Dan Sundheim’s D1 Capital Partners raised its stake by more than 400% in a live entertainment stock during the first quarter, while reallocating funds across major technology winners. The firm hiked its position in Live Nation Entertainment by 440%, or more than $188 million, bringing the value of the total stake to about $259 million. Keeping with the entertainment theme, Sundheim also opened a fresh $151 million position in music streamer Spotify Technology . Sundheim took a diversified approach to Big Tech, trimming positions in Facebook parent Meta Platforms , Amazon and Microsoft , while upping his stake in Google parent Alphabet by 21%, or $59 million. Meta was the firm’s fourth-largest position, totaling $382 million at the end of the period, despite a 37% cut. All four tech stocks have continued to outperform this year following a blowout 2023 that was fueled by artificial intelligence and growth bets. Meta is the outperformer of the group, up 34% in 2024. Outside the major technology players, Sundheim boosted his position in Philip Morris International by about 53% to roughly $664 million, making it the firm’s second-largest holding behind Instacart . He also upped a bet on Equity Residential by 56%, or about $152 million. Instacart shares are up 41% in 2024, while Philip Morris is up about 7% year to date. The hedge fund amassed a fresh $218 million stake in Pfizer during the period, making it the firm’s 10 largest holding. D1 Capital also opened a position in UnitedHealth , while trimming Elevance Health and diabetes and medical device maker Insulet . Other fresh bets include GE Vernova and Royal Caribbean . Sundheim vacated positions in Mastercard , Visa and RH .
