Fortress Investment Group has revealed in the latest round of 13F filings some important moves, and several of them are in tech stocks. The fund’s current portfolio has an estimated worth of $6.98 billion, up from approximately $6.5 billion at the end of the first quarter of 2014. Fortress Investment Group was founded in 1998 as a private equity fund, while its current manager, Michael Novogratz, joined the team in 2010, four years after the firm had entered the hedge fund business. There are some notable changes to the top 5 equity holdings of the fund, but this article will focus on three important tech plays.
First up is Apple Inc. (NASDAQ:AAPL), the Cupertino-based tech giant. The stock has undergone a seven-for-one split to become accessible to the wider investor community. Novogratz has also decided its a good time to buy Apple Inc. (NASDAQ:AAPL) and has acquired a little under 125,000 shares, an investment valued at approximately $11.6 million. Everybody knows Carl Icahn is a great fan of Apple Inc. (NASDAQ:AAPL) . As reported in its latest 13F filing, Icahn Capital LP holds approximately 52.7 million shares, a position which is valued at $4.9 billion.
The addition of Autodesk, Inc. (NASDAQ:ADSK), a design software and services company, to Fortress’ equity portfolio is also a notable move. As reported in the filing, the fund has acquired 485,000 shares, valued at $27.3 million. Eric W. Mandelblatt is also fond of Autodesk, Inc. (NASDAQ:ADSK), having increased his fund’s holding by 28% during the second quarter. Soroban Capital Partners currently holds 9.15 million shares of Autodesk, Inc. (NASDAQ:ADSK), worth approximately $516 million.
Novogratz sees great potential in Baidu Inc (ADR) (NASDAQ:BIDU) as well, having bought 67,150 shares of the Chinese internet search provider. As reported in Fortress’ 13F filing, this position is valued at a little over $12.5 million. Stephen Mandel is also betting big on Baidu Inc (ADR) (NASDAQ:BIDU) and has increased his fund’s holding of the stock by 15% during the same period of time. Mandel’s Lone Pine Capital has reported ownership of approximately 8.92 million shares of Baidu Inc (ADR) (NASDAQ:BIDU) with an estimated value of $1.6 billion. This position accounts for 6.7% of Lone Pine’s equity portfolio.