Ken Griffin’s Citadel Is Piling Into These 10 Stocks

Published March 18, 2022 at 9:01 am EDT Updated September 7, 2026 at 2:05 pm EDT

In this article, we discuss the 10 stocks that Ken Griffin’s Citadel is piling into.

Ken Griffin oversees Citadel Investment Group, one of the largest hedge funds in the world. The portfolio value of the fund at the end of the fourth quarter of 2021 was more than $489 billion, up from $481 billion at the end of September 2021. The scale of the equity holdings of the fund is better understood by looking at the latest 13F activity. Between October and December, the fund made new purchases in 1,948 stocks, additional purchases in 5,275, and reduced holdings in 6,371 stocks. It also sold off 1,924 stocks completely.

The top ten holdings of Citadel Investment Group comprise under 30% of the portfolio and are concentrated in the technology and services sectors. Griffin and his fund have come under regulatory scrutiny in the past few months amid investigations into short-selling. Two investment arms of the Citadel umbrella, Citadel Securities and Surveyor Capital, are the subject of probes by the US Department of Justice and the US Securities and Exchange Commission. These probes involve allegations of market manipulation and short-selling frauds.

Griffin, who has personal net worth in excess of over $27.5 billion, has meanwhile been busy preparing his portfolio for the upcoming economic environment in light of rising inflation and interest rates. Some of the top stocks in the portfolio of Ken Griffin at the end of December 2021 included Meta Platforms, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), and Broadcom Inc. (NASDAQ:AVGO), among others discussed in detail below.

Our Methodology

The stocks were picked from the fourth quarter regulatory filings of Citadel Investment Group. The companies in which the fund increased a previously-held stake feature on the list. Stocks in which the fund held CALL or PUT options have been identified prominently.

Data from around 900 elite hedge funds tracked by Insider Monkey was used to identify the number of hedge funds that hold stakes in each firm.

Billionaire Ken Griffin's Top 10 Stocks Holdings

Ken Griffin of Citadel Investment Group

Ken Griffin’s Citadel Is Piling Into These Stocks

10. Charter Communications, Inc. (NASDAQ:CHTR) CALL

Number of Hedge Fund Holders: 73

Percentage Increase in Stake During Q4: 801%

Charter Communications, Inc. (NASDAQ:CHTR) is a Connecticut-based communications firm. It is one of the top communications stocks in the finance world. At the end of the fourth quarter of 2021, 73 hedge funds in the database of Insider Monkey held stakes worth $16.5 billion in Charter Communications, Inc., compared to 74 in the previous quarter worth $18.7 billion.

Latest filings show that Citadel owned CALL options on over 2.3 million shares of Charter Communications, Inc. at the end of the fourth quarter of 2021 worth $1.5 billion, representing 0.3% of the overall portfolio. The company has been in the Citadel portfolio, with minor breaks, since the third quarter of 2016.

Just like Meta Platforms, Inc., Amazon.com, Inc., and Broadcom Inc., Charter Communications, Inc. is one of the stocks that elite investors are flocking to.

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Charter Communications, Inc. was one of them. Here is what the fund said:

“The portfolio’s quality bias and valuation discipline have generated compelling returns over time with typically strong relative results in more challenging environments as it did through the first three quarters of 2020. However, that same quality bias tends to create a more challenging relative performance environment for the Strategy during periods of sharp economic acceleration, which tend to benefit stocks that are more commodity linked or of lower quality. This has been the case during the vaccine- and stimulus-driven rally experienced late last year and during the most recent quarter. Sectors that lagged in the quarter included communication services, where Charter Communications, Inc. trailed after generating robust returns earlier in the recovery.”

9. PayPal Holdings, Inc. (NASDAQ:PYPL) PUT

Number of Hedge Fund Holders: 110

Percentage Increase in Stake During Q4: 68%

PayPal Holdings, Inc. (NASDAQ:PYPL) provides digital payments services. Regulatory filings reveal that Citadel owned PUT options on over 6.1 million shares of PayPal Holdings, Inc. at the end of the fourth quarter of 2021 worth more than $1.1 billion, representing 0.23% of the portfolio.

Hedge funds have been offloading PayPal Holdings, Inc. stock amid a broader lull around growth offerings. At the end of the fourth quarter of 2021, 110 hedge funds in the database of Insider Monkey held stakes worth $9.9 billion in PayPal Holdings, Inc., compared to 123 in the preceding quarter worth $12.8 billion.

