“(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 year’s biggest S&P 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 March’s 1.8 percent decline, according to data from Hedge Fund Research.
Among prominent hedge fund managers, Carl Icahn cut his holding in Netflix by 15.8 percent in the first quarter, reducing it to about 2.2 million shares. Tiger Global Management sold its entire stake of 663,000 shares during the quarter.
Netflix was up on the year for most of the first quarter, so the fund is likely to have sold at the right time.
Tiger also dumped its stake of 11.46 million shares in ….”
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