Hedge fund giant Dan Loeb's latest investment moves: reducing its holdings in large technology stocks and bucking the trend to buy Microsoft and big data analytics companies

The latest quarterly report of the well-known Wall Street hedge fund Third Point is out.

The hedge fund, founded by well-known activist investor Dan Loeb, reduced its stake in Palantir, a Silicon Valley big data analytics firm that had been on fire last year, and a large number of large tech stocks in the first quarter of this year, instead placing a heavy bet on a newly listed company, the documents show.

Specifically:

In the first quarter of this year, Loeb reduced his holdings by 2.357 million parantirs. The data shows that the company's stock has fallen nearly 13 percent this year as investors have turned to stocks that rely on economic recovery.

At the same time, Loeb also reduced his shares in Alphabet, Amazon and Facebook, emptying his positions in pinterest (a photo-sharing site), Adobe, Salesforce (customer relationship management provider), Alibaba, Nike and the American version of Ele.me doordash.

From the perspective of overweights, in the first quarter of this year, Lebu increased its holdings of Paysafe and Microsoft.

Among them, the most bought is paysafe.

In the first quarter, Loeb added 41.5 million shares of paysafe shares, making paysafe its fifth-largest heavy position.

Paysafe is a British payments company. In the first quarter of this year, the company went public through a special purpose acquisition company.

In a letter to investors earlier this month, Loeb said its flagship fund rose 11 percent in the first quarter of the year, outperforming the S&P 500.

A large part of the excellent performance was due to its first heavy position upstart.

Upstart was the best performer in Q1 of Loeb's holdings.

About six years ago, Loeb invested in upstart at a valuation of $145 million. Since the AI lender's IPO last December, the company currently holds about 13.3 million shares worth about $1.7 billion.

This article is from Wall Street Insights, welcome to download the app to see more