In its Q4 2020 investor letter, Polen Capital Management, an asset management firm, highlighted a few stocks and PayPal Holdings, Inc. was one of them. Here is what the fund said:

“For the full year 2020, one of the top performers was PayPal Holdings, Inc., which we purchased in 2019, the company continues to take market share in digital payments and has seen an acceleration in user adoption and engagement, especially within their “silver tech” or older user demographic. We expect many more years of ongoing double-digit growth from their various business segments and new initiatives.”

8. Block, Inc. (NYSE:SQ) PUT

Number of Hedge Fund Holders: 96

Percentage Increase in Stake During Q4: 51%

Block, Inc. (NYSE:SQ) provides payments services. Elite hedge funds hold large stakes in the company. At the end of the fourth quarter of 2021, 96 hedge funds in the database of Insider Monkey held stakes worth $5.9 billion in Block, Inc., compared to 98 in the preceding quarter worth $8.8 billion.

Securities filings show that Citadel owned PUT options on close to 7 million shares of Block, Inc. at the end of December 2021 worth over $1.1 billion. The company has been in the Citadel portfolio since the third quarter of 2017.

In its Q1 2021 investor letter, RiverPark Funds, an asset management firm, highlighted a few stocks and Block, Inc. was one of them. Here is what the fund said:

“We established a position in leading Financial Technology provider Block, Inc. during the quarter. Through one integrated system, Block, Inc. is a hybrid of two businesses: its Seller Business (charging small and medium-sized businesses about 3% for transaction payment processing, plus other services such as instant funds access, and software for everything from customer engagement to payroll), and its Cash App (originally for person-to-person cash transfers and now a growing digital financial services provider for consumers).

The combined business has grown gross profit at a 37% CAGR over the past five years to $2.7 billion (due to pass through costs, gross profit is more reflective of top-line growth) and we believe that Block, Inc. has an enormous long-term runway, as it has less than a 2% share of a more than $160 billion market. It is our view that the company’s Cash App (which has grown from nothing in 2015 to $1.2 billion gross profit last year) has a particularly large opportunity with its powerful ecosystem of digital financial services including digital wallets, direct deposits, stock trading, bitcoin trading, and business and tax services, which are all relatively new. The vast majority of Cash App’s more than 36 million users are younger and, importantly, are willing to replace their bank and other financial services accounts with the app.

We estimate that Block, Inc. can grow its gross profit more than 30% and EBITDA more than 50% annually for the foreseeable future, and while most of the company’s current profit is from its Seller Business, we believe most of the company’s future value will be from its Cash App business.”

7. The Walt Disney Company (NYSE:DIS) CALL

Number of Hedge Fund Holders: 111

Percentage Increase in Stake During Q4: 96%

The Walt Disney Company (NYSE:DIS) provides entertainment services. Latest 13F filings show that Citadel owned CALL options on over 7.1 million shares of The Walt Disney Company at the end of December 2021 worth $1.1 billion, representing 0.22% of the portfolio. The company has been in the Citadel portfolio since the third quarter of 2018.

The Walt Disney Company has witnessed a flurry of hedge fund activity in recent months. At the end of the fourth quarter of 2021, 111 hedge funds in the database of Insider Monkey held stakes worth $6.9 billion in The Walt Disney Company, up from 101 the preceding quarter worth $9.4 billion.

In its Q4 2020 investor letter, Harding Loevner, an asset management firm, highlighted a few stocks and The Walt Disney Company was one of them. Here is what the fund said:

“One of the original constituents of the Nifty Fifty holds a place in our portfolio today. When we bought Disney three years ago, we wrote that “we view Disney theme parks in the US, Europe, and China as resistant to online substitution.” We did not reckon on a pandemic, which closed all of them, and sent all of us to our couches. The Walt Disney Company, however, was ready for us, brilliantly illustrating the importance of management foresight and change management. Or, as Louis Pasteur said, “chance favors the prepared mind.

