Daniel Sundheim's D1 Capital dumped all its shares of Google parent Alphabet and Instagram owner Meta Platforms in the second quarter after their strong runs. The hedge fund sold roughly $400 million worth of Alphabet shares and $382 million of Meta shares last quarter, according to a newly released regulatory filing. The two tech companies were D1's top holdings in the first quarter.
The selling came just before the tech-led market rally this year began to lose steam. Shares of Alphabet have dropped more than 12% in the third quarter after gaining 20% in the second quarter. Meta shares have gained almost 50% this year.
Also in the second quarter, D1 added a new stake in trucking company XPO , making it the fifth-largest position in the portfolio, worth about $272 million. The stock has gained about 31% so far this year. The hedge fund also significantly increased its bets on homebuilder Lennar and concert promoter Live Nation Entertainment , putting them among its top five holdings at the end of June.
D1 managed about $19 billion at the beginning of 2024. Before founding D1, Sundheim worked at Viking Global Investors for nearly 15 years..