Nike is the unrivaled king of athletic wear. It is the dominant name in athletic footwear, by far, and it has created such a strong brand that even though it's an activewear brand, it is the top-selling clothing brand in the U.S., also by a wide margin.

There are plenty of reasons to hold on to Nike stock. But there are smaller brands that are growing much faster, and many billionaire investors are out for growth. They're often fund managers who are paid by high-net-worth individuals to get results, and these days, they're buying Nike rival Lululemon Athletica (NASDAQ: LULU).

Billionaire investors were scooping up shares of Lululemon in 2024's first quarter. Israel Englander of Millenium Management added 64,488 shares, increasing his position by 346%, Ken Griffin of Citadel Advisors added 209,776 shares, increasing his position by 116%, and Jeff Yass of Susquehanna purchased 144,704 shares, increasing his position by 111%.

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Source Fool.com