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Dan Sundheim’s D1 Capital dumped its shares of some heavyweight tech and media giants during the first quarter, but picked up new positions in a few food and financial stocks, according to a newly released regulatory filing. The hedge fund, which was worth $6.5 billion at the end of the first quarter, sold more than $147 million worth of Meta Platforms shares and nearly $146 million worth of Spotify shares during the period, entirely dissolving its stake in both companies. D1 also sold all of its shares in MongoDB , Delta Air Lines and entertainment companies Warner Music Group and Live Nation , as well as alcoholic beverages company Constellation Brands , 3M and data center power play Vistra . D1 exited these positions, but the firm is still a fan of tech as the hedge fund increased its positions in Amazon , AppLovin and semiconductor supplier Applied Materials during the first quarter. D1’s top holdings at the end of March included Instacart , Entegris and Charles Schwab . The firm owned $899.6 million worth of Instacart shares, a holding that did not change during the latest quarterly period. Sundheim has been on the grocery delivery company’s board of directors since 2020 . Financials were a favored spot for D1 during the first quarter. Sundheim’s new positions in Charles Schwab and Bank of America were worth nearly $341 million and roughly $304 million, respectively. Sundheim also added fresh positions in Apollo Global Management and fintech Affirm Holdings . Reddit and beverage and food plays Primo Brands and U.S. Foods Holding Corp. were also new stakes for D1. Meanwhile, the hedge fund cut its holdings in Bath & Body Works and Elevance Health by more than 20% each. The firm also slashed its stakes in both Philip Morris and GE HealthCare Technologies . It also dissolved nearly all of its shares of eyeglasses retailer Warby Parker and Burger King owner Restaurant Brands. Sundheim, who previously worked at Viking Global Investors, started D1 in 2017.
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