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The Hottest New Hedge Fund of 2018 Is Buying These Stocks

Nina Zdinjak

As it turns out Michael Gelband’s ExodusPoint Capital is the hottest new hedge fund of 2018 because more and more people are stepping down from its current portfolio manager roles just to take a chance at working at ExodusPoint as analysts. For example, Josh Powers joined ExodusPoint in December leaving First New York, where he was Portfolio Manager, and Ronald Buesinger left Carlson Capital, where he was previously employed also as Portfolio Manager, only to take upon the role of an analyst at ExodusPoint. And there are even more examples. The fund was launched with $8.5 billion in seed money, which is a staggering amount that also says a lot about its expectations. Let’s observe the stocks this enticing young hedge fund is grabbing. Among the most valuable positions in ExodusPoint’s 13F portfolio were:

Altaba Inc. (NASDAQ:AABA)

In Altaba, the fund reported $112.98 million worth a stake, on the basis of 1.95 million shares, accounting for 7.96% of its equity portfolio. At Q4's end, a total of 73 of the hedge funds tracked by Insider Monkey held long positions in this stock, down by 16% from the previous quarter. By comparison, 100 hedge funds held shares or bullish call options in AABA a year ago.

Amazon.com, Inc. (NASDAQ:AMZN)

Heading into the first quarter of 2019, a total of 168 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 12% from the previous quarter. ExodusPoint reported holding 50,517 Amazon’s shares with a value of $75.88 million at the end of 2018.

Dell Technologies Inc. (NYSE:DELL)

In Dell Technologies, ExodusPoint held $74.05 million worth a stake, on the account of 1.52 million shares, comprising 5.21% of its 13F portfolio. At the end of the fourth quarter, a total of 43 of the hedge funds tracked by Insider Monkey held long positions in this stock, down by 30% from the second quarter of 2018. Among these funds, Icahn Capital LP held the most valuable stake in Dell Technologies Inc., which was worth $625.5 million at the end of the fourth quarter. On the second spot was Elliott Management which amassed $323.8 million worth of shares. Moreover, Canyon Capital Advisors, Farallon Capital, and Renaissance Technologies were also bullish on Dell Technologies Inc., allocating a large percentage of their portfolios to this stock.

Disclosure: None.

This article was originally published at Insider Monkey.