One of the hottest new hedge funds is loading up on FAANG stocks

The hot new hedge fund increased its stake in Amazon to $714 million from around $126 million and its position in Facebook to $528 million from about $423 million.
D1 also boosted its stake in Netflix by more than 1 million shares, but the value of the position increased only from $930 million to $988 million due to company's stock price struggling this year.
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One of the hottest new hedge funds is placing big bets on FAANG stocks.

Dan Sundheim's D1 Capital Partners boosted its position in Amazon to $714 million from $126 million during the third quarter, according regulatory filings released Thursday. Sundheim's fund also increased its stake in Facebook to $528 million, from $423 million.

Further, D1 added more than 1 million shares to its position in Netflix . But the value of the stake rose only to $988 million from $928 million due to the company's stock struggling this year. The fund also dumped its $275 million stake in Google-parent Alphabet .

D1 has about $7.2 billion worth of assets under management as of September 30, according to SEC filings released Thursday. Sundhieim launched D1 about a year ago with $4 billion in funding after stepping down as Viking Global Investors' chief investment officer in 2017.

Sundheim highlighted his bullishness on Netflix while speaking at the Sohn Investment Conference earlier this year.

The fund manager said he believes Netflix will eventually evolve into a "boring company" as its growth becomes consistent and steady. He also predicted that Netflix's shares would start trading above $1000 a -piece.

Netflix shares are up about 8% this year, compared to the 23% gain in the S&P 500 Index. An onslaught of streaming competitors entering the market has weighed on the stock and fed concerns that the company could struggle to grow subscribers in the future.

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