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Hedge funds pile into Amazon, ditch eBay

Activist investors Carl Icahn and Bill Ackman at the 2014 Delivering Alpha conference in New York.
David A. Grogan | CNBC
Activist investors Carl Icahn and Bill Ackman at the 2014 Delivering Alpha conference in New York.

The 10 largest U.S. hedge funds saw their equity holdings slip for the first time since the end of last year, with tech stocks leading the sell-off in the third quarter as investors tried to cope with heightened market volatility over the summer.

Hedge fund assets among the 10 biggest funds fell to $191 billion, down $9 billion in the three months ending in September, marking the first dip in assets since the fourth quarter last year.