Here's What Hedge Funds Bought in Q1
Portfolio updates on Druckenmiller, Buffett, the Tiger Cubs, and more
The latest 13F filings have arrived, showcasing the strategic and sometimes surprising moves of hedge funds.
Notably, both Stanley Druckenmiller and Tiger Global disclosed a new position in AppLovin (APP) while Warren Buffett completely exited two financial stocks and requested confidential treatment for a new stock ahead of his retirement.
Furthermore, Bill Ackman disclosed a new bet within his 11-position portfolio, the same stock that David Tepper can’t get enough of.
Let’s jump right in, starting with Druckenmiller’s portfolio.
Stanley Druckenmiller - Duquesne Family Office
Number of Positions: 52
Top New Positions: DOCU, CCCS, EQT, CZR, TWLO
Top Buys: TEVA, DOCU, TSM, FLUT, INSM
Top Sales: STX, SKX, SLM, UAL, X
Average 13F Holding Period: 2.92 quarters
Despite a 4.61% reduction, Druckenmiller’s top position has remained Natera (NTRA) for three consecutive quarters. NTRA is up 248% since Druckenmiller first disclosed a position in Q3 of 2022.
Furthermore, Druckenmiller also revealed 12 new positions, which include several high-flyers of 2020 and 2021 that have yet to reclaim their all-time highs: Docusign (DOCU), Twilio (TWLO), and Roku (ROKU). He also added a new position in APP, which is up by 40% since March 31.
As for his exits, Druckenmiller completely sold out of Palantir (PLTR), Palo Alto Networks (PANW), Nu (NU), and Vistra (VST), among others.
Tiger Cub Consensus Holdings
Meta Platforms (META) was the only company with a Tiger Cub consensus rating of 100% and it also had the highest average portfolio weight of 6.21%. Taiwan Semiconductor (TSM) and Amazon trailed behind, both with a consensus rating of 85.71% and average weights of 5.95% and 5.61%, respectively.
The Tiger Cubs continue to bet big on AI with a majority of the companies on the list participating heavily in the industry.
The non-AI companies on the list are Phillip Morris (PM), UnitedHealth Group (UNH), and Flutter Entertainment (FLUT). Even these companies utilize AI to some extent, reflecting the technology’s reach.
Glen Kacher’s Light Street is the Tiger Cub with the highest AI exposure, although he continues to hold TSM puts to offset his exposure. Still, Light Street has timed the AI wave exceptionally well, returning 45.7% in 2023 and 59.4% in 2024.
Light Street & Glen Kacher
Number of Positions: 21
Top New Positions: RDDT, BILL, NCNO
Top Buys: BILL, RDDT, BL, NCNO, AVGO
Top Sales: MRVL, META, CLS, GDS, CRM
You can read more about the top hedge funds of 2024 here:
Meanwhile, Chase Coleman’s Tiger Global is relying heavily on the Magnificent 7 after a rough few years. Following a 56% drawdown in 2022, the hedge fund returned 28.5% in 2023 and 23.8% in 2024. Even with consecutive 20%+ years, Tiger Global is still at a 30% loss compared to 2022.
The hedge fund’s new positions include APP and Block (XYZ), as well as a bet on both of Zillow’s tickers (Z, ZG).
Tiger Global & Chase Coleman
Number of Positions: 45
Top New Positions: APP, Z, GEV, XYZ, ZG
Top Buys: VEEV, APP, Z, MSFT, GEV
Top Sales: APO, QCOM, UBER, DDOG, TEAM
Average 13F Holding Period: 10.84 quarters
Philippe Laffont’s Coatue is another tech-heavy Tiger Cub, with META, AMZN, and TSM as his top positions. Coatue’s top buy was CoreWeave (CRWV), although this wasn’t an outright buy given that Coatue invested when the company was still private. CRWV has more than doubled since its IPO in late March.
Alibaba (BABA) was Coatue’s second-largest buy and is its 17th largest position out of a total of 70 positions.
Coatue Management & Philippe Laffont
Number of Positions: 70
Top New Positions: CRWV, PM, MPWR, CVNA, SWKS
Top Buys: CRWV, BABA, LRCX, PM, SPOT
Top Sales: VRT, ADBE, TSM, VST, NOW
Average 13F Holding Period: 10.86 quarters
Uber - A New Hedge Fund Favorite
Uber is Bill Ackman’s newest bet, and he didn’t waste any time picking up shares. The ride-hailing leader is now his largest and also newest position with a 17.71% 13F allocation.
