D1 Capital Partners bet on this regional banking stock as turmoil unraveled across the sector in the first quarter.
Dan Sundheim's D1 Capital Partners bet on PNC Financial Services as turmoil unraveled across banks in the first quarter. The hedge fund, founded in 2018, opened a $43-million stake in the Pittsburgh-based regional bank in the first quarter, which saw the collapse of Silicon Valley Bank and Signature Bank in March, according to securities filings.
While technology stocks rebounded during the first quarter, and investors gravitated back toward beaten-up growth stocks as bonds yields offered some relief, D1 reduced its exposure to some popular names. Microsoft and Amazon saw some of the most significant reductions during the first quarter, with the fund's stake in Microsoft falling to about $449 million from about $718 million at the end of 2022. Its position in Amazon slid nearly 63% to about $284 million.
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