Stephen Mandel Jr.’s Lone Pine Capital
doubled down on Facebook in the first quarter.
The Tiger Cub boosted his stake in the embattled social media
giant by 75 percent during the period. As a result, the stock
is now the hedge fund firm’s largest U.S. long
position. It was Lone Pine’s tenth-largest
position at year-end. Facebook’s stock took a big
hit in mid-March, when the Cambridge Analytica scandal raised
questions about how Facebook handles user data. Lone Pine also
boosted its stake in Microsoft in the first quarter. It is now
Lone Pine’s fourth-largest long position, compared
with eighth largest in the previous period.
David Tepper’s Appaloosa Management established
a new stake of nearly 1.3 million shares in LAM Research,
making the chip equipment maker the eclectic
investor’s eighth largest U.S. long position.
Tepper also boosted his stake in his largest position, Micron
Technology, by 28 percent. On the other hand, the hedge fund
liquidated its sizable stake in the iShares MSCI Emerging
Markets Fund, an exchange-traded fund that invests in emerging
Glade Brook Capital Management threw in the towel
on Snap. In recent quarters the
parent of Snap Chat was the only publicly traded stock held by
the firm headed by Paul Hudson, who morphed to become more of a
venture capital investor. It had invested in Snap when it was
still a private company. The stock, however, has plummeted to a
recent $10.65 from its IPO price of $17.
Corvex Management established a stake of about
821,000 shares in ServiceNow, making the cloud computing
company the second-largest long holding of the activist hedge
fund headed by Keith Meister.
Cliff Robbins’ Blue Harbour Group took
a sizable stake in cybersecurity specialist Fortinet. It is now
the activist’s seventh-largest long. On the other
hand, activist hedge fund firm Starboard Value liquidated its
entire stake in Fortinet.
Starboard Value once again reduced its stake in
Depomed and now owns just a few thousand shares, according to a
new revised 13D filing.