Number of Positions: 11
Top New Positions: UBER
Top Buys: UBER, BN, GOOGL, HTZ
Top Sales: NKE, HLT, GOOG, CMG, CP
Average 13F Holding Period: 17.45 quarters
Ackman disclosed on X that he began buying shares in January and owned 30.30 million shares by February 7. His position has remained unchanged as of March 31.
“Some of the best investment opportunities occur when one has a contrarian view on a business or an industry. We believe Uber’s current valuation represents a significant discount to intrinsic value because some investors are myopically focused on the risk of AVs, without proper consideration for Uber’s strong value proposition and the potential for AVs to benefit the ecosystem.
We anticipate Uber will generate 30% or more earnings growth over the medium-term with potential for multiple expansion as the ultimate industry structure becomes more clear.”
-Ackman, 2024 Annual Letter to Shareholders dated March 14, 2025
David Tepper’s Appaloosa was also busy buying Uber, increasing its existing stake by 1.7 million shares or 113%. Tepper’s portfolio is covered in detail in the next section.
Additionally, Uber is the top position within Saudi Arabia’s Public Investment Fund (PIF) and Altimeter’s fifth largest position out of 22 total positions. Other significant shareholders include Octahedron Capital, SoMa Equity Partners, Jericho Capital, and Toyota.
Is the China Trade Still Alive?
Michael Burry made headlines after dumping every single one of his equity positions except for Estee Lauder (EL). Burry, who rose to fame after making a fortune from the 2008 housing market crash, had previously allocated 53% of his 13F portfolio in Chinese stocks BABA, BIDU, JD, and PDD.
Now, he’s betting against those same companies, as well as Nvidia (NVDA) and a few other Chinese companies, with put options.
Scion Asset Management - Michael Burry
Number of Positions: 7
Top New Positions: NVDA puts, BABA puts, PDD puts, JD puts, TCOM puts
Top Buys: NVDA puts, BABA puts, PDD puts, JD puts, TCOM puts
Top Sales: BABA, BIDU, JD, MOH, PDD
Average 13F Holding Period: 1 quarter
*Reminder: 13F options positions are calculated on a notional basis. The market value of options as reported in 13F filings assumes the value of the underlying shares and not the value of the options themselves.
Now is a great time for this quarterly reminder: Burry is a highly active trader and changes his mind very frequently. His average 13F holding period is just one quarter with a quarterly turnover rate of 94.74%.
I would recommend anyone tracking Burry’s portfolio to view it as a form of entertainment instead of as guidance for investment decisions.
Let’s pivot to David Tepper’s Appaloosa Management, which has an average 13F holding period of 9.88 quarters, making his portfolio much more informative for retail investors.
Appaloosa Management - David Tepper
Number of Positions: 38
Top New Positions: SPYX puts, AAPL puts, DB, LHX, AVGO
Top Buys: SPYX puts, AAPL puts, UBER, DB, LHX
Top Sales: BABA, AMD, MSFT, FDX, PDD
Average 13F Holding Period: 9.68 quarters
*Reminder: 13F options positions are calculated on a notional basis. The market value of options as reported in 13F filings assumes the value of the underlying shares and not the value of the options themselves.
While Tepper reduced his BABA, PDD, and JD positions by over 20% and his FXI and KWEB positions by over 10%, Chinese stocks still account for 30% of his portfolio compared to 37% in Q4 and 38% in Q3.
Tepper’s largest position, on a notional basis, is put options against the SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX). It’s probable that his largest position is still BABA when considering the true market value of the SPYX puts.
Estimated cost basis and P/L for Tepper’s China positions:
BABA - $80.87, +52% gain
FXI - $24.30, +47% gain
KWEB - $26.98, +27% gain
JD - $29.53, +14% gain
PDD - $122.41, -3% loss
BIDU - $115.88, -23% loss
Read more about Tepper’s call to buy “everything” China last September:
Meanwhile, Altimeter’s Brad Gerstner added exposure to China in the form of BABA with a 1.44% allocation. At the same time, Altimeter completely sold out of Salesforce (CRM), Duolingo (DUOL), and Google (GOOGL) while adding a bearish QQQ bet.
