Hedge fund veteran Dan Sundheim parted with several big bets on the technology sector in the first quarter, according to a securities filing released Monday. Sundheim-based D1 Capital exited positions in JD.com, Carvana and Shopify in the first three months of 2022, according to the filings. Those positions were collectively worth more than $2 billion at the end of December. The company didn’t disclose when the sales were made, and timing was likely a key component in determining the fund’s performance: All three stocks fell sharply in the first quarter. Overall, the value of D1’s public holdings fell to about $8.5 billion at the end of March, compared to more than $16 billion at the end of December. It’s likely a combination of stock sell-offs to reallocate money elsewhere and equity market declines. Here are some other positions that D1 closed, each worth at least $100 million at the end of December: 10X Genomics Bath & Body Works Coupa Software Toast Tesla Block Even the stocks D1 held were the subject of larger sales. For example, the fund sold more than 20% of its stake in Amazon and nearly 70% of its stake in Disney. One tech stock D1 added to was Microsoft, increasing its holding by about 36%. That position was valued at just over $1 billion at the end of March. The company has more than tripled its position in British car dealer Cazoo. That was valued at around $100 million at the end of the first quarter. D1 also built a roughly $281 million stake in software company Atlassian. One holding that may have significantly impacted D1’s performance was automaker Rivian. The value of D1’s holding was halved in the first quarter, even though the fund had no selling activity. Rivian’s IPO was suspended earlier this month. Sundheim built his reputation as an investor at Viking Global, where he served as Chief Investment Officer. Last year, D1 made big bets on the reopening of stocks like Expedia, which is now the fund’s largest holding.
https://www.cnbc.com/2022/05/16/dan-sundheims-d1-capital-dumped-high-growth-tech-stocks-in-the-first-quarter.html Dan Sundheim’s D1 Capital dumped technology stocks in the first quarter