A century after its founding in 1923, The Walt Disney Company is in the middle of a bold shift from its legacy media networks & entertainment model—with cable TV, theme parks, and theater films dominating its earnings—to a direct-to-consumer streaming media model. The keys to Disney’s transition: matchless storytelling, coupled with financial strength. The company reliably creates content that people all over the world are eager to consume. It also hastened spending on original content to attract subscribers to its new streaming platform. These factors have allowed The Walt Disney Company to weather the pandemic having expanded its direct engagement with customers. Such connections yield a rich harvest of insights used to customize offerings on a mass scale, reinforcing that engagement in a virtuous circle and thereby raising the lifetime value of each customer. Subscribers to Disney+ reached 86.8 million one year after launch, compared to the 60 – 90 million management projected to reach in 2024. To be sure, Netflix, Apple, and Amazon remain formidable competitors in new-era streaming entertainment (mind what we said about everyone standing up at once), but there’s fight left in this old dog.”

6. AT&T Inc. (NYSE:T)

Number of Hedge Fund Holders: 70

Percentage Increase in Stake During Q4: 26%

AT&T Inc. is a media and technology firm. The hedge fund sentiment around the stock is largely positive. At the end of the fourth quarter of 2021, 70 hedge funds in the database of Insider Monkey held stakes worth $4.9 billion in AT&T Inc., compared to 66 in the preceding quarter worth $3.2 billion.

According to the latest disclosures, Citadel owned over 43.7 million shares of AT&T Inc. at the end of the fourth quarter of 2021 worth $1 billion, representing a very small portion of the total portfolio. The company has been in the Citadel portfolio, with minor exceptions, since 2011.

Along with Meta Platforms, Inc., Amazon.com, Inc., and Broadcom Inc., AT&T Inc. is one of the stocks that institutional investors have their eye on.

In its Q1 2021 investor letter, Nelson Capital Management, an asset management firm, highlighted a few stocks and AT&T Inc. was one of them. Here is what the fund said:

“Nelson Capital stayed busy in the first quarter, making several adjustments within our core portfolio. In the communication services sector, we sold AT&T Inc.. Over the years, AT&T Inc. has made several poor acquisitions, especially in the content realm, leaving the company saddled with debt and unable to change directions.”

5. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 279

Percentage Increase in Stake During Q4: 283%

Amazon.com, Inc. is a diversified technology company. Major hedge funds hold bullish positions in the stock. Among the hedge funds being tracked by Insider Monkey, London-based investment firm Citadel Investment Group is a leading shareholder in Amazon.com, Inc. with 4.1 million shares worth more than $13.9 billion.

According to the latest 13F filings, Citadel owned 317,175 shares of Amazon.com, Inc. at the end of December 2021 worth $1 billion, representing 0.21% of the portfolio. The company has been in the Citadel portfolio since late 2010.

In its Q1 2021 investor letter, Hayden Capital, an asset management firm, highlighted a few stocks and Amazon.com, Inc. was one of them. Here is what the fund said:

“Amazon.com, Inc.:We sold our last remaining stake in Amazon this quarter. Amazon was our longest-running investment holding, after having originally purchasing it at the inception of Hayden in 2014, at a price of ~$317.

I gave some details of how Amazon has progressed over these past 6.5 years in last year’s Q2 2020 letter, which partners can find here (LINK). The company has executed amazingly well over this tenure, with revenues up ~3.3x and since our initial purchase, and reported operating income up ~30x over that period.

Generally, I believe there are three reasons to sell an investment:1) we recognize our initial thesis is wrong (sell out as quick as possible), 2) we have a significantly higher returning opportunity to redeploy the capital into (sell-down to fund the new investment), or 3) the company is maturing and hitting the top part of it’s S-curve / business lifecycle, so the business has fewer places to reinvest its capital internally. As such, the future returns will likely be lower than the past. This investment thus becomes a “source of capital” in the future, as we fund earlier-stage investment opportunities.

In the case of Amazon.com, Inc., we decided to sell due to the third scenario. I’m sure Amazon will continue to generate value for shareholders and continue to keep pace with the broader technology sector. However, I’m just not confident it’s as attractive an investment as when we first invested.

With ~51% of US households having an Amazon Prime account (and with very low churn), each of these households continuing to increase their annual spend with Amazon, and few / no real competitors in sight, Amazon is a dominant force that will only continue to accrue value as consumers continue to move from offline to online purchases for their everyday needs. Likewise, the “cash-flow machine” of Amazon Web Services is in a similar position of strength, with AWS now having ~32% market share and continuing to grow at +30% y/y. Because of this, I think Amazon.com, Inc. is probably one of the safest investments in the technology sector today.

