Top US hedge fund managers boost stake
Print Edition
TOP US hedge fund managers increased their stakes in Alibaba Group Holding Ltd at the end of the first quarter, positioning themselves to take advantage of any upswing after the Chinese e-commerce company’s stock took a beating after a surprise revenue miss in January.
Soros Fund Management LLC, Tiger Global Management LLC, Viking Global Investors LP and Moore Capital Management LP were among those that added to their position in Alibaba. Farallon Capital Management LLC took a fresh stake in the company, buying 221,000 shares valued at US$18.4 million. The moves come after a disappointing earnings report in January that sent the stock plunging 20 percent during the first quarter.
The company’s shares have recovered, up 6.3 percent since the end of March and up nearly 8.8 percent in May alone. The company reported stronger quarterly results in May and appointed a new chief executive.
“It was a smart move,” said Gil Luria of Wedbush Securities. “These hedge funds used the negative sentiment as an opportunity to buy the stock at a depressed level.”
“This is a classic example of the more public sentiment being less than positive and the so-called ‘smart money’ seizing on related opportunities,” said S&P Capital IQ analyst Scott Kessler.
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