Amazon Became Hedge Fund Favorite Just Before Shares Tumbled
- RBC analysis shows company was No. 1 stock at fast-money funds
- Online retailer has fallen about 15% since peak in early July
This article is for subscribers only.
Hedge funds piled into Amazon.com Inc. in the second quarter, putting themselves on the front line of losses as the stay-at-home trade began to unravel.
The online retailer dethroned Microsoft Corp. as the No. 1 stock holding among hedge funds between April and June, according to RBC Capital Markets. It also saw one of the largest increases in hedge fund popularity of any shares over that period, Goldman Sachs Group Inc. strategists wrote.