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In the hedge fund industry, tech investors like the “Tiger Cubs” Philippe Laffont and Chase Coleman grab a lot of attention, but the best stock picker in the sector lately is far less well-known. Shannon River Capital Management, a New York based tech-focused hedge fund, ranked No.1 among its peers in terms of stock-picking ability over the past four quarters, according to hedge-fund tracking firm Symmetric.io . Symmetric.io grades the stock-picking ability of nearly 1,000 hedge funds in its database with a proprietary indicator of performance called StockAlpha. It is derived by comparing the performance of equities in the fund based on regulatory filings with that of a sector exchange-traded fund. Shannon River has $2.1 billion in asset under management, recently disclosed $443 million in long equity positions. The hedge fund, founded in 2003 by managing partner Spencer Waxman , runs a concentrated portfolio, with its top 10 positions accounting for 82% of the disclosed portfolio in the first quarter. Its biggest holding as of the end of March was Flextronics , a mid-cap manufacturing services company that provides expertise in data infrastructure. The stock bucked the down trend in tech last year, rising 17%, and has gained another 12% in 2023. Shannon River’s second biggest holding was InterDigital, a small-cap company in wireless and video technologies. Shares have rallied 70% this year. Nice Ltd. , an enterprise software provider, was another top pick for Shannon River. The fund also owned popular tech stocks like Nvidia , AMD and Salesforce as some of its biggest holdings at the end of the first quarter.
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