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Coatue Management revealed a $1 billion Reddit stake as of the fourth quarter.
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Reddit stock has been on a tear, nearly tripling since October amid solid earnings.
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The hedge fund also revealed a reduction in Chinese stocks and new positions in several tech names.
A closely followed hedge fund bet big on Reddit stock last quarter.
Coatue Management, a hedge fund led by former Tiger Management employee Philippe Laffont, reported a 6.5 million share stake in the social media company in its latest 13F.
The filing, made with the SEC last week and as of December 31, revealed that the nearly $1.1 billion Reddit stake made up about 3.6% of Coatue’s $59 billion portfolio of publicly traded stocks.
According to Bloomberg, the hedge fund returned 19% in 2024 compared to the S&P 500’s gain of about 23%.
The hedge fund’s recently established stake in the social media…
