U.S. hedge funds circle high-flying tech stocks in second-quarter: SEC filings
U.S. hedge funds circle high-flying tech stocks in second-quarter: SEC filings
NEW YORK (Reuters) - U.S. hedge fund managers were active in the FAANG group of high-flying tech stocks in the second quarter, with Third Point increasing its stake in two of the companies and Omega Advisors trimming stakes in three, regulatory filings showed.
The group comprises Facebook (FB.O), Amazon (AMZN.O), Apple (AAPL.O), Netflix (NFLX.O) and Google parent Alphabet Inc (GOOGL.O), each of which have roughly followed broader U.S. indexes including the benchmark S&P 500 .SPX, Dow Jones industrial average .DJI, and the tech-heavy Nasdaq Composite .IXIC to record highs in recent months.
Daniel Loeb's Third Point increased its stake in Alphabet by 120,000 class A shares to 575,000 and increased its position in Facebook by 500,000 class A shares to 3.5 million in the quarter ended June 30, according to the filings with the U.S. Securities and Exchange Commission.
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The dominance of these companies is amazing to watch (and the downfall of companies who don't line-up with them - e.g. Snapchat)