US hedge fund giants looked to technology stocks in the second quarter but some big names have been left nursing heavy losses after moving back into US financials ahead of the market crash.
Steve Cohen’s SAC Capital was among the most active in the technology sector, doubling his holding in Apple to almost 600,000 shares and initiating a 20,000 share position in LinkedIn. David Einhorn of Greenlight Capital was another who continued to add to Apple over the quarter, buying 240,000 shares to bring his total holding to 1.1m. The tech firm became US hedge funds’ stock of choice in the first quarter of 2011, according to the Goldman Sachs Hedge Fund Trend Monitor. The focus on tech stocks comes at an opportune time for hedge funds as a number of large acquisitions filter thr...
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