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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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  • Assets For Top Technology, Media & Telecom Hedge Funds Up $2.4B YTD; Lone Pine Steals Top Spot From Coatue Capital 0 comments
    Jul 1, 2014 10:54 AM | about stocks: ADBE, MSFT, TWX, FB, LNKD, CBS, BIDU, MU, NFLX, MSI, CTSH

    The latest Top Technology, Media and Telecom Hedge Fund list has been released, revealing that the top TMT Funds currently manage almost $132 billion in equity assets, up nearly 2% year-to-date. Philippe Laffont's Coatue Capital no longer holds the top spot on the list, a position his hedge fund firm had held since the TMT list was first compiled.

    Steve Mandel's Lone Pine Capital notably shifted more of his portfolio into the TMT stocks over the past quarter, placing Lone Pine in the top spot on The Top 50 TMT Hedge Fund List for the first time. Lone Pine reported $11.7 billion in assets devoted to TMT, or nearly than 53% of its equity assets under management. Lone Pine's TMT assets are aggressively allocated to some of the largest tech companies, including investments of $1.4B in Cognizant Technology (NASDAQ:CTSH), $1.2B in Baidu Inc (NASDAQ:BIDU), and $1.2B in Microsoft (NASDAQ:MSFT).

    Lone Pine's move into the TMT space is especially notably due to the fact that the firm was been named the industry's most profitable hedge fund in both 2013 and 2012, according to a study conducted by LCH Investments NV.

    ValueAct Capital claimed the #2 spot on this quarter's list, having climbed up one spot over the quarter. ValueAct, a San Francisco-based long/short equity investor, reported $6.7 billion in TMT assets, amounting to more than half of its total equity assets. Like last quarter, ValueAct concentrated its TMT portfolio holdings into three stocks, including investments of $2.9B in Microsoft Corp (MSFT), $1.9B in Motorola Inc (NYSE:MSI) and $1.7B in Adobe Systems Inc (NASDAQ:ADBE).

    Philippe Laffont's Coatue Capital, which fell two spots to third, rounds out the top three TMT investors. Laffont is considered a "Tiger Cub", having refined his investment acumen under the tutelage of Julian Robertson, before founding Coatue in 1999. Coatue Capital reported $5.2 billion in TMT assets, or nearly than 93% of the firm's equity assets under management. Coatue's top stock picks include $543M in Netflix (NASDAQ:NFLX), $434 in Baidu Inc (BIDU), $417M in CBS Corp (NYSE:CBS), $380M in Facebook (NASDAQ:FB), $306M in Time Warner (NYSE:TWX), $282M in Micron Technology (NASDAQ:MU) and $274M in Linkedin Corp (NYSE:LNKD).

    Overall, the top hedge funds allocate $85 billion, or 64% of their equity assets to TMT stocks.

    Ranking Methodology: The Top 50 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.

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