Billionaire Investor Who Returned 51% in 2022 is Selling These 12 Stocks in 2023

Published on June 22, 2023 at 4:47 pm by Swati Goyal in Business, Hedge Funds, News

In this article, we discuss 12 stocks billionaire Chris Rokos is selling in 2023. If you want to skip our detailed analysis of Rokos’ investment philosophy and portfolio construction, go directly to the Billionaire Chris Rokos is Selling These 5 Stocks in 2023.

Rokos Capital Management, led by billionaire trader Chris Rokos, made headlines earlier this year amid reports that the fund posted gains of approximately 51% in 2022. This performance was attributed to bets on rising interest rates and volatility across various asset classes. It was Rokos’ best annual performance since 2015, the year he started trading for his own firm, and it helped the fund recover from a record 26% loss suffered in the previous year.

However, Rokos Capital Management faced challenges in early 2023. The hedge fund experienced a 15% decline in March. Year-to-date, the macro hedge fund is down by approximately 9.5% as of March. The firm was caught off-guard by the bond market turmoil, and its bets on US government bonds backfired. This led to concerns from the US Securities and Exchange Commission (SEC) regarding the size of potential margin calls on the firm.

In response to the losses, Rokos Capital Management decided to de-risk its portfolio and reduce exposure to market volatility. The firm stated that its cash levels remained healthy, and it emphasized its open and collaborative engagement with regulatory authorities such as the Financial Conduct Authority (FCA) and the SEC. The SEC chair, Gary Gensler, reportedly discussed Rokos with the UK regulators, highlighting the concerns over margin calls and the potential impact on the US government bond market.

According to Forbes, Chris Rokos, the CEO and founder of Rokos Capital Management, has a net worth of $1.5 billion. Rokos is a macro investor who specializes in commodities, currencies, interest rates, and equities. He is known for advocating a strict approach to fund management, including immediate termination of unsuccessful traders and considering a trader’s first year as an extended interview. Rokos is recognized as an exceptional manager in handling large debt and option holdings. Chris Rokos’ Rokos Capital Management 13F portfolio value decreased from $2.28 billion in Q4 2022 to $1.35 billion in Q1 2023. The fund made 29 new purchases in the first quarter, increased its stakes in 13 stocks, sold out 30 equities and reduced holdings in six stocks. Some of the famous companies which Chris Rokos sold in Q1 include Zoetis Inc. (NYSE:ZTS), PG&E Corporation (NYSE:PCG), and Bunge Limited (NYSE:BG).

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Our Methodology

Taking into account this background information and the overall industry outlook, we will now present the stocks billionaire Chris Rokos is selling in 2023. In this article, we examined Rokos’ 13F filings for the first quarter of 2023 and identified the stocks that he completely sold during that period.

Billionaire Chris Rokos is Selling These Stocks in 2023

12. Novavax, Inc. (NASDAQ:NVAX)

Number of Hedge Fund Holders: 12

Novavax, Inc. (NASDAQ:NVAX) is a global biotech company headquartered in Gaithersburg, Md., U.S.

H.C. Wainwright lowered Novavax, Inc. (NASDAQ:NVAX)’s price target to $35 on May 10, maintaining a ‘Buy’ rating after Q1 results. The company’s commercialization strategy requires restructuring and cost reduction, but it has established itself as a significant player in the COVID vaccines market.

Chris Rokos bought 28,925 shares of Novavax, Inc. (NASDAQ:NVAX) in the fourth quarter of 2022. However, he sold all the shares in Q1 2023.

Along with Zoetis Inc. (NYSE:ZTS), PG&E Corporation (NYSE:PCG), and Bunge Limited (NYSE:BG), Novavax, Inc. (NASDAQ:NVAX) is one of the stocks billionaire Chris Rokos sold in 2023.

As of the first quarter of 2023, 12 hedge funds in Insider Monkey’s database held stakes in Novavax, Inc. (NASDAQ:NVAX). The most prominent shareholder in Novavax, Inc. (NASDAQ:NVAX) is Philippe Laffont’s Coatue Management, with 1.77 million shares valued at $12.24 million.

11. The RealReal, Inc. (NASDAQ:REAL)

Number of Hedge Fund Holders: 19

The RealReal, Inc. (NASDAQ:REAL) is a US-based online marketplace for luxury goods resale, including women’s and men’s fashion, jewelery, and watches. RealReal has a consensus rating of ‘Moderate Buy,’ derived from 4 buy ratings, one hold rating, and one sell rating.

Rokos Capital Management acquired a stake in The RealReal, Inc. (NASDAQ:REAL) in Q1 2022 as it bought 1.11 million shares, worth about $8.60 million at the time. However, the hedge fund offloaded the shares in the first quarter of 2023.

