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Top hedge funds buy industrial stocks, sell tech in Q1'19

The 10 largest hedge funds in the world were bullish on industrial names in the first quarter but sold more than $4 billion combined in information technology and communication services company shares.

The group of 10 hedge funds sold a net $2.96 billion in information technology stocks and $1.60 billion in communication services stocks in the quarter. Three of the funds sold a combined $957.6 million in Microsoft Corp., and Viking Global Investors LP sold $800.5 million in salesforce.com inc. stock. Meanwhile, Icahn Capital LP sold its $664.9 million position in Dell Technologies Inc.

Two funds sold off a combined $717.6 million in Alphabet Inc.'s class A common shares during the first quarter, while three funds decreased positions worth $462.0 million in the search engine giant's class C shares.

Altogether, the 10 largest hedge funds bought a net $3.14 billion in industrial companies, led by TCI Fund Management Ltd's $2.09 billion investment in Paris-based aerospace company Safran SA. Lone Pine Capital LLC opened a new $532.0 million stake in Union Pacific Corp., a U.S. railroad company, during the first quarter.

As of May 17, the 10 funds reported 578 equity stakes worth an aggregate $176.23 billion.

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Click here to view the hedge fund tracker for the fourth quarter of 2018.

Click here to view the above data in a PDF.