Number of Positions: 22
Top New Positions: QQQ puts, HOOD, CRWV, BABA, ARM
Top Buys: QQQ puts, HOOD, CRWV, BABA, FLUT
Top Sales: SNOW, GOOGL, TSLA, TSM, CRM
Average 13F Holding Period: 7.41 quarters
Other hedge funds that increased their BABA exposure include Bridgewater, Temasek, and Alphadyne.
Hedge Funds Snap Buying Streak
During Q1, the market value of long positions among institutional investors fell by 5.47% to $51.8 trillion, breaking a streak of five consecutive quarters of growth. This was likely a response to the uncertainty surrounding the Trump administration’s policies.
At the same time, dip-buyers continued to dominate with net buyers easily surpassing net sellers. The last time this indicator turned negative was in Q4 of 2022. Since then, the S&P 500 has increased by 61% while the Nasdaq 100 is up by 96%.
13F Filings From Top Hedge Funds
For the readers who prefer to just look at 13Fs, here are ten portfolios from top-performing hedge funds:
Berkshire Hathaway - Warren Buffett
Number of Positions: 36
Top New Positions: None disclosed
Top Buys: STZ, POOL, DPZ, SIRI, OXY
Top Sales: BAC, C, NU, FWONK, DVA
Average 13F Holding Period: 26.17 quarters
*Note: The SEC granted Buffett confidential treatment for one or more new positions in his Q1 13F.
Lone Pine- Stephen Mandel
Number of Positions: 24
Top New Positions: CVNA, TOL, CDNS, WING, APP calls
Top Buys: CVNA, TOL, CDNS, INTU, APP
Top Sales: PM, PTC, SPOT, WDAY, CEG
Average 13F Holding Period: 6.54 quarters
SRS Investment Management - Karthik Sarma
Number of Positions: 23
Top New Positions: TPR, MDB, HIMS, CVS, ELV
Top Buys: TPR, MDB, UNH, HIMS, CVS
Top Sales: SPOT, NVDA, TEAM, META, VSCO
Average 13F Holding Period: 10.52 quarters
SCGE Management - Jeff Wang
Number of Positions: 15
Top New Positions: None
Top Buys: SE, RDDT, PANW, TSM, TEAM
Top Sales: NOW, META, CVNA, HUBS, FICO
Average 13F Holding Period: 13 quarters
Whale Rock - Alex Sacerdote
Number of Positions: 32
Top New Positions: PI, BE, MDB, COMP, MPWR
Top Buys: MSFT, OKTA, PI, FN, BE
Top Sales: TOST, AVGO, CRM, AMZN, RDDT
Average 13F Holding Period: 7.56 quarters
Octahedron Capital - Ram Parameswaran
Number of Positions: 19
Top New Positions: TSM, MNDY, DDOG, INTC calls
Top Buys: TSM, MDB, CVNA, MNDY, GTLB
Top Sales: CPNG, W, YUM, MSFT, LRCX
Average 13F Holding Period: 4.53 quarters
TCI Fund - Chris Hohn
Number of Positions: 10
Top New Positions: None
Top Buys: MSFT, GE
Top Sales: GOOG, GOOGL, CNI, V, MCO
Average 13F Holding Period: 23.3 quarters
Dorsey Asset Management - Pat Dorsey
Number of Positions: 11
Top New Positions: AER, BKNG, ASML
Top Buys: AER, BKNG, DHR, ASML, META
Top Sales: SMAR, HRI, UPWK, WIX, PYPL
Average 13F Holding Period: 13.09 quarters
Valley Forge Capital - Dev Kantesaria
Number of Positions: 9
Top New Positions: None
Top Buys: None
Top Sales: INTU, FICO
Average 13F Holding Period: 22.33 quarters
Punch Card Management - Norbert Lou
Number of Positions: 4
Top New Positions: None
Top Buys: PDD
Top Sales: BRK
Average 13F Holding Period: 14.75 quarters
Hedge Vision - Institutional Insights
Thanks for reading!
📖 Join the conversation on Substack Chat
🕊️ Get real-time insights on X/Twitter: @HedgeVision
📧 Old school is cool too: HedgeVisions@gmail.com
His name is not Norbert Lao, it's Norbert Lou
Excellent breakdown of what hedge funds bought in Q1!