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You might not realize it, but one of the most important data releases of the quarter occurred roughly two weeks ago. On May 15, institutions with at least $100 million in assets under management were required to file Form 13F with the Securities and Exchange Commission. In simple terms, a 13F gives investors over-the-shoulder access to Wall Street's brightest investment minds.

Though the data can be delayed by more than six weeks, it provides a snapshot of what Wall Street's top investors bought and sold in the latest quarter (in this instance, 13Fs detailed trading activity for the first quarter). These filings can be especially useful in identifying which stocks, sectors, industries, and innovations asset managers are buying into or avoiding. The latest round of 13Fs show that billionaires were busy bees during the first quarter.



With the Dow Jones Industrial Average , S&P 500 , and Nasdaq Composite pushing to fresh all-time highs, billionaires chose to pile into two hypergrowth stocks. Perhaps the biggest surprise of all is that one of the fastest scaling companies on the planet, artificial intelligence (AI) titan Nvidia ( NVDA 0.81% ) , was given the heave-ho by billionaire investors.

More than a half-dozen billionaires dumped shares of Nvidia Following the release of its fiscal first-quarter operating results (ended April 28), shares of Nvidia have rocketed higher by 115% on a year-to-date basis, and gained more than $2.2 trillion in market value since the start of 2023..

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