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Amazon Downgraded But It’s Been A Huge Win For Hedge Funds

How are hedge funds trading Amazon.com, Inc. (NASDAQ:AMZN)?

At the end of the first quarter, a total of 96 of the hedge funds tracked by Insider Monkey were long in this stock, a change of 26% from one quarter earlier. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their stakes considerably.

According to our database, Fisher Asset Management, managed by Ken Fisher, holds the most valuable position in Amazon.com, Inc. (NASDAQ:AMZN). Fisher Asset Management has a $917.5 million position in the stock, comprising 1.8% of its 13F portfolio. On Fisher Asset Management’s heels is Boykin Curry of Eagle Capital Management, with a $829.2 million position; the fund has 3.1% of its 13F portfolio invested in the stock. Remaining hedgies that hold long positions consist of Alex Snow’s Lansdowne Partners, David E. Shaw’s D E Shaw and Ken Griffin’s Citadel Investment Group.

Jim Simons
Jim Simons
Renaissance Technologies

As industrywide interest jumped, key hedge funds were breaking ground themselves. Renaissance Technologies, managed by Jim Simons, initiated the most outsized position in Amazon.com, Inc. (NASDAQ:AMZN). Renaissance Technologies had 429 million invested in the company at the end of the quarter. Amazon was a top 5 position for RenTech. Our research indicates that RenTech’s top 5 stock picks on average outperforms the market. Their Amazon move was especially timely. Rob Citrone’s Discovery Capital Management also initiated a $186.1 million position during the quarter. The other funds with new positions in the stock are Leon Shaulov’s Maplelane Capital, Gilchrist Berg’s Water Street Capital, and Rob Citrone’s Discovery Capital Management.

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