Q1 Whales: Which Stocks Were Bought Before the 'Tax Storm'?

WHY CAN'T THE WORLD GIVE UP THE DOLLAR?

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Every quarter, investment funds with assets >100 million USD must disclose their portfolios via 13F reports — providing a rare glimpse into the mindset of elite investors.

But Q1/2025 was not a normal quarter.

On 04/02, right after Q1 ended, President Trump unleashed a series of tariffs in “Liberation Day” shaking the markets.

• Hedge funds increased their short positions on US stocks to the highest level since 2022.

  

• Safe haven demand surged: From April to early May, institutional investors rushed to sell energy stocks and US stocks, while buying utility stocks and government bonds.

  

• Institutional investor sentiment based on economic growth expectations, cash, and equity allocation scored only 2 points - one of the lowest levels ever recorded.

However, this 13F report does not reflect that chaotic period — but reveals where institutional investors placed their bets when things were still “calm”.

So, in this gloomy but pre-trade war storm period, which stocks did “smart money” choose?

In this article, Viet Hustler reviews the largest positions of hedge funds in Q1/2025 — and examines if there are signs that the market is entering a new investment cycle.

• Top stocks held & bought by funds in Q1/2025

• Shifts in stock picking preferences & 2 standout case studies

• Changes in portfolios of major funds

• Notes for retail investors