Nike Is In, Tech Stocks Are Out. What These Big Investors Are Buying and Selling.
3 min
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.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.
Scotch whisky expert, luxury hospitality strategist and Keeper of the Quaich inductee Ross Blainey is bringing a new philosophy of luxury experiences to Citizen Kanebridge.
King Living has unveiled a modular version of its Aura Sofa, bringing greater flexibility to the sculptural design collection as demand grows for furniture that can adapt to changing lifestyles.
2 min
Australian furniture brand King Living has expanded its Aura Collection with the launch of a new modular sofa designed to blend contemporary aesthetics with adaptable living.
The Aura Sofa builds on the success of the Aura Island range, first introduced in 2023, which included indoor and outdoor sofas as well as fixed and swivel occasional chairs.
The latest evolution introduces modular functionality to the collection, allowing homeowners to configure the sofa to suit a variety of spaces and uses.
As living spaces continue to evolve, particularly in urban environments where flexibility is increasingly valued, furniture designers are placing greater emphasis on products that can adapt over time.
King Living says the new Aura Sofa has been developed with this trend in mind, enabling customers to create corner, L-shaped or U-shaped layouts, while also allowing additional modules to be added as needs change.
King Living founder David King said the original Aura concept began as an exploration of sculptural design before being reimagined as a modular system.
“Aura began as an exploration of sculptural form. Now, we’ve brought modularity into that design language, giving the freedom to reimagine your space with a modular design made for flexibility,” he said.
The collection’s defining feature remains its soft, flowing silhouette, with curved forms replacing traditional angular sofa designs.
The company describes the sofa as a response to changing lifestyles, where living rooms increasingly serve multiple purposes, from entertaining guests and family gatherings to quiet reading corners and work-from-home spaces.
Its rounded profile and minimalist aesthetic are intended to enhance the flow of contemporary interiors while maximising available space. According to the company, the design is equally suited to compact apartments and larger open-plan homes.
“Today, living space is both a luxury and a constraint. Aura is our response, a purposeful design that proves when intention and fluidity converge, the result can feel both expansive and refined,” King said.
Beyond aesthetics, the new sofa incorporates several engineering features synonymous with the King Living brand.
These include the company’s Postureflex steel suspension system, extra-high pocket springs and its signature steel frame, which is backed by a 25-year warranty. The company says the design has been engineered to deliver long-term comfort and durability.
Sustainability has also been a focus of the design. Each module features a removable cover that can be professionally cleaned, repaired or replaced individually, reducing the need to replace an entire sofa and potentially extending the product’s lifespan.
The Aura Sofa is available made to order in a range of premium fabrics and European leathers, allowing customers to tailor the piece to different interior styles and colour palettes.
Designed, manufactured and sold exclusively by King Living, the Aura Sofa launched in showrooms and online early this month, marking the latest addition to the Australian company’s growing portfolio of modular furniture designs.
From the Caribbean to Australia’s east coast, Oyster’s latest world rally promises a bluewater voyage designed for owners seeking ultimate sailing experiences.
Limited to 630 units, Lamborghini’s latest Urus Capsule pushes personalisation further than ever, blending hybrid performance with over 70 bespoke design combinations.
