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Hedge Funds Reveal Biggest Purchases, Sales

BOSTON ( The Street Ratings) -- Wall Street's brightest investment minds were required to release their holdings at last night's deadline, giving mere mortals insight into their strategies.

Here's a breakdown of the top hedge fund and investment managers, and the winning and losing industries and stocks during the first quarter, the latest for which information is available.

Within financials, Appaloosa Management, a top-performing hedge fund firm run by David Tepper, cut its bank-stock holdings by 15%. While Citigroup (C - Get Report) remains Tepper's top position, he sold nearly 4 million shares in the quarter, while also dumping almost 8 million shares of Bank of America (BAC - Get Report).

Paulson & Co., overseen by multibillionaire John Paulson, stuck with the financial sector, remaining a big holder of Citigroup, Bank of America and Wells Fargo (WFC). TheStreet Ratings' model, based on quantitative information, has a "hold" on Bank of America and Citigroup, yet favors Wells Fargo, which is rated "buy."

Warren Buffett

Steven Cohen's SAC Capital pushed into insurers, as the trading-oriented hedge fund firm added 2.3 million shares of Chubb (CB), 2 million shares of Ace (ACE) and 4 million shares of XL Group (XL). Appaloosa took a new 1.5 million-share position in MetLife (MET - Get Report). TheStreet Ratings' model has a "buy" on MetLife, Ace and Chubb, and a "hold" on XL Group.

In the consumer-discretionary sector, Nelson Peltz's Trian Partners reported a new stake in Peet's Coffee (PEET), and disclosed in a separate regulatory filing yesterday that it had acquired a 9.7% stake in Domino's Pizza (DPZ). Cohen's SAC Capital announced big increases in holdings of electronics retailer Best Buy (BBY) and more than doubled its position in BJ's Wholesale (BJ).

David Einhorn's Greenlight Capital bought shares of Best Buy in a new stake totaling 6 million shares. Bill Ackman had a change of tune on Target (TGT). The notorious activist, who had spent precious time over the past few years lobbying management, dumped nearly 7.4 million shares of the retailer in the quarter through his Pershing Square Capital Management. Warren Buffett's Berkshire Hathaway (BRK.A) made only one big splash in the quarter, taking a new $60 million position in credit-card company MasterCard (MA - Get Report).
David Einhorn (Greenlight Capital)

In technology, Hewlett-Packard (HPQ - Get Report) is a big favorite among hedge funds. John Paulson put nearly $1 billion of new money into the company, while Tepper's Appaloosa invested almost $500 million. Einhorn's Greenlight Capital took a new stake in Yahoo (YHOO - Get Report), while also increasing its position in Microsoft (MSFT - Get Report). TheStreet Ratings' quantitative model agrees with the investments in Hewlett Packard, as the stock is rated a "buy" with a $47.34 target, offering nearly 19% upside from Monday's closing price of $39.80.
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BAC $15.85 2.06%
C $51.75 1.59%
HPQ $28.00 0.68%
MA $90.43 1.55%
MET $48.85 1.79%


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