Top Tech, Media & Telecom Hedge Funds prefer Apple, Equinix, Pandora Media & Shutterfly

May 6th, 2013
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The latest Top 50 Technology, Media and Telecom focused Hedge Fund list has been released, revealing that the top TMT Funds now have $66.4 billion in equity assets, allocating $45.1 billion, or 68% of their equity assets to TMT stocks.

Not surprisingly, the most widely held stocks by the Top 50 TMT Hedge Funds are Google Inc (GOOG) and Apple Inc (AAPL), which were held by 25 and 18 of the top 50 hedge funds, respectively. While Google was the most widely held, the top TMT hedge funds overall invested the most in Apple, reporting holdings of more than $2.5 billion in Apple’s stock as of 12/31/2012. The top ten most widely held stocks are listed below:

Name# of HF Held ByHoldings $MM
#1 Google Inc (GOOG)25$1,928
#2 Apple Inc (AAPL)18$2,510
#3 Priceline.com (PCLN)17$1,453
#4 eBay Inc (EBAY)17$0,912
#5 Yahoo Inc (YHOO)16$0,820
#6 Equinix Inc (EQIX)15$1,560
#7 Amazon.com (AMZN)15$1,007
#8 Facebook Inc (FB)14$0,534
#9 Liberty Global (LBTYK)12$2,259
#10 Sirius XM Radio (SIRI)12$0,535

The most notable entry at the top end of the list is networked data center provider Equinix Inc (EQIX). With a market cap slightly above $10 billion, it is by far the smallest company among the top 8. 15 of the top TMT Hedge Funds allocated $1.56 billion to Equinix, suggesting that some smart money believes in its prospects. Laffont’s Coatue Capital is the biggest fan of Equinix, as it held nearly $860M of the company’s stock at the end of the fourth quarter.

A number of mid-cap stocks were also widely held by the Top Technology, Media & Telecom Hedge Funds, as four mid-caps made the top 25. Leading the mid-caps is Pandora Media Inc (P), which was held by 7 of the top TMT hedge funds.

Name# of HF Held ByHoldings $MM
#20 Pandora Media (P)7$464
#21 Groupon (GRPN)7$399
#22 Verisign Inc (VRSN)7$396
#23 Informatica Corp (INFA)7$259
#29 Tripadvisor Inc (TRIP)6$269

Notably, a number of small-cap stocks managed to crack the top 30. The most popular small-cap was Shutterfly Inc (SFLY), which was held by 8 of the top TMT Hedge funds, account for $125M in holdings. The top TMT focused holders of Shutterfly were NYC-based Jericho Capital Asset Management and Berkeley Heights, NJ-based HHR Asset Management. The other small-caps among the top 30 attracted nearly $290M from the top TMT Hedge Funds:

Name# of HF Held ByHoldings $MM
#16 Shutterfly Inc (SFLY)8$125
#25 Tivo Inc (TIVO)7$140
#26 Interxion Holding NV (INXN)7$108
#27 Yelp Inc (YELP)7$39

The Top 50 TMT Hedge Fund List is once again led by Philippe Laffont’s Coatue Capital and Chase Coleman’s Tiger Global Management. Both Laffont and Coleman are “Tiger Cubs”, having refined their investment acumen under the tutelage of Tiger Management’s Julian Robertson. Coatue Capital reported $5.7 billion in TMT equity holdings, accounting for 95% of its holdings, while Tiger Global reported nearly $3.5 billion in TMT holdings, accounting for 65% of its portfolio. Coming in at third on the list is John Scully and William E. Oberndorf’s SPO Advisory Corp with $3.4 billion in TMT equity holdings, accounting for 54% of its portfolio.

Ranking Methodology: The Top TMT Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms’ overall U.S. equity assets under management. The TMT list includes the top hedge funds that have more than 50% of their U.S. equity assets invested in U.S. listed Technology, Media and Telecom companies as of 12/31/2012.. To view the Top TMT Hedge Fund list in its entirety, please visit Hedge Tracker’s Hedge Fund Portal.

Definitions:

All holdings are as of 12/31/2012.

Mid-Cap equities include U.S. listed stocks with market capitalizations between $2 billion and $10 billion, while Small-Cap equities include U.S. listed stocks with market capitalizations less than $2 billion.
For Detailed Investor Profiles on these Investors, click below:
Coatue Capital
Jericho Capital
Tiger Global Management
Related People: Chase Coleman; David Scully (CMO); Feroz Dewan; Josh Resnick; Julian Robertson; Neeraj Chandra; Philippe Laffont; Thomas Laffont
Related Entities: Jericho Capital Asset Management LP; Jericho Capital International Ltd; Jericho Capital Master Fund LP; Jericho Capital Partners LP; Coatue Capital; Coatue Offshore funds; Coatue Qualified Partners LP; Jericho Capital Advisors LLC; Tiger Global Funds; Tiger Management Corporation; Tiger Technology LP
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Top Hedge Fund Portfolio Reports


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