRFS

FIDELITY MANAGEMENT

  • Top new buys: NTR, ADT, ANGI
  • Top exits: POT, BETR, CRIS
  • Boosted stakes in MSFT, MRVL, INTC, SLM, MET
  • Cut stakes in MFC, AAPL, AMD, WMB, BSX

GLENVIEW CAPITAL

  • Top new buys: ESRX, TMUS, APTV, ABC, HUM, FB
  • Top exits: AAPL, WP, ABBV, DNB, CCE, LYB, MON, KMI, KND, TLRD
  • Boosted stakes in FDX, CAH, NWL, ARMK, PNR, AGN, LOW, WBA, MCK, SHPG
  • Cut stakes in DWDP, FMC, ANTM, FLEX, CI, V, DXC, LH, CHTR, GOOGL

GREENLIGHT CAPITAL

  • Top new buys: IAC, TPR, BLMN, ANF, PYPL, URBN, SFM, ODP, ROKU
  • Top exits: CC, JCP, VREX, KSS, BBY, W, SFLY, CRI, UAA, LOW
  • Boosted stakes in ESV, FIVE, BHF
  • Cut stakes in AAPL, GM, AER, TPX, MYL, CNX, VOYA, ADNT, PRGO, CEIX

HIGHFIELDS CAPITAL MANAGEMENT

  • Top new buys: AET, DIS, EQT, RJF, ENB, HAL, X, TGT, LOW
  • Top exits: AMZN, DWDP, NVDA, GS, KR, AXP, PAGP, CERN, TCO, CTSH
  • Boosted stakes in CMCSA, MON, EXPE, TWX, CCE, GOOGL, AXTA, MDLZ, TEVA, MIK
  • Cut stakes in MAR, PXD, HLT, H, HDS, HGV, IVZ, DLTR, CNNE, VER

ICAHN ASSOCIATES

  • Top new buys: NWL
  • Top exits: AIG, PYPL
  • Cut stakes in FCX, MTW, XRX

JANA PARTNERS

  • Top new buys: ADSK, ANTM, BSX, LRCX, DPS, EA, A, SPY, WRK, ADBE
  • Top exits: EQT, LBRDK, CMCSA, FB, DWDP, IQV, MOH, SYNH, EVHC, GWW
  • Boosted stakes in PF, JACK, NOC, CAG
  • Cut stakes in FDC, ZBH, DHI, TIF, PTC, TEVA, ZAYO, GM, BLMN

LAKEWOOD CAPITAL

  • Top new buys: CLS, FTSI, VRSN, NUAN
  • Top exits: AGN, CDW, ARD, MU
  • Boosted stakes in GOOGL, BIDU, BC, WRK, ATUS
  • Cut stakes in ON, ORCL, ICE

LANSDOWNE PARTNERS

  • Top new buys: AAL, APC, BABA, DHT, LPG, ZAYO, MELI, AKS, DISH, DBX
  • Top exits: DATA, URI, CAFD, UPS, AAPL, LB, VXX, WDC, AGN
  • Boosted stakes in TXN, GRUB, FB, MON, MU, CVE, IR, C
  • Cut stakes in JPM, BAC, PYPL, AMAT, GOOGL, DAL, JCI, FSLR, ADNT, UTX

LONE PINE CAPITAL

  • Top new buys: DLTR, SBAC, TSM, TMUS, SQ, PAGS, EXAS
  • Top exits: BUD, CHTR, MA, EQIX, CRM, TV, A, VXX
  • Boosted stakes in FB, MSFT, WYNN, CSX, PYPL, UNH, MELI, TRU, FLT, GOOG
  • Cut stakes in ATVI, NOW, BLK, AMZN, STZ, BABA, BKNG, EA, ADBE

LONG POND CAPITAL

  • Top new buys: AMH, LQ, VICI, APLE, GPT, CHH, BKI, MAC
  • Top exits: EQR, BKD, DDR, NMRK
  • Boosted stakes in VNO, LEN, AVB, QCP, AIV, FPH, LHO, RPAI
  • Cut stakes in H, SLG, TCO, MSG, BRX, NYRT, VER, SRC, JBGS

MARCATO CAPITAL

  • Top new buys: UNVR, ASTE, THRM
  • Top exits: DECK, BID, RCII
  • Boosted stakes in IAC, RYAM, ITRI, FG, VRTS, BLDR, HZN
  • Cut stakes in DXC, AIR

MAVERICK CAPITAL

  • Top new buys: MHK, SNAP, PM, CNC, IPHI, LULU, CAR, RL, MDCO, VFC
  • Top exits: ANDV, STZ, WYNN, WP, SABR, COMM, ABEV, SKX, DG, SIX
  • Boosted stakes in INTC, BABA, GOOG, LOW, MSFT, WING, TIF, URBN, WTW, SCHW
  • Cut stakes in TAP, MGM, DXC, UHS, ADBE, BUD, V, AMRX, LVS, CIEN

