This creates an overhang and keeps investors away. As the government winds down its stake, we believe AIG could trade for more than $50 over the next 24 months. Zynga Inc. ( ZNGA) There were only three hedge funds with Zynga shares at the end of December. However, hedge funds flocked into Zynga during the first quarter as the stock climbed to $15 from its IPO price of $10 in mid-December. By the end of March there were 24 hedge funds with a total investment of $234 million in ZNGA. Unfortunately the stock lost more than 50% since the end of the first quarter. Christopher Medlock James, Ken Griffin, and Anand Parekh's hedge funds are among the losers. Regions Financial ( RF). There were 24 hedge funds in RF at the end of December. That number jumped to 41 by the end of March. Regions Financial sold its brokerage and investment banking subsidiary, Morgan Keegan, for a total of $1.2 billion including the $250 million dividend received. The proceeds were used in the repayment of RF's $3.4 billion TARP obligation. Hedge funds probably predicted that these transactions would act as a catalyst and RF's stock price react positively. They were right, RF gained more than 50% during the first quarter. We think the opportunity to invest in RF is gone. Israel Englander, George Soros, and Jeffrey Altman initiated new positions in the stock during the first quarter and profited handsomely. Equinix ( EQIX) is another stock with 50%-plus return during the first quarter. Philippe Laffont invested nearly $600 million in the stock during the first quarter. He presented his investment thesis in Equinix at the Ira Sohn Conference. He said Equinix could reach $500 over the next few years. Currently the stock trades around $160. Laffont isn't the only hedge fund manager who got bullish about the stock recently. Billionaires Jim Simons and Thomas Steyer also initiated new positions in this stock. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.