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Top Tech, Media & Telecom Hedge Funds Prefer Apple, Equinix, Pandora Media & Shutterfly
The latest Top 50 Technology, Media and Telecom focused Hedge Fund list has been released, revealing that the top TMT Funds now have $66.4 billion in equity assets, allocating $45.1 billion, or 68% of their equity assets to TMT stocks.
The Top 50 TMT Hedge Fund List is once again led by Philippe Laffont's Coatue Capital and Chase Coleman's Tiger Global Management. Both Laffont and Coleman are "Tiger Cubs", having refined their investment acumen under the tutelage of Tiger Management's Julian Robertson. Coatue Capital reported $5.7 billion in TMT equity holdings, accounting for 95% of its holdings, while Tiger Global reported nearly $3.5 billion in TMT holdings, accounting for 65% of its portfolio. Coming in at third on the list is John Scully and William E. Oberndorf's SPO Advisory Corp with $3.4 billion in TMT equity holdings, accounting for 54% of its portfolio.
Not surprisingly, the most widely held stocks by the top 50 TMT Hedge Funds are Google Inc (GOOG) and Apple Inc (AAPL), which were held by 25 and 18 of the top 50 hedge funds, respectively. While Google was the most widely held, the top TMT hedge funds overall invested the most in Apple, reporting holdings of more than $2.5 billion in Apple's stock as of 12/31/2012. The top ten most widely held stocks are listed below:
The most notable entry at the top end of the list is networked data center provider Equinix Inc . With a market cap slightly above $10 billion, it is by far the smallest company among the top 8. 15 of the top TMT Hedge Funds allocated $1.56 billion to Equinix, suggesting that some smart money believes in its prospects. Laffont's Coatue Capital is the biggest fan of Equinix, as it held nearly $860M of the company's stock at the end of the fourth quarter.
A number of mid-cap stocks were also widely held by the Top Technology, Media & Telecom Hedge Funds, as four mid-caps made the top 25. Leading the mid-caps is Pandora Media Inc (P), which was held by 7 of the top TMT hedge funds.
Notably, a number of small-cap stocks managed to crack the top 30. The most popular small-cap was Shutterfly Inc (SFLY), which was held by 8 of the top TMT Hedge funds, account for $125M in holdings. The top TMT focused holders of Shutterfly were NYC-based Jericho Capital and Berkeley Heights, NJ-based HHR Asset Management. The other small-caps among the top 30 attracted nearly $290M from the top TMT Hedge Funds:
Methodology:
The Top TMT Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms' 13-F filings with the SEC. The TMT list includes the top hedge funds that have more than 50% of their U.S. equity assets invested in U.S. listed Technology, Media and Telecom equities as of 12/31/2012. To view the Top TMT Hedge Fund list in its entirety, please visit Hedge Tracker's Hedge Fund Portal.
Definitions:
All holdings are as of 12/31/2012. Mid-Cap equities include U.S. listed stocks with market capitalizations between $2 billion and $10 billion, while Small-Cap equities include U.S. listed stocks with market capitalizations less than $2 billion.
Disclosure: I am long FB, YHOO. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Top Small-Cap Hedge Funds Surge By 10.5%, Eclipse $32 Billion In Asset Under Management
he Top 50 Small-Cap focused hedge funds now manage $32.4 billion in U.S. equity assets, allocating 68.7% of their overall assets, or $22.3 billion, to companies with market capitalizations that are less than $2 billion. Notably, during the last quarter the top Small-Cap hedge funds saw their assets under management grow by 10.5%, or $3 billion.
The Top Small-Cap Hedge fund list is led by Elliott Management Corporation, TFS Capital LLC and Deerfield Management Co. Paul Singer's Elliot Management and James Flynn's Deerfield Management are both based in New York City, while TFS Capital LLC is headquartered southwest of Philadelphia in West Chester, Pennsylvania.
Elliott Management Corporation was not on last quarter's Top 50 Small-Cap Hedge Fund List, since to be eligible, a hedge fund must have more than 50% of its equity assets invested in small-cap companies. Last quarter, the firm only allocated 45.8% of its assets to small-cap stocks, but this quarter it increased its small-cap allocation to 53.1%. Elliott's $1.5B in small-cap holdings was just enough to surpass last quarter's top small-cap fund, TFS Capital LLC.
Rounding out the top 5 hedge funds on the list are Starboard Value LP and West Face Capital. Deep value-focused Starboard is also based in New York, while event driven West Face Capital is based in Toronto.
Ranking Methodology: The Top 50 Small-Cap Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms' overall U.S. equity assets under management. The Small-Cap list includes the top hedge funds that have more than 50% of their U.S. equity assets invested in U.S. listed small-cap companies, which have market capitalizations that are less than $2 billion. To view the Top Small-Cap Hedge Fund list in its entirety, please visit HedgeTracker's Hedge Fund Portal..
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
The Top Small-Cap Focused Hedge Funds Charge Forward; Amass Nearly $30 Billion In Equity Assets Under Management
The Top Small-Cap Hedge fund list is led by Pennsylvania-based TFS Capital LLC, New York-based Deerfield Management Co and Toronto-based West Face Capital. TFS Capital employs a quantitative focused long/short equity strategy, while Deerfield Management and West Face Capital specifically focus on Healthcare related and Event-Driven opportunities, respectively.
QVT Financial and Palo Alto Investors, both of which have been known to employ activist strategies against underperforming companies, are also near the top of the list. Daniel Gold's QVT Financial, which employs convertible arbitrage, investment grade, and capital structure arbitrage techniques as well as various relative value-driven equity strategies, is #5 on the list. QVT manages $1,107 in US Equities, allocating 57.8% or $640M to small-cap companies. Mr. Gold formed QVT in 1992 as a proprietary trading group within Deutsche Bank AG. The firm became independent in 2003 when Gold led its spin-off from Deutsche, beating out the Volcker Rule by more than half a decade.
William Edwards' growth focused Palo Alto Investors is ranked #6 on the top Small-Cap List. Palo Alto Investors manages $1,107 in US Equities, dedicating 62.9% or $638M to small-cap companies. The California-based firm focuses on healthcare and biotech stocks, typically concentrating its portfolio on 30 to 40 top stocks.
Ranking Methodology: The Top 50 Small-Cap Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms' overall U.S. equity assets under management. The Small-Cap list includes the top hedge funds that have more than 50% of their U.S. equity assets invested in U.S. listed small-cap companies, which have market capitalizations that are less than $2 billion. To view the Top Small-Cap Hedge Fund list in its entirety, please visit HedgeTracker's Hedge Fund Portal..