D1 Capital, led by Daniel Sundheim, made significant adjustments to its investment portfolio in the first quarter, notably divesting its entire stake in Meta Platforms, which consisted of over 376,000 shares valued at more than $240 million.
This decision comes as Meta's stock experienced a decline of over 13% during the quarter, marking its third consecutive negative quarter and the largest quarterly loss since 2022. However, Meta's shares have since rebounded, increasing more than 7% since early April.
In addition to Meta, Sundheim also eliminated his holdings in Synopsys and Arista Networks, while reducing his position in Spotify by 14%, bringing it down to just over 340,000 shares. Conversely, he increased his investment in Amazon by over 34%, making it the eighth largest position in D1 Capital's portfolio, now valued at approximately $376.5 million.
Amazon's shares fell more than 9% in the first quarter, but have surged over 26% in the current quarter, resulting in a year-to-date increase of more than 14%. Sundheim also expanded his investments in artificial intelligence stocks, including Broadcom and Nvidia, and initiated positions in companies like Alphabet, ASML, and Taiwan Semiconductor.
Notably, Instacart remains D1 Capital's largest holding, valued at $845 million, with Sundheim serving on its board since 2020