MELVIN CAPITAL

  • Top new buys: PAGS, EXP, NFLX, YUM, CCL, WTW, DPZ, VAC, ADS, VC
  • Top exits: GOOGL, TTWO, VMC, RCL, MNST, ALGN, WB, KMX, CASY, ANGI
  • Boosted stakes in WYNN, THO, STZ, MSFT, MGM, DE, BABA, V, CRM, ADSK
  • Cut stakes in EA, WYN, FLT, DLTR, HDS, NOW, QSR, FB, YNDX, TWTR

MILLENNIUM

  • Top new buys: NKTR, TIF, APTV, UTX, WP, TSE, SKT, NBL
  • Top exits: EQIX, AMTD, COO, PUMP, KS, XLNX, EQR, SYY, WSO, BLL
  • Boosted stakes in BSX, EBAY, PXD, AEE, KSS, APC, WYN, PHM, ARMK, MDT
  • Cut stakes in SPY, MU, DHI, ESRX, HAL, V, MPC, NEE, GM, AZO

MOORE CAPITAL

  • Top new buys: EA, GS, LMT, NOC, RTN, ISBC, GD, TWTR, ADI
  • Top exits: APC, GOOGL, AMT, QQQ, NTES, FOXA, LULU, LFC, AZO, VMC
  • Boosted stakes in EEM, BAC, BABA, AMZN, V, GDS, TAL, EQT, AVGO, FBP
  • Cut stakes in FB, AAPL, MSFT, PX, MON, EQIX, VOYA, SYF, DLTR, NFLX

NEUBERGER BERMAN

  • Top new buys: APTV, HUD, MOMO, GTES, NTR
  • Top exits: BSIG, CALM, TNC
  • Boosted stakes in SRE, EFX, BX, CMA, EXPE, AMZN
  • Cut stakes in NWL, ORCL, COG, NLSN, DM, PG

OZ MANAGEMENT

  • Top new buys: GOOGL, VICI, ADSK, ASH, NYT
  • Top exits: NTES, JD, PGR
  • Boosted stakes in BAC, AABA, FB
  • Cut stakes in EQT, NXPI, COTY

OMEGA ADVISORS

  • Top new buys: TMO, UNH, ANDV, BMY, BC, MU, TMHC, CDEV, SAGE, D
  • Top exits: ZNGA, MGM, EXPE, BLL, CBS, GLD, CX, MYL, AAL, BPMC
  • Boosted stakes in UAL, C, OCN, ASH, HRG, DXC, ETE, ADBE, NBR, PE
  • Cut stakes in SHPG, ALLY, DWDP, WFC, FB, AER, HES, FDC, VVV, GOOGL

PAULSON & CO

  • Top new buys: EGN, XL, HAWK, GG, VR, MDR, LEA
  • Top exits: OAS, DOVA, XCRA, SGYP, MGI, QCOM
  • Boosted stakes in DISCK, VIAB, COL, AET, TWX, THM, NMRK, MON, ENDP
  • Cut stakes in VST, TMUS, MYL, SHPG, NXPI, FOX, IAG, HZNP

PENTWATER CAPITAL

  • Top new buys: VICI, ESRX, MSCC, ILG
  • Top exits: CPN, SNI, RAD
  • Boosted stakes in TRQ, DVMT, MON, COL
  • Cut stakes in QCOM, NXPI, AABA

PERSHING SQUARE

  • Top new buys: UTX
  • Top exits: NKE
  • Cut stakes in MDLZ, HHC, QSR, ADP

POINT72 ASSET MANAGEMENT

  • Top new buys: BKNG, NVDA, MRK, CXO, SWK, PAGS, SHW, IAC, TMO, MTG
  • Top exits: EQT, IBM, VZ, AZO, CL, ZBH, GD, AA, AIZ, FOLD
  • Boosted stakes in WYNN, AVGO, BABA, GILD, NFLX, STZ, ATVI, OXY, ADM, LMT
  • Cut stakes in CMCSA, APC, MU, BUD, TTWO, AMZN, SYF, REGN, MYL

RENAISSANCE TECHNOLOGIES

  • Top new buys: AMZN, CMCSA, WFC, BIIB, ABBV, LMT, D, SLB, AET, M
  • Top exits: MPC, LOW, GOOGL, MDT, ANDV, PCG, WP, CTAS, FDX, KMX
  • Boosted stakes in BKNG, NFLX, VZ, PEP, DPZ, NOW, UNH, EBAY, PANW, EA
  • Cut stakes in XOM, GE, WMT, NTES, BDX, JNJ, IBM, COST, ORCL, APD

