Ride-sharing service Uber is in the top 30 most popular stocks among hedge funds for the third quarter of the year. The investment strategy of Toronado Partners is unconventional. Invested in fast-growing segments of the tech sector, the fund mainly invests in smaller companies. The fund’s $284 million 13F portfolios contained close to 80 percent of tech stocks. Toronado is in charge of $754 million in assets.
Here is Insider Monkey’s list of the 10 stocks that Stephen Perkins’ Toronado Partners can’t live without. Since their peak in July 2019, the shares of LendingTree, Inc. have plummeted by 54 percent. According to the company’s most recent results, 1.1 million new users were added to its platform in the third quarter. 6,000 Twilio Inc. shares were sold by Toronado Partners during the third quarter, but the firm still holds a sizable stake of 50,557 shares worth $16.13 million. During the first nine months of 2021, revenue at the communications platform-as-a-service company increased by 65 percent to $2 billion. Q3 ended with Toronado Partners holding 209,247 Zendesk Inc shares valued at $24.35 million. Momentive, the parent company of Survey Monkey, was recently purchased by the company for $4.1 billion. Toronado Partners’ 13F portfolio saw only one addition in the third quarter: Grid Dynamics Holdings, Inc. At the end of September, the fund had taken a position in GDYN worth $25.46 million. Toronado Partners can’t live without GDS Holdings Limited. Between the third quarter of 2020 and the third quarter of 2021, the data center operator’s hedge fund ownership decreased by just over 50%. For more details, click the 10 Stocks That Stephen Perkins’ Toronado Partners Can’t Live Without.