对冲基金和技术股：倾倒老，拥抱新的

Apple一直是对冲基金中的几年内的大收藏夹之一。它仍然在第二季度结束时，仍然享有所有技术，媒体和电信，或TMT，股票，股票，股票，股票，超过220亿美元的对冲基金资本。鉴于苹果拥有所有股票的最大市场资本化，这一大量的数字并不令人惊讶。

但是，如果你挖掘一点，Cupertino，基于加利福尼亚州Apple在对冲基金组中并不是如此非常流行，因为这种聚集位置可能表明。

一方面，220亿美元只能占苹果市场总价值的3％以上。事实上，只有十个对冲基金在第二季度对苹果投资进行了新的投资，尽管增加了现有职位的额外79次。和21个基金完全退出了这些股票。

事实上，根据为此产生的分析，共有111家TMT公司在截至6月30日的季度收到了更多的新投资者，而不是苹果公司亚博赞助欧冠由纽约为基础诺，研究和分析公司。Novus排名TMT股，这些股票是最多的新对冲基金投资者，以及遭受第二季度末遭受对冲基金的最大退出量的股票。

排名提供了一种地图，以在一系列高度市场压力之前的延伸期间对各种科技股的对冲基金兴趣。对Tech的对冲基金持股分析是四部分的第三部分系列。

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也来自这个系列：

• Tech Stocks on the Edge of a Nervous Breakdown
• Hedge Funds and Tech Stocks: A Tighter Focus, a Wider Search
• 对冲基金和技术股：私人投资的诱惑
• Hedge Funds and Tech Stocks: Tiger Global's Commitment to Tech

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一大批接受最新投资者的十大公司参与了某种合并交易或分拆。这强调了TMT世界正在进行的巨大合并。

对冲基金主要专注于活动驱动和长期策略，是第二季度积极进入这些股票的策略之一。

However, many of the victims of larger exits read like aWho’s Who昨天的获奖者，包括AOL，Micron Technology，应用材料和雅虎。

两家公司是新投资者的两家最大的接受者 - Broadcom，Carvine，加利福尼亚州，无线行业的筹码制造商，以及纽约电缆巨头时代华纳电缆 - 也排名在十大公司中，这些公司最多的对冲基金退出他们的股票。

That’s because they are both, at least in part, arbitrage investments in that the two companies are currently involved in mergers that haven’t yet closed. In May Broadcom agreed to be acquired by San Jose, California– and Singapore-based Avago Technologies in a cash and stock deal. The deal is expected to close in the first quarter of 2016. Avago is tied for seventh among those firms with the largest number of new investors.

Also in May, Time Warner Cable announced its merger with St. Louis–based Charter Communications in a cash and stock deal. Charter, in turn, ties for No. 10 among companies with the most new investors.

Altera Corp., headquartered in Roseland, New Jersey, the recipient of the fourth-largest number of new hedge fund investors in the second quarter, with 29, is also an arbitrage play. The chipmaker agreed to be acquired on June 1 by Santa Clara, California–based Intel Corp.

One prominent long-short manager who gravitates to TMT stocks notes that a number of these high-profile companies, such as chipmakers, operate in yesterday’s technology or media, whereas many investors move into new software and Internet-driven companies.

宪章和时代华纳电缆等公司被一些人被认为是在昂贵的电缆包装中观看电影，电脑，手机和其他设备上的年轻美国人的潮流伤亡。但许多对冲基金正在将这些股票扮演合并，整合戏剧。其他人认为他们是对宽带服务的扩大需求的大受益者，感谢普及的潮流netflix.和其他宽带的Guzzlers。

In any case, altogether 47 hedge funds initiated investments in Broadcom in the second quarter, whereas 24 fully bailed on the stock. Nearly the latter number of funds added as subtracted from existing positions.

Among the largest new investors in the stock (in order of investment size): Pentwater Capital Management, the Evanston, Illinois, event-driven firm started by former Deephaven Capital Management trader Matthew Halbower; San Francisco–based Farallon Capital Management, headed by Andrew Spokes; Philippe Laffont’s New York–based Coatue Management; John Paulson’s New York–based Paulson & Co.; Jamie Dinan’s New York–based York Capital Management Global Advisors; and Frank Brosens’ New York–based Taconic Capital Advisors.

在那些完全退出的人中：O. Andreas Halvorsen的Greenwich，康涅狄格州的维京全球投资者和杰森卡普的纽约纽约的陀飞轮资本合作伙伴。

自第二季度结束以来，股票上涨略高于1％，明显耐候着市场风暴。在同一时期，标准和穷人的500人下跌近6％。

时代华纳电缆welcomed 37 new hedge funds but said good-bye to 24. What’s more, just slightly more shareholders reduced their position as added to existing stakes. The company’s biggest new shareholders included New York–based Senator Investment Group, headed by Douglas Silverman and Alexander Klabin; Barry Rosenstein’s New York–based Jana Partners; Farallon; and Robert Citrone’s Norwalk, Connecticut–based Discovery Capital Management.

那些完全批保股票的领导由基于纽约的Glenview资本管理领导，由拉里·罗宾斯领导。

新资金的第六大收件人是加利福尼亚州的圣何塞在线拍卖公司eBay.那which also was partially an arbitrage play, since it was spinning off its PayPal unit, completed in mid-July. Dmitry Balyasny’s Chicago-based Balyasny Asset Management and Coatue were the two largest new investors, with the former counting the company as its fifth-largest position now.

另外两家拥有最新投资者的公司是活动家或行业竞争对手的目标，尤其是手机提供商T-Mobile，Bonn，德国的德国电信和圣地亚哥的无线电信巨大高通公司。

Of those companies not currently involved in a pending merger, the biggest recipients of new investors are companies offering newer types of technology.

例如,旧金山云计算机公司Salesforce.com had 31 new investors, versus just six fully exiting. The largest new investors are Coatue and James Simons’ East Setauket, New York–based Renaissance Technologies. However, the largest wagers in the stock in the second quarter were made by a number of firms that previously had tiny stakes, including Kenneth Griffin’s Chicago-based Citadel, Israel Englander’s New York–based Millennium Management and Balyasny.

Salesforce股票甚至在6月底之后，甚至在周二的价格上归功于其价格上涨。

San Francisco’sFitbit.那which makes wearable devices that monitor physical activity and sleep patterns, ranks fifth, with 28 new investors. It only went public on June 17 at $20 per share. Its stock ended the second quarter at $38.23 and peaked at a little more than $51, before tumbling roughly 40 percent in the market sell-off. On Tuesday the stock rebounded by more than 11 percent, thanks to an upgrade from Morgan Stanley. Its largest investor is New York–based Blue Ridge Capital, headed by Tiger Cub John Griffin.

Other top holders have small positions in the stock relative to their respective portfolios: New York–based Tiger Global Management, founded by Charles (“Chase”) Coleman III, and Daniel Benton’s Rye Brook, New York–based Andor Capital Management.

下周我们将看看私人科技和互联网公司对冲基金投资的激增。