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Hedge Funds Are More Bullish On Tech Than They’ve Ever Been

Amazon.com, Inc. (NASDAQ:AMZN)

– Number of Hedge Funds Long The Stock As Of June 30: 145

– Value of Hedge Funds’ Combined Holdings As Of June 30: $19.82 billion

Amazon.com, Inc. (NASDAQ:AMZN) was the third most popular stock among the funds that we track, only trailing Facebook and Alphabet, with 145 investors holding shares at the end of June. Among the largest shareholders were Andreas Halvorsen’s Viking Global, which held 3.27 million shares by June 30, following a 5% reduction in its exposure, and Ken Fisher’s Fisher Asset Management, which disclosed ownership of 1.98 million shares, down 21% quarter-over-quarter. The stock has surged by more than 20% year-to-date and with the holiday season ahead, Amazon still has more room to grow. At the end of September, eMarketer released its forecast for the holiday season eCommerce sales, expecting a jump of 17.2%. More specifically, retail eCommerce sales are expected to amount to $94.71 billion, representing 10.7% of the total retail sales and Amazon is anticipated to increase its market share from the 25% it amassed last year.

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Microsoft Corporation (NASDAQ:MSFT)

– Number of Hedge Funds Long The Stock As Of June 30: 131

– Value of Hedge Funds’ Combined Holdings As Of June 30: $18.81 billion

Among the firms that we track, Microsoft Corporation (NASDAQ:MSFT) counted 131 funds tracked by with long positions in its stock as of June 30, including First Eagle Investment Management, with 23.45 million shares, valued at roughly $1.2 billion by the end of the second quarter, and David Blood And Al Gore’s Generation Investment Management, which held 15.17 million shares of the tech behemoth. After a volatile year, Microsoft Corporation (NASDAQ:MSFT)’s stock has managed to return just 3.7% since January, underperforming the major U.S. stock indexes. Over the second half of 2016, however, shares have gained around 12%, largely on the back of strong fiscal fourth-quarter results posted on late-July. The company is expected to report its results for the fiscal first quarter on October 20 and analysts expect EPS of $0.68 and revenue of $21.71 billion, although investors will also watch for other metrics, particularly the performance of its Azure segment.

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Apple Inc. (NASDAQ:AAPL)

– Number of Hedge Funds Long The Stock As Of June 30: 116

– Value of Hedge Funds’ Combined Holdings As Of June 30: $10.67 billion

Finally, there’s Apple Inc. (NASDAQ:AAPL), which saw the number of funds in our database long its stock drop by 13 during the second quarter. However, it remained one of the 10 most popular stocks among these firms, counting on the support of Warren Buffett’s Berkshire Hathaway, which last disclosed ownership of 15.22 million shares, or about $1.45 billion in stock, and Phill Gross And Robert Atchinson’s Adage Capital Management, with 7.46 million shares. Apple Inc. (NASDAQ:AAPL)’s stock had a tough first half, losing more than 9%. Over the second half, however, shares rebounded by 22.51% and are now trading around $117, versus its January levels around (or below) $105.00. Apple has recently confirmed that it will host an event on October 27, where the company is expected to release a new lineup of Macbooks and iMacs.

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Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.

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