10. Leslie’s, Inc. (NASDAQ:LESL)

Number of Hedge Fund Holders: 22

Leslie’s, Inc. (NASDAQ:LESL) is a prominent direct-to-consumer brand within the U.S. pool and spa care sector. Their extensive selection of essential pool and spa care products serves residential and professional clientele. Through their network of 1,000+ physical stores and robust digital platform, Leslie’s offers customers the convenience of shopping in-person or online, accommodating their preferred purchase method.

The hedge fund first initiated stake in the company in Q3 2021 by purchasing 127,302 shares. However, Rokos Capital Management chose to part ways with Leslie’s, Inc. (NASDAQ: LESL) and call it quits in Q1 2023.

On May 8, Stifel analyst W. Andrew Carter reduced the price target on Leslie’s, Inc. (NASDAQ:LESL) to $11 from $12 while maintaining a ‘Hold’ rating on the shares. The analyst attributed the stock’s performance impact to “disappointing” fiscal Q2 results and ongoing uncertainty. According to Insider Monkey’s first quarter 2023 database, 22 hedge funds were long Leslie’s, Inc. (NASDAQ:LESL), compared to 27 funds in the prior quarter. John W. Rogers’ Ariel Investments is the leading stakeholder of the company, with 11.85 million shares.

In its Q4 2022 investor letter, Ariel Investments shared its insights on Leslie’s, Inc. (NASDAQ: LESL) and made the following comment:

“We also added Leslie’s, Inc. (NASDAQ:LESL), the leading direct-to-consumer pool and spa care services company in the U.S. The company differentiates itself through its loyal client base, vertically integrated supply chain, scale advantage and seamless customer experience. Shares have recently sold off on near-term operational issues at a distribution facility, as well as concerns around the sustainability of the company’s growth profile in a normalized, post-pandemic environment. Although we believe new pool installments will likely experience a slowdown, the install base has materially increased and ~80% of LESL’s business is tied to recurring maintenance. We found this entry point as an attractive opportunity to own a differentiated retailer, well positioned to benefit from secular tailwinds in an industry, permanently elevated by the pandemic.”

9. Mobileye Global Inc. (NASDAQ:MBLY)

Number of Hedge Fund Holders: 22

Mobileye Global Inc. (NASDAQ:MBLY) is a global leader in developing and deploying advanced driver assistance systems (ADAS) and autonomous driving technologies. Mizuho increased the price target on Mobileye Global Inc. (NASDAQ:MBLY) from $39 to $43 and retained a ‘Buy’ rating on the shares following the announcement of a collaboration with Porsche to integrate SuperVision into future models.

As of the end of 2022, Rokos Capital Management held a total of 50,000 shares in Mobileye Global Inc. (NASDAQ:MBLY). However, in the first quarter of 2023, the company decided to break all ties and let go of its entire stake in the company.

According to Insider Monkey’s first quarter database, 22 hedge funds were bullish on Mobileye Global Inc. (NASDAQ:MBLY), compared to 29 funds in the prior quarter.

Baron Funds made the following comment about Mobileye Global Inc. (NASDAQ:MBLY) in its Q4 2022 investor letter:

“During the fourth quarter, we participated in Mobileye Global Inc. (NASDAQ:MBLY)’s IPO. Mobileye is a leading ADAS and autonomous driving technologies and solutions provider with over 125 million vehicles across 800 models that have incorporated its products to date across 50-plus vehicle manufacturers (OEMs) including 13 of the top 15 global OEMs. The company was founded in 1999 and effectively pioneered the ADAS market introducing its first EyeQ system-on-chip (SoC) in 2007, enabling the vehicle to gain ADAS capabilities (such as real-time detection of vehicles, pedestrians, and lane markings) for a price of around $50. While the company remains a leader in ADAS today (with an approximate 70% market share), we believe the bigger opportunity is in leading the autonomous driving revolution. This would, in our view, significantly improve safety; meaningfully increase the vehicle utilization rate, which today is only around 4%; and dramatically grow the company’s content per vehicle. Mobileye’s SuperVision, a fully operational point-to-point assisted driving navigation solution, is the next step in the company’s progress towards autonomous driving, and it has a price tag of over 20 times that of its basic ADAS SoC. At the last Consumer Electronics Conference, the company announced a $3.5 billion backlog for its SuperVision solution across six OEMs and nine vehicle models. In addition, the company announced a $1.5 billion design win for its consumer AV program and a $3.5 billion backlog for its Mobility-as-a-Service or robotaxi solution. CEO and Founder, Amnon Shashua discussed his long-term vision in the company’s shareholder letter:

“More than two decades ago, I founded Mobileye on the belief that computer vision technology could help prevent automobile crashes and save lives. From that simple idea, a global industry was born… By 2030, we expect Mobileye driver-assistance systems to be deployed in another 270 million vehicles globally… We believe that we will be positioned to deliver an autonomous driving solution that can enable the mass adoption of AVs [Autonomous Vehicles] including both Mobileye-powered robotaxis and consumer-owned autonomous driving vehicles. And Mobileye will be well on the way to delivering the future I first envisioned more than two decades ago.””

