Dow Jones Industrial Average (INDEXDJX:.DJI) closed down -0.4 percent and S&P 500 (INDEXSP:.INX) -0.55 percent and took a much needed break yesterday, after a seemingly uninterrupted market rally that kicked in this year. The exuberant equity markets have punished short positions which we cover actively, so we are taking a moment to look at how hedge funds have moved in their long holdings in the past few weeks.

David Einhorn

Tiger Global Ups Carter’s, Viking Adds Intuitive Surgical

Tiger Global showed how much it likes baby clothes, the fund raised its position in Carter’s, Inc. (NYSE:CRI) to 6.75 percent of the company’s shares. The hedge fund filed a 13G with SEC on May 20 detailing the change in its position. Previously at the end of Q1, Tiger Global’s stake in Carter’s, Inc. (NYSE:CRI) was equal to 2.94 million shares which is now up to 4 million shares. The fund added a new position in the branded apparel maker in Q1. Shares are up 31 percent YTD.

Viking Global increased its position in Intuitive Surgical, Inc. (NASDAQ:ISRG) to 2,029,353 shares, a 5.1 percent position. At the end of Q1, Viking held 1.85 million shares of the company and it was the fund’s third largest holding.

Odey Stacks Ocado

Odey Asset Management raised its position in Ocado Group PLC (LON:OCDO) to above 5 percent according to regulatory filing first discovered by Market Folly. Ocado Group PLC (LON:OCDO) climbed up 40 percent in a single trading day after it announced a new deal with Wm. Morrison Supermarkets plc (LON:MRW) last month. Ocado is up a whopping 210 percent YTD.

Odey has held a position in Ocado Group PLC (LON:OCDO) for some time now, the holding was its best performer of Odey Absolute Return in March 2013.  Lansdowne Partners also has a 5.7 percent stake in Ocado Group PLC (LON:OCDO). The online grocery retailer has been a crowded short among hedge funds, which was covered partially after an announcement of the new partnership. Around mid March, 17.26 percent of Ocado’s outstanding shares were held in short bets, the exposure has fallen to 10.6 percent now.

David Einhorn And Seagate Technology

Seagate Technology PLC (NASDAQ:STX) made 3 percent of David Einhorn’s public long portfolio at the end of Q1. Today the shares closed at $44.74, the highest ever since the company started trading publicly. Greenlight Capital holds 5.39 million shares of Seagate and has owned the stock since 1Q2011.  The hard disk drive manufacturer is up 50 percent YTD.

It is hard to estimate Einhorn’s profits on this position because he has been in it for so long and has reduced and increased the stake alternatively. At the end of last year, 5.39 million shares of STX were worth $164 million and now they are worth $241 million.

Jim Chanos recommended Seagate Technology PLC (NASDAQ:STX) at Ira Sohn Conference because of falling margins and decreased sales.