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- A wealth management office that serves clients like Mark Zuckerberg sold shares of a cloud-computing company that has soared 22% since the start of 2023.
- Meanwhile, Stan Druckenmiller's family office exited its Amazon position, which has surged 16% year-to-date.
- The tech-heavy Nasdaq Composite has notched double-digit percentage gains this year.
Certain money manager and family offices for the ultra wealthy sold tech stocks just before the sector's 2023 rally, per recent regulatory filings.
Stan Druckenmiller's Duquesne Family Office exited its Microsoft and Amazon positions in the last quarter of 2022, according to a 13F filing on Tuesday. But since the start of the year, both of the tech giants have shot up 13.6% and 16%, respectively.
ICONIQ Capital, a wealth management office that serves clients like Mark Zuckerberg, Jack Dorsey and former Meta Platforms COO Sheryl Sandberg, offloaded shares of cloud computing-based data company Snowflake, which has since surged over 26% year-t0-date.
Walton Investment Team, which manages the family fortune of Walmart's founder, sold Snowflake as well.
The repositioning comes after equity markets took major hits from the Federal Reserve's aggressive rate hikes in an effort to combat decades-high inflation. The tech-heavy Nasdaq Composite plummeted 33% last year as a result.
But the Nasdaq has notched double-digit percentage gains this year as investors wager that inflation will not return and that the Fed is poised to further pull back from its hawkish monetary stance. The Fed announced its smallest interest-rate hike in nearly a year earlier this month.