Source: Wall Street News Author: Du Yu
Amazon was Qiaoshui's largest single newly opened stock in the first quarter. The world's largest hedge fund's increasing weight on technology stocks surpassed any other sector, and its position weight on consumer stocks declined the most. The top two holdings are still S&P large-cap ETFs and emerging market ETFs, but technology stocks quickly became the top six. After almost clearing stocks last year, Apple's holdings were greatly increased again, and Pinduoduo and P&G were reduced for several consecutive quarters.
On Tuesday, May 14, Qiaoshui, the world's largest hedge fund, released its 13F quarterly position report. Its position in the first quarter was characterized by a sharp increase in holdings$Alphabet-A (GOOGL.US)$,$NVIDIA (NVDA.US)$,$Apple (AAPL.US)$,$Meta Platforms (META.US)$und$Microsoft (MSFT.US)$, new hires open positions and go long$Amazon (AMZN.US)$und$Advanced Micro Devices (AMD.US)$This gives the greatest weight to increase holdings in technology stocks.
In the first quarter of 2024 up to March 31, Qiaoshui disclosed that the market value of 677 positions held with listed companies increased 11% from the previous quarter to about US$19.8 billion, and the concentration of the top ten positions rose slightly from 31.40% to 31.87%. As of the end of March, the hedge fund had 91 clients and managed more than US$171.7 billion in discretionary assets.
Among them, Amazon bought nearly 1.05 million shares worth US$189 million in Qiaoshui in the first quarter. The second largest new individual stock to open long positions is chipmaker AMD, which bought nearly 680,000 shares worth US$123 million.
Qiaoshui also opened a position to buy 680,000 shares of leading medical technology companies$Medtronic (MDT.US)$(Medtronic), and the 870,000 iShares Korea ETF, and a leading credit rating company with over 80,000 shares$S&P Global (SPGI.US)$S&P Global.
During the quarter, Qiaoshui significantly increased its holdings in major US technology stocks. Especially right$Apple (AAPL.US)$The holdings were increased by 1,8410.45 million shares to a total position of 1,8421.54 million shares worth US$316 million, which is equivalent to holding only 1,109 shares at the end of last year.
In addition, Qiaoshui also increased its holdings of Google Class A shares by 3.32 million shares, to a total holding of nearly 5.37 million shares, worth more than 800 million US dollars; increased its holdings of Nvidia by 436,000 shares to a total holdings of 705,000 shares worth US$637 million; and increased its holdings of Microsoft by 382,000 shares to a total holdings of nearly 580,000 shares worth 244 million US dollars, all doubling its holdings from the end of the previous quarter. The holding of Meta Class A shares was increased by 328,000 shares to a total holdings of 994,000 shares worth US$483 million.
As a result, Google Class A shares, Nvidia, and Meta ranked third, fifth, and sixth respectively in Qiaoshui's largest holdings in the first quarter. Right$Coca-Cola (KO.US)$und$Costco (COST.US)$The size of its holdings was squeezed out of the top five, which means that Qiaoshui favors technology stocks, and its enthusiasm for consumer stocks has waned.
In the fourth quarter of last year, Hashimizu increased its warehouse significantly$NVIDIA (NVDA.US)$und$Eli Lilly and Co (LLY.US)$Positions have all increased more than fourfold, and they are regarded as “optimistic about AI and diet pills.”
Meanwhile, after the iShares core S&P 500 ETF was slightly reduced by 25,000 shares, it still ranked at the top of Qiaoshui's largest holdings in the first quarter with nearly 2.1 million shares worth 1.1 billion US dollars, accounting for 5.6% of the disclosed assets. The second largest holdings are still iShares' core MSCs Emerging Markets ETF. The fourth largest holding is Procter & Gamble, but it has been reduced for many consecutive seasons.
In the current season, Qiaoshui reduced its holdings on a large scale, and also included e-commerce in China$PDD Holdings (PDD.US)$It reduced its holdings by 892,200 shares or 1/3, and its total holdings shrunk to 1,544,500 shares worth US$180 million. It also reduced its holdings of 2.87 million iShares China large-cap ETF, or 70%.
Qiaoshui reduced its holdings of Buffett's favorite Coca Cola by more than 1.71 million shares, with a remaining holdings of nearly 6.29 million shares worth US$385 million; it reduced its holdings of Costco, which Munger liked, by more than 150,000 shares, with a remaining holdings of 530,000 shares worth US$392 million, all of which reduced its holdings by 20%.
Qiaoshui also drastically reduced its holdings in network solution hardware vendors$Cisco (CSCO.US)$1.8 million shares, or a reduction of nearly 94% of the shares, leaving less than 120,000 shares worth less than $6 million.
Qiaoshui's position weight in the essential consumer goods sector dropped the most during the season, and the US is known as one of the four largest food merchants in the world$Bunge (BG.US)$Company (Bunge Global SA) and$US Foods Holding (USFD.US)$The companies (US Foods Holding Corp.) have all been liquidated in this area.
Additionally, the financial services company Discover Financial has nearly 160,000 shares worth $17.8 million, CME Group's nearly 100,000 shares worth $20.7 million, and the world's largest lithium miner$Albemarle (ALB.US)$(Albemarle)'s 110,000 shares worth $16.3 million have all been liquidated.
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