Hedge Fund News From HedgeCo.Net

Appaloosa, Coatue and Citadel Led Fund Exodus From FAANGs

(Bloomberg)The FAANGs have been losing their bite. Hedge funds were net sellers of all the tech giants but Facebook Inc. in the first quarter, according to preliminary data compiled by Bloomberg. Billionaire David Tepper — who tripled his stake in Apple Inc. last year — did an about-face. His Appaloosa Management sold its entire position, valued at $776 million in the prior period, regulatory filings show.

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