(Reuters) - The following are some of the hot stocks and sectors in which hedge fund managers either took new positions or exited existing positions in the first quarter.
The moves by Suvretta Capital Management and activist investor Jeff Smith’s Starboard Value were revealed in quarterly disclosures of manager stock holdings, known as 13F filings, with the U.S. Securities and Exchange Commission. They are of great interest to investors looking for a pattern and ascertain what savvy traders are selling and buying.
But relying on the filings to develop an investment strategy comes with some peril because the disclosures are backward-looking and are released 45 days after the end of each quarter.
The filings do not disclose short positions, or bets that a stock will fall in price. As a result, the public filings do not always present a complete picture of a management firm's stock holdings.
ALIBABA GROUP HOLDING
Suvretta Capital Management took a new position, buying 539,950 shares. Harvard Management cut its holdings by 70 percent to 158,864 shares.
FACEBOOK INC
Farallon Capital took a new position, buying 2.58 million shares. David Tepper’s Appaloosa Management cut its stake by 12 percent to own 1.9 million shares. Daniel Loeb’s Third Point cut his stake by 14 percent, selling 500,000 shares.
KATE SPADE & CO
A number of investors put in new positions before handbag maker Coach in early May announced plans to buy Kate Spade. Sachem Head Capital Management took a new position, buying 6.2 million shares.
MACY'S INC
Activist investor Jeff Smith’s Starboard Value exited the retailer, selling 3 million shares and leading a number of investors in turning their backs on the company. Renaissance Technologies exited, selling 2 million shares. Ridgeworth Capital Management exited by selling 1.27 million shares. Adage sold 78 percent of its stake, unloading 1.4 million shares. Marcato Capital Management, another activist fund, exited its position, selling 697,293 shares.
PLAYA HOTELS AND RESORTS NV
Farallon Capital Management took a new position, buying more than 30 million shares.
RH, formerly known as RESTORATION HARDWARE
Marcato Capital Management exited, selling 64,552 shares but OZ Management put in a new position, adding 54,700 shares.
SIGNET JEWELERS
A number of investors trimmed their stakes. Farallon cut its stake by 13 percent to 126.4 million shares while Marcato Capital Management cut its holdings by 30 percent to 696,548 shares.