D1 Capital dumped shares of Google parent Alphabet and Instagram owner Meta Platforms entirely in the second quarter after their strong runs.
Daniel Sundheim's D1 Capital dumped all its shares of Google parent Alphabet and Instagram owner Meta Platforms in the second quarter after their strong runs. The hedge fund sold roughly $400 million worth of Alphabet shares and $382 million of Meta shares last quarter, according to a newly released regulatory filing. The two tech companies were D1's top holdings in the first quarter. The selling came just before the tech-led market rally this year began to lose steam.
Shares of Alphabet have dropped more than 12% in the third quarter after gaining 20% in the second quarter. Meta shares have gained almost 50% this year. Also in the second quarter, D1 added a new stake in trucking company XPO , making it the fifth largest position in the portfolio, worth about $272 million. The stock has gained about 31% so far this year.
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