Hedge funds have made some major changes to their stock positions as evidenced by their recent Q1 filings. While bank and energy stocks were the top picks for hedge fund manager Michael Burry of Scion Asset Management, activist investor Daniel Loeb from Third Point picked up new stakes in biggies of the tech sector.
Burry picked up new stakes in First Republic Bank of around 150,000 shares, Capital One Financial (NYSE:COF), Huntington Bancshares (HBAN), New York Community Bancorp (NYCB), PacWest Bancorp (PACW), Wells Fargo (WFC), and Western Alliance Bancorp (WAL).
The energy sector proved to be another favorite of Burry as he picked up a share in Coterra Energy (CTRA), Devon Energy (DVN), and precious metals mining company Sibanye Stillwater (SBSW). Burry also disclosed a new position of just over 684,000 shares in online retailer RealReal (REAL) while exiting his stake in SkyWest (SKYW) and MGM Resorts (MGM).
Tech Sector Top Favourite for Daniel Loeb
Point72 Founder Steven Cohen Adds New Positions in AT&T and Intel
Hedge fund founder of Point72 Asset Management and the owner of the New York Mets, Steven Cohen, bet big on telecom major AT&T (T), chip majors Intel (INTC) and Nvidia (NVDA), retailing giant Walmart (WMT) and pharma company AbbVie (ABBV) in Q1, according to its SEC filing.
Soros Exits Tesla Completely
George Soros, the billionaire, and founder of Soros Fund Management completely exited his stake in Tesla. The hedge fund had a position of around 130,000 shares in the EV major.