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Komfie Manalo, Opalesque Asia:

Hedge funds earned a windfall after $1.3 billion in net purchases of Facebook in the first quarter despite the data scandal which hit the social media giant in March, reported Bloomberg.

It added that Facebook was the most profitable position during the period and was better than any other stocks in the U.S. making it the most popular hedge fund holdings in the last quarter.

Data compiled by Bloomberg showed that Viking Global Investors increased its Facebook shares by more than 100%, bringing its stake to $1.49 billion, the hedge fund's largest U.S. equity position as of March 31. Coatue Management, Soroban Capital Partners, and Suvretta Capital Management have also raised or started to add to their Facebook holdings during the period.

Philippe Laffont, founder of Coatue said in a May 9 letter that analysts are reading Facebook wrong and are underestimating its long-term potentials.

Laffont said in his letter, "My expectation is that the (up to now) world class management team will do everything they need to do to put these issues to rest."

Avenue Capital Group co-founder Marc Lasry suggested that the government should step in and regulate Facebook like a utility after the data breach in March.

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