(This story is for CNBC Pro subscribers only.) A tech-focused hedge fund is trouncing the market by betting big on the e-commerce space, which many on Wall Street consider a growth industry even after the pandemic boost is over. The fund has been one of the best-performing in the industry this year, returning 15% on its long equity positions, and it also has a long track record of beating the market. Here's a look at its top holdings in a sector that has been leading the market comeback. Alkeon Capital Management, a New York-based hedge fund, has crushed the broader market this year by its increased wagers on mega-cap tech firms, online retailers as well as work-from-home plays. CNBC Pro used Symmetric.io , a hedge-fund tracking firm, to find under-the-radar top stock pickers this year. Unlike funds manged by star investors like David Einhorn and Bill Ackman, Alkeon Capital is run by smaller and lesser-known managers. Its 15% return in 2020 is based on Symmetric's estimate based on the fund's long positions, not its overall return. Here are Alkeon Capital's top 20 holdings as of the end of the first quarter, based on the latest regulatory filing. Alkeon Capital's biggest holding as of the end of March is RingCentral, a video conferencing company rivals the popular Zoom Video . The hedge fund added more than 1.3 million shares of RingCentral in the first quarter, making its bet worth more than $700 million. RingCentral has soared 57% this year amid a surge in demand as people are forced to work from home during the coronavirus quarantine. The hedge fund also has a big exposure in e-commerce, with big stakes in Amazon , Chinese players JD.com and Alibaba , Argentine online retailer MercadoLibre and Canadian online shopping platform Shopify . Many Wall Street analysts believe the e-commerce space will continue to accelerate in a post-coronavirus world. RBC Capital Market said online retailers are "structural winners" as the pandemic will result in "profound and permanent" behavior changes. Amazon has rallied 30% this year as its sales increased significantly amid the pandemic lockdowns. Ottawa-based Shopify also saw a surge in users as it allows small businesses to quickly move operations online during the forced shutdowns. Its shares skyrocketed nearly 90% this year, beating Royal Bank of Canada to become Canada's largest company by market value. JD.com and MercadoLibre also both surged more than 40% each this year. JPMorgan called MercadoLibre a "short and long term winner" as social distancing restrictions continue. CNBC Pro used Symmetric.io to find best stock-picking hedge funds from nearly 1,000 funds in its database with this proprietary indicator of performance called StockAlpha. The scores stemmed from comparing the performance of equities in the funds with that of a sector exchange-traded fund. Alkeon Capital has a three-year StockAlpha score of 5%, which is in the top quintile, according to Symmetric.
