Shares lost about two-thirds of their value from Dec. Sadly, 2022 has been particularly brutal for pricey growth stocks, and SNOW has been no exception. Snowflake ( SNOW (opens in new tab), $171.49) was so promising when it made its stock market debut in 2020 that it even found a place among Warren Buffett's stocks picks. Billionaire investor: Daniel Sundheim (D1 Capital Partners).At 5.3% of the portfolio, NXST is the hedge fund's sixth largest holding. The position, which Goldentree initiated in the third quarter of 2021, was worth $82 million as of June 30. His New York hedge fund boosted its stake by 81%, or 226,152 shares, to bring its total holdings up to 503,524 shares. That's when Tananbaum, with an estimated net worth of $2.4 billion, pounced. In Q2, however, NXST went on sale, when shares fell almost 14% during the three months ended June 30. Its stock is up around 28% for the year-to-date, beating the broader market by a whopping 44 percentage points. Nexstar is the largest television station owner in the U.S., with 197 stations in 115 markets. Case in point: Nexstar Media Group ( NXST (opens in new tab), $191.31). Steven Tananbaum, founder of Goldentree Asset Management ($52 billion AUM), is best known for investing in distressed debt, but equities also catch his eye. Billionaire investor: Steven Tananbaum (Goldentree Asset Management).Laffont clearly agreed with their assessment – at least in Q2. If nothing else, the selloff has Wall Street analysts calling Amazon stock a screaming bargain buy. The market's rotation out of pricey growth stocks and into more value-oriented names has likewise done AMZN no favors. Rising fears of recession and its potential impact on retail spending have been weighing on AMZN all year.
At 5.3% of the portfolio, AMZN is now Coatue's fourth largest position. The New York fund, which has owned Amazon stock since 2009, now holds 4.1 million shares worth $437.4 million as of June 30. His Coatue Management ($73 billion AUM) hedge fund boosted its AMZN stake by 35%, or 1.1 million shares. Philippe Laffont, with an estimated net worth of $6.5 billion, certainly did.
Billionaire investor: Philippe Laffont (Coatue Management)Ī ( AMZN (opens in new tab), $127.51) stock lost 35% of its value in Q2, and while hedge funds were net sellers of the e-commerce giant, some billionaires spied a bargain.Indeed, Colgate-Palmolive, a member of the S&P 500 Dividend Aristocrats, has increased its payout for 60 consecutive years and counting. And few names can beat CL when it comes to dividend growth. Shares in the classic defensive stock are outperforming the broader market so far in 2022. It's also entirely possible that Loeb has no activist designs at all. The stake, with a 3.8% weighting in Third Point's portfolio, instantly made Colgate one of the New York hedge fund's top 10 holdings. Loeb's Third Point hedge fund, with $27.5 billion in assets under management (AUM), bought nearly 2 million CL shares valued at more than $159 million as of June 30.
So it's understandable if the C-suite at Colgate-Palmolive ( CL (opens in new tab), $78.17) was less than thrilled to learn that Loeb initiated a stake in the consumer products giant during the second quarter. Billionaire investor: Third Point (Dan Loeb)ĭan Loeb built his estimated $4.2 billion fortune in part by telling corporate management teams what he thinks they need to hear.
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