Several prominent hedge funds with ties to the Tiger Management legacy, including Discovery Capital Management, made significant new investments during the third quarter, according to a report by Institutional Investor citing analysis of their recently filed 13F regulatory disclosures.
The funds have all reshuffled their portfolios, targeting a mix of energy, financials, and technology sectors, with many new positions entering their top holdings.
Robert Citrone’s Discovery Capital Management was particularly active, introducing three new top-ten positions, with Vistra Corp, the retail electricity and power company becoming the firm’s fifth-largest long position. Vistra has had a standout year, with its stock surging over 270% year-to-date.
Discovery also backed carbon-free energy production specialist Constellation Energy, which is now its seventh-largest US long position, and made the iShares Bitcoin Trust ETF its tenth-largest long.
At the same time, Discovery exited several notable positions, including Western Digital, Chevron, and Grayscale Bitcoin Trust, previously among its top holdings.
Dan Sundheim’s D1 Capital Partners also made several bold moves, including the purchase of nearly 2.9 million GE HealthCare shares making it D1’s fifth-largest US-listed long, representing over 5% of its assets.
D1 also took a new position in Bank of America making it the firm’s ninth-largest holding, while also making Facebook parent Meta Platforms its 11th-largest long in the quarter.
In its biggest move, D1 significantly increased its stake in trucking XPO by 84%, making it the firm’s second-largest holding.
Ole Andreas Halvorsen’s Viking Global Investors, meanwhile, established a major new position in Visa, which ended the quarter as its fifth-largest long. The firm also dramatically increased its investment in Spotify Technology, boosting its stake more than fivefold, pushing the music-streaming giant to its sixth-largest position.
Stephen Mandel Jr’s Long Pine Capital also made a number of bold moves, including making software giant Salesforce its sixth-largest US-listed long, while homebuilder Lennar is now the firm’s 11th-largest position.
Other tech sector moves saw Long Pine up its bets in Meta Platforms and Amazon – it’s No1 and No2 largest longs – by 35% and 25%, respectively.
Glen Kacher’s Light Street Capital Management also leaned heavily into technology, with a new position in GitLab making the code-hosting platform the firm’s ninth-largest long.
Light Street also upped its takes in Advanced Micro Devices (AMD) and JFrog by over 50%, making them its third- and fourth-largest holdings, respectively.
