It was a rather tame quarter for hedge funds.
According to the latest round of 13F filings (of which we will have a better summary in a few days when Goldman publishes its quarterly hedge fund tracker), hedge funds bought into some of the biggest technology names in the fourth quarter to chase the furious rally fueled by what is now clearly a bubble in artificial intelligence.
According to a Bloomberg analysis of 13F filings from 835 hedge funds, whose combined holdings amounted to $677.23 billion, compared with $614.09 billion held by the same funds three months earlier, in the last quarter of 2023 hedge funds added 14.8 million shares of Amazon.com at $21.6 billion, the biggest increase by market value for a single stock in the three months through December (to be fair, however, AMZN had as many haters as fans, and while the online retailer stock was increased or initiated by 158 investors, the biggest tally, the same stock was also cut or reduced by 158 investors, the biggest such number; in other words an exact same number of fans and pans). They also added to positions in AI pioneers Nvidia, and its far smaller peer these days, Intel. On the other end, Meta Platforms - whose stock last week enjoyed a record surge following its earnings report - was an outlier that saw a net sale of $6.6 million shares from this group of investors, a sign of profit taking during the stock’s 18% rally. That said, according to Bloomberg, Meta Platforms was the most valuable overall holding across the hedge fund indsutry at $21.65 billion
