Forget FAANG stocks. When it comes to what hedge funds favored during the second quarter Spotify (SPOT) and Altaba (AABA) were the favorites.

Citing data from FactSet Research, Barron’s reported that during the three months ended in June the most popular tech stocks for hedge funds were the streaming music service Spotify and the remnants of Yahoo, Altaba. According to Barron’s, hedge funds amassed a $3.5 billion stake in Spotify with Tiger Global Management leading the charge. According to the data, it acquired $2.5 billion shares during the second quarter, representing 12.6% of its $19.7 billion in total equity assets. Tiger Global Management also boosted its stake in MercadoLibre, the South American e-commerce company by $540 million. (See more: Spotify Losing Ground In Streaming As Amazon Gains.)

Another popular stock with hedge funds was Altaba, Yahoo's remaining business after the sale of its core Internet assets to Verizon Communications Inc. (VZ). Hedge funds added $3.2 billion worth of shares to their holdings. Altaba holds a 15% stake in Alibaba, the Chinese e-commerce giant, which according to Barron’s is worth around $79 billion, representing 85% of Altaba's net assets. (See more: What Is Altaba Anyway?)

Hedge Fund Reduce Exposure To FAANGs Except Amazon

At the same time that the hedge funds were adding to their positions in the two tech companies, they are moving away from Facebook Inc. (FB),  Apple Inc. (AAPL), Netflix Inc. (NFLX) and Alphabet Inc.’s (GOOG​​​​​​​) Google. With the stocks surging, hedge funds have enjoyed a windfall.  But that appears to be shifting with Barron’s reporting that with the exception of Amazon, hedge funds have reduced their exposure to the tech bellwethers during the second quarter. 

Facebook, Netflix Exposure Down By $1.2 Billion

Among the 50 largest hedge funds, FactSet Research data shows their exposure to Facebook and Netflix have declined $1.2 billion each, while hedge funds sold about $1 billion worth of Alphabet stock during the June ending quarter. Take Bridgewater Associates as one example. It has $150 billion in assets under management and is the world’s largest hedge fund. It reduced its stake in Facebook to $9.4 million from $32.8 million during the second quarter. Meanwhile, it bought a small position in Amazon and acquired shares of Chinese technology companies Alibaba Group (BABA) and Baidu (BIDU​​​​​​​).

Amazon remained a favorite of the hedge funds during the second quarter, with funds adding $1.6 billion to their positions. It represented the biggest purchase for Millennium Management and D.E. Shaw, with Millennium purchasing $336 million worth of shares and D.E. Shaw buying $1 billion, reported Barron’s.