Yahoo Finance Druckenmiller, Tepper Cash Out Gains on ‘Magnificent Seven’ Tech Stock Jump
(Bloomberg) -- Investment firms for billionaires Stanley Druckenmiller and David Tepper have cashed out some of their gains on the “Magnificent Seven” technology stocks that have helped fuel this year’s US stock rally.
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Druckenmiller’s Duquesne Family Office sold more than 441,000 shares of Nvidia Corp. in the first quarter, bringing its stake in the chipmaker to about $159 million, according to regulatory filings. Tepper’s Appaloosa cut its ownership in Amazon.com Inc., Microsoft Corp. and Meta Platforms Inc., though all three companies remained among its largest portfolio holdings.
David Bonderman’s Wildcat Capital Management also sold Meta stock, bringing its position to $23.7 million. And Michael Platt’s BlueCrest Capital Management sold out of its holdings in Nvidia and Amazon, while cutting its stake in Alphabet Inc.
The moves, revealed in quarterly regulatory filings, put the family office investors in league with insiders, who have been offloading shares of the high-flying tech stocks as many of them climbed to fresh records in recent weeks. The full Magnificent Seven cohort includes Alphabet, Apple Inc., Tesla Inc., Microsoft, Amazon, Meta and Nvidia — many of which have helped US equities regain $11 trillion since late October.
Read More: Magnificent Seven Insiders Sell Stock for First Time in Years
Funds overseeing more than $100 million must file disclosures about their holdings within 45 days of the end of each quarter, giving a glimpse into the portfolios of secretive money managers including hedge funds and large family offices. The documents only show US holdings and and exclude most derivatives and short positions, meaning they only provide part of the firms’ overall positioning.
Other highlights from the filings, called 13Fs, include:
Iconiq Capital, the investment firm known for managing Mark Zuckerberg’s money, added a new position in Shopify Inc. worth $72 million
Warren Buffett’s Berkshire Hathaway Inc. unveiled a $6.7 billion stake in insurer Chubb Ltd., which the Securities and Exchange Commission had previously allowed it to keep secret
George Soros’s Soros Fund Management added positions in Goldman Sachs Group Inc. and utility PG&E Corp. while selling its stakes in casino operator Las Vegas Sands Corp. and recent IPO Birkenstock Holding Plc.
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