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Panayotis Takis Sparaggis is the founder of the Alkeon Capital Management hedge fund, which reported $2.5 billion total assets in its last 13F filing. Sparaggis holds PhD degree in electrical and computer engineering and he received his M.B.A. from the University of Massachusetts in 1993.

Prior to forming Alkeon in 2002, Takis was a managing director and portfolio manager of technology-focused investment portfolios in CIBC Oppenheimer Asset Management. Sparaggis utilizes fundamental analysis when he is picking stocks. He states that his team meets with hundreds of companies every year. Sparaggis has a diversified and global portfolio which includes stocks from all sectors.

According to 13F filings, Takis' Alkeon Capital Management had 65 securities in its 13F portfolio as of March 31, 2011. We have noticed that Takis is not a long term investor and there is not any stock that he has kept for the past five years. In the first quarter of 2011, he sold 17 securities and bought 26 new securities.

During the first quarter of 2011, Takis placed new bets on Focus Media (FMCN) by investing $86 million worth. He also purchased 720,041 shares of New Oriental Education & Technology Group (EDU) and 1.3 million shares of Polycom (PLCM) during the first quarter of 2011.

Takis also increased some of his holdings significantly. He bet big on Sandisk Corp (SNDK) by increasing his holdings to $100 million at the end of March. He also increased his Verifone (PAY) position to $78.3 million by buying 475,400 shares during the first quarter of 2011. He sold out his holdings in Atheros Communications Inc (ATHR) and Atmel Corp (ATML) during the first quarter of 2011.

Here is how Takis' top picks performed since the end of March 2011:

Stock

Value
(Millions)

Return
Since Mar 31,2011

APPLE INC (AAPL)

176.9

-3.9%

SANDISK CORP (SNDK)

100.3

-1.0%

ARUBA NETWORKS INC (ARUN)

91.9

-17.2%

FOCUS MEDIA HLDG LTD (FMCN)

86.4

1.9%

VERIFONE SYS INC (PAY)

78.3

-14.0%

NETEASE COM INC (NTES)

76.9

-8.9%

MAXIM INTEGRATED PRODS INC (MXIM)

76.5

5.9%

OMNIVISION TECHNOLOGIES INC (OVTI)

72.2

2.5%

NEW ORIENTAL ED & TECH GRP I (EDU)

72.1

14.8%

ANALOG DEVICES INC (ADI)

70.9

3.2%

E M C CORP MASS (EMC)

68.4

6.2%

POLYCOM INC (PLCM)

68.1

9.4%

SYNOPSYS INC (SNPS)

66.4

-2.6%

COACH INC (COH)

64.6

22.4%

VERISK ANALYTICS INC (VRSK)

62.2

3.1%

TIBCO SOFTWARE INC (TIBX)

61.3

5.3%

KLA-TENCOR CORP (KLAC)

59.9

-12.1%

DOLLAR TREE INC (DLTR)

55.8

13.4%

QUEST SOFTWARE INC (QSFT)

50.4

-12.1%

AVAGO TECHNOLOGIES LTD (AVGO)

48.8

11.6%

LE GAGA HLDGS LTD (GAGA)

48.4

-14.4%

RED HAT INC (RHT)

45.6

-4.3%

XILINX INC (XLNX)

44.3

6.5%

ARIBA INC (ARBA)

44.1

-2.7%

ALTERA CORP (ALTR)

43.0

7.4%

AMAZON COM INC (AMZN)

41.5

8.3%

CADENCE DESIGN SYSTEM INC (CDNS)

41.0

9.1%

QLIK TECHNOLOGIES INC (QLIK)

40.3

25.5%

VANCEINFO TECHNOLOGIES INC (VIT)

37.1

-22.0%

CITRIX SYS INC (CTXS)

36.7

17.6%

Value Weighted Return

1,930

1.0%

SPY

N/A

0.3%

Takis' largest stock holdings have gained 1.0% since the end of first quarter 2011, vs. a 0.3% gain for the SPY. Apple was Takis' biggest investment at the end of March 2011. AAPL has lost 3.9% since then, underperforming the SPY's 0.3% return. Takis has $177 million invested in AAPL. Ken Griffin's Citadel Investment Group, David E. Shaw's D. E. Shaw group and Rob Citrone's Discovery Capital have large AAPL positions in their portfolios. Hedge funds had $7.3 Billion in AAPL. George Soros reduced his Apple (AAPL) holdings by 93K shares at the end of March. He bought 210 K call options, which were offset by a 280 K position in Apple put options. Soros is getting bearish about Apple.

Sandisk was Takis' second biggest investment at the end of March 2011. SNDK has lost 1.0% since then, underperforming the SPY's 0.3% return. Takis has $100 million invested in SNDK. The stock has a market cap of $10.9 billion and P/E ratio of 8.5. Howard Marks' Oaktree Capital Management is also bullish about SNDK. Sandisk is one of the fasting growing companies in the technology sector. Sandisk had record revenue, profits and cash flow in 2010 and has a great growing opportunity in solid-state drive market in 2011. Sandisk's net income for fiscal 2010 was $1.30 billion compared to net income of $415 million in fiscal 2009. Sandisk's total first quarter revenue was $1.29 billion increased 19% on a year-over-year basis. First quarter net income was $224 million compared to net income of $235 million in the first quarter of fiscal 2010. SNDK is also one of the 40 stocks analysts are insanely bullish about.

FMCN was Takis' biggest new investment at the end of March 2011. FMCN has gained 1.9% since March, outperforming the SPY by 1.6 percentage points. Takis had nearly $86 million invested at the end of March. FMCN recently traded at $31.3 and has a P/E ratio of 24.65. The stock has a market cap of $4.2 billion. Legendary short seller Jim Chanos recently started going long on certain shares. FMCN is one of the Jim Chanos' new long positions.

Aruba Networks Inc has lost 17.2% since March, underperforming the SPY by a large margin. Takis had nearly $92 million invested at the end of March. ARUN recently traded at $28.01. The stock has a market cap of $2.9 billion and P/E ratio of 1037.

Source: Alkeon Capital Management's Favorite Holdings