Tiger Global Management, Winslow Capital Management and Scopus Asset Management are among the managers who sold all shares they held in Netflix before the company announced its first loss of subscribers in more than a decade, according to regulatory filings released on Monday. (16).
The sale of a stake in Netflix, whose share price has fallen about 69% on the year to date, comes as fund managers reassess positions in big tech companies, which soared after the Covid-19 pandemic began in 2020 and helped propel the S&P 500 to record highs.
The S&P 500 is now down roughly 16% for the year, while the Russell 1000 Growth Index, which is more focused on tech companies, is down close to 25% over the same period.
Light Street sold all 149,025 shares it owned in Meta, the parent company of Facebook, and 7,960 shares in Netflix.
The manager nearly halved its stake in Alphabet, the parent company of Google, and cut exposure to Amazon.com, cutting it by 10% in the quarter ended in March, the documents show.
Meanwhile, Hitchwood Capital Management sold all of its 390,000 shares of Meta, while Dan Sundheim’s D1 Capital decreased its stake in Amazon by 22% to 198,433 shares, and Melvin Capital sold all 850,000 shares of Meta it owned. .
Despite the flight of technology companies, some managers increased positions in selected companies.
Farallon Capital Management acquired 698,195 shares of Meta, whose shares are down 40.5% in the year so far.
Coatue Management, meanwhile, increased the number of shares it held in the Facebook owner by 18.2% in the first quarter to 2,797,896.
The manager also bought more Netflix shares, ending March with 1,438,956, or 54.5% more than in December.
Source: CNN Brasil
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