While many hedge funds have ridden chipmaker Nvidia’s stock price surge to book substantial gains, winners from the S&P 500’s top performer for 2024 are far fewer on the ground with Lone Pine, Third Point and Coatue among the notable names to have benefitted, according to a report by Institutional Investor.
As of Tuesday this week, YTD gains at Vistra Corp, a retail electricity and power generation company, have outpaced those seen at Nvidia, with a 192% surge eclipsing the chipmaker’s 144% rise over the same period.
Despite Vistra’s impressive performance, it remains a relatively under-the-radar pick among hedge funds. According to data from SEI Novus, while nearly 300 hedge funds held positions in Nvidia by the end of the second quarter, making it the sixth most-widely held stock, Vistra didn’t even make it into the top 50, where the cutoff was 131 hedge fund owners.
Among those hedge funds with Vistra holdings, Lone Pine Capital was the company’s sixth-largest shareholder as of the end of June, holding over 6.8m shares making the company its ninth-largest US stock position.
Dan Loeb’s Third Point meanwhile, is also betting big on Vistra, ranking as the eighth-largest shareholder. The stock is the multi-strategy fund’s eighth-largest long position in US equities and has been one of Third Point’s top-five winners during the first two quarters of the year.
Philippe Laffont’s Coatue Management and Stanley Druckenmiller’s Duquesne Family Office are also significant holders of Vistra, with the stock being the 24th-largest long position for Coatue and the third-largest for Druckenmiller’s family office.
