Hedge fund veteran Dan Sundheim bailed on various big bets on the tech sector all through the 1st quarter, in accordance to a securities submitting released Monday. Sundheim’s D1 Money exited positions in JD.com , Carvana and Shopify during the very first three months of 2022, according to the filings. These positions have been value extra than $2 billion put together at the finish of December. The company did not disclose when the gross sales were being designed, and timing was likely a important element in deciding how the fund executed: All 3 stocks fell sharply throughout the initial quarter. In general, the worth of D1’s community equity holdings fell to about $8.5 billion at the end of March, down from much more than $16 billion at the conclusion of December. That is likely a mix of selling out of stocks to change dollars elsewhere and of market declines for holdings. Right here are some other positions that D1 closed out that ended up well worth at minimum $100 million each at the stop of December: 10X Genomics Tub & Overall body Is effective Coupa Software package Toast Tesla Block Even the shares that D1 did keep on to had been topic to significant advertising. For case in point, the fund dumped extra than 20% of its stake in Amazon and nearly 70% of its stake in Disney . One particular tech inventory that D1 did include to was Microsoft , raising its stake by about 36%. That place was valued at just over $1 billion at the close of March. The enterprise extra than tripled its situation in British vehicle retailer Cazoo . That was valued at about $100 million at the finish of the to start with quarter. D1 also created a stake of about $281 million in program agency Atlassian . One particular holding that may have drastically impacted D1’s efficiency was automaker Rivian. The price of D1’s stake was cut in 50 % throughout the initial quarter regardless of no selling action by the fund. The lock-up interval from Rivian’s IPO expired earlier this thirty day period. Sundheim built his name as an investor at Viking Global, exactly where he served as chief expenditure officer. Final year, D1 created large bets on reopening shares , such as Expedia , which is now the fund’s leading holding.
