D1 Capital slashes big tech holdings and adds new bet on hotels, real estate
Dan Sundheim's D1 Capital Partners slashed its holdings in some of the largest technology stocks in favor of new bets on a major hotel chain and real estate stocks, according to a 13F filing with the U.S. Securities and Exchange Commission covering second-quarter investments. The fund purchased a nearly $300 million stake in Hilton as well as $153 million in apartment real estate investment trust AvalonBay Communities . Sundheim also added 59% to a position in Jack Dorsey's Block in the second quarter, now worth $101 million. D1 also exited its position in tech giants Amazon , Alibaba and Salesforce in the second quarter, the filing showed, and sold 21% of a stake in Google parent Alphabet. D1 also trimmed more than 25% worth of its holding in Facebook parent Meta Platforms , now worth $219 million. The firm slashed nearly 40% of a $448 million holding in Microsoft in the latest quarter. The Xbox maker now stands at $326 million. Meanwhile, D1 added new semiconductor holdings. Sundheim took new positions in chipmakers AMD and Nvidia for $18 million and $57 million, respectively. The move follows Sundheim downsizing and divesting Nvidia holdings in the fourth quarter of 2022 and first quarter of 2023. Elsewhere, D1 added to positions in General Electric , Insulet and Elevance Health . The firm also fully divested positions in Live Nation Entertainment , Lowe's and Expedia . The firm managed about $27 billion at the end of the second quarter, according to WhaleWisdom.com , including about $5 billion in 13F securities.