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Altai Capital Prepares Board Challenge at OraSure After Raising Stake

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Altai Capital Management is preparing to push for board representation at OraSure Technologies (OSUR.O) after raising its stake in the medical device maker from 3% to 5%, according to sources familiar with the matter.

The hedge fund, founded by Rishi Bajaj, plans to nominate two candidates, potentially including Bajaj himself, when two OraSure directors stand for reelection at the company’s 2025 annual meeting. The move follows growing investor frustration over OraSure’s performance and management decisions.

OraSure, best known for its COVID-19 rapid antigen tests, has seen its stock price fall 23% over the past year, though shares have recently recovered slightly to $3.25, valuing the firm at about $237 million.

Altai’s campaign comes after OraSure rejected a buyout bid from healthcare entrepreneur Ron Zwanziger, who had offered $3.50–$4 per share. While Altai and Zwanziger are not working together, both moves reflect mounting pressure on OraSure’s leadership.

Other investors, including Cannell Capital, have also called for a board refresh. “They have not executed,” Cannell said, adding that OraSure would benefit from “at least two new directors.”

Bajaj has experience with such campaigns. After joining the board of ContextLogic (Wish.com’s former parent) in 2023, he later became CEO, restructuring the company into a holding entity and helping its share price double. Investors see potential for a similar turnaround playbook at OraSure.

The company has attempted to diversify, acquiring Sherlock Biosciences for its molecular diagnostics platform, but remains a small player in a fragmented diagnostics market dominated by Danaher, Siemens, Roche, and Thermo Fisher Scientific.

Hedge Funds Double Down on Big Tech Amid AI Boom

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Top Wall Street hedge funds, including Bridgewater Associates, Tiger Global Management, and Discovery Capital, increased their exposure to Big Tech stocks in the second quarter, capitalizing on a generational surge in artificial intelligence.

Funds reduced their holdings in lagging sectors such as aerospace, defense, consumer, and retail, returning to momentum investing as tech stocks staged a strong comeback. The S&P 500 (.SPX) is up 10% this year, largely driven by the largest technology companies, which make up nearly a third of the index’s market capitalization.

Outside tech, hedge funds like Lone Pine, Discovery, and Soros Fund Management also added positions in UnitedHealth Group (UNH.N), while Berkshire Hathaway unveiled new stakes. UnitedHealth shares are down 46% this year amid rising costs, a DOJ probe, a cyberattack, and the shooting of a former executive.

Quarterly 13F filings revealed these key hedge fund moves:

BRIDGEWATER ASSOCIATES:

  • Added significantly to Nvidia (NVDA.O), Alphabet (GOOGL.O), and Microsoft (MSFT.O).

  • Nvidia stake more than doubled to 7.23 million shares ($1.14B).

  • Alphabet and Microsoft increased by 84.1% and 111.9%, respectively.

  • Added Broadcom (+102.7%) and Palo Alto Networks (+117%).

DISCOVERY CAPITAL:

  • Doubled stake in America Movil (AMXB.MX) to 2.65 million shares ($95M).

  • More than doubled Meta Platforms (META.O) holdings and took a new position in Nvidia-backed CoreWeave (CRWV.O).

  • Increased UnitedHealth stake by 13%.

TIGER GLOBAL MANAGEMENT:

  • Bought more shares in the “Magnificent Seven”: Amazon (AMZN.O), Alphabet, Nvidia, Microsoft, and Meta.

  • Added ~4M Amazon shares, ending June with 10M shares ($2.34B).

  • Increased stakes in smaller AI-related companies such as Lam Research (LRCX.O).

COATUE MANAGEMENT:

  • Added new positions in Arm Holdings and Oracle (ORCL.N), worth ~$750M and $843M.

  • Increased holdings in Nvidia-backed CoreWeave to 3.39M shares ($2.9B).

LONE PINE CAPITAL:

  • Took a new position in UnitedHealth, buying 1.69M shares worth ~$528M.

These moves illustrate a clear pivot toward technology and AI-driven growth opportunities by major hedge funds in the wake of market volatility and tariff concerns earlier this year.

Hedge Funds Rapidly Exit Tech Stocks Ahead of U.S. Tariff Deadline, Goldman Sachs Reports

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Hedge funds have been unloading tech stocks at their fastest pace in six months, marking the largest tech-sector exodus in five years, according to a Goldman Sachs note released Friday and seen by Reuters on Monday. The move comes just ahead of the April 2 tariff deadline announced by U.S. President Donald Trump, which has sparked widespread market uncertainty and fears of an economic downturn.

According to Goldman Sachs’ prime brokerage desk — which tracks hedge fund activity — the information technology sector, including the “Magnificent-7” tech stocks, was “by far the most net sold” last week. Both long positions (bets that prices will rise) and short positions (bets on a decline) in tech stocks were rapidly closed, reflecting a strong pullback across the board.

Analysts at Edmond de Rothschild linked this abrupt sell-off to the anticipated tariffs on copper and other raw materials, which are expected to weigh heavily on tech manufacturers and AI-related hardware producers.

A separate note from Morgan Stanley revealed that hedge funds are increasingly betting against some of the sector’s biggest names. Nvidia, AMD, and Tesla were identified as the top three short positions as of Wednesday.

Goldman said that around 75% of last week’s hedge fund selling activity was concentrated in U.S. tech stocks, particularly those connected to AI hardware development. Total hedge fund exposure to tech is now at a five-year low, despite heavy buying just a few weeks ago in mid-March.

Another dataset from JPMorgan noted a reversal of positions by hedge funds last week, possibly influenced by strong retail investor activity. This surge in retail buying may have triggered a short squeeze, forcing some bearish investors to unwind their positions as stock prices climbed unexpectedly.

“With the tariff news, it was interesting that hedge fund flows and positioning might suggest they’re already somewhat prepared—at least in terms of key areas that have been in focus,” said JPMorgan in its client note.

As the April 2 deadline looms, hedge funds appear to be bracing for volatility, shifting away from one of the market’s most lucrative sectors in recent years.