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Todd Walker is the Executive Director and Chief Strategist at HedgeTracker, where he is responsible for overseeing research, analytics and business development. He has particular expertise in investments that are popular among elite hedge fund managers, shareholder activists and... More
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  • Top Technology, Media & Telecom Hedge Funds Report $130B 0 comments
    Mar 25, 2014 11:29 PM | about stocks: AAPL, TWX, CBS, MSFT, EQIX, MSI, ADBE

    The latest Top Technology, Media and Telecom Hedge Fund list has been released, revealing that the top TMT Funds currently manage almost $130 billion in equity assets, allocating $84 billion, or 65% of their equity assets to TMT stocks. Philippe Laffont's Coatue Capital retains the top spot once again on The Top 50 TMT Hedge Fund List with $8.9 billion devoted to TMT, or more than 87% of equity assets under management. The vast majority of Coatue's TMT assets fall within Tech and Telecom, including CBS Corp (NYSE:CBS), Apple Inc (NASDAQ:AAPL) and Time Warner Inc (NYSE:TWX). Over the last quarter, Coatue liquidated its entire stake in Equinix (NASDAQ:EQIX), previously its top holding, worth more than $820 million.

    There was a new entrant in the top 5 this quarter with the addition of Discovery Capital Management at the 2nd spot. Discovery has $6.6B invested in TMT stocks, amounting to 50% of its total equity assets. Discovery significantly increased its share in Apple, its top holding, over the quarter, adding more than 600k shares to reach 1.5M shares.

    ValueAct, which fell one spot to third, rounds out the top 3 TMT investors. ValueAct, a GARP investor based out of San Francisco, reported $6.4 billion in TMT assets, amounting to more than half of its total equity assets. ValueAct's TMT investments are up 8% over the quarter and entirely dedicated to Tech and Telecom. ValueAct maintained its high concentration in three very large portfolio holdings, including equity stakes in Microsoft Corp (NASDAQ:MSFT), Motorola Inc (NYSE:MSI) and Adobe Systems Inc (NASDAQ:ADBE).

    Alkeon Capital Management, previously #3 on the list, fell six spots to #9 after recording a slight drop in TMT assets over the quarter. Takis Sparaggis's hedge fund still allocates 51% of its equity assets to TMT stocks. Sparaggis, who now has more than twenty years of investment experience, joined the investment community in 1993 and launched Alkeon Capital in 2002, when he spun the firm off from CIBC Oppenheimer.

    Once again, the Top 50 TMT Hedge Funds listexperienced a fair amount of turnover, as 18 hedge funds on this quarter's list were not among the top 50 during the last ranking. Incredibly, there were four more newcomers in addition to Discovery succeeding in breaking into the top 10, including Tiger Global Management (#4), SPO Advisory Corp (#5), Greenlight Capital (#6) and Egerton Capital LP (#7).

    Ranking Methodology: The Top TMT Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms' overall U.S. equity assets under management. 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 companies. To view the Top TMT Hedge Fund list in its entirety, please visit Hedge Tracker's Hedge Fund Portal.

    Disclosure: I am long MSFT, AAPL, TWX.

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