Lone Pine Capital opened positions in several tech stocks in the first quarter and increased its position in Block by almost 1000%.
By the end of the first quarter, the hedge fund founded by Stephen Mandel more than two decades ago had more than $16 billion in equity positions, according to a filing with the SEC. That was a 29.5% decrease from the previous quarter. The fund increased its position in Microsoft , its top holding, by about 6%. Lone Pine also opened positions in Taiwan Semiconductor and Meta Platforms of more than $800 million each, putting both among its top 10 holdings.
Source: Filings, InsiderScore Atlassian Corp , a company that makes software products for developers, and Bill.com , an accounts payable focused fintech company, were also new tech positions for the fund. Lone Pine shed its holdings in several payment tech firms, but magnified its position in Square-parent Block , after selling most of its shares in the company at the end of 2021.
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