Hedge Funds and Tech Stocks: Dump the Old, Embrace the New

苹果has been one of the big favorites among the hedge fund set for several years now. And it still enjoys the largest dollar support among all tech, media and telecom, or TMT, stocks, with more than $22 billion of hedge fund capital invested in the maker of the iPhones and iPads at the end of the second quarter. This sizable number isn’t surprising, given that Apple has the largest market capitalization of all stocks.

However, if you dig down a bit, Cupertino, California–based苹果is not so wildly popular among the hedge fund set as this aggregate position may indicate.

For one thing, the $22 billion only works out to a little more than 3 percent of Apple’s total market value. In fact, only ten hedge funds made new investments in Apple in the second quarter, although an additional 79 added to existing positions. And 21 funds fully exited the stock.

In fact, a total of 111 TMT companies received more new investors in the quarter ending June 30 than did Apple, according to an analysis created for亚博赞助欧冠by New York–basedNovus, a research and analytics firm. Novus ranks TMT stocks that were recipients of the largest number of new hedge fund investors, as well as stocks that suffered the largest number of full exits by hedge funds at the end of the second quarter.

The ranking provides a kind of map to hedge fund interest in various kinds of tech stocks during a stretch immediately preceding a month of great market stress. This analysis of hedge fund holdings in tech is the third part of a four-partseries.

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Also from this series:

• 技术股在神经细分的边缘
• 对冲基金和技术股：更严格的重点，更广泛的搜索
• Hedge Funds and Tech Stocks: The Allure of Private Investments
• 对冲基金和技术股：Tiger Global对Tech的承诺

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A large number of top ten firms that received the most new investors were involved in some sort of merger deal or spin-off. This underscores the huge consolidation that the TMT world is undergoing.

Hedge funds that mostly specialize in event-driven and long-short strategies are among those that aggressively moved into these stocks in the second quarter.

然而，许多较大的退出的受害者就像一个谁的谁of yesterday’s winners, including AOL, Micron Technology, Applied Materials andYahoo.

两家公司最大的两个收件人of new investors — Broadcom, the Irvine, California, maker of chips for the wireless industry, and New York cable giant Time Warner Cable — also ranked among the ten firms that saw the greatest number of hedge funds exiting their stocks.

这是因为它们都是既有部分，这两家公司目前涉及尚未关闭的兼并。5月Broadcom同意通过San Jose，California和Singapore和Singapore的Avago Technologies获得现金和库存交易。这笔交易预计将于2016年第一季度关闭。阿瓦戈在那些拥有最多的新投资者的公司中绑在第七份。

此外，随着时间的推移，Time Warner Cable宣布了以现金和库存交易为基于圣路易斯的宪章通讯的合并。章程，章程，在拥有最新投资者的公司中的10号。

Altera公司总部位于新泽西州Roseland，第二季度新的对冲基金投资者的第四大数量数量，29岁，也是一个套利戏剧。ChipMaker同意于6月1日由加利福尼亚州的英特尔公司圣克拉拉获得的6月1日收购

一个突出的长短款经理，他们引人注于TMT股票指出，许多这些高调公司，如芯片制造商，在昨天的技术或媒体中运营，而许多投资者迁入新的软件和互联网驱动的公司。

Companies such as Charter and Time Warner Cable are deemed by some to be casualties of the trend among younger Americans of watching movies and TV on tablets, computers, phones and other devices at the expense of pricey cable packages. But many hedge funds are playing these stocks as merger, consolidation plays. Others see them as big beneficiaries of the expanding demand for broadband services, thanks to the surge in popularity inNetflixand other broadband guzzlers.

无论如何，共有47个对冲基金在第二季度开始对Broadcom的投资，而24则在股票上完全纾折。几乎从现有职位中减去了后一级资金。

在股票中最大的新投资者（按投资规模顺序）：PENTWATER CAPITAL MARIMACTION，EVANSTON，伊利诺伊州，活动驱动的公司由前EADEHAVEN资本管理贸易商Matthew Halbower启动;旧金山的法拉隆资本管理，由安德鲁辐条领导;Philippe Laffont的纽约衣服管理;John Paulson的纽约保尔森＆CO。;卡米·迪南的纽约州的约克资本管理全球顾问;和弗兰斯·布朗斯的纽约的Taconic Capital Advisor。

Among those that completely exited the stock: O. Andreas Halvorsen’s Greenwich, Connecticut–based Viking Global Investors and Jason Karp’s New York–based Tourbillon Capital Partners.

Since the end of the second quarter, the stock has been up a little more than 1 percent, clearly weathering the market storm. During the same period, the Standard & Poor’s 500 has been down nearly 6 percent.

时代华纳电缆欢迎37个新的对冲基金，但再见到24.更重要的是，略微更多的股东将其占据添加到现有赌注的地位减少。该公司最大的新股东包括纽约的参议员投资集团，由Douglas Silverman和Alexander Klabin领导;巴里罗森斯坦的纽约的Jana合作伙伴;法拉隆;和罗伯特州的挪威语，基于康涅狄格州的发现资本管理。

那些完全保释的stock were led by New York–based Glenview Capital Management, headed by Larry Robbins.

The sixth-largest recipient of new money was San Jose, California–based online auction companyeBay，这也是一部分是一个套利的戏剧，因为它在7月中旬完成的PayPal单位旋转。Dmitry Balyasny的基于芝加哥的Balyasny资产管理和衣服是两个最大的新投资者，前者现在将公司计数为其第五大的位置。

Two other companies with the most new investors are targets of activists or industry rivals, notably cell phone provider T-Mobile, a unit of Bonn, Germany–based Deutsche Telekom, and San Diego’s wireless telecom giant Qualcomm.

在目前尚未参与待定合并的公司中，新投资者的最大收件人是提供更新类型的技术。

例如，旧金山云计算机公司Salesforce.com拥有31名新投资者，而不是六个完全退出。最大的新投资者是纽约的文艺复兴时期科技的新投资者是衣服和詹姆斯西蒙斯的东塞特·塞特托托托泰。然而，第二季度股票中最大的赌注是由一批先前有小型股权的公司制定，包括肯尼斯格里芬的芝加哥城堡，以色列英国的纽约州的纽约千年管理和巴利斯尼。

Salesforce stock mostly broke even after the end of June, thanks in large part to a surge in its price on Tuesday.

旧金山的Fitbit，这使得可穿戴设备监控身体活动和睡眠模式，排名第五，有28名新投资者。它只于6月17日公开，每股20美元。其股票以38.23美元的价格达到了38.23美元，并在51美元以上达到尖头，在市场抛售中大约40％。周二，由于摩根士丹利的升级，股票的反弹超过11％。其最大的投资者是纽约的蓝岭资本，由Tiger Cub John Griffin领导。

其他顶级持有人在股票相对于各自的投资组合中有小职位：基于纽约的老虎全球管理，由查尔斯（“Chase”）Coleman III和Daniel Benton的Rye Brook成立，基于纽约州的Andor资本管理。

Next week we’ll look at the surge in hedge fund investments of private tech and Internet companies.