Lone Pine bet big on tech in the first quarter and jumped back into Block

Lone Pine Capital opened positions in a number of tech shares within the first quarter and elevated its place in Block by virtually 1000%. By the tip of the primary quarter, the hedge fund based by Stephen Mandel greater than twenty years in the past had greater than $16 billion in fairness positions, in keeping with a submitting with the SEC. That was a 29.5% lower from the earlier quarter. The fund elevated its place in Microsoft , its high holding, by about 6%. Lone Pine additionally opened positions in Taiwan Semiconductor and Meta Platforms of greater than $800 million every, placing each amongst its high 10 holdings. Each shares have just lately been hit exhausting amid the broader tech-led sell-off of 2022. Supply: Filings, InsiderScore Atlassian Corp , an organization that makes software program merchandise for builders, and Invoice.com , an accounts payable targeted fintech firm, have been additionally new tech positions for the fund. Lone Pine shed its holdings in a number of fee tech corporations, however magnified its place in Sq.-parent Block , after promoting most of its shares within the firm on the finish of 2021. The fund had elevated its stake in Block by 975% by the tip of the primary quarter, bringing the worth of its place to $404.6 million. In the meantime, Lone Pine lower its Mastercard place, which it opened on the finish of the earlier quarter, by virtually half. It additionally decreased holdings in Visa and Shopify . All three, nevertheless, stay among the many fund’s high positions.