Billionaire Mandel Dumped Apple In Favor Of Facebook and Microsoft
We are 3 weeks away from the 13F filing deadline but it seems like hedge funds are exiting their bets in favor of other mega-cap tech companies. On Monday we reported that Patrik Brummer’s Swedish hedge fund sold his Apple Inc. (NASDAQ:AAPL) stake and made Alibaba (BABA) and Google (GOOGL) its top two picks. Today we […]
We are 3 weeks away from the 13F filing deadline but it seems like hedge funds are exiting their bets in favor of other mega-cap tech companies. On Monday we
reported that
Patrik Brummer's Swedish hedge fund sold his Apple Inc. (NASDAQ:
AAPL
) stake and made Alibaba (BABA) and Google (GOOGL) its top two picks. Today we have seen a copy of Lone Pine Capital's Q2 investor letter. Lone Pine Capital's various funds returned around 7-7.5% during the first half of this year vs. 1.2% gain for the S&P 500 Index. Billionaire Stephen Mandel is one of the most successful Tiger cubs and he has been betting on Apple since the fourth quarter of 2014. At the end of March Lone Pine owned more than 6.8 million shares of Apple. According to Lone Pine's investor letter the fund exited "long-standing positions in Apple, Baidu (BIDU), Global Logistic Properties and Michael Kors – in favor of increasing several existing positions (Charter Communications, Facebook, Illumina, Microsoft, Williams Companies)".
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