Hedge fund D1 Capital sold some of its blue-chip positions during the fourth quarter and added some stocks that have been hot to start 2025, according to a securities filing. The quarterly report shows Daniel Sundheim’s fund exited several positions, including Bank of America and Microsoft , and also reduced its stake in Amazon . D1’s new positions include 3M , AppLovin , Elevance Health , Delta Air Lines and Capital One Financial . The new additions of 3M and Elevance Health were both among the fund’s top 10 equity positions as of Dec. 31, according to the filing. Instacart remained the fund’s single biggest holding, with a quarter-end value of more than $900 million. The filing is a snapshot of the fund’s holdings as of Dec. 31 and does not reveal trades made during the quarter or since. The fund could also have other non-equity holdings that are not included. If D1 has held on to some of its newest stocks, the fund could be having a strong first quarter. Shares of AppLovin are up 57% since the start of the year, and 3M is up 15%. The fund also added a position of about $93 million in Vistra Corp. , a utility stock that rose sharply last year for its exposure to artificial intelligence energy needs. That stock is up about 22% so far this year despite falling sharply during the DeepSeek sell-off in January. Elsewhere, D1 exited positions in Starbucks , Carnival Corp and Viking Holdings . The fund still has a sizable position in one cruise stock with Royal Caribbean . Sundheim, who previously worked at Viking Global, started D1 in 2017. He is on the board of directors at Instacart.
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