Philippe Laffont’s Coatue built a position at Paramount Global amid tumultuous times for the storied media company. The technology-focused investor opened a stake of more than 3 million shares in the legacy entertainment giant during the second quarter, according to regulatory fillings. That amounts to a holding worth more than $38 million. Laffont is one of the “Tiger Cub” fund managers who worked under the late Julian Robertson of Tiger Management. His move into Paramount comes amid a rough patch for the stock as a merger with Skydance Media looms. Paramount agreed to the deal last month, but it includes a 45-day window in which a committee from the board could find another buyer. The company said last week that it was cutting 15% of U.S. jobs as it prepared for the merger. PARA YTD mountain Paramount, year to date Shares are down more than 30% so far in 2024, meaning Laffont bought in at a period of weakness for the stock price. Shares lost more than 11% in the second quarter alone. Those declines can be attributed to sliding cable subscriber numbers and softness in TV advertising. Paramount was one of several new stakes the MIT alum opened during the quarter. That list includes green energy stocks First Solar and SolarEdge , along with UnitedHealth Group and Nikola . He also added significantly to Qualcomm , Abobe and Dell , with the tech stocks all in the top 10 largest holdings. On the other hand, Laffont also closed out holds in several names including Baidu , Block , Crocs , DoorDash , DraftKings , ServiceNow and General Motors . He also made sizable cuts to Salesforce , Alphabet , Tesla and Netflix . Laffont made some more modest changes to the mega-cap tech holdings that represent the largest positions in the portfolio. He shaved about 3% off his Meta Platforms stake, though it was still his biggest at more than $2 billion. Meanwhile, he added about 7% and 10% to his Amazon and Taiwan Semiconductor positions, respectively. Those accounted for his second- and third-biggest holdings in the quarter.
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