Several investment managers whose performance was pummeled when technology stocks skidded lower last year put fresh money into the handful of companies that are pulling the stock market higher this year, new regulatory filings show.
Glen Kacher’s Light Street Capital, one of a handful of hedge funds that posted double-digit losses last year, reported a new position in retailer Amazon.com in the second quarter and said it boosted its stake in technology company Meta Platforms by 27%, according to a new regulatory filing.
Amazon’s share price has gained 63% since January while Meta’s has climbed 144.5%.
Coatue Management, founded by Philippe Laffont, increased its position in Amazon by 125% and raised its holdings of Microsoft stock by 67%, a filing showed.
Tiger Global Management increased its holding of Nvidia , whose semiconductors back artificial-intelligence systems and whose market value topped $1 trillion in June, by 1,332%, the filing showed.
Investment managers must disclose what they hold in U.S. stocks at the end of each quarter and report that information to the Securities and Exchange Commission 45 days after the end of the quarter. The deadline for so-called 13-F filings for the second quarter is on Monday.
2023 has been a better year for investors, with the S&P 500 stock market index up 16% in the first half after a 20% drop in full-year 2022. But only a small number of companies – the so-called magnificent seven – fueled the rally.
IPhone maker Apple, retailer Amazon, electric vehicle maker Tesla, chip maker Nvidia and technology company Meta are among the group that accounted for 73% of the market’s gains.
13-F filings are backward-looking but are closely watched by investors for trends. Second-quarter filings suggest many hedge funds ramped up their bets on technology stocks that suffered last year.
But not all investors were of one mind on these technology names. Light Street, for example, cut its Nvidia holding by 22% while Coatue cut it by 6%.
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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in the technology and base meta sectors, while U.S. stock markets also climbed higher.
The S&P/TSX composite index was up 106.70 points at 24,179.21.
In New York, the Dow Jones industrial average was up 280.87 points at 42,361.24. The S&P 500 index was up 26.51 points at 5,777.64, while the Nasdaq composite was up 69.52 points at 18,252.44.
The Canadian dollar traded for 73.08 cents US compared with 73.22 cents US on Tuesday.
The November crude oil contract was down 67 cents at US$72.90 per barrel and the November natural gas contract was down eight cents at US$2.66 per mmBTU.
The December gold contract was down US$2.30 at US$2,633.10 an ounce and the December copper contract was down five cents at US$4.41 a pound.
This report by The Canadian Press was first published Oct. 9, 2024.
