Billionaire Steve Cohen’s Big New Bets On Netflix (NFLX), ConocoPhillips (COP) Plus Other Top Holdings

Not Buying the Google Frenzy?

Although there is great optimism about the prospects of Alphabet Inc (NASDAQ:GOOGL) in the hedge fund community, Steven Cohen decided to reduce his fund’s exposure to the stock. At the end of the first quarter, 155 elite funds disclosed a long position in Class A Google shares, up by one over the quarter, while the number of positions in Class C shares was unchanged at 142. Point72 Asset Management’s latest 13F filing shows a 32% reduction in its holding of Class A stock to 257,300 shares worth $196 million, while its holding of Class C shares was reduced to 34,000 shares valued at $25.3 million. Billionaire Andreas Halvorsen is also bullish on Alphabet Inc (NASDAQ:GOOGL), having increased his fund’s stake in the company. According to its latest 13F filing, Viking Global held 2.05 million Class A shares and 1.05 million Class C shares at the end of the quarter. Alphabet Inc (NASDAQ:GOOGL) has recently brought back to light its Project Ara and has announced that the first modular phones will be available next year. With the smartphone market nearing saturation and the upgrade cycle slowing down, investors see modular phones as a niche and Project Ara would allow Google to have a solid head start.

More Facebook!

The recent optimism surrounding Facebook Inc (NASDAQ:FB) has attracted a lot of hedge funds into establishing a long positions and the company surged to the second most popular stock among the hedge funds followed by Insider Monkey. At the end of the first quarter, the number of long hedge fund positions rose to 164 from 146 at the end of December. Cohen is also bullish on this stock, having boosted his fund’s stake by 82% to 2.32 million shares valued at $264 million. Facebook Inc (NASDAQ:FB) first quarter earnings easily topped analysts’ estimates, giving another boost to investor confidence. Revenues came in at $5.38 billion and earnings stood at $0.77 per share, above the consensus of $0.62 per share on the back of $5.26 billion in revenue. The company also announced a proposal to create new class C shares. Shareholders would get two Class C shares for every Class A or Class B shares held, which would allow founder and CEO Mark Zuckerberg to sell some of his shares without diminishing his grip on the business. Andreas Halvorsen has also decided to bet big on Facebook Inc (NASDAQ:FB) and his fund, Viking Global, reported a fresh stake in the company at the end of the quarter, which amounts to 20.1 million shares worth $2.29 billion.

Disclosure: none.