Dollar Tree, Inc., Vertex Pharmaceuticals Incorporated, and Walt Disney Co are three of the stocks that billionaire money manager Phill Gross was enamored with in Q1. The assets of Phill Gross’ Adage Capital Management total more than $58 billion. Several significant foundations, universities, and non-profit organizations are among the fund’s clients. Adage rose to fame by giving money back to shareholders during some of its earlier slumps. Adage Capital had a successful 15-year run where it consistently outperformed the S&P 500. The co-founders’ time at HMC was consistent with this superior performance. Tech is one of the few industries where the fund has significantly changed its exposure.
Insider Monkey examines 10 stocks that billionaire Phill Gross was buying up. Prior to 2022, Phill Gross’ Adage Capital Management already owned shares of AMD, but it increased its holdings by 155 percent to more than 1.68 million shares. AMD’s stock was recently raised by Northland Capital Markets analyst Gus Richard from “Market Perform” to “Outperform.” During Q1, Adage Capital nearly increased the amount of its holdings in Activision Blizzard, Inc., a gaming firm. Since the early epidemic months, hedge fund investment of Activision Blizzard has decreased by more than 20%. The decline in shareholding is especially unexpected given the share price disparity in relation to Microsoft’s proposed acquisition. Chubb Limited, one of the biggest property and liability insurers in the world, has expanded into a number of specialty lines of insurance. With the completion of its acquisition of a group of firms that managed the personal accident, supplemental health, and life insurance businesses for Cigna Corporation, the company additionally strengthened its Asia Pacific operations. As of March 31st, 3.96 million shares of Verizon Communications Inc. were owned by Adage Capital Management. Over the last two quarters, Verizon’s ownership by hedge funds has increased by 19%. Over 1% ahead of the market, shares have decreased this year. After increasing its stake in Lam Research Corporation by 30% in Q1, Adage Capital Management now owns 378,470 shares of the business. In the third quarter of its fiscal year 2022, the manufacturer of semiconductors had a 5.5% year-over-year increase in revenue. For more details, click Disney and 9 Other Stocks Billionaire Phill Gross Was Buying Up in Q1.
