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Should You Follow Discovery Capital’s Lead and Reduce Exposure To Sprint (S), T MOBILE (TMUS) & Two Other Stocks?

Next up is T MOBILE US INC (NYSE:TMUS). Citrone and his team decided to reduce their exposure to this telecom stock as well, having dumped 56% of their position. At the end of September, Discovery Capital held 1.35 million shares worth approximately $63.2 million. Let’s have a closer look at the latest hedge fund action encompassing T MOBILE US INC (NYSE:TMUS), which returned 8% during the third quarter.

Heading into the third quarter of 2016, a total of 52 of the hedge funds in our database were bullish on T-Mobile, unchanged from the first quarter of 2016. Among these funds, Viking Global held the most valuable stake in T MOBILE, which was worth $604.3 million at the end of the second quarter. On the second spot was Soroban Capital Partners which amassed $389.4 million worth of shares. Moreover, Marshall Wace LLP and Jericho Capital Asset Management were also bullish on the stock.

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Western Digital Corp. (NASDAQ:WDC) has fallen out of favor with the management of Discovery Capital Management, as the fund’s stake in the company was slashed by 72% during the third quarter. According to its latest 13F filing, Discovery held just 751,950 shares of Western Digital worth close to $43.9 million. Over the course of the third quarter, Western Digital Corp. (NASDAQ:WDC) registered a positive return of 24.8%, providing shareholders with a handsome profit, which is what may have prompted Discovery to exit nearly 3/4 of its position.

During the second quarter, the popularity of the stock among the funds tracked by Insider Monkey registered a boost, with 48 funds holding the stock at the end of June, up by 14% from the first quarter of 2016. Discovery Capital Management was again the largest shareholder of the stock, followed in this case by quant-fund Two Sigma Advisors, which amassed a stake valued at $116.9 million. First Pacific Advisors LLC, Appaloosa Management LP, and Sirios Capital Management also held valuable positions in the company.

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Disclosure: None

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