Amazon.com Inc (AMZN) overtook Microsoft as the most favoured stock pick among hedge funds by the end of the second quarter, with 411 funds holding positions in the online retail giant as of 30 June, according to a report by Benzinga.
The report cites data from SEI Novus as showing that Amazon saw a net increase of 13 investors over the previous quarter, while Microsoft saw a net loss of six investor reducing its total to 399.
Microsoft had held the top spot for over two years.
Among the new hedge fund investors in Amazon were Discovery Capital Management and Hound Partners, as revealed in their second-quarter 13F filings.
Alphabet Inc Class A (316 hedge funds), Apple Inc (314) and Meta Platforms Inc (306), rounded out the top five, while mega tech stocks NVIDIA Corp (296) and Alphabet Inc Class C (244), also made the top ten at six and eight respectively.
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