So why did we decide to sell the investment then? Simply put, Amazon is …”(read the entire letter here)

4. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 62

Percentage Increase in Stake During Q4: 35%

Broadcom Inc. is a semiconductor manufacturer. Regulatory filings reveal that Citadel owned PUT options on over 1.5 million shares of Broadcom Inc. at the end of December 2021 worth $1 billion, representing a very small portion of the portfolio.

Broadcom Inc. remains a top chip stock on Wall Street. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Cantillon Capital Management is a leading shareholder in Broadcom Inc. with 1 million shares worth more than $669 million.

In its Q2 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Broadcom Inc. was one of them. Here is what the fund said:

“A good way to conceptualize how we think about portfolio construction is to picture a pyramid. At the bottom of the pyramid are the durable compounding growth companies that form the strong foundation, resilience and consistency for the Strategy. We think these companies should comprise just under half of portfolio assets and feature annual revenue growth rates ranging from two times GDP up to 20% as well as healthy free cash flow generation.

Broadcom Inc. has delivered similar long-term appreciation through a combination of organic growth, capital deployment into new and adjacent opportunities through merger and acquisition activity as well as returning capital to shareholders through buybacks and dividends.”

3. Moderna, Inc. (NASDAQ:MRNA) CALL

Number of Hedge Fund Holders: 43

Percentage Increase in Stake During Q4: 29%

Moderna, Inc. (NASDAQ:MRNA) operates as a biotech firm. Hedge funds have been offloading the stock in recent months as the pandemic wanes. At the end of the fourth quarter of 2021, 43 hedge funds in the database of Insider Monkey held stakes worth $3.8 billion in Moderna, Inc., compared to 49 in the preceding quarter worth $7.3 billion.

Latest 13F filings show that Citadel owned CALL options on over 3.7 million shares of Moderna, Inc. worth $955 million at the end of the fourth quarter of 2021. The company has featured in the Citadel portfolio since the first quarter of 2019.

In its Q2 2021 investor letter, Baillie Gifford, an asset management firm, highlighted a few stocks and Moderna, Inc. was one of them. Here is what the fund said:

“Among the top contributors to Fund performance in the second quarter was Moderna. Moderna, Inc. has just reported its first profitable quarter in the company’s history – net income for the most recent quarter was $1.2 billion. It reported revenue of $1.9 billion, an impressive increase compared to $8 million a year ago, driven by the sales of its Covid-19 vaccine. Moderna, Inc. is expecting to deliver up to 1 billion vaccine doses in 2021 and is in discussions to increase global supply to governments around the world. Our long-term focus remains on the transformational potential of Moderna’s technology and its ability to address different diseases.”

2. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 224

Percentage Increase in Stake During Q4: 99%

Meta Platforms, Inc. is a diversified tech firm. According to the latest data, Citadel owned 2.4 million shares of Meta Platforms, Inc. at the end of the fourth quarter of 2021 worth $815 million, representing 0.16% of the portfolio. The company has been in the Citadel portfolio since the second quarter of 2012.

Hedge funds have been shedding Meta Platforms, Inc. from their portfolios as inflation rises. At the end of the fourth quarter of 2021, 224 hedge funds in the database of Insider Monkey held stakes worth $31.8 billion in Meta Platforms, Inc., compared to 248 in the preceding quarter worth $38.5 billion.

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. was one of them. Here is what the fund said:

“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. We also made adjustments to the portfolio’s top 10 holdings to increase the participation of select stocks, including Meta Platforms, Inc., while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.”

1. Intel Corporation (NASDAQ:INTC) PUT

Number of Hedge Fund Holders: 72

Percentage Increase in Stake During Q4: 43%

Intel Corporation (NASDAQ:INTC) makes and sells semiconductor products. At the end of the fourth quarter of 2021, 72 hedge funds in the database of Insider Monkey held stakes worth $5.5 billion in Intel Corporation, compared to 66 in the previous quarter worth $6.4 billion.

Securities filings show that Citadel owned PUT options on over 15.2 million shares of Intel Corporation at the end of the fourth quarter of 2021 worth $784 million, representing 0.16% of the portfolio.

You can also take a peek at 12 Best Environmental Stocks to Invest In and 10 Best Nickel Stocks to Buy Now.

Follow Insider Monkey on Twitter