(Reuters) – Some of the biggest, highest-profile U.S. hedge fund investors and money managers fell back in love with FAANGs in the first quarter, according to regulatory filings released on Wednesday.
Facebook, Amazon, Netflix and Google logos are seen in this combination photo from Reuters files. REUTERS/File Photos
After dumping shares of Facebook Inc, Apple Inc, Amazon.com Inc, Netflix Inc and Alphabet Inc – the FAANG components – prominent hedge fund managers including Tiger Global Management LLC have moved back into the popular group.
Tiger, managed by Chase Coleman, boosted its Facebook stake by 64.5% to 8.8 million class A shares during the first quarter, according to a filing with the Securities and Exchange Commission. It increased its stake in streaming company Netflix by 42.8% to 2.1 million shares.
T. Rowe Price also added Facebook shares during the first quarter, increasing its stake by 19% to 107.9 million shares, as of the end of first quarter.