Was Cliff Asness Right to Bet Big on These Tech Stocks?

#5 Infosys Ltd ADR (NYSE:INFY)

Shares held (as of June 30): 11.89 million
Total Value (as of June 30): $188.39 million
Percent Change from First Quarter: 109%

Infosys Ltd ADR (NYSE:INFY) rose by 20.4% in the third quarter, as sentiment around outsourcing and business consulting improved. The strong dollar helps Infosys in some ways, because its costs are lower in India in dollar terms if the dollar rallies against the Rupee. With a forward P/E of 18.98 and dividend yield of 2.47%, Infosys Limited certainly isn’t expensive. AQR is optmistic, as it increased its position by 109% in the second quarter to 11.89 million shares. Ken Fisher‘s Fisher Asset Management owned 21.67 million shares at the end of June.

#4 Applied Materials, Inc. (NASDAQ:AMAT)

Shares held (as of June 30): 1.58 million
Total Value (as of June 30): $30.3 million
Percent Change from First Quarter: 227%

Applied Materials, Inc. (NASDAQ:AMAT) slid by 23.1% in the third quarter as investors worried about oversupply. Applied Materials, Inc. (NASDAQ:AMAT) helps companies make the latest and best NAND flash technology, but will see its business slow down as its customers consolidate and reduce their expansion plans. The company did recently get some good news, however, after Intel Corporation (NASDAQ:INTC) announced it will be spending up to $5.5 billion building new capital plants in China. AQR is a believer in the company, as it increased its position by 227% from the first quarter to 1.58 million shares. David Einhorn’s Greenlight Capital owned 8 million shares at the end of June.