Goldman Sachs portfolio manager Steven Barry has caught the Snapchat buzz, buying into parent Snap (SNAP.K)'s blockbuster IPO.
Filings for Barry's Goldman Sachs Growth Opportunities, Technology Opportunities, Concentrated Growth and Capital Growth funds show each has built up a small stake in the social messaging app stock since its market debut last month.
The Growth Opportunities fund has a $7.8 million stake, representing 0.28% of the $2.8 billion portfolio. The $403.4 million Technology Opportunities fund's stake is valued at $1.1 million, representing 0.26% of the portfolio, while the $132.2 million Concentrated Growth fund also has a 0.26% stake, worth $349,000. The Capital Growth fund's $319,000 stake represents just 0.04% of the $877.6 million portfolio.
Investors in Snap have had a rocky ride since last month's IPO. After pricing its IPO at $17 a share, the stock surged on its debut, reaching a high of over $29 in its second day of trading.
An equally steep descent below the $21 mark followed, with the shares now changing hands at around $23.
But that still leaves those portfolio managers who backed the stock ahead of its flotation sitting on substantial gains. They include T. Rowe Price managers David J. Eiswert and Ken Allen, and Fidelity's Steven Wymer, Sonu Kalra and William Danoff.