At least three stocks more than tripled over the first 11 months of this year, with seven others more than doubling. Unfortunately, most hedge funds missed these huge moves.
As hedge fund managers have crowded into the same 15 or so stocks quarter after quarter and spent the year mulling whether the artificial intelligence trade has peaked, the majority wound up overlooking the stocks that had the biggest runs.
A couple of big-name hedge funds were significant shareholders in a few of these winners. But none of the stocks saw heavy hedge fund participation. In most cases, just a handful of small, little-known players have been major shareholders.
Take Western Digital, the top-performing stock this year through November, up about 261 percent. Thanks to AI, the data storage giant has benefited from strong demand for its hard drives. Revenues grew more than 50 percent this fiscal year as profit margins expanded, and the company got another boost from its recent inclusion in the Nasdaq 100.
One of its major investors is D.E. Shaw, the fifth-largest shareholder. The stock is the investment giant’s ninth-largest U.S.-listed stock long position. Otherwise, no other major hedge fund is a significant shareholder or holds a sizable stake. Maple Rock Capital Partners counts the stock as its largest position. The firm was founded in 2015 by Xavier Majic, a former professional hockey player.
Robinhood Markets was the second-best performer this year through November, gaining more than 233 percent. It has benefited from strong trading-related revenue, especially in the third quarter, when revenue doubled.
However, no major hedge fund held any meaningful position in the stock at the end of the third quarter. It was Renaissance Technologies’ third-largest U.S.-listed long position at the end of the second quarter, but the quant giant unloaded more than 82 percent of its position in the September three-month period.
The biggest hedge fund winner for 2025 was perhaps Steadview Capital Management, where Robinhood is its largest U.S. holding. The firm is headed by Tiger Grandcub Ravi Mehta, formerly an Asia analyst for Lee Ainslie III’s Maverick Capital.
Data storage giant Seagate Technology was the third-best performer, up 217 percent. Maple Rock again was a big winner, but most hedge funds missed this one, too.
Micron Technology, the fourth-best performer, with a 178 percent gain, also failed to attract a big hedge fund following. D.E. Shaw is the lone significant hedge fund holder: The chip and storage giant is its sixth-biggest U.S. stock long position. Micron is also the ninth-largest U.S. long position of Two Sigma Investments.
Remarkably, gold mining company Newmont also had virtually no hedge fund ownership even though its stock soared 138 percent in the first 11 months. Only Australian hedge fund Talaria Asset Management holds a sizable position.
Warner Bros. Discovery, meanwhile, surged 125.1 percent in 2025 through November on the expectation it would be taken over. Netflix earlier this month announced plans to acquire the company. Three hedge funds — Jericho Capital Asset Management, Tremblant Capital, and Sessa Capital — appear to be big beneficiaries.
Here are other big winners, along with the hedge funds that hold significant positions:
Palantir Technologies: up 121.1 percent, Renaissance Technologies
Lam Research: up 114.6 percent, Bridgewater Associates, Coatue Management
Amphenol: up 100.9 percent, Chilton Capital Management
Intel: up 100.5 percent, Caxton Associates, Jericho
