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.
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