SACHEM HEAD CAPITAL MANAGEMENT

  • Top new buys: PAGS, ADP
  • Top exits: CMCSA, DVMT
  • Boosted stakes in WP, TWX, FB
  • Cut stakes in SHPG

SOROBAN CAPITAL

  • Top new buys: CMCSA, NSC, FB, SAP, AXTA
  • Top exits: STZ, PX, GOOGL, MAR, NWL
  • Boosted stakes in UNP
  • Cut stakes in CHTR, NXPI, AVGO, GOOG, BUD

SOROS FUND MANAGEMENT

  • Top new buys: VICI, JPM, AMZN, WFC, C, GLIBA, XL, VR, DISCA, MS
  • Top exits: OSTK, GPS, PLAY, HAL, CMCSA, CBS, AEO, EXR, GRUB, OKE
  • Boosted stakes in BAC, AET, NFLX, COL, NXPI, BAX, TMO, SERV, LH
  • Cut stakes in AMLP, TIVO, CRC, LIVN, CHDN, TTWO, URBN, EQT, CCI, SEDG

STARBOARD VALUE

  • Top new buys: NWL
  • Top exits: FTNT, STC, TYPE, CTSH
  • Boosted stakes in FCE/A, MAC, MLNX, EVHC, CARS
  • Cut stakes in BCO, BMS, BAX, DEPO, IWN

SUVRETTA CAPITAL

  • Top new buys: FB, BAC, JPM
  • Top exits: FOXA, MO, CSX, WEN
  • Boosted stakes in DWDP, AABA
  • Cut stakes in ADBE, CPRT

TIGER GLOBAL

  • Top new buys: MELI, TWTR, BILI, RUN, SE, BEDU, IQ, ARCC, DBX, ONE
  • Top exits: CMCSA, ETSY, CHTR, CTRP, TDOC, QD
  • Boosted stakes in AMZN, MSFT, FB, TDG, NFLX, CRM, FCAU, DPZ, ADSK, BABA
  • Cut stakes in NOW, FLT, EHIC, BKNG, MA

THIRD POINT

  • Top new buys: UTX, WYNN, PAGS, EA, MPC, ADBE, BKI, CRM, MSFT, PBF
  • Top exits: AET, NXPI, FMC, HON, RSPP, TWX, PE, XRAY, GD, MGM
  • Boosted stakes in DOV, ANTM, WP, FB, LEN, SHY, VMC
  • Cut stakes in BABA, BLK, DWDP, GOOGL, MHK, STZ, PAM, ICE, NEXA, SPGI

TRIAN

  • Boosted stakes in SYY, BK, GE
  • Cut stakes in MDLZ, WEN, PNR

TOURBILLON CAPITAL PARTNERS

  • Top new buys: FBP, MGM, LPLA
  • Top exits: FG, SYF, DISH
  • Boosted stakes in EVHC
  • Cut stakes in SPB, STKL

TUDOR INVESTMENT

  • Top new buys: OA, VR, XL, SBUX, MDLZ, ABBV, PAGS
  • Top exits: LOW, TRCO, XLF, AGN, CHA, HD, AMTD, USB, ETFC, MPC
  • Boosted stakes in SPY, NXPI, COL, AMZN, TWX, C, WBA, NVDA
  • Cut stakes in JPM, ORCL, GIS, ROST, CSX, AVGO, WFC, BSX, TJX, STZ

TYRUS CAPITAL

  • Top new buys: DBC
  • Boosted stakes in HK, NXPI
  • Cut stakes in TWX

VALUEACT

  • Top new buys: SLM
  • Top exits: MSFT, ESRX
  • Boosted stakes in C, KKR, TRN, VRX
  • Cut stakes in AWI, CBRE

VIKING GLOBAL

  • Top new buys: BABA, X, WDC, DIS, BMRN, IQ, HIG, AJG, TS, VOYA
  • Top exits: AVGO, TWX, EQT, MOH, ALGN, NUVA, PCAR, FANG, UHS, TRV
  • Boosted stakes in FB, ANTM, ADS, WFC, MSFT, TDG, ADSK, RJF, BUD, XRAY
  • Cut stakes in AMZN, ECA, NTES, NFLX, V, LEN, PE, CRM, DPZ, TD

WHALE ROCK CAPITAL

  • Top new buys: SQ, COUP, MTCH
  • Top exits: HIMX
  • Boosted stakes in RNG
  • Cut stakes in YY

YORK CAPITAL

  • Top new buys: HIG, DST, BMY, GRA, AZN
  • Top exits: QCOM, USFD, FCE/A
  • Boosted stakes in TWX, MON, ASH
  • Cut stakes in NEXT, BG, NXPI

Source: Bloomberg