Komfie Manalo, Opalesque Asia: Alibaba’s aggressive expansion in the U.S. is attracting hedge funds, reports Seeking Alpha.
The report says that Discovery Capital currently has a $730m position in Alibaba, the equivalent to 8.3% of its portfolio.
Other hedge funds that have ramped up positions in Alibaba are Viking Global and Tiger Global.
Viking raised its position in the Chinese Internet giant by 88% to a value of $578m, and Tiger increased its position by 16% to just short of $557m. Tiger's stake in Alibaba is its biggest in its portfolio at 6%.
Another hedge fund, Magnetar Capital, raised its Alibaba stakes by 145%, amounting to $537.6m. George Soros also raised his Alibaba stake slightly to $370m, an increase of 2%.
In their last quarter filing, several top U.S. hedge fund managers, such as Moore Capital Management, Tiger Management, and Farallon Capital Management, said they had raised their stakes in Alibaba, ChannelNewsAsia reported last month. The moves come came after a disappointing earnings report in January which sent the stock plunging, down 20% percent during the first quarter.
Meanwhile, Dan Loeb’s Third Point sold sold its entire $1bn, 10-million share stake in Alibaba, ...................... To view our full article Click here
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