Hedge funds and other big investors are reporting their quarterly holdings to the Securities and Exchange Commission, offering a glimpse into what some of the big fish were buying and selling during the first quarter.
David Tepper's Appaloosa Management cut his Apple (AAPL) stake by about 40 percent and reduced his AIG (AIG) position by 28.6 percent, as of the end of the first quarter, according to its latest 13F regulatory filings.
Tepper wasn't alone in cutting back on his Apple exposure. Julian Robertson's Tiger Management sold its entire Apple position in during the first quarter, according to its latest 13F filing. At the end of the year, Tiger had held 42,125 shares of the iPhone maker.
Tiger Global, meanwhile, slashed its stake in Apple by 75 percent to 260,000 as of the end of the first quarter. It also reduced its stake in Amazon.com (AMZN) by 28 percent and dissolved its Yahoo (YHOO) stake completely.
Form 13F is a quarterly report of equity holdings filed by institutional investment funds with at least $100 million in assets.
(Read More: Apple Should Be Valued at $240, Here's Why: Analyst )
Tepper told CNBC on Tuesday that he had cut back on his Apple position. "I along with everybody else is waiting to hear what they have to say," he said. "Do they have something revolutionary on the horizon? Or do they have something evolutionary. If its evolutionary, they've got a problem."
Social media stocks got a boost on Wednesday after activist hedge fund Jana Partners' regulatory filings revealed large stakes in Zynga and Groupon as of the end of the first quarter. The fund took a 21.9 million share stake in Groupon (GRPN) and a 25.4 million share stake in Zynga (ZNGA). Both stocks jumped about 7 percent on the news.
In other tech investments, Farallon Capital Management took a new 2.46 million-share position in Dell (DELL), which is currently embroiled in a corporate buyout fight.
Tiger Global also added exposure to consumer and media stocks in the first quarter. It took stakes in JC Penney (JCP) and Lululemon (Toronto Stock Exchange: LLL-CA) in the quarter, as well as added positions in Comcast (CMCSA) (the parent of NBCUniversal which own CNBC and CNBC.com), Disney (DIS) and Netflix (NFLX).
(Read More: It's a 'My Cousin Vinny' Market, Bullish Tepper Says )
It took a stake in Ashland (ASH), Hess (HES), Prudential (PRU), CheckPoint Software (CHKP) and Comcast during the first quarter, while dissolving its stakes in Freeport-McMoran (FCX), BorgWarner (BWA), and Oracle (ORCL).
Tiger Management, meanwhile, took new positions in H&R Block (HRB), Citigroup (NYSE:C), Dunkin Brands (DNKN), Moody's (MCO), Royal Caribbean (RCL) and Workday during the first quarter. It sold its stake in TripAdvisor (TRIP) and trimmed its position in AIG (AIG).
Jana Partners, meanwhile, opened new positions in Boeing (BA), Ctrip.Com (CTRP), DirecTV (DTV), Groupon (GRPN), IAC/Interactive (IACI) and Office Depot (ODP), while selling its AIG, ADT (ADT), Netflix (NFLX), TripAdvisor and Symantec (SYMC) stakes.
Jana also raised its stake in Agrium (Toronto Stock Exchange: AGU-CA) during the first quarter. But in April, Agrium was able to beat back a proxy challenge from Jana when investors rejected Jana's proposed board nominees. Jana had been agitating for Agrium to spin off its retail business.
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