Hedge funds trim Amazon, Facebook stakes; jump into Robinhood, Blend Labs in Q3

Nov. 21, 2021 5:00 PM ETAmazon.com, Inc. (AMZN), METASOFI, HOOD, BLND, KIND, TSLA, WDAY, BRK.B, BRK.A, NEXTBy: Liz Kiesche, SA News Editor20 Comments

Amazon fulfillment center building in Las Vegas

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  • Sifting through Q3's 13F filings, more hedge funds reduced holdings in Amazon.com (NASDAQ:AMZN) than in any other stock, with six funds cutting their stakes. One fund, Daniel Loeb's Third Point, took a different tack and increased its holding in the ecommerce giant.
  • Meta Platforms (NASDAQ:FB), known as Facebook in Q3, saw four funds trim stakes and two funds increase their stakes. Coatue Management, though, bulked up on the name.
  • SoFi Technologies (NASDAQ:SOFI), which went public in the last month of Q2, was the stock that saw the most hedge funds head for the exits, with Temasek, Coatue and Third Point all shedding their shares.
  • Two recently IPO'd fintech stocks were the most popular new positions in hedge funds — Robinhood Markets (NASDAQ:HOOD) and Blend Labs (NYSE:BLND). Coatue and Tiger Global took new stakes in both HOOD and BLND. Temasek added Blend (BLND), while Whale Rock added Robinhood (HOOD).
  • Nextdoor Holdings (NYSE:KIND), which went public in November through a SPAC merger with Khosla Ventures Acquisition II, also gained in popularity in Q3, with Ark Investment taking a new stake in the neighborhood-based social media platform and Starboard Value and Soroban bolstering their existing stakes.
  • Comparing HOOD, SOFI, BLND, AMZN, FB, and TSLA, megacap giants AMZN, FB and TSLA have the largest percentage of institutional ownership.
  • For all the general market interest in Tesla (NASDAQ:TSLA), there weren't a lot of changes in funds' TSLA holdings. Cathie Wood's Ark Investment and Coatue pared their stakes in the EV and battery maker, while Whale Rock increased its stake.
  • Workday (NASDAQ:WDAY) saw two hedge funds exit — Third Point and York Capital — while Ark Investment reduced its stake. Coatue, though, bucked the trend and increased its holding in the business software firm.
  • In Q3, Robinhood (HOOD) outperformed the S&P 500, while Amazon (AMZN), SoFi (SOFI), and Blend Labs (BLND) all lagged the broader index as seen in the graph below.
  • Berkshire Hathaway's (NYSE:BRK.B) (NYSE:BRK.A) stock portfolio stayed relatively steady during Q3 at ~$293B. See SA contributor John Vincent's analysis of the investment giant's portfolio.

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