Here's What Hedge Funds Bought in Q2 2024
Dive into the portfolios of Druckenmiller, Tepper, the Tiger Cubs, and more
Another 13F deadline has come and gone, providing retail investors with the equity and options positions of institutional investors with over $100 million in AUM as of the end of Q2.
There were several interesting trades among the hedge funds that I track. For starters, Stanley Druckenmiller sold another 88% of his stake in Nvidia (NVDA) after selling 72% in Q1. He’s sold 96.5% of his position since the beginning of the year.
Meanwhile, Bill Ackman disclosed new stakes in Nike (NKE) and Brookfield (BN) while Warren Buffett revealed a new position in Ulta (ULTA).
Let’s first take a look at the Tiger Cubs, the most well-known group of hedge funds on Wall Street.
Tiger Cubs 13F Activity
For a second quarter in a row, Amazon (AMZN) was the only company with a Tiger Cub ownership rating of 100%, while Nvidia had the highest average portfolio weight at 9.83%.
Phillip Morris (PM) and UnitedHealth (UNH) stand out as the only non-tech companies on the list. PM, which made the list for a second consecutive quarter, likely caught the Tiger’s eye due to the massive success of its Zyn nicotine pouches and IQOS heated tobacco units.
Viking Global was a bit late to the party and was the only Tiger Cub to start a new position in NVDA during Q2. Matrix Capital’s stake in the semiconductor giant remained unchanged QoQ, tallying in at a significant weight of 25%.
During Q1, a common theme among institutional investors was taking profits on NVDA. That theme was less pronounced during Q2. In fact, aggregate 13F ownership of NVDA increased by 0.15% in Q2 compared to a decline of 3.76% in Q1.
Hedge funds, a subset of 13F filers, reduced their ownership by 3.35% in Q2 following a 5.76% reduction in Q1.