8. New Fortress Energy Inc. (NASDAQ:NFE)

Number of Hedge Fund Holders: 28

New Fortress Energy Inc. (NASDAQ:NFE) is a global energy infrastructure company that offers integrated gas-to-power solutions and development services to end-users worldwide. Chris Rokos first bought New Fortress Energy Inc. (NASDAQ:NFE) shares worth $123,000 in Q1 2022. However, he completely sold his position in the company in Q1 2023.

Barclays reduced New Fortress Energy Inc. (NASDAQ:NFE)’s price target to $34 on April 24, maintaining an ‘Equal Weight’ rating. The analyst believed the company’s Q1 earnings update, along with its subdued positioning, offered a favorable setup for the quarter.

As of the end of the first quarter, there were 28 hedge funds in Insider Monkey’s database that held stakes in New Fortress Energy Inc. (NASDAQ:NFE), compared to 43 funds in the prior quarter. Fortress Investment Group, with 13.4 million shares, is the biggest stakeholder in the company.

7. Teladoc Health, Inc. (NYSE:TDOC)

Number of Hedge Fund Holders: 30

Teladoc Health, Inc. (NYSE:TDOC) is a global provider of virtual healthcare services operating in the United States and internationally. The company is structured into two segments: Integrated Care and BetterHelp. Following the Q1 report, Deutsche Bank analyst George Hill increased the price target on Teladoc Health, Inc. (NYSE:TDOC) to $29 from $27 while maintaining a ‘Hold’ rating on the shares.

After maintaining a position in Teladoc Health, Inc. (NYSE:TDOC) since Q1 2022, Rokos Capital Management divested its stake in the company during Q1 2023. The hedge fund held shares worth $4.23 million in the company at the end of the fourth quarter of 2022.

According to Insider Monkey’s first quarter database, 30 hedge funds held stakes worth $890.2 million in Teladoc Health, Inc. (NYSE:TDOC), compared to 33 funds in the prior quarter worth $849.8 million. Catherine D. Wood’s ARK Investment Management holds the most stock in Teladoc Health, Inc. (NYSE:TDOC), with 20.58 million shares.

6. PACCAR Inc (NASDAQ:PCAR)

Number of Hedge Fund Holders: 33

PACCAR Inc (NASDAQ:PCAR) is a global technology leader in manufacturing and supporting high-quality trucks under the Kenworth, Peterbilt, and DAF brands. They also specialize in advanced powertrains, financial services, information technology, and truck parts distribution.

Argus downgraded PACCAR Inc (NASDAQ:PCAR) to ‘Hold’ on May 2 due to concerns about slower economic growth affecting the global trucking industry. Rokos Capital Management initiated its investment in PACCAR Inc (NASDAQ:PCAR) by purchasing shares worth $9.45 million in the fourth quarter of 2022. However, the hedge fund offloaded the entire stake in Q1 2023. Out of the hedge funds tracked by Insider Monkey, 33 hedge funds were long PACCAR Inc (NASDAQ:PCAR) during the first quarter with aggregate stakes worth $886.3 million. This compares to 38 hedge funds holding $712.8 million in PACCAR Inc (NASDAQ:PCAR) in the previous quarter.

Like Zoetis Inc. (NYSE:ZTS), PG&E Corporation (NYSE:PCG), and Bunge Limited (NYSE:BG), PACCAR Inc (NASDAQ:PCAR) is one of the stocks billionaire Chris Rokos sold in 2023.

In its Q1 2023 investor letter, Madison Investments stated the following regarding PACCAR Inc (NASDAQ:PCAR):

“Heavy duty truck manufacturer PACCAR Inc (NASDAQ:PCAR) has quietly been one of our best performers over the past year. It, too, has surprised us to some extent, with the resiliency that it’s showing in a slowing trucking market. We think there’s a decent chance that weakness in its end markets will eventually catch up with PACCAR, but we believe the stock is cheap, and its steady parts business will act as a moderate stabilizer in such a scenario.”

Click to continue reading and see Billionaire Chris Rokos is Selling These 5 Stocks in 2023.

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