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Major U.S. hedge funds sold ‘momentum’ Internet names in first-quarter

16
May
2014

By Ryan Vlastelica NEW YORK (Reuters) – Top hedge funds shed their stakes in high-profile Internet names such as Netflix Inc and Groupon Inc in the first quarter, moving to peers viewed as more mature and less volatile. High-growth Internet software and biotech companies were the darlings of 2013, but their shares started to fall sharply in early March. Netflix, last years biggest SP 500 gainer and an important hedge fund holding, is down more than 24 percent from its closing high this year. Hedge funds invested in technology and healthcare fell 3.65 percent in April, the biggest monthly decline since October 2008 and extending Marchs 1.8 percent decline, according to data from Hedge Fund Research.

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