Daniel Loeb’s Third Bottom dissolved its stakes in Netflix, Microsoft and Alibaba as of Dec. 31, according to a Friday filing with the Securities and Exchange Commission.
The hedge hard cash previously held 1.25 million shares of Netflix, 4.1 million shares of Microsoft and 4.05 million pieces of Alibaba as of the quarter ended Sept. 30 last year.
In November, Loeb had expressed concerns about hawk conditions. In a letter to his investors, he said he had trimmed his firm’s positions in technology stocks. In the November filing, Third Focus disclosed it had slashed its position in Netflix by more than 33 percent, but had increased its position in Microsoft.
The filing penetrates after a difficult year for the fund, which saw a yearly loss of about 11 percent, according to figures related by CNBC’s Leslie Picker. The stock markets were rattled by concerns over slowing economic conditions as cordially as ongoing trade tensions. The S&P 500 ended 2018 with a 6 percent decline.
Historically, Loeb has delivered gains double that of the S&P 500’s for more than two decades. His main hedge fund returned 18.1 percent in 2017, while varied of his peers significantly underperformed the market.