Hedge funds and other big investment fund managers shifted out of the Magnificent Seven tech stocks in the second quarter and took on new stakes in a variety of stocks in the healthcare and consumer sectors.
For example, activist investor Nelson Peltz didn’t exit his stake in Walt Disney entirely, but it was substantially lower compared with the first quarter after he lost his proxy battle at the entertainment company.
Instead, Peltz’s Trian Fund Management took on new stakes in Solventum , the healthcare company spun off from 3M in April, and U-Haul, the storage and moving company, according to a regulatory filing on Wednesday.
Paul Singer’s Elliott Investment Management reported a new 6 million-share stake in Southwest Airlines as of June 30. The fund this week started a proxy battle at the carrier, with plans to nominate a slate of directors to largely replace the board.
And Pershing Square Capital’s Bill Ackman, who recently withdrew a planned initial public offering of a $2 billion closed-end fund, reported new stakes in apparel maker Nike and investment management firm Brookfield Corp.
The regulatory filings reflect investment manager holdings as of the end of June, and portfolios may have shifted since then.
Trian Fund Management
Peltz’s Trian Fund Management reported 2.65 million shares of Disney as of June 30, down from 32 million in March. It reported a new 5.36 million share stake in Solventum and a nearly 1.3 million-share stake in U-Haul in two different share classes.
Trian reported no stake in food services company Sysco , compared with 1.2 million shares in March.
Elliott Investment Management
Paul Singer’s Elliott Investment Management snapped up nearly 8 million shares of the dating platform Match, doubled its stake in craft marketplace Etsy to 4.5 million shares, and bought about 500,000 more shares of communications firm Liberty Broadband to bring its total to just under 2.2 million.
Soros Capital
Soros Capital, the family office for billionaire George Soros, made a cryptocurrency play in the second quarter, taking on new stakes in Bitcoin mining-related companies.
Soros reported a new 2.3 million-share position in Bitcoin mining firm Terawulf and a new 1.5 million-share stake in Core Scientific, another Bitcoin miner. It took a new 1.3 million share stake in Iris Energy , a Bitcoin miner that operates data centers using renewable energy.
Soros took a smaller new 32,000 share stake in Portillo’s, a fast casual restaurant chain that specializes in Chicago-style hot dogs and the Italian beef sandwiches popularized in the Hulu series The Bear.
On the flip side, Soros cut or eliminated stakes in most of the Magnificent Seven stocks. It reported no holdings of Nvidia , Advanced Micro Devices , and Microsoft and smaller holdings in Amazon , Meta Platforms , and Netflix compared with the first quarter. It also reported no holdings of Ozempic and Wegovy maker Novo Nordisk as of June 30, compared with a 77,000-share stake in March.
Pershing Group
Bill Ackman’s Pershing Square Capital snapped up a new 7 million-share stake in Brookfield Corp.and 3 million shares of Nike. Pershing reported smaller holdings of Chipotle Mexican Grill , Alphabet , and Hilton Worldwide compared with its first quarter filing. It reported $10.4 billion of assets.
Baupost
Seth Klarman’s Baupost Group reduced its holdings of Alphabet by more than 60%, leaving it with just under 3 million shares. It also shed some 2 million shares of fintech firm Fidelity National Information Services and more than 3 million shares of Liberty Media ’s SiriusXM Group.
Baupost’s biggest new stake reported among its $3.6 billion in holdings was 420,000 shares of healthcare company Humana . It also picked up 1 million shares of Capri Holdings , the fashion group that owns Versace, Jimmy Choo and Michael Kors, and 1.8 million shares of healthcare company Solventum.
Starboard
Activist investment firm Starboard Value, which is run by Jeff Smith and reported $4.3 billion in assets, nearly halved its shares of healthcare company Humana to 507,000 from 906,000 in the prior quarter.
It also slashed its holdings in GoDaddy by nearly 2 million to 4.6 million. Its biggest purchase was 2.7 million shares of clinical research firm Fortrea to a total of 8 million shares.
Third Point
Dan Loeb’s Third Point disclosed several new stakes in the second quarter, including 1.95 million shares of Apple and 2.8 million shares in communications firm Amphenol . Third Point maintained its 5.1 million-share stake in Amazon.
Greenlight Capital
With $2 billion under management, David Einhorn’s Greenlight Capital reported a new stake in Peloton of 6.8 million shares. It also upped its shares of pharmaceutical firm Viatris by 2.9 million shares to 7.4 million and doubled down its stake in HP Inc to 3.37 million shares.
It also reported new investments in fashion firm Capri Holdings and media conglomerate IAC of 700,000 and 300,000 shares, respectively.
It reported no position in clean energy firm Net Power, compared with 2 million shares in March. It also reported no holdings in Johnson & Johnson spinoff Kenvue , which sells Aveeno, Band-Air, Tylenol, and other consumer health brands. It held 710,000 Kenvue shares in March.
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With interest booming, wellness experts and pool builders have seen more homeowners hoping to take cold therapy immersion into their own backyards.
Cold plunges have gone from fringe curiosity to full-blown cultural phenomenon, the wellness world’s equivalent of a headline-grabbing breakout star.
Adherents slip into icy water on a daily basis, chasing an electric jolt of clarity that feels like a flip has been switched inside your brain.
Dedicated cold plunge practices are everywhere from upscale fitness studios and pro sports locker rooms to renowned wellness destinations such as Mountain Trek Health Reset Retreat in British Columbia.
Considering the ever-expanding assortment of companies flooding the market with cold plunge tubs and other custom devices dedicated to achieving icy bliss—with costs potentially reaching into the tens of thousands—some homeowners are tempted to use their swimming pools as an alternative.
“We’re absolutely seeing more homeowners use their pools as year-round cold plunges, especially in colder climates,” said Nick McNaught, CEO and co-founder of Toronto-based Stay Unbounded, which offers cold exposure workshops, retreats and certifications.
“The motivation is often simplicity and cost. If the water is already cold, people see value in keeping the pool open longer or winterizing it differently to support cold exposure.”
Suzanne Vaughan, president of Massachusetts-based pool builder SwimEx, points out the inherent convenience that comes with taking a frosty dip out back.
“From what homeowners tell us, the appeal of a cold plunge at home is less about chasing extremes and more about having a simple ritual that’s always available,” she said.
“It’s quick, accessible and easy to build into a daily routine.”
Among new clients Vaughan works with, year-round cold plunge use is usually planned from the start rather than as an afterthought.
“More are choosing indoor pools or small attached structures because that makes temperature control, equipment protection and day-to-day use much easier in colder climates,” she said.

If someone is thinking about using an existing home pool as a cold plunge, the main questions are likely to involve practicality and protection.
“Larger volumes of water take more energy and time to keep at colder temperatures, and you need a plan to protect plumbing, finishes and equipment from freeze–thaw cycles,” she added.
“Whatever the design, you want a system that’s built for the temperature range you have in mind, and a pool professional who can help you winterize safely.”
One such professional is Hunter Gary, a certified master pool builder and owner of H2 Outdoor Living in Tennessee.
“Most everyone has a ‘number’ in degrees when it comes to cold plunging. When a client asks our company to design a cold plunge for them, I ask ‘what’s your number?’” Gary said.
“A smaller body of water or cold plunge vessel may be much easier for maintaining a balanced temperature…but if using a pool gets you excited about a more serious approach to inviting this wellness experience in your life, then go for it.”
Amy McDonald, owner and CEO of Under a Tree, a wellness consultancy, said transforming a pool into a plunge might not be worth time and investment
“It is almost impossible to retrofit a standard swimming pool into a cold plunge,” she said.
“The energy and money to do it properly is greater compared to just creating a complimentary contrast circuit.”
A proper setup needs to be exceptionally cold, she noted, so depending on where the pool is located it might not get chilly enough to provide optimal health benefits.
“That could work in northern areas of the U.S., but it takes a lot for a pool to generate and keep that kind of cold, not even considering if the pool ices over,” she said.
McNaught echoed those concerns, citing how home pools aren’t designed specifically for cold plunging, so temperature consistency, cleanliness, ease of access and safety become important factors.
“Dedicated cold plunge setups offer more control, smaller volumes and lower ongoing maintenance,” he said.
“For many people, a pool works as an entry point. Over time, those who commit to the practice transition to a dedicated setup because it better supports frequency, comfort and long-term use.”
Beyond geography and climate, industry experts pointed out other challenges homeowners are likely to face.
“Pools are saturated with chlorine and other chemicals that directly absorb into the bloodstream. The advantage of many cold plunges is that no chemicals are required for residential use,” said David Haddad, as the co-founder of Oregon-based BlueCube Wellness.
“Constant ozonation and filtration is enough to kill organic compounds without exposure to sanitizing chemicals.”
Most cold-plunge systems are monitored to stay between 50-60 degrees Fahrenheit—with experienced plungers often preferring lower temperatures.
While “the ultimate experience might be a glacial lake in Finland, unfortunately that’s a bit out of reach for most of us,” said Andreas Stelluti, co-founder at Texas-based Colderatti, whose vessels feature the world’s first chemical-free cold plunge technology, powered by a triple filtration system that removes 99% of impurities to provide a system with drinking-quality water.
“Having a cold plunge at home brings that experience to your backyard, making it very easy and accessible, so you have the ability to make it part of your lifestyle,” he added.
Stelluti noted that as spring arrives and clients’ home pools start to warm up again, they begin to miss the cool water.
“Many say ‘I really need this to be part of my lifestyle year-round’ and that desire for consistent, accessible cold immersion is what motivates them to invest in a dedicated cold plunge setup,” he explained.
“Unfortunately, you can’t use your pool as a year-round cold plunge during the summer. Especially not here in Texas.”
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