A number of Tiger-related hedge funds established major new positions in the first quarter that immediately made the top-ten holdings. Other Tiger funds boosted existing positions, pushing them to the top.
One of the more aggressive firms was Dan Sundheim’s D1 Capital Partners, which disclosed three new positions among its top-11 U.S.-listed stock long positions.
It took a new stake in digital financial services platform NU Holdings, making the company its ninth-largest long. Thermo Fisher Scientific, a life sciences and clinical research company, is now the tenth-largest U.S. long, and Somnigroup International, a maker of mattresses and bedding, ranks No. 11. Also in the first quarter, D1 more than quadrupled its stake in health care company Danaher, making it the firm’s fourth-largest long position.
Lee Ainslie III’s Maverick Capital similarly warmed up to NU Holdings in the first quarter, almost doubling its stake. The stock is now the Tiger Cub’s fifth-largest U.S. long. Maverick’s biggest new position was Germany’s Linde, a major industrial gas supplier. It is the hedge fund’s 16th-largest U.S. long.
Stephen Mandel Jr.’s Lone Pine Capital made one new investment in the first quarter that became a top-ten holding: Teradyne, which designs and makes automated test equipment and industrial robots, is now the Tiger Cub’s No. 7 long. In the first quarter, Corning, known for glass, ceramics, and related materials and technologies, became the firm’s 11th-largest U.S. long. Lone Pine also nearly doubled its stake in AppLovin, the once high-flying mobile technology company that is down more than 20 percent this year.
In the first quarter, Lone Pine fully liquidated four positions that were top-11 holdings at year-end: Microsoft; online delivery company DoorDash, which it had initiated in the fourth quarter; chip giant Broadcom; and Amazon.
O. Andreas Halvorsen’s Viking Global Investors, meanwhile, established a large new position in Apple in the first quarter, making it the firm’s tenth-largest long.
Philippe Laffont’s Coatue Management took two new positions that just missed ranking among its top-ten holdings: Equinix, an internet and data center company, and ASML, a Dutch manufacturer of chip-making equipment.
Glen Kacher’s Light Street Capital purchased a meaningful position in Coupang, the online retailer that a few years ago was a favorite among prominent hedge funds when it was private and shortly after it went public.
Institutional Investor previously reported that Robert Citrone’s Discovery Capital Management established three new positions in the first quarter that immediately ranked among its six largest U.S.-listed longs.
Its biggest bet was semiconductor giant Sandisk, which became the firm’s No. 1 long. And Discovery took a new position in semiconductor supplier ON Semiconductor and rental car company Avis Budget. It bolstered its stake in chip maker Micron Technology by 162 percent, making it the firm’s third-largest long, and nearly doubled its holding in Lam Research, a supplier of wafer fabrication equipment and services to the semiconductor industry. It is now Discovery’s No. 8 long.
Discovery also fully liquidated its stake in Amkor Technology, a semiconductor product packaging and test services provider. The firm had initiated the position in the fourth quarter, making it the largest U.S. long at the time.
