Prominent investors rekindle affection for Amazon in Q2 as stock price jumps

economictimes.indiatimes.com:

investors including hedge fund Baupost Group and mutual fund giant Fidelity bought or increased their holdings in retailer Amazon.com during the second quarter as its stock surge helped fuel Wall Street's rally. Baupost Group owned 963,946 shares in Amazon on June 30, according to a regulatory filing made late on Friday. Soros Fund Management owned 769,061 Amazon shares at the end of the second quarter, representing an increase of more than 8% in its holdings.

And Senator Investment Group boosted its ownership by 35% to hold 440,000 shares at the end of the quarter, their filing showed. Amazon's stock price boomed during the pandemic when homebound shoppers relied on the retailer for toilet paper, groceries and much more. Then the share price tumbled 50% last year as many technology companies announced cuts and their stock prices skidded lower.

Since January, Amazon's stock price has surged 61% and it is one of a small number of stocks powering the S&P 500 index's 17% gain this year after a 20% drop last year. Friday's filings are made by money managers to detail how much they owned in U.S. companies at the end of the second quarter.

They are made public with a 45 day lag and while they are backward looking many investors scour them for trends. Mutual fund giant Fidelity, long a big owner of Amazon, increased its holdings by 1% to own 280,451,570 shares at the end of the second quarter, their filing showed. The filing did not break down which funds bought the shares.