Recent 13F filings confirmed that hedge funds are exiting crowded positions in long-tech and investing in energy companies, to capitalise on higher oil prices.

According to Bloomberg data, overall tech exposure was cut by 1.4% by investors. Microsoft (NASDAQ:), PayPal (NASDAQ:), and Shopify (NYSE:) were the three biggest “victims.”

Somewhere else, the fund managers sold a lot Consumer Discretionary stocks to investors, including Nike (NYSE:), Starbucks Home Depot (NYSE:). Polen Capital Management, for example, has sold 12.3 millions shares of Starbucks stock in the Q1.

Investors in the Communications sector were selling Meta Platforms, (NASDAQ:), with Edgewood Management selling 8.4 Million shares of the social media company.

Investors were able to make more money from these sales, which was then invested in businesses like Exxon Mobil (NYSE :), Schlumberger (NYSE :), and Baker Hughes (NASDAQ:). Occidental Petroleum, NYSE: has made waves since Warren Buffett bought a lot stock.

When it comes to individual hedge funds, Soros Fund Management was selling shares of General Motors (NYSE:) and Uber (NYSE:), but it didn’t sell a single share of Rivian (NASDAQ:).

Tiger Global was not so fortunate. Rivian was excited about its Tiger Global position. Tiger Global also reduced its Amazon (NASDAQ.) position by 58% and Peloton (NASDAQ.) by 88% respectively, while Uber was cut by 93%.

On the other hand, Tiger was buying shares of Sea Ltd. (NYSE:), CrowdStrike (NASDAQ:), and Block (NYSE:).

By Senad Karaahmetovic