D1 Capital doubled down on its tech bets in the third quarter, adding some big names to its portfolio. The hedge fund, run by Daniel Sundheim, added new positions in Google-parent Alphabet and Micron Technology that were worth more than $150 million each in the third quarter, according to securities filings. The fund also built on its positions in Microsoft and Amazon. The biggest new position was a stake in Sherwin-Williams worth more than $400 million, but tech stocks still dominate the fund’s largest holdings. Tech stocks struggled in the third quarter (the Vanguard Information Technology Index Fund ETF was off 6.4% in the quarter), but it is unclear when D1 made its purchases. The quarterly hedge fund filing shows only the positions at the end of September, not any details about the trades. One major reduction in the portfolio was Expedia Group, where Sundheim sold almost half his position. D1 also exited positions in Disney and Live Nation during the quarter. Those stakes were worth roughly $70 million and $37 million at the end of June. D1 also added a handful of smaller new positions, worth less than $100 million a piece. Those include Intuitive Surgical, Mastercard, JD.com, Nvidia and Block. Sundheim is a hedge fund veteran who previously worked as the chief investment officer at Viking Global Investors. D1, which he started in 2018, managed about $40 billion at the end of the first quarter of 2022.
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