| NEW YORK
NEW YORK Feb 14 Top U.S. hedge funds trimmed
bets on a group of closely-watched technology stocks in the
fourth quarter in an apparent effort to cut their losses
following Donald Trump's U.S. presidential election victory,
regulatory filings showed.
An analysis of nine hedge funds, including Leon Cooperman's
Omega Advisors and Daniel Loeb's Third Point, showed 10
decreased stakes in the so-called "FANG" stocks which include
Facebook, Amazon, Netflix and Google
Data also showed two liquidated stakes and three new share
stakes. The portfolio shifts occurred in the three months ended
The general tilt toward portfolio decreases came as
Facebook, Amazon and Google fell 10.3 percent, 10.4 percent, and
1.4 percent respectively over the quarter, while Netflix bucked
the trend and rallied more than 25 percent. The stocks have
since surged, with Facebook gaining the most at more than 16
Trump's victory in the U.S. election on Nov. 8 led investors
to cut bets on most of the FANG stocks, which had already gained
significantly over much of last year, and rotate into
beaten-down cyclical shares on the view that Trump's policies of
lower taxes and write-offs of capital expenditures would give
those shares an opportunity to shine, said Bucky Hellwig, senior
vice president at BB&T Wealth Management in Birmingham, Alabama.
Hellwig said tensions between technology companies and Trump
were ancillary and likely did not fuel investors' preference for
cyclical stocks over most FANG shares in the fourth quarter.
Cooperman's Omega Advisors cut its stake in Facebook by
209,300 Class A shares to 68,800 Class A shares, and trimmed its
stake in Alphabet by 21,761 Class A shares to 139,395 Class A
shares. The hedge fund took a new stake in Amazon, however, of
20,000 shares, the quarterly disclosures with the U.S.
Securities and Exchange Commission known as 13F filings showed.
Loeb's Third Point cut its stake in Facebook by nearly 2
million Class A shares to 3.5 million Class A shares, and
reduced its Alphabet stake by 125,000 Class A shares to 425,000
Class A shares.
Philippe Laffont's Coatue Management cut its stake in
Facebook by 201,825 Class A shares, leaving its position in the
social network at about 6.1 million Class A shares, while
cutting its stake in Amazon by 23,792 shares to 273,298 shares
and slashing its stake in Netflix by 1.8 million shares to 2.9
Soros Fund Management, while trimming a stake in Amazon,
took a new stake in Facebook of 353,686 Class A shares and
increased positions in Alphabet and Netflix.
(Reporting by Sam Forgione; Editing by Jennifer Ablan, Bernard