May 16, 2016 / 3:27 PM / 3 years ago

Highlights: Top U.S. hedge funds bet on Alphabet, Netflix and retailers

NEW YORK (Reuters) - Former SAC executive Gabe Plotkin’s Melvin Capital took a new position in streaming video service Netflix Inc, buying 950,000 shares and a call option for 1.45 million shares, according to regulatory filings on Monday. Melvin Capital also took a new position in Home Depot Inc, buying 475,000 shares. And Passport Capital added 3.3 million Yahoo Inc shares, upping its stake by 243 percent, filings show.

The Netflix logo is shown in this illustration photograph in Encinitas, California October 14, 2014. REUTERS/Mike Blake/File Photo

These hedge-fund SEC disclosures are backward-looking and come out 45 days after the end of each quarter. Still, the filings offer a glimpse into what hedge fund managers saw as investment opportunities.

The filings do not disclose short positions, or bets that a stock will fall. As a result, the public filings do not always present a complete picture of a management firm’s stock holdings.

The following are some of the hot stocks and sectors in which hedge fund managers either took new positions or exited existing stakes in the first quarter.

ALLERGAN PLC

Seth Klarman’s Baupost Group bought into the company, putting on a new position with 1.7 million shares. Similarly, Davidson Kempner Capital Management added a new position, buying 833,099 shares while Adage Capital Partners nearly doubled its holdings by buying 547,759 shares to own 1.2 million.

But Senator Investment Group cut its position by more than half when it sold 875,000 shares and Third Point trimmed its holding by selling 400,000 shares to own 5 million. Also, Jana Partners cut its stake by 718,000 shares to 447,000 shares, while Omega Advisors cut its stake by about 221,000 shares to 561,000 shares.

AMERICAN INTERNATIONAL GROUP

Jana Partners sold its entire stake of 4.3 mln shares. Omega Advisors trimmed its stake by 583,000 shares to 3.5 million shares.

ALPHABET INC

Jana Partners took a new stake of 634,000 Class C shares. Third Point took a new stake of 700,000 Class A Alphabet shares, while Omega Advisors trimmed its stake by 151,000 Class A shares to about 277,000 Class A shares.

AMAZON.COM INC 

John Burbank’s Passport Capital sold 36,577 shares, reducing the firm’s holding by 35 percent. Suvretta Capital took a new position, buying 248,311 shares. Omega Advisors sold its entire stake of about 36,000 shares.

BANK OF AMERICA CORP

Jana Partners took a new stake of 750,000 shares.

BAXTER INTERNATIONAL INC

Jana Partners sold entire stake of 5.7 million shares.

ENDO INTERNATIONAL PLC

Sachem Head added a new position, buying 2.46 million shares.

FACEBOOK INC

Passport Capital sold 325,434 shares of the social media company, cutting its stake by more than one quarter. Omega Advisors trimmed its stake by 526,000 Class A shares to 459,000 Class A shares.

J.C. PENNEY COMPANY

The retailer saw its stock price surge 66 percent during the first quarter. Davidson Kempner sold its holding of 1 million shares.

JPMORGAN CHASE & CO

Omega Advisors sold its entire stake of 1.1 million shares.

KATE SPADE & CO

Melvin Capital put on a new position, buying 1.35 million shares in the retailer, which gained 43 percent in the first quarter. Davidson Kempner took a new position, adding 200,000 shares.

LIBERTY GLOBAL PLC

Jana Partners sold its entire stake of 5.9 million Class C shares.

MCDONALD’S CORP

Suvretta Capital exited its position, selling 825,900 shares.

MICROSOFT CORP

Passport Capital sold 1.2 million shares, cutting the firm’s stake by 27 percent. Omega Advisors increased its stake by 947,000 shares to 1.8 million shares.

MYLAN

Sachem Head liquidated its entire position, selling 3.35 million shares.

PFIZER INC

Senator Investment Group raised its holding by 130 percent when it added 8.5 million shares in the drug maker. Jana Partners increased its stake by 4.3 million shares to 13.5 million shares. Omega Advisors sold its entire stake of 1.3 million shares.

QUALCOMM INC

Jana Partners sold its entire stake of 9.2 million shares.

UNITED RENTALS

Blue Mountain Capital added 106,011 shares.

VALEANT PHARMACEUTICALS INTERNATIONAL

Jana Partners sold its entire stake of 1.6 million shares.

WENDY’S CO

Davidson Kempner liquidated its position, selling 1.97 million shares.

ZOETIS INC

A number of hedge funds liquidated their positions. Sachem Head sold 4.2 million shares, exiting the position it took in 2014. Hitchwood Capital sold its entire position, liquidating 2.5 million shares. Twin Capital sold its entire stake of 33,180 shares.

Compiled by Jennifer Ablan; Reporting by Svea Herbst-Bayliss and Sam Forgione; Editing by Meredith Mazzilli

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