A number of Tiger Cubs and related felines established large new stakes in the fourth quarter that instantly became top-ten positions, according to an analysis of the most recent quarterly 13F filings.
The most aggressive and active shopper by far was Dan Sundheim’s D1 Capital Partners, which emphasizes industrial and consumer stocks. It initiated five positions that now rank among its 13-largest U.S.-listed longs. It also doubled or tripled three other existing positions, catapulting them into the top ten, per the Tiger Grandcub’s 13F.
D1’s largest purchase was insurer Elevance Health, now the fifth-largest U.S. long position. The firm also made a new investment in conglomerate 3M Corp., now its tenth-largest long. The new longs that make up the next-three-largest positions are pharmaceuticals company Charles River Laboratories International; Applovin, the tech company whose stock has swelled nearly nine times in the past 52 weeks; and Nu Holdings, a Brazilian digital bank.
In addition, in the fourth quarter D1 nearly tripled its stake in Constellation Brands, a maker of beer, wine, and spirits that is now the fourth-largest long. It more than quadrupled its position in Entegris, which supplies materials for semiconductor and other tech companies, and more than tripled its position in Lineage, the global temperature-controlled warehouse REIT, making them the sixth- and ninth-largest longs, respectively.
Elsewhere in the Tiger kingdom, Light Street Capital Management established a new position in chip maker and AI play Marvell Technology, now its fourth-largest long. At the same time, it cut its stake in AI juggernaut Nvidia by 27 percent, for a total 40 percent reduction since midyear.
Stephen Mandel Jr.’s Lone Pine Capital initiated a position in cloud-based software giant Salesforce, which is now its sixth-largest U.S.-listed long. Philippe Laffont’s Coatue Management took a large new stake in social network Reddit, making it the ninth-largest U.S. long. Lee Ainslie III’s Maverick Capital established a position in banking giant Wells Fargo, now its ninth-largest U.S. long.
O. Andreas Halvorsen’s Viking Global Investors, for its part, took a new position in UnitedHealth Group. In addition, it made two big bets in the financial services industry: It doubled its stake in banking giant JPMorgan Chase, now its largest U.S. long, and increased its position in financial services giant Charles Schwab by more than 500 percent, making it the fifth-largest long.
As a result, its five largest U.S.-listed longs are now financial services or payments companies: JPMorgan Chase, U.S. Bancorp, Visa, Bank of America, and Schwab. Viking also increased its investment in software company Intuit by nearly 500 percent.
Hound Partners, one of the first firms seeded by Julian Robertson Jr., initiated a position in Arrow Electronics, which became its fifth-largest U.S